Amaroq Ltd on Thursday reported its first-ever revenue as commissioning work at its Nalunaq gold mine in Greenland continued to advance, with output on track to reach nameplate processing capacity by the end of the year.
The mine developer with gold and strategic mineral assets in southern Greenland said revenue for the first half of 2025 was C$3.4 million, around $2.48 million, compared with none a year earlier, following the first commercial sale of gold dore bars. Cost of sale for the period was C$3.9 million.
The company reported a net and comprehensive loss of $10.0 million, widening from $4.0 million a year prior, with a basic and diluted loss per share of $0.025 compared to $0.013
Chief Executive Officer Eldur Olafsson said operational progress in the second quarter, including a 3.6-fold increase in processing throughput and a 2.6-fold rise in ore production compared to the first quarter, had continued into the third quarter.
By the end of June, Amaroq had exported 808 ounces of gold, generating C$3.4 million in proceeds, and had a further 36 kilograms of dore on site in early August.
Amaroq expects to produce around 5,000 ounces of gold in 2025, as additional construction and commissioning work for a flotation recovery system will temporarily halt processing in the second half, although mining will continue.
The company raised £45 million in June in an oversubscribed equity fundraising, enabling it to accelerate its phase 2 recovery system installation before winter. It also acquired the West Greenland Hub, which includes the past-producing Black Angel mine and Kangerluarsuk licences, broadening its footprint in the country.
Amaroq ended the half with C$75.0 million in liquidity, including C$86.0 million in cash and an undrawn C$8.9 million credit facility, less C$19.8 million in trade payables.
Shares in Amaroq were down 5.1% at 70.68 pence in London on Thursday afternoon.
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