Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Actually, a tad earlier maybe. June.
“The Company expects to mine first gold in 2024 and plans to provide a progress update with timings for guidance for the project at an investor event in June 2024. First production guidance for 2025 will be provided towards the end of 2024.”
The price has gone rather stagnant here. I think that’s fair enough. As I said before, it went a bit fast. Some pundit remarked, a throwaway, I think on Sunday Roast, along the lines it should be a good year for Amaroq. It’s a miner, so you don’t know, but they have a clear roadmap to first production, and other stuff. We’ll hear more in second half.
Https://www.lse.co.uk/rns/AMRQ/directorpdmr-shareholding-oo2069jpugmn6xl.html
71p equivalent current exchange rate.
Amaroq team at the First Underground Mining Blast at Nalunaq 📸
https://twitter.com/Amaroq_Minerals/status/1777665637227147543
The first underground blast represents a key step towards full commissioning of the Nalunaq mine and unlocking the mine’s potential.
Subscription site article but good to see more positive coverage.
PREMIUM CONTENT
Amaroq Minerals – first underground mining blast at Nalunaq, with further upcoming catalysts. Value BUY, More than 50% upside
Amaroq Minerals (AMRQ) has announced that a successful first underground mining blast at Nalunaq has been initiated, emphasising this a “key step towards full commissioning of the Nalunaq mine”. This is just the start and we believe that further operational progress will drive a re-rate as this is, at a current 76.2p share price, £249 million ($315 million) market capitalisation, a value buy.
By Tom Winnifrith & Steve Moore | 6 April 2024, 10:46 |
Iceland no trades showing. In line with this.
The Greenland Mining opportunity:
https://twitter.com/ACFER01/status/1767590698537099620
Good to know that everything is on schedule.
Eldur Olafsson, CEO of Amaroq Minerals, commented:
“I would like to congratulate the team on site at Nalunaq who, working alongside our contractor Thyssen Schachtbau, have reached a milestone moment. Work at Nalunaq is progressing to schedule, with rehabilitation works now complete as we prepare to commence trial mining between 100 and 150tpd from Mountain Block."
Canada selling 76.76. Iceland closed. 77p
Buying I should have said.
Iceland trading 79p.
Olafsson said Greenland offered "significant potential" for improving the security of supply of raw materials for Europe.
"We are particularly encouraged by recent developments following the recent signing of two new collaboration agreements to strengthen the EU-Greenland Partnership and the opening of a new EU office in Nuuk.
"2024 is a crucial year for Amaroq as we focus on bringing Nalunaq into production, whilst accelerating exploration activities across our wider precious and strategic metals portfolio."
Summary, including over-subscribed fundraise post year-end.
Sharecast News) - Amaroq Minerals reported a robust liquidity position in its full-year results on Tuesday, with group liquidity reaching CAD 78.2m (£45.62m) as of 31 December.
The AIM-traded firm said its gold business exhibited working capital of CAD 37.6m, while the strategic minerals business showcased available liquidity of CAD 18.7m.
It said it achieved significant milestones in the year, including the successful transfer of its Icelandic listing to the Iceland Nasdaq Main Market and admission to the OMX Iceland 15 Index.
Moreover, Amaroq expanded its licence holdings in South Greenland, and made notable discoveries, particularly in nickel-copper at Stendalen.
In the fourth quarter, operational highlights encompassed advancing contracting, procurement, engineering, construction, and mining activities.
Notably, 80% of key contracts for the processing plant were concluded, and procurement was 80% completed.
Construction efforts included expanding the camp accommodation capacity and progressing the processing plant construction.
Mining activities focussed on rehabilitation works, laying the foundation for trial mining expected to start in the first quarter or early in the second quarter of this year.
Looking ahead to 2024, Amaroq's outlook included progressing permitting, engineering, contracting, construction, mining, and exploration activities.
Notably, the company said it anticipated completing engineering for the processing plant in the second quarter, and concluding remaining contracts by the same period.
Construction milestones included starting steel structure erection for the process plant building and initiating the installation of mechanical and electrical components in the second half of 2024.
Mining efforts would continue with the rehabilitation of mine infrastructure and the development of ramps to facilitate future mining activities, with the aim of achieving first gold production in 2024.
Additionally, Amaroq said it was planning to enhance support infrastructure to accommodate up to 120 personnel and continue exploration activities focused on extending existing blocks and delineating new discoveries.
"Following our successful Fundraising in February 2024, we have increased the scope of the Nalunaq gold project development to account for accelerating the transition of the process plant to nameplate capacity of 300 tonnes per day," said chief executive officer Eldur Olafsson.
"We experienced some operational and procurement delays towards the end of 2023 due to adverse weather conditions, which continued into the start of 2024.
"This situation has now significantly improved and we are making good operational progress."
PREMIUM CONTENT
Amaroq Minerals – 2023 results, an upcoming production and exploration excitement BUY
Amaroq Minerals (AMRQ) has announced results to the end of 2023 including affirming that 2024 is a crucial year for it as it focuses on bringing the Nalunaq mine back into production and accelerating exploration activities across its wide other precious metals and also strategic metals projects in Greenland.
By Tom Winnifrith & Steve Moore | 7 hours ago |
Iceland closed today. Canada buying at 79p.
Culpepper
The only reason I jumped to the margin call reason was that I spoke to a local broker in Iceland who had that view. It being a small market they are very clued up on who, what and when.
The high is 84p. You may be right, but I see no reason to jump to margin calls. Perhaps profit taking. But it doesn’t matter really.
Another Icelandic company called Alvotech is down 20% in last week. I bet there were margin calls that forced selling of Amaroq. That would explain the sells in Iceland a few days ago. No smoke without fire !
Separately, and previously.
Consensus from 2 of the Canadian Metals and Mining analysts is that Amaroq Minerals is on the verge of breakeven. They expect the company to post a final loss in 2024, before turning a profit of CA$24m in 2025.
“Process plant engineering was 77% complete at the end of Q4 2023 based on the updated project scopeConstruction”
“…This work lays the foundation for safe and efficient trial mining to commence at the end of Q1 2024 or early Q2 2024.”
“The Company expects to mine first gold in 2024 and plans to provide a progress update with timings for guidance for the project at an investor event in June 2024. First production guidance for 2025 will be provided towards the end of 2024.”
And they topped up funding post year end by £44m in February to accelerate the process.
Steel delivery for processing plant: https://www.marinetraffic.com/en/ais/home/centerx:-45.3/centery:60.2/zoom:9
Https://www.lse.co.uk/rns/AMRQ/2023-full-year-financial-results-zd04qsbuudjuz1s.html
Price taking a dip today on all venues. Results tomorrow.
Iceland buying 83, Canada 86 current exchange rates.