Uppgjör 4. ársfjórðungs og ársins 2025

Reykjavík, March 26, 2026 (GLOBE NEWSWIRE) -- Uppgjör 4. ársfjórðungs og ársins 2025

Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), tilkynnir ársuppgjör ársins 2025. Allar fjárhæðir eru í Kanadadollar nema annað sé sérstaklega tekið fram.

Streymt verður frá kynningu á uppgjörinu og hefst streymið kl. 9:00 í dag, fimmtudaginn 26. mars 2026. Kynningin verður aðgengileg á heimasíðu félagsins að fundi loknum. Nauðsynlegt er að skrá sig hér til að fá aðgengi að streyminu: https://edge.media server.com/mmc/p/q5t78z4f

Eldur Ólafsson, forstjóri Amaroq:

,,Árið 2025 var afar árangursríkt ár fyrir Amaroq. Við lukum 1. áfanga Nalunaq-námunnar og náðum framleiðslumarkmiði ársins, sem voru 6-7 þúsund únsur af gulli. Það er jafnframt ánægjulegt að geta staðfest að gullframleiðsla það sem af er ári er í samræmi við áætlanir stjórnenda sem miða við 7-10 þúsund únsur á fyrstu sex mánuðum ársins 2026. Í febrúar síðastliðnum kynntum við framleiðslumarkmið upp á 25-35 þúsund únsur fyrir árið 2026. Jafnframt er gert ráð fyrir að endurheimtur á gulli aukist í 90-95% að lokinni gangsetningu 2. áfanga flotaðskilnaðar (e. flotation recoveries) á öðrum ársfjórðungi.

Við tilkynnum jafnframt í dag að við munum brátt ljúka við samkomulag um nýja 70 milljón bandaríkjadala lánalínu sem er hækkun um 35 milljónir á núverandi lánalínu okkar. Samhliða hækkuninni er gert ráð fyrir lægra vaxtaálagi, sem mun draga úr fjármagnskostnaði og auka við sveigjanleika í lausafjárstýringu. Þessi viðbót, ásamt sterku sjóðstreymi frá rekstri, mun styrkja efnahagsreikning okkar verulega.

Með vísun í fyrri tilkynningar um fjármögnun á þjónustufélaginu Suliaq ApS, dótturfélagi okkar, er ánægjulegt að tilkynna að EIFO, fjárfestingasjóður á vegum danska ríkisins og einn af okkar stærstu hluthöfum, hefur lokið frumathugun og lýst yfir verulegum áhuga á mögulegri þátttöku í framtíðarfjármögnun Suliaq, ásamt völdum samstarfsaðilum á Grænlandi, þar sem stefnt er að því að afla 20–35 milljóna Bandaríkjadala í nýtt eigið fé fyrir félagið. Að því loknu mun Suliaq hafa tök á frekari uppbyggingu sem gerir Amaroq og öðrum félögum á Grænlandi kleift að hraða virðisaukandi fjárfestingum.

Framundan á árinu 2026 eru umfangsmikil rannsóknarverkefni, sem fela meðal annars í sér auðlindaboranir í Nanoq-gullverkefninu, uppfærslu á arðsemismati Black Angel, sink-, blý- og silfurnámuna þar sem einnig hafa greinst há gildi af germaníum og gallíum.

Árið 2026 hefst af krafti og stefna okkar fyrir árið er skýr: að hámarka gullframleiðslu í Nalunaq á fyrsta fulla rekstrarári námunnar, samhliða því að þróa áfram verkefni félagsins í Grænlandi. Þar að auki munum við halda áfram byggja upp stoðstarfsemi í þjónustu og vatnsafli til að tryggja frekari rekstrarhagkvæmni í Grænlandi.‘‘

FY25 Financial and Corporate Highlights

Total revenue of $27 million (2024: $0m) from total gold sales of 5.31koz¹.
Gross profit of $11.1 million and operating loss of $18.2 million.
Capital assets of $252.7 million as at December 31, 2025 ($221.9m as at September 30, 2025).
Gold inventory of $15.8 million as at December 31, 2025 ($11.0m as at September 30, 2025).
Cash balance of $21.5 million as at December 31, 2025 ($55.3 million as at September 30, 2025).
Oversubscribed $83 million fundraise completed in June 2025.
In December 2025, the Company announced the completion of the acquisitions of the Black Angel mine and Kangerluarsuk licences to create its West Greenland Hub.

