Amaroq (AMRQ) Q1 2025 earnings summary

Executive summary

• Nalunaq mine construction and commissioning progressed despite winter delays, with first stope blasted in March 2025 and ramp development advancing toward 300 t/d by year-end.

• Nalunaq Mineral Resource increased 51% to 484,000 ounces at 30g/t, with 151,000 ounces in the Indicated category, extending mine life to 10 years and supporting operational optimization.

• Strategic mineral exploration and renewable energy initiatives advanced, including a completed pre-feasibility for a 1MW hydropower project near Nalunaq.

• Strong positioning as a leading license holder and private investor in Greenland, with significant geopolitical and industry interest.

• Four business units: gold mining (Nalunaq), strategic minerals JV (GardaQ), services, and energy, all focused on Greenland's resource potential.

Financial highlights

• Capital assets increased to CAD 183.5 million at March 31, 2025, mainly due to Nalunaq site capitalization.

• Cash balance at quarter-end was CAD 16.7 million, with undrawn credit facilities of CAD 23.7 million, totaling CAD 40.4 million in available funds.

• Liquidity (after payables) at CAD 23.4 million, down from CAD 50.5 million at 2024 year-end.

• Net loss for Q1 2025 was $4.4 million, an improvement from $9.2 million in Q1 2024; loss per share improved to $(0.011).

• Metals inventory rose to CAD 7.8 million from CAD 2.9 million at 2024 year-end, reflecting gold in ore stockpiles and processing circuits.

Outlook and guidance

• Targeting 300 tons per day mining rate by year-end 2025, with full commissioning expected in 2026.

• 2025 gold production guidance set at 5,000–20,000 ounces due to trial mining and commissioning; range expected to narrow as operations stabilize.

• Plans to increase plant throughput to 450 tons per day and advance a 1MW hydropower project, with feasibility study completed.

• First revenues expected in Q2 2025.

• Full-year 2026 run-rate outlook to be provided after ramp-up.