Amaroq Ltd.

Amaroq Ltd. is a mining and exploration company primarily focused on the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The company's mission is to sustainably supply minerals essential for the global energy transition, aiming to unlock Greenland's significant mineral wealth. Amaroq Ltd. was founded in 2017 and maintains its registered office in Toronto, Ontario, Canada.

The company's portfolio includes gold, copper, molybdenum, graphite, platinum group elements, nickel, rare earth elements, zinc, lead, and silver. Key projects are situated within South Greenland, encompassing the Nalunaq Gold Mine, the Sava Copper Belt, the Nanortalik Gold Belt, and the Gardar Province Mineral Belt. Amaroq also develops logistics and support services through its subsidiary, Suliaq, to facilitate operations in remote Arctic environments.

In recent developments, the Nalunaq Gold Project commenced production in 2024, with a full ramp-up anticipated by the end of 2025. The company has set a production guidance of 25,000-35,000 ounces of gold for 2026. Amaroq Ltd. doubled its revolving credit facility to US$70 million in March 2026 and delisted from the TSX Venture Exchange in March 2026, with plans to transition its London listing to the Main Market of the London Stock Exchange. Eldur Olafsson serves as the Founder and Chief Executive Officer, leading the company's efforts to establish itself as a significant and responsible player in Greenland's emerging mineral sector.

Latest updates

Amaroq Secures $70 Million Credit Facility, Lands Gunvor Partnership

Event summary

  • Amaroq Ltd. has doubled its revolving credit facility from US$35 million to US$70 million.
  • The new facility, provided by Landsbankinn and Gunvor Group, matures on May 1, 2028.
  • Gunvor Group will offtake gold produced at the Nalunaq mine as part of the agreement.
  • The facility includes tiered interest rates based on Amaroq’s LTM EBITDA, starting at 7.50% over SOFR and stepping down to 4.50% at CAD 70 million EBITDA.
  • An origination and amendment fee of 0.55% (US$385,000) was incurred for the new facility.

The big picture

Amaroq’s increased credit facility and partnership with Gunvor provide a significant liquidity boost as the company progresses Phase 2 of the Nalunaq processing plant and expands its exploration activities in Greenland. The deal highlights the growing interest in Greenland’s mineral potential, but also underscores the inherent risks associated with operating in a politically sensitive and geographically remote region. Gunvor’s offtake agreement provides price certainty but also creates a dependency on a major commodities trader.

What we're watching

EBITDA Trajectory
The tiered interest rates on the RCF hinge on Amaroq’s EBITDA performance; failure to reach the CAD 25 million threshold will significantly impact financing costs.
Gunvor's Commitment
Gunvor’s involvement signals a deeper commitment to Amaroq’s gold production, but also introduces a significant counterparty risk given the trader’s scale and global operations.
Greenland's Regulatory
The long-term viability of Amaroq’s operations is dependent on Greenland’s evolving regulatory environment for mining and resource extraction, which could impact project timelines and profitability.
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