Amaroq (AMRQ) CMD 2024 summary

Strategic direction and business pillars

• Focus on four pillars: exploration (precious and strategic minerals), development and mining (Nalunaq Gold Mine and future projects), logistics and servicing (supporting internal and external operators), and renewable energy (hydro and wind in Southern Greenland).

• Fully funded to start trial mining and gold production at Nalunaq in 2024, with ramp-up to steady-state mining by Q4 2025.

• Largest land package in Greenland, with over 6,000 sq km across three mineral belts and 13 licenses, supporting gold, base metals, and rare earths.

• ServiceCo initiative established to provide mining and infrastructure equipment, aiming for financial sustainability, local supplier development, and leveraging Amaroq and Tamarack expertise.

• Commitment to ESG, social engagement, and collaboration with government and communities.

Operational progress and project milestones

• Nalunaq mine has transitioned from basic field camps to a fully operational site with over 100 staff, bonded warehouses, expanded harbor, and on-site lab.

• Major construction and rehabilitation milestones achieved in H1 2024, including ramp rehabilitation, process plant construction, and trial mining.

• Gold production to begin in October, with plant recovery rates expected to rise from 40-55% initially to 94% by mid-2025.

• Cash operating costs expected to drop from CAD 8-10 million/month pre-production to CAD 4-6 million/month at steady state.

• Production mining scheduled for June–November 2024, targeting 110 t/day ore, with resource expansion drilling ongoing.

Exploration and resource development

• Ongoing drilling at Nalunaq to increase resources and convert to reserves, with a new resource statement planned for Q1 2025.

• Resource expansion program targets a 2.0 Moz exploration target, with surface and underground drilling across multiple blocks.

• Stendalen copper-nickel discovery is a major exploration focus, with three drill rigs mobilizing for 2024 and potential for significant resource growth.

• Regional exploration continues across all license areas, with Sava and other prospects receiving geophysical and drilling attention.

• Exploration budgets have grown year-on-year, with a focus on gold, copper, REE, and nickel projects.