Amaroq Minerals Share Price (AMRQ)

I think we look now, to MRE5, which I have convinced myself, on 2025 drilling, will stand up well.

And the completion of Suliaq financing.

That will give us, by year end, two fully financed operating businesses in Nalunaq and Suliaq.

And they can bang on with the exploration side of things. Notably Nanoq, going toward maiden MRE, touted originally with great excitement then as an elephant.

And Black Angel - existing mine, other than gold stuff, to be resuscitated, as with Nalunaq.

All the best.

So that’s approx 4 / 5 times FCF at the current price in next 12/18 months. meaning most of the other projects have zero value.

For me this should be trading near 200p in 2027 given everything goes well, and we are likely to smash the guidance to the upside which the company know.

Gold could be $6000 by then ?

I’ve used 10k oz a quarter, for ease. But there you go. There’s latitude there, to enable objectives to be achieved.

Just a rule of thumb, largely dependent on gold price.

Important thing, as mentioned previously, Mr. Olafsson and Co. have upheld their part of the bargain.

I did my own bit calculation, which broadly fits with a well put AI summmary, at what might prove to be conservative levels. Q4 on. And there is I think something like $14m non sustaining capex yet to be absorbed into the accounts.

“Margin Strength: Operating at a $1,350/oz AISC delivers an exceptionally robust cash engine. Even under a conservative $2,400/oz spot price, every ounce produced generates a 43.8% FCF margin.Annualized Power: If Nalunaq sustains a 10,000 oz/quarter run-rate into 2027 at a $2,600/oz gold price, the asset shifts from its net-negative full-year 2026 build phase into an annualized run-rate generating ~$50 Million in standalone Free Cash Flow.”

That would set them up well to fund, or back fund, the exploration projects as described, somewhere, perhaps mid-range, within the currently floating proposed budget ‘according to market conditions ( substantially, the gold price )

It’s always a strong positive when management lay out their targets and then meet them on time and on budget.

The increased gold recovery will boost revenues and cashflow.

Demonstrates quality of asset and management team