Amaroq (AMRQ) Q3 2025 earnings summary

Executive summary

• Achieved early gold production guidance with 5,000 oz produced by October, raising year-end guidance to 6,000–7,000 oz for 2025.

• Transitioned to a fully owner-operated mining model at Nalunaq, improving efficiency and cost control.

• Commenced trading on OTCQX, increasing access and transparency for U.S. investors.

• Strong liquidity position with CAD 55.3 million in cash at quarter end, despite significant CapEx and exploration spend.

• Strategic minerals portfolio advanced, including new high-grade gold, copper, zinc, lead, silver, germanium, and gallium discoveries.

Financial highlights

• Q3 2025 revenue was $12.8 million from gold sales of 2,636 oz; nine-month revenue totaled $16.3 million at an average price of US$3,490/oz.

• Gross profit for the nine months was $5.3 million; Q3 net loss was $5.3 million, a significant improvement from $14 million loss in prior year.

• Total assets at quarter end were $339 million, with a 79% equity ratio.

• Capital assets increased to CAD 221.9 million, mainly due to Nalunaq project development.

• Cash position at September 30, 2025, was $55.3 million, with working capital of $76.9 million before loan liabilities.

Outlook and guidance

• Year-end 2025 gold production expected between 6,000–7,000 oz, exceeding previous guidance.

• Phase 2 construction at Nalunaq to continue through Q1 2026, with flotation circuit commissioning immediately after.

• Positive cash flow expected in 2026, with significant exploration results from Nanoq and Nalunaq pending in Q4 2025.

• Guidance for 2026 production and budgets to be provided in February.

• Exploration spend for 2026 projected at CAD 15–30 million, focused on Nanoq, Nalunaq, Black Angel, and early-stage projects.