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You know, with Amaroq being the largest licence holder, a so far successful developer, and now a much enhanced explorer ( through Nanoq said to be likely to be proven up over time as an elephant ) and whilst diversifying through Black Angel.

And though Black Angel is not within the Gardaq joint venture ( Amrq has 100%) Amrq has a 51% interest in that separate JV looking for strategic metals/rare earths.

Govts, and the majors, have at least to be watching how Amaroq, as prime mover, develops in the new frontier, considering whether there is a need to take some part in it, and if so, how to go about it.

Slow but steady (so far ) this time around.

Last trades at current exchange rates Canada 98p, Iceland £1.01.

Though early days, on what we have been told Nanoq appears to be shaping up as a company maker, propelling Amaroq into a different league entirely.

And providing further reason for the proposed main market London listing next year - enabling institutional investment from those whose mandates may currently restrict them.

I had expected a little more pi initial interest following Mr. Olafsson’s references to Nanoq as an ‘elephant’ discovery.

If further exploration continues to prove that up, seems to me that after the necessary infrastructure is in place, they will at some future stage commence open pit mining, ore shipped to Nalunaq processing from the starter mine. It will require capex, as explained in the one off webcast, to get the ore away.

That, I think is some way off, as they increasingly evaluate what they have, considerations around funding, permissions, processing longer term.

Priorities will prevail.

The basic premise of revenue/profit from Nalunaq to support the rest remains - next year in earnest. Whilst bringing on Black Angel, substantial infrastructure already in place, already identified as the next development project, to production, another revenue stream to add to Nalunaq.

If it helps anyone, there’s a form of transcript here.

https://seekingalpha.com/article/4852076-amaroq-ltd-amrq-ca-discusses-significant-nanoq-drilling-results-and-discovery-of-large

Thankyou.

The team’s belief in the scale, and grade of Nanoq, is evident.

Though yet to prove it up, they believe they have found a mammoth.

There’s always the possibility of dilution.

Yet I am obliged to take Mr.Olafsson at his word.

“Amaroq is in a strong position as we head towards 2026 with a robust financial outlook from production operations and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq.”

Repeated during analyst call, when the question of a further raise was put to him.

Although, a strategic raise to bring forward developments may occur. On experience, these have been at market price. Mr. Wyvill indicated on the last raise that more was available, but they settled as was done, saying after all, the insiders are shareholders too.

So I proffer Mr. Archer’s view on this company, this geography.

Scepticism Creates Opportunity

Here’s what I find most interesting about Amaroq’s current valuation: the market seems to fundamentally not believe it’s possible to succeed in Greenland.

Many have tried and failed. Projects get permitted but never built. Development timelines stretch indefinitely. Costs overrun. Operations prove unworkable in Arctic conditions.

The institutional memory of Greenland mining is failure.

And that’s precisely why Amaroq trades at a massive discount to what it should command based on assets, production, and strategic positioning.

Nobody genuinely believes this is workable. The scepticism is so deeply ingrained that even as Amaroq produces gold ahead of schedule, expands resources beyond expectations, and discovers strategic minerals that governments actively want to fund - the stock still trades as if execution risk remains enormous.

Watch their recent video on Black Angel to get a sense of the real scale here. The infrastructure. The logistics capabilities. The operational expertise required to run multiple field camps simultaneously across Greenland’s most remote regions.

Amaroq is the only operator in Greenland worth knowing. They’ve built what nobody else could: a functioning mining operation with year-round logistics, established permitting pathways, government relationships and local workforce.

That competitive moat is nearly impossible to replicate. You can’t hire it. You can’t acquire it through M&A. You’d have to spend a decade and tens of millions learning what Amaroq already knows.

When the market finally accepts that Amaroq has cracked the code on Greenland mining - when sustained production, positive cash flow and resource expansion prove beyond doubt that this actually works - the re-rating will be violent.

Because right now, you’re getting proven production at development-stage prices.

I don’t know. I don’t really guess at how the market will care to value it.

Seems to me to be in bringing the prospects in over time, with I think, pretty clear visibility on that, Amaroq’s structured approach. The considerable potential, lining up.

I mean, Amrq now has a producing mine at Nalunaq, gold, ( revenue/profit on the way, eyes on one at Nanoq, gold and a bit copper, and Black Angel ( bigger news next year )infrastructure substantially in place, zinc/lead/silver, plus germanium and gallium ( the last two of which, according to Mr. Olafsson, went largely unremarked when found )

And other exploration targets.

All working out rather well, isn’t it, across the portfolio.

The involvement of EIFO seems to reinforce govt belief in Amrq credentials.

https://www.eifo.dk/en/knowledge/news/amaroq-investment/

Https://wp-amaroq-minerals-2024.s3.eu-west-2.amazonaws.com/media/2025/07/Amaroq-2024-sustainability-report-FInal-30.06.2025-1.pdf

Https://substack.com/app-link/post?publication_id=1504413&post_id=180788313&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=4xupfa&token=eyJ1c2VyX2lkIjoyOTg3MjQ2NjIsInBvc3RfaWQiOjE4MDc4ODMxMywiaWF0IjoxNzY1MTEyOTI0LCJleHAiOjE3Njc3MDQ5MjQsImlzcyI6InB1Yi0xNTA0NDEzIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.RDl4DXfTWbyYXFZKVy9wVR6XJkiqjn-P8prt95W2iBQ

I mean, once Amrq, starts delivering on bringing mines back to existence, Black Angel, their model, then new mines as envisaged, might start to encourage greater interest, in whats in Greenland.

Happened, historically, in other jurisdictions.

Perhaps Dip, you’re over complicating issues, for others, from your own individual perspectives?

I mean, what does what you refer to have to do with Ggp’s, Telfer, Hav, and things that matter to this board?

Anyway, pending Nanoq, sure you agree, time I got off this.

All the best for the hopefuls like me.

On fundamentals, as forecast, no reason to disbelieve, and more opportunities, if they pan out, than you can point a stick at.

Down to old Mr. Olafsson, to juggle and wheel and deal, maybe, to go ahead more quickly.

“The real problem is that nobody genuinely believes this is workable when so many majors have failed miserably. When it's proven, this stock will jump, hard.”

Thanks Howezap, on the comment from the TG group, Mr. Archer. Thanks for that.

Can’t find, on the internet, much evidence of majors failing on structural issues.

Lack of will, maybe, cash in Greenland, other irons in the fire,, putting it down to juniors for first development, trailblazing, to proven state. Which Amaroq all but done.

JVs may, in due coursebe the way majors will put a toe in., through majority licence holder, AMRQ.

I just got an idea that Greenland cannot remain ‘undiscovered’, resources unexploited, sympathetically.

And Amrq seems so far, a satisfactory, ERG partner to Greenland/Denmark, who whilst wishing to diversify their economy, will continue to be very cognisant of environmental and demographic considerations.

The gold price is holding at $4000.

Any rate cuts may assist.

The issue, if this board perceives there is one, continues to be consistency of production, cash.

And the ability to offset Telfer revenue, , against the cost of Telfer resource upgrades , on whatever grades are available over, say, 3 years, and against Hav capex until commercial production. The original object of all this.

That position won’t change.

Worked well so far.

On my reading, around 35k oz seems to be a concensus - I imagine steady state production will need working up to as improvement to recovery rate occurs, in the first quarter/half of the calendar year.

On brokers, Cannacord reduced on the bringing forward of plant works. Put it back up fairly quickly.