Amaroq (AMRQ) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, in line with expectations and full-year guidance.

• Nalunaq gold mine operations ramped up, with gold grades and recoveries meeting or exceeding guidance.

• Exploration campaign for 2026 set to begin in June, targeting rare earth and gold prospects.

• Progressing transition to Main Market of the London Stock Exchange and completed TSXV delisting.

Financial highlights

• Revenue reached $18.9 million in Q1 2026, up from $0 in Q1 2025, driven by gold sales of 2,970 oz at an average price of USD 4,656/oz.

• Gross profit was $9.8 million; net profit totaled $2.4 million.

• Cash balance stood at $8.8 million as of March 31, 2026, down from $21.5 million at year-end 2025.

• Capital assets increased to $275.4 million; gold inventory rose to $20.3 million.

• Working capital improved to $24.3 million from a negative $7.6 million year-over-year.

Outlook and guidance

• FY2026 gold production guidance reiterated at 25–35 koz, with H1 2026 guidance of 7–10 koz.

• Production expected to be weighted toward H2 2026 after flotation circuit commissioning, which should boost recoveries to 90–95%.

• 2026 exploration campaign to focus on rare earth, gold, and base metal prospects across multiple sites.