Share tip.22 Jun 2026 10:54
Courtesy of scotty1 on the ADVFN board.
Amaroq – production development on track, Buy says HotStockRockets...
Targeting a 120p+ share price...
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June 16th, 2026
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Amaroq (AMRQ) has issued a “Commissioning of Flotation Circuit and Completion of Phase 2 at Nalunaq” announcement. The shares gained 2p to 85p on the news. Amaroq is delivering but the sliding gold price has whacked sentiment of late. The company notes its gravity-only circuit gold recoveries of ~61% are expected, with now a flotation circuit, to increase to approximately 90-95% – “materially enhancing gold production from the same ore feed”. That’s highly significant as its full-year gold production guidance range is 25,000-35,000 ounces after 7,000-10,000 ounces in the first half of the year and it noted this “was contingent on the timing of the successful start-up of flotation recovery”.
That has now been “completed on schedule and in line with guidance” and it’s added “the process plant is now operating at design specification, with gravity recovery and flotation recovery circuits operating well together”. This significantly de-risks the production outlook and including with now “gold-bearing tailings at ~6g/t… will be gradually reintroduced to the processing plant, in order to recover additional contained gold”.
Even with the gold price recently falling, it’s still above $4,000 per ounce and we consider the selling pressure to be short term sentiment and that macro fundamentals reasserting in the sentiment will see rises from these levels in due course. However, even the current levels would serve Amaroq well – they would likely mean an eventual 2,000/oz+ per ounce margin, suggesting an annualised $100 million+ thrown off at a 50,000 ounces per annum production run-rate which is where Amaroq is now heading by Christmas.
There is then though future potential to towards boosting that production run-rate by 50% and multiple other potential including the “potentially world-class” Nanoq gold project and the historic Black Angel zinc-lead-silver mine where now also potentially commercial levels of germanium and gallium have been identified. With also a 2026 high impact exploration potential now commencing and a move to the London Main Market expected soon, we consider there the catalysts for a below £400 million, $530 million, market cap, to be $750 million+ in short order. With that currently equating to a 120p+ share price and there then return-of-favourable-gold-sentiment clear potential for more, a writer here also owns shares and our stance remains Buy.
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