Amaroq (AMRQ) Q4 2025 earnings summary

Executive summary

• Achieved first full year of gold production at Nalunaq mine in 2025, with 6.35koz produced and Phase 1 commissioning completed; Phase 2 flotation circuit on track for Q2 2026.

• Transitioned Nalunaq to an owner-operated model, improving efficiency, reducing costs, and boosting productivity.

• Advanced development of West Greenland Hub, including acquisitions of Black Angel and Kangerluarsuk, and significant exploration success at Nanoq and Minturn IOCG.

• Launched Suliaq servicing venture, progressing equity financing discussions for USD20–35 million.

• Delisted from Toronto/TSX Venture Exchange and progressing toward main market listing in London.

Financial highlights

• FY 2025 revenue of CAD 27 million from 5,310 ounces sold; Q4 sales of 1,949 ounces for CAD 10.7 million at US$3,920/oz.

• Net loss of CAD 18.6 million for 2025; Q4 net loss of CAD 3.2 million.

• Year-end cash balance of CAD 21.5 million, down from CAD 55 million in September, mainly due to CapEx.

• Capital assets increased to CAD 252.7 million as of December 31, 2025.

• Oversubscribed equity raise of CAD 83 million completed in June 2025.

Outlook and guidance

• 2026 gold production guidance for Nalunaq set at 25,000–35,000 ounces, with production and sales expected to be back-end weighted as Phase 2 flotation is introduced.

• All-in sustaining cost (AISC) for Nalunaq guided at USD 1,250–1,450 per ounce for Q4 2026; full-year AISC targeted at USD 69–73 million.

• Capital spend for 2026 expected to be around CAD 100 million, including minimum exploration.

• Exploration expenditure planned at USD 11 million, expandable to USD 29 million depending on market conditions.

• Profitability and positive EBITDA expected in 2026.