Charles Archer2 Apr 2026 08:57
Nothing much, last one more interesting. But it’s monthly. This one treading water.
‘ Conviction Plays
Amaroq just published its full-year 2025 results. After years of development spending, the company generated $27 million in revenue from gold sales in 2025 — its first year of real production at Nalunaq.
It hit full-year guidance of 6,000–7,000 ounces, ending the year with 6,350 ounces produced, a solid debut for a mine that was still being commissioned through much of that period.
Nalunaq moved to a fully owner-operated model in October 2025, cutting out contractors and taking direct control of underground mining — a shift that management says immediately improved productivity.
Phase 2 of the mine, a flotation circuit that should push gold recoveries up to 90–95%, is on track to come online in Q2 2026.
That’s the unlock the market will be watching: once Phase 2 is running, full-year 2026 production guidance jumps to 25,000–35,000 ounces — roughly a five-fold increase on 2025.
Drilling at the Nanoq gold project confirmed high-grade hits at shallow depths, and the recently acquired Black Angel zinc-lead-silver mine has thrown up a bonus: potentially commercial levels of germanium and gallium, two critical minerals the US government
On the financial side, the company is doubling its revolving credit facility to $70 million and working to raise $20–35 million in equity for its logistics subsidiary, Suliaq, with Denmark’s state investment fund EIFO expressing preliminary interest.
The balance sheet tightened over Q4 2025 — cash fell from $55 million to $21.5 million — but with production ramping and the expanded facility incoming, management appears comfortable with the trajectory heading into 2026.
As I’ve said repeatedly for years now, the re-rate here comes in H2 2026.
In the words of Anika Noni Rose, we’re almost there.’
Sign In
Follow the stocks
