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.

• Nalunaq resource base increased by 51% to 484,000 ounces, with a third now in the indicated category, extending mine life to up to 10 years.

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

• Raised over $124M CAD/GBP 28M in 2024, including a successful December fundraising, to support development and exploration.

• Focused on responsible resource development, renewable energy integration, and logistics business expansion.

Financial highlights

• Total assets at year-end were $256M/CAD 256M, up from $107.2M in 2023.

• Year-end cash on hand was $45.2M/CAD 45.2M, with undrawn credit facilities of $23.7M, totaling $69M in liquidity.

• Shareholders' equity increased to $201.2M, equity ratio at 78.5% at year-end.

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

• Only interest-bearing debt is a $28.6M construction loan; new US$35M debt facility signed in December 2024.

Outlook and guidance

• Targeting 300 t/d ore processing at Nalunaq by end of 2025, with Phase 2 expansion to 450 t/d under review.

• Commissioning of a 1 MW hydroelectric plant planned for 2026 to reduce energy costs and emissions.

• Ongoing exploration at Nanoq, Vagar, and Stendalen to define additional resources and support future growth.

• Updates on gold recoveries, production, and throughput guidance to be provided in Q1 2025 results.

• Considering main market listing upgrade to access broader investor base.