Amaroq Unearths Bonanza-Grade Gold, Securing Greenland Mine's Future

REYKJAVÍK, ICELAND – December 04, 2025 – Amaroq Ltd. has electrified the mining world with the announcement of a spectacular high-grade gold discovery at its Nalunaq mine in Southern Greenland. An underground drill core returned an astonishing 1,840 grams of gold per tonne (g/t Au) over a 0.5-meter interval, a result that dramatically underscores the asset's world-class potential. Coupled with the confirmation of a 700-meter deep extension of the primary gold-bearing structure, the news provides a powerful dual boost, significantly derisking near-term production while unlocking a vast new frontier for future resource growth.

These results, part of the company's 2025 exploration campaign, provide a major vote of confidence in Amaroq's strategy to revitalize Greenland’s first and only gold mine. For investors and industry observers, the findings signal that the company is not just on the right track but is potentially sitting on a far larger and richer deposit than previously understood.

A Golden History and a Nugget Problem

The Nalunaq mine is no stranger to high-grade gold, having been operated intermittently by previous owners between 2004 and 2013. However, its history is also marked by the formidable geological challenge known as the “nugget effect.” This phenomenon, where gold is concentrated in erratic, hard-to-predict pockets, made consistent production difficult and ultimately contributed to the mine's closure in 2014 amid falling gold prices and rising costs.

When Amaroq acquired the project, its primary challenge was to overcome this geological variability. Past surface drilling often failed to accurately represent the gold content that was later found through more expensive underground development. The key to unlocking Nalunaq’s true value lay in developing a more sophisticated and predictive geological model.

The latest results demonstrate the success of this effort. The 2025 underground drilling program, focused on the currently active 'Mountain Block,' not only confirmed the presence of gold but found it in grades exceeding the company’s own resource model. Across 2,127 meters of drilling, the mineralized sections returned a weighted average grade of a remarkable 87.6 g/t Au, validating Amaroq’s belief in the high-grade nature of the deposit.

Cracking the Geological Code

The breakthrough stems from Amaroq’s bespoke 'Dolerite Dyke Model' and a disciplined, three-stage exploration approach. The technical team developed this proprietary model to better understand how and where the high-grade gold was deposited within the Main Vein. This scientific framework has allowed for more precise and effective drill targeting, transforming the “nugget effect” from a frustrating challenge into a predictable pattern.

“I am very pleased to announce the 2025 exploration results at Nalunaq, which as well as confirming additional high-grade intersections, continue to strengthen our understanding of the deposit,” commented James Gilbertson, Amaroq's VP Exploration. He noted the results provide “the geological confidence required to continue sustained mining activities” and highlight “the potential for further expansion beyond the areas drilled to date.”

The company’s strategy involves using wide-spaced surface drilling to first locate the main structure, followed by tighter infill drilling to define resources for mine planning. The final stage, tunnelling directly on the vein, provides the ultimate proof by comparing drill results with the gold actually mined. This methodical process, guided by the new geological model, is proving highly effective at identifying and delineating the bonanza-grade zones like the one yielding 1,840 g/t Au.

A Deeper Future: The South Deeps Extension

Perhaps the most significant long-term development is the success of the surface drilling program. From the Nalunaq valley floor, scout holes targeted the Main Vein at depths approximately 700 meters below the historical mine workings, an area known as the 'South Deeps.'

Drilling confirmed the Main Vein structure exists exactly where predicted, extending deep under glacial cover. While initial grades in these very deep scout holes are lower, the confirmation of the structure's continuity is a landmark achievement. It proves that the Nalunaq mineralizing system is much larger than previously mined and opens up a massive, unexplored territory for future resource definition. Crucially, this potential is in addition to the company's already substantial exploration target, which estimates between 600,000 and 2.3 million tonnes at a grade of 10 to 30 g/t Au.

Following this success, Amaroq has already expanded its surface drilling program by an additional 5,700 meters. This new drilling will work its way back up from the deep discovery toward the existing mine, aiming to connect the zones and define the geometry and grade of this major extension.

Pioneering Greenland's Mining Frontier

Amaroq's success at Nalunaq is a significant event not just for the company, but for Greenland's broader ambitions to develop its mineral wealth. The semi-autonomous nation has a clear strategy to diversify its economy and attract investment into its resources sector, which includes not only gold but vast deposits of rare earth elements and other critical minerals.

However, operating in the Arctic presents immense logistical and infrastructure hurdles, from a harsh climate and short field seasons to a lack of roads and power. Success stories like Nalunaq are critical for demonstrating that these challenges can be overcome with modern technology, sound planning, and a deep understanding of the local geology. By transitioning from developer to producer with its first gold pour in late 2024 and now proving up a much larger resource, Amaroq is setting a new benchmark for mining in the region.

The full impact of the 2025 drilling campaign will become clearer in the first quarter of 2026, when Amaroq plans to release an updated Mineral Resource Estimate (MRE5). This report will formally incorporate all the new data into the geological model, converting inferred resources to the higher-confidence indicated category and providing the market with a new, more detailed picture of Nalunaq's immense potential.