Member Info for Culpepper

Though I call myself an investor.

We all have our own views.

Mine is that, to use Charles Archer view, back a bit, Amaroq ‘’keeps on building.’ Its continuing to do so,

And CEO, when asked on his priorities, said looking for growth. And that growth will come from Nalunaq revenue, added to, in due course, by Nanoq, bringing on the potential revealed today -

And, as has Paul FG has said, ‘It's almost like these are teasers preparing us for the main event.’

And ‘I know the management have a very conservative 'steady-Eddie' approach’

Well, they have to drill a bit, including Nalanuq and Nanoq, to get to reserves - it will come.

This could be, if it’s not already, the ‘go to ‘ company for Greenland resources. Archer says it already is. And there’s stuff there, without a doubt.

Everything looks very reasonable, at least, probably more. On other boards, the latest might have led to many posts and great excitement.

Not so here.

If I may say so, I’m rather pleased about that.

There’s many irons in the fire on the new mining frontier.

Amrq seems well-positioned, going forward.

All the best.

They won’t know, for sure, til they drill further.Cant expect much more.

“‘….. its aim was to identify and advance additional gold sources that could eventually supplement production from the Nalunaq mine or form standalone development projects.”

“We look forward to following up on these high-priority zones and advancing the targets toward drilling, supporting our long-term growth in Greenland.”

It’s to the future. Successful exploratory step. What they do. Structured ongevity and all that. Well done.

Nalunaq and Nanoq cores up next, sometime this quarter.

The points made by Mr. Spaniel are very relevant, on revaluation, and should lead to increasing resource levels across the board, if the gold price holds, goes on.

However, it would I think be wise for miners to remain conservative in their individual assessments of gold price, when determining MRE, cut off grades and so on….

The company seems confident of achieving nameplate capacity on schedule. Though with my limited knowledge of such, I think it may take a bit of jigging, a process, to get to best recovery rates.

It will be seen, by the way, Suliaq is to be ‘initially’ formed as a subsidiary, own board of directors, etc.

That might indicate there are thoughts of spinning it off at some future stage.

Well, JLE are apparently looking to invest £4m and ‘up to £12m’ if they want over time.

The £4m gives them 10% of Suliaq, I suppose you can say valuing that subsidiary business at £40m at inception.

Formation of Strategic Services JV Company and Investment by JV Partner - 15:54:47 28 May 2025 - AMRQ News article | London Stock Exchange

As to whether JLE will continue to sell down their Amrq holding to support the overall business case, it cant be answered.

Nevertheless, the RNS does seem to answer, at least in part, where some of the selling was coming from.And is in support of the company.

Ther you go, by a bit of guesswork as I suggested, on the seller.

JLE selling down Amrq to invest in subsidiary Suliaq.

A rose by another name.

https://www.lse.co.uk/