2025 Operational Highlights

Full year production of 6.35koz¹ of gold, in line with guidance and throughput of 300 t/d was achieved by year end, on plan.
During 2025, underground mine development and process plant commissioning at the Nalunaq gold mine, resulted in 97% of Phase 1 work completed and all critical path items for the delivery of Phase 2 in place.
As of October 1, 2025, Nalunaq transitioned to a fully owner-operated mining model, assuming full operational control and decision-making responsibility for all underground mining activities. The Company has invested in its own underground mining fleet, which is expected to be largely delivered and commissioned by the end of Q1 2026. The move to owner operator, saw a significant increase in productivity in all areas of the mine, with further optimisation work ongoing.
2025 Nanoq drilling programme confirmed significant gold copper mineralisation, with consistent grade within multiple stacked zones and identification of identical, parallel structures and intersections of up to 187.4 g/t Au over 1.5m1 and up to 1.1% Cu over 0.5m2 at shallow depths, confirming a potentially world class deposit and future gold project.
In November 2025, the Company announced results from re-assayed bulk samples from the Black Angel mine, averaging 24.6% zinc, 28.1% lead and 295 g/t silver with potentially commercial levels of germanium and gallium and cadmium also identified.
On 4 December 2025, the Company announced the results of its 2025 drilling programme at Nalunaq. Of the 2,127m of underground resource conversion drilled, 62% of this intersected mineralised Main Vein, with a weighted average grade of 87.6g/t Au, verifying higher grades than the resource model predicted.

Post-period end highlights included:

On January 8, 2026, the Company announced the award of the Final Impact Benefit Agreement for the Nalunaq gold mine.
On January 21, 2026, the Company announced exploration results from the 2025 field campaign at its Minturn IOCG prospect; Identifying high-grade iron assays from surface samples, including iron grades up to 69.5% Fe, underscoring the presence of a significant iron-oxide core within the system.
On February 18, 2026, the Company reiterated its intention to upgrade its London Stock Exchange listing to the Main Market, appointing Citigroup Global Markets Limited to act as sponsor and financial adviser.
On March 19, 2026, the Company completed the voluntary delisting of its common shares from the TSX Venture Exchange (the “TSXV”).
On March 20, 2026, the Company received the signed approval of the Final Mine Plan and Closure Plan for the Nalunaq Licence from the Government of Greenland.

2026 Outlook

FY2026 gold production from Nalunaq is estimated to be between 25-35koz, as announced on February 25, 2026. Production and sales are expected to be back-end weighted in 2026, as flotation recoveries (as part of Phase 2) are fully introduced by H2 2026.
Gold production to date is in line with management expectations and aligned with the H1 2026 production guidance range of 7-10koz.
Construction and associated work for Phase 2 flotation recovery at Nalunaq is on schedule for start-up commissioning in Q2 2026.
Targeting full year cash cost of operations of USD44-47m and all-in sustaining cost (“AISC”) of USD69-73m.
Increased gold production in H2 2026, as well as an anticipated reduction in costs, driven by transition from contractor to owner-operator model, including drilling, processing plant and camp support functions; resulting in unit costs being lower in H2 2026 relative to H1 2026, with Q4 2026 AISC expected to be within a range of USD1,250-1,450 per oz.

2026 Exploration Programme

Total planned exploration expenditure across the portfolio with a base case of USD11m, with the ability to increase up to USD29m to accelerate exploration programme subject to market conditions.
West Greenland Hub & Black Angel – The Company plans to conduct the rehabilitation of all surface facilities, the updating of various technical feasibility studies, targeting a Phase 1 mining operation in 2028 and commencing resource growth exploration programmes towards future Phase 2 mining operations.
Nanoq – the Company intends to initiate a phased resource development strategy in 2026. The first phase will focus on systematic drill testing of the Central Zone with the objective of establishing the geological continuity and data density required to underpin a Maiden Mineral Resource Estimate. The Company will in parallel look to improve surface logistics on site to facilitate further phased exploration in 2027 and beyond.
Nalunaq – The Company intends to conduct parallel underground resource definition and exploration programmes aimed at providing progressive resource replacement to the mining operation.
Satellite Gold Targets – Regional exploration within the Nanortalik Gold belt will continue to target the Company’s next significant gold resource discovery.
Minturn IOCG – Following the identification of a Mineral System of significant scale, the Company intends to conduct surface geophysical work and a scout drilling programme, to assess the scale of the mineralisation and potential economics of the target.
Ilua REE – The Company intends to mobilise a field team to the Nunarsuit licence to further delineate the scale of the REE hosting pegmatite systems and to conduct initial scout drilling to understand depth potential and volumetrics.
Stendalen – Following further assessment of geological and geophysical data, the Company will continue to develop additional drill sites targeting potential sulphide traps and is reviewing options to action these during the upcoming season.

Suliaq ApS – advancing financing discussions for the services and logistics company

In May 2025, the Company announced the establishment of Suliaq ApS (“Suliaq”), a dedicated services company formed to provide essential services, supplies, and supporting assets to Greenland’s rapidly expanding mining sector. Suliaq’s strategic focus encompasses mining services, maritime operations, logistics, infrastructure, consumables, and support for exploration activities.

Following the Company’s announcement in February 2026, that it had entered into discussions with third-party investors, substantial progress has been made towards securing independent equity financing for Suliaq in the range of USD 20-35m. EIFO, the Danish state-backed investment fund and one of the Company’s largest shareholders, has completed an initial screening and expressed significant preliminary, non-binding interest in potentially participating in the future financing of Suliaq, together with selected Greenland-based partners. Any such participation remains subject to comprehensive due diligence, internal governance processes, and agreement on final terms.

