Amaroq (AMRQ) Q4 2024 earnings summary

Executive summary

• Transitioned from developer to producer at Nalunaq, with first gold pour in November/December 2024 and full commissioning underway.

• Resource base at Nalunaq increased by 51% to 484,000 ounces, with a significant portion upgraded to indicated resources.

• Expanded gold and critical minerals portfolio, advancing exploration at Nanoq, Vagar Ridge, and Stendalen, and growing the Gardaq JV.

• Raised over $124M CAD in 2024, including GBP 27.5–28 million in December, and secured a new US$35M debt facility.

• Strategic focus on responsible resource development, renewable energy integration, and community engagement in Greenland.

Financial highlights

• Total assets at year-end were $256 million (CAD), up from $107.2 million in 2023.

• Year-end cash on hand was $45.2 million, with undrawn credit facilities of $23.7 million, resulting in $69 million total liquidity.

• Shareholders' equity increased to $201.2 million, equity ratio at 78.5%.

• Net loss for 2024 was $23.5 million, driven by higher G&A and reduced gain on subsidiary loss of control.

• Major capital assets and investments focused on Nalunaq development, with $123.6 million invested in 2024.

Outlook and guidance

• Targeting fully commissioned Nalunaq mine by end of 2025, with production ramping to 300 tons per day and potential expansion to 450 tons.

• Annual production and throughput guidance to be provided with Q1 2025 results.

• FEED/feasibility study for ~1MW hydroelectric plant at Nalunaq underway, with commissioning planned for 2026.

• Continued drilling at Nanoq, Vagar, and Stendalen to define additional resources and support future growth.

• Considering main market listing in London and other exchanges to access broader investor base.