Amaroq (AMRQ) Q2 2026 earnings summary

Executive summary

• Achieved H1 2026 gold production of approximately 9,000 oz, at the upper end of guidance, with Nalunaq mine ramping up and processed head grades averaging 19.8–20 g/t.

• Commissioned Phase 2 flotation circuit at Nalunaq in June 2026, achieving up to 90% recovery rates and seamless integration with Phase 1.

• Largest exploration and development program underway, including significant drilling at Ilua Pegmatite, Naalakk/Nanoq, Minturn, and Maarmorilik.

• Transitioned to the Main Market of the London Stock Exchange on July 31, 2026, enhancing access to international capital markets.

• Strategic focus on developing Nalunaq, Maarmorilik, and Naalakk/Nanoq, each with growth potential in resources and production.

Financial highlights

• H1 2026 revenue reached CAD 56.2 million (C$56.2M), up from CAD 3.4 million year-over-year, with gold sales of 8,610 oz at an average price of US$4,696/oz.

• Gross profit was CAD 34.9 million, operating profit before exploration expenses CAD 17.8 million, and net income CAD 13.6 million, a significant improvement over H1 2025.

• Operating cash flow of CAD 20.4 million in H1 2026, with a period-end cash balance of CAD 28.5 million.

• Total assets increased to CAD 426.8 million, with shareholders’ equity at CAD 294.6 million as of June 30, 2026.

• Ended Q2 with CAD 28.5 million in cash and access to a further CAD 18.5 million in undrawn facilities.

Outlook and guidance

• Confident in delivering on full-year guidance, targeting FY2026 gold production of 25–35 koz, with ongoing ramp-up at Nalunaq and continued high grades.

• Targeting annual plant throughput of 100,000 tons, with studies underway to increase capacity to 450 tons per day.

• Maiden mineral resource for Naalakk/Nanoq expected following this year's drilling, pending logistics and assay results.

• Focus on increasing liquidity and index eligibility through main market listing in London.

• H2 2026 focus on ramping up mining and processing at Nalunaq, optimizing flotation circuit, and advancing exploration at Nanoq, Minturn, and within the Gardaq JV.