Member Info for Culpepper

Just a reminder, as we wait for Nalunaq MRE 5 this month. And the uplift of resource from inferred to indicated.

Cut-off grade for MRE4 was 5.9gms per ton. At $2100 per oz.

Poor old UK - with insufficient reserves relative to major economies to back its own currency by gold.

I would imagine, if they can, they will get Nalunaq MRE5 out before AMRQ results on 26th.

MRE5 will be informed by 2025 drilling, which RNS reads very well, as these things go.

https://www.lse.co.uk/rns/AMRQ/successful-2025-nalunaq-gold-mine-drilling-programme-1840-gt-of-gold-over-05m-in-mountain-block-derisks-near-term-production-and-expansion-of-the-main-vein-at-depth-ua6qjxag4w65loj.html

As a very broad based comment, if one even goes as far as adding 20% to the 4th quarter mid AISC of $1350, giving $1620, at $5000 gold, it leaves a margin per oz of $3380, which amounts to free cash flow of $148m, on the guided rate (from Q4 ) of 44,000 oz per annum.

Not at all bad, and still with leeway to fulfil strategy.

If all goes reasonably well.

All the best.

The Hydro power business subsidiary will go to alleviating much of that particular problem for the future.

Miners in general are all suffering. Oil has gone up 20%. It reflects in the AISC and profit margins. We all get treated much the same. At some time, things will return to a ‘relative normal.’

A repeat, to leave something sensible at the top for now, pending MRE5 and results end of month.

https://thatstocksguy.substack.com/p/amaroqs-rise?utm_source=post-email-title&publication_id=1504413&post_id=189114482&utm_campaign=email-post-title&isFreemail=true&r=4xupfa&triedRedirect=true&utm_medium=email

What the company is doing currently is well known. I maintain ( apart from oil price ) that there still exists an unknown in terms of grades and therefore gold recovery prior to Havieron coming on line.

We live with that, until the situation improves.

Staying until the Havieron objective of the exercise, I intend to weather the ups and downs.

Some might eventually come to to accept, their views on front running, and all that, authorised participants over time, as expressed on here, might have gone to dust along with their over bullish hopes.

Realism avoids false expectation and disappointment - though things have gone rather well.

We await, though not short of it, news, on future prospe

I guess, I should shut up, having regard to posting on here - everyone no real views. Good place to be, taking it as it comes - I see no negative incoming..

‘There is no real justification for the drop apart from profit taking, ‘

What the heck do you mean.?

No good trying to wrap it up. There’s sellers.

Doesn’t mean anything as far as company is concerned.

It’s your own reality. On this board.

Most immediate ‘realititeis’ have not come to pass.

Most of the illuminati here have been stymied.

Forward buying and so on.

Unproven, them glitterati, ain’t they?

You’re all too tied up in daily rubbish, your own confused thoughts.

Havieron is what it’s about. And getting there.

You should remember that.

In other word, though considering myself a longer term person buying into the Amaroq progressives strategy, it doesn’t seem to be, for those less inclined, to be a bad punt. As these things go. Undeveloped Greenland and all that. With Amrq at the forefront in the jurisdiction

Just now, it’s Nalunaq, to fund the rest (; though offtake agreements, might see a 50% increase, derisking, for the future, and it’s the future Amrq is about )

Before year results, there’ll be Nalunaq MRE, which will sink or swim this.

I read, the important price of gold, or future surmised, is reflected in the brokers targets. $4000 generally factored give or take, between the 2 main outfits. There you go on that.

Cavendish are an outlier, taking a different, sum of the parts view, on best case valuation.

ie. Ignoring potential problems, dilution, and all that stuff.

I don’t rule out a strategic raise, to advance projects, or a non-dilutive arrangement, such as being considered by Suliaq.

And the hydro power subsidiary, must be advantageous.

Just looking at the upside, as opposed to the downside ( I think temporary ) view today, and other days.

Https://www.canada.ca/en/natural-resources-canada/news/2026/03/joint-declaration-of-intent-between-canada-and-greenland-on-critical-minerals-and-energy-cooperation.html

Https://substack.com/app-link/post?publication_id=1504413&post_id=189584959&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=4xupfa&token=eyJ1c2VyX2lkIjoyOTg3MjQ2NjIsInBvc3RfaWQiOjE4OTU4NDk1OSwiaWF0IjoxNzcyNDg5MTQ1LCJleHAiOjE3NzUwODExNDUsImlzcyI6InB1Yi0xNTA0NDEzIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.xI8GYI5XjHa8Qt-xubhM5yHBgIVzPgJ7quNvhL9DUg4

A mention of Amaroq.

Amaroq I covered very recently, but for reference, its 2026 production guidance and exploration update directly validate the long-term investment thesis, confirming a strategic shift from asset development to a high-margin production phase.

With the Phase 2 flotation circuit commissioning expected to drive recovery rates to 90-95%, the company is on track to reach an annualised run-rate of 40,000–48,000 ounces by Q4, potentially generating $160 million in annual free cash flow at $5,000 gold.

Further, institutional validation is accelerating through a London Main Market uplisting supported by Citi and a 204p price target from Cavendish, suggesting that the market is finally beginning to re-rate the stock.

And best of all, today we saw a Joint Declaration of Intent Between Canada and Greenland on Critical Minerals and Energy Cooperation signed.

Given AMRQ is Greenlandic mining incarnate, I expect this can only be good news.

Https://thatstocksguy.substack.com/p/greatland-gold

Extract from Charles Archer, for what it’s worth.

Consider the admission document in September 2024:

‘The O’Callaghans deposit is a skarn hosted polymetallic body sitting within limestone overlying the buried O’Callaghans granite. A mineral resource reported in 2023 by Newmont includes a total Mineral Resource of circa 54Mt containing 189kt of W (tungsten) at 0.35%, 156kt Cu (copper) at 0.29%, 335kt of Zn (zinc) at 0.63% and 159kt of Pb (lead) are 0.30%.’

Newmont is entitled to a 1.5% net smelter royalty from the asset - I wonder why this has been singled out?

At $44 a kilo, this tungsten is going to be worth circa $8 billion - and that’s without the credits.

Other tungsten plays I’ve highlighted include Guardian Metal since the IPO in 2023 - which controls the largest undeveloped tungsten deposit in the US and is poised to seize control of the rejuvenated domestic market as it continues to explore - and last year Tungsten West, which has started to recover and I hope will be in for some funding soon.

But the current investment case for Greatland effectively ignores the tungsten potential.

Other than EQ Resources’ Mt Carbine and Group 6 Metals at Dolphin, there is limited dedicated Australian production (some produce tungsten as a by-credit like Tasmania’s Kara mine).

O’Callaghans remains one of the largest and highest grade tungsten deposits in the country and has been studied for decades - with a geological model and a maiden resource estimate all the way back in 2009.

But only now is it valuable enough to process. The asset is just 10km from Telfer, with high grade mineralisation including by-credits and a clear geological understanding. This is a simple skarn system which should be relatively easy to extract and process.

And.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03061901-6A1313879&v=undefined

Not ggp