Amaroq & GCAM Deepen Alliance to Unlock Greenland's Mineral Wealth

REYKJAVIK, ICELAND – July 13, 2026

Amaroq Ltd., a company at the forefront of mineral exploration in Greenland, today announced that its strategic joint venture, Gardaq A/S, has secured a significant C$6.5 million in new funding. The capital injection, provided by Amaroq and its partner GCAM LP, is set to accelerate a critical 2026/27 exploration program targeting two of Greenland’s most promising, large-scale mineral prospects: the Ilua rare earth element project and the Minturn iron ore project. This move signals a deepening commitment from both parties to unlock the immense, untapped strategic mineral potential of the Arctic nation.

A Strategic Partnership Forged in the Arctic

The new financing round reinforces the robust partnership between Amaroq and the investment firm GCAM LP, which was first formalized in 2022. Under the terms of the agreement, GCAM will subscribe for additional shares in the joint venture for C$4.7 million in cash. Amaroq will contribute an initial C$1.8 million and has committed to a further C$3.0 million subscription within the next year. This subsequent contribution will be satisfied through the conversion of accrued overhead and administrative costs, a savvy financial maneuver that allows Amaroq to fund its share of the expanding exploration budget without an immediate cash outlay, thereby preserving capital for its other operational priorities, including its flagship Nalunaq Gold mine.

This funding structure ensures that the ownership of Gardaq A/S remains unchanged, with Amaroq holding a controlling 51% stake and GCAM maintaining its 49% interest. The joint venture was specifically established to pursue non-gold strategic minerals critical for global decarbonization and electrification, such as copper, nickel, and rare earths. For GCAM, the continued investment represents a calculated play to gain exposure to high-potential critical mineral assets in a geopolitically stable, Western-aligned jurisdiction. For Amaroq, it validates their diversification strategy and provides a non-dilutive pathway to aggressively advance assets that sit outside its primary gold focus.

The transaction, classified as a related party transaction under AIM Rules due to GCAM's substantial shareholding, was deemed "fair and reasonable" by Amaroq's directors. This underscores the mutual confidence in the venture's direction and the strategic value of the collaboration in de-risking the capital-intensive exploration phase in Greenland's challenging environment.

Targeting Greenland’s High-Potential Mineral Frontiers

The newly secured capital is earmarked for two projects with the potential to be globally significant. The primary focus is the Ilua rare earth project, located in the Gardar Alkaline Province of South Greenland—a region believed to hold a substantial portion of the world's undeveloped rare earth resources. Amaroq has already commenced its 2026 drilling campaign at Ilua, marking the first-ever drill test of a system that has shown exceptional promise at the surface.

Surface sampling in 2025 yielded grades of up to 2.3% total rare earth oxides (TREO), with an impressive 27% of that total comprising the more valuable heavy rare earth elements (HREEs). Critically, the deposit also contains a high concentration of key magnet metals like neodymium, praseodymium, dysprosium, and terbium—essential components for electric vehicle motors and wind turbines.

Perhaps most significantly, the mineralization at Ilua is hosted in monazite, a traditional REE ore mineral with low associated uranium content. This characteristic is a major strategic advantage, as it sidesteps the regulatory hurdles created by Greenland's 2021 ban on uranium mining, a policy that effectively halted the development of other major REE deposits on the island. "The low uranium signature could dramatically simplify processing and permitting, making Ilua a far more viable prospect in the current environment," noted one industry analyst.

The funding will also advance exploration at the Minturn project, a potential large-scale iron ore and Iron Oxide Copper Gold (IOCG) target. While at an earlier stage of evaluation, Minturn represents a significant opportunity in a region known for vast Banded Iron Formations. IOCG deposits are particularly prized for their potential to host multiple valuable metals, and success at Minturn would further cement Amaroq's position as a key player in Greenland's diverse mineral landscape.

Navigating the Geopolitical and Financial Landscape

This intensified exploration push comes at a time when Greenland is at the center of a global race for critical minerals. Western nations are actively seeking to diversify their supply chains and reduce their reliance on dominant producers, making Greenland's vast, untapped reserves a key strategic prize. The European Union and Greenland formalized this interest with a Strategic Partnership on raw materials in late 2023, creating a supportive framework for responsible investment and development.

Operating in the Arctic, however, is not without its challenges. The harsh climate, limited infrastructure, and high operational costs require a well-capitalized and strategically sound approach. Furthermore, gaining a social license to operate is paramount, requiring strict adherence to environmental regulations and engagement with local communities. Amaroq's focus on projects like Ilua, with its favorable mineralogy, demonstrates a keen awareness of this complex operating environment.

The Greenland-focused developer appears well-positioned to navigate these challenges. The company recently recorded its first revenues from the Nalunaq gold mine and is strengthening its financial footing with plans for an expanded US$70 million credit facility and a potential main market listing in the UK. This broader financial strategy provides the necessary firepower to support its ambitious exploration programs across its entire portfolio, from the producing Nalunaq mine to early-stage targets within the Gardaq JV.

A Calculated Bet on a Diversified Future

The C$6.5 million funding for Gardaq A/S is more than a simple capital injection; it represents a significant step in Amaroq’s strategic evolution from a pure-play gold developer into a diversified minerals company poised to meet the demands of the 21st century. By leveraging a joint venture with a committed financial partner, the company is able to accelerate exploration on its strategic metals portfolio while its core gold asset, Nalunaq, moves towards full-scale production.

This model of shared risk and reward is common among junior explorers, but it is particularly vital in a frontier jurisdiction like Greenland. The partnership allows both Amaroq and GCAM to pool resources and expertise, effectively doubling their exploration impact and increasing the probability of a major discovery.

While the path from exploration to production in the Arctic is long and fraught with risk, the potential reward is immense. The 2026/27 exploration program at Ilua and Minturn will be a critical test of this potential. The results will not only be pivotal for Amaroq and its partner but could also play a significant role in shaping Greenland’s economic future and its position in the new global resource economy.