Member Info for Culpepper

It’s the way it goes.

There may just be somebody unaware of the neighbours.

Critical Metals Corps, Tanbreez project in Greenland, abutting and I think also possibly underlying at the edge of Amrq’s licence, I have mentioned it before, might serve as a sort of template for what can happen when there are national interests at stake - multiple offtake agreements, govt. non dilutive loans.

You can look it up if you want.

19%. £1.23.

The idea is not new news, but I would imagine US administration has said he can release what he’s done.

Canada likes it. Currently up 13%. £1.18 equivalent.

* Additional Value Drivers: Future profitability could be further enhanced by developing other high-grade assets like the Black Angel zinc-lead-silver mine and the Nanoq gold project, which is a potential district-scale opportunity. The company is also exploring opportunities for government support and off-take agreements for its critical minerals portfolio, which could provide significant non-dilutive financing and de-risking. 

And diving deeper, as AI says.

Amaroq Minerals is transitioning from a development stage to a steady-state producer at its flagship Nalunaq mine in Greenland. 

2026 Project Timelines

* Nalunaq Phase 2 Completion: Construction of the flotation circuit is expected to finish in Q1 2026, which will increase the gold recovery factor to approximately 90%.

* Production Ramp-up: Following Phase 2 commissioning, the processing plant targets a nameplate throughput of 300 tonnes per day (t/d) by the end of Q1 2026.

* Resource Update: An updated Mineral Resource Estimate (MRE) for Nalunaq is scheduled for release in Q1 2026, incorporating data from the extensive 2025 drilling program.

* Exploration Programs: A CAD 15–30 million exploration spend is planned for 2026 across multiple projects. A larger drilling program is slated for the Nanoq project to further define its district-scale gold-copper potential.

* West Greenland Hub: Development of the Black Angel zinc-lead-silver mine will advance as a standalone project throughout 2026.

* Hydropower: Construction of the Imeq ApS hydroelectric project is planned for 2026 to de-risk power costs at Nalunaq. 

Profitability Projections

* Breakeven Target: Analysts project Amaroq to reach profitability in 2026, following a final expected loss in 2025.

* Earnings Forecast: Market consensus anticipates positive profits of approximately CA$61 million for 2026.

* Cash Flow: The company aims to achieve positive free cash flow in 2026 as Nalunaq reaches steady-state production.

* Long-term Production Goals: Amaroq targets a potential annual production of 40,000–50,000 ounces of gold at full capacity, with all-in sustaining costs (AISC) estimated at $5–6 million per month once commissioning is complete. 

Detailed production guidance and the formal 2026 budget are expected to be announced in late February 2026. 

AI responses may include mistakes. For financial advice, consult a professional. Learn more

There’s other stuff, going to 450tpd for example, not mentioned.

I took this from AI. And though AI can be wrong, seems to usefully, I hope, summarise what can be gleaned from direct sources.

Amaroq Ltd. is in a transition phase, with near-term timelines focused on achieving steady-state gold production in 2026, which is expected to lead to positive cash flow and profitability in 2026. 

Timeline Projections

The primary project, the Nalunaq gold mine, is ramping up operations, with key milestones projected over the next two years. 

* Q1 2026: Completion of Phase 2 plant construction and commissioning of the flotation circuit, which will improve gold recovery rates.

* Q2 2026: Target for achieving sustained operations at a nameplate capacity of 300 tonnes per day (tpd). Commercial production is expected to be declared, marking the shift from a development story to an operating producer.

* 2026 (Mid-year): A London Main Market stock exchange listing is planned, which is expected to increase institutional investment.

* 2026: The company plans an extensive exploration program for other projects (Nanoq, Black Angel, and critical minerals) and targets positive cash flow by the end of the year.

* 2027 onward: Potential for operating a second mine (Nanoq or Black Angel) and the possibility of dividend distributions is being considered. 

Profitability Projections

Amaroq is currently operating at a net loss during its commissioning phase but aims for significant profitability once steady-state production is achieved. 