The Company will continue to provide updates as Suliaq advances towards operational launch, secures additional financing and expands its service offering, with a targeted financing close in Q2/Q3 2026.

Expansion of revolving credit facility and reduced margin

The Company is finalising an agreement for a USD35 million expansion of the existing USD35 million revolving credit facility, doubling the total facility size to USD70 million, expected to be signed in the near term. Currently, USD28.5 million has been drawn under the existing facilities. The proposed amendments are intended to enhance liquidity and reduce the overall cost of debt as operating performance improves. Further details will be provided once the revised terms have been finalised. There can be no certainty that the new RCF or terms set out here will be entered into.

Management appointment
The Company is also pleased to announce that it has strengthened its operational team in Greenland, with the appointment of Dr. Paul Smallbone as General Manager of the Nalunaq mine. Paul has over 35 years of experience in the mining and metals industry, specialising in mine operations, engineering, and geology. He previously served as General Manager of the Vareš mine in Bosnia and Herzegovina, where he oversaw operations and led the site into commercial production.

Previous to this, he has held several progressively senior operational management roles at Regis Resources, where he led operations at the Duketon Gold Complex, Mineral Resources Limited, Cliffs Natural Resources, Evolution Mining, Barrick, and others, where he focused on mining and processing operations for precious and base metals, implementing production and safety management systems to improve operational efficiencies.

Dr. Smallbone has a strong engineering background, holding a Ph.D. in Geomechanics as well as a BSc in Exploration and Mining Geology from Cardiff University / Prifysgol Caerdydd, UK.

Appointment of corporate broker
The Company has appointed Citigroup Global Markets Limited as joint corporate broker alongside Canaccord Genuity and Panmure Liberum.

Details of analyst and investor presentation
A webcast for analysts and investors will be held this morning at 9:00am GMT, including a management presentation and Q&A session. To join the meeting, please register at the below link: https://edge.media server.com/mmc/p/q5t78z4f

Notice of Capital Markets Update
On 13 May 2026, following publication of Q1 2026 results, the Company plans to hold a Capital Markets Update for investors and sell-side analysts to provide detail on strategy, operations and growth initiatives, with further information on the timing to be announced in due course.

Financial Results

Period ended Dec 31, 2025	Twelve months		Twelve months
	2025	2024
	$	$
Financial Results
Revenue	26,984,361	-
Cost of Sale	(15,280,034)	-
Selling, refining and royalty costs	(627,146)	-
Gross Profit	11,077,181	-
Exploration and evaluation expenses	(10,911,234)	(2,882,092)
General and administrative expenses	(18,957,075)	(17,521,730)
Loss on disposal of capital assets	(253,269)	(149,916)
Gain on lease modification	55,323	-
Foreign exchange gain (loss)	889,978	907,890
Interest income	741,658	1,188,104
Gardaq project management fees	2,496,884	2,453,361
Share of net losses of joint arrangement	(2,124,689)	(8,590,498)
Loss on liability derecognition	(307,263)	-
Unrealised gain (loss) on derivative liability	-	1,722,682
Finance costs	(1,308,479)	(583,939)
Net loss and comprehensive loss	(18,600,985)	(23,456,138)
Basic and diluted loss per share	(0.044)	(0.071)

Financial Position

	As at
	December 31, 2025	December 31, 2024
	$	$
Financial Position
Cash	21,546,829	45,193,670
Inventory	25,608,108	10,182,744
Investment in equity-accounted joint arrangement	12,777,624	14,902,313
Total assets	354,522,908	255,976,986
Total current liabilities	20,546,306	46,973,753
Total non-current liabilities	53,862,252	7,845,657
Shareholders’ equity	280,114,350	201,157,576
Working capital (before convertible notes liability and loan payable)	46,600,441	47,525,515
Working capital (loan payable included)	46,600,441	18,903,783
Gold business liquidity	10,100,069	50,860,477

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 20 7986 4000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

Further Information:

About Amaroq
Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Glossary

Au	gold
g	grams
g/t	grams per tonne
km	kilometres
koz	thousand ounces
m	meters
MRE3	Mineral Resource Estimate 2022
MRE4	Mineral Resource Estimate 2024
oz	ounces
t	tonnes
t/d	Tonnes per day
t/m³	tonne per cubic meter
USD/ozAu	US Dollar per ounce of gold

Inside Information
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement
The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

¹ Includes 1,009 ounces of gold poured on 1 January 2026 to capture efficiencies in the pouring process. The difference from the preliminary year-end production of approximately 6.6koz, as reported on 8 January 2026, reflects the final settled quantity following post-assay reconciliation between the mine and the Swiss refinery.

Viðhengi

AUDITED CONSOLIDATED FINANCIAL STATEMENTS

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