Amaroq Doubles Credit Facility, Eyes $35M Suliaq Financing as Nalunaq Gold Production Ramps Up — Amaroq Ltd.

Event summary

Amaroq reported $27M in revenue for 2025, with $11.1M gross profit and $18.2M operating loss.
Nalunaq gold mine achieved 6.35koz production, in line with guidance, with Phase 2 flotation circuit expected to increase recoveries to 90-95% by Q2 2026.
Company finalizing $35M expansion of revolving credit facility, doubling total size to $70M with reduced interest margin.
EIFO, a Danish state-backed investment fund, expressed preliminary interest in participating in $20-35M equity financing for Suliaq ApS.
Dr. Paul Smallbone appointed as General Manager of Nalunaq mine, bringing 35 years of mining industry experience.

The big picture

Amaroq's strategic focus on unlocking Greenland's mineral potential is gaining traction, with significant progress at the Nalunaq gold mine and broader exploration initiatives. The company's ability to secure additional financing and optimize operational costs will be critical in sustaining growth and shareholder value. The $70M credit facility expansion and potential $35M equity financing for Suliaq ApS underscore the company's efforts to strengthen its balance sheet and accelerate exploration across its portfolio.

What we're watching

Production Scaling: Whether Amaroq can sustain the ramp-up in gold production at Nalunaq and meet its FY2026 guidance of 25-35koz.
Financing Dynamics: The pace at which Suliaq ApS secures the $20-35M equity financing and the impact on Amaroq's exploration capabilities.
Cost Optimization: How the transition to an owner-operated model at Nalunaq will affect unit costs and overall profitability.