Amaroq (AMRQ) Q2 2025 earnings summary

Executive summary

• Achieved maiden revenue of $3.4 million in Q2 2025 from first gold exports at Nalunaq, marking the transition to production and revenue generation.

• Completed an oversubscribed £45 million equity fundraise, supporting accelerated development, exploration, and enhanced liquidity.

• Expanded business model to include gold, strategic minerals, services, and renewable energy, with acquisitions forming the West Greenland Hub.

• Incorporated Suliaq ApS, a specialist mining services JV, and advanced plans for a hydropower company to reduce costs and emissions.

• Launched ambitious exploration campaigns and published inaugural Sustainability Report in July 2025.

Financial highlights

• Q2 2025 revenue was $3.4 million, with cash on hand rising to $86 million at June 30, 2025.

• Operating loss for Q2 was $4.9 million; net loss for H1 2025 was $10 million, with cost of sales exceeding revenue.

• Capital assets increased to $200.8 million, and total assets reached $342 million with an 80% equity ratio.

• Metals inventory rose to $9.2 million, and working capital increased to $99.5 million.

• Cash balance was bolstered by an $81.2 million net equity raise and a $10.7 million drawdown on credit facilities.

Outlook and guidance

• Targeting 300 t/d processing rate at Nalunaq by year-end 2025, with July rates at ~145 t/d.

• FY 2025 gold production expected at approximately 5,000 ounces, reflecting planned shutdown for flotation circuit installation.

• Ambitious exploration program underway, with results expected through March next year.

• Hydropower plant construction targeted to start by end of 2026, aiming to reduce diesel use and operational costs.

• Enhanced liquidity allows acceleration of construction and commissioning activities.