* 2025 Financials: The company reported a net loss of C$5.3 million in Q3 2025, an improvement from the previous year, with maiden revenue from gold sales starting in Q2 2025.

* 2026 Profitability: Analysts expect Amaroq to become profitable in 2026, with forecasts suggesting positive earnings of C$61 million. This is based on reaching an annual production profile of 40,000 to 50,000 ounces of gold at full capacity.

* Long-Term Cash Flow: Once the Nalunaq plant is running at capacity (300 tpd), projections indicate the potential for generating $100-$140 million in annual free cash flow (based on a gold price of $4,000/ounce).

In which he specifically links Black Angel to the Greenland economy ( that on top of Nalunaq )

He has always has been very measured, mostly to the point of underplaying. Although he did say the market under appreciated the germanium and gallium content at Black Angel, and on Nanoq, despite resource drilling scheduled for this year and maiden MRE, was not slow to describe it as an ‘elephant.’

Https://www.lse.co.uk/rns/AMRQ/gold-production-for-ye-2025-and-award-of-impact-benefit-agreement-8220iba8221-0vml5y2xtsal950.html

He very much looks forward to bringing the market more news.

Good.

People don’t like uncertainty.

I have added also, on weakness due to political concerns, and on the basis of Amaroq fundamentals for the year ahead.

He may come across to some as borderline nuts.

I, with some reservations, take the view he sees himself as a businessman, a deal-maker, first and foremost, for his own prestige and the benefit of his country. With some success.

He gets the others on the hop, that’s for sure, as part of achieving whatever his own end-game is.

All the best.

Stretchtarget mentioned it.

As I see it, as things stand, Greenlanders would look towards an independence referendum, in the normal course of events, but would need to replace, somehow, the Danish subsidy.

Perhaps future developments will hasten that conversation.

If they were to become citizens, they could claim their rights under the constitution. Personally, and in respect of fair and just compensation for property. Never mind.

One or two of you get rather carried away, in my opinion only.

This may well drag on. Nobody knows how the US administration will go with this. I don’t know, any more than anyone else, but suspect, diplomacy with a deal of coercion.

But I have difficulty in seeing any merit in a would be ‘owner’, of Greenland, in hindering the territory’s commercial prospects - rather the opposite. With the administration taking part by way of direct govt investment.

I don't know of anything stregically that cannot be achieved by agreement.

American Critical Metals Corp operates Tanbreez.

The administration bought into it.

The question continues to be, in my view, who benefits from Amaroq success.

The answer remains the same. Amaroq shareholders, perhaps assisted by USA/EU support, as previously floated.

Dear Britpop.

You, I think, take a short term, excitable view. Helicopters, guns, people running about, some in distress.

I don’t.

On the table? Notably Wyloo warrants and option on Newmont shares.

Finally from me, on the political side, Greenland population welfare is heavily subsidised by the Denmark grant. It reduces in line with Greenland domestic product - eg through mining, seen as one way to independence, over time.

Any ‘takeover’ requires economic foresight, and planning for future prosperity, as opposed to being a drag on the rations.

It’s really hard to see, despite what anybody might think of Trump ( and the ongoing relevance of NATO )that NATO USA would become militarily aggressive to Denmark NATO, Europe, and thereby annexe a so-called ally’s recognised territory.

Anyway, mining-wise, it’s all about Amrq success as far as I’m concerned. There’s nothing in it for USA, or Europe, to hinder that. The opposite is far more persuasive.

Major shareholders will follow this as keenly as this chat show.

They cannot exit and enter, or trade, in the same way as pi’s, and are forced to take an ultimate view.

The ultimate view is bringing Havieron to bear - as was always the case.

Though shorter termists may dither, protect their postings, in efforts to show equanimity.

Of course quarterly results may vary. If/when, something regarding Telfer nearer term opportunities is published, it might serve to refresh the constitutions of some on here. In the meantime, they may trade, perhaps to a little advantage, pending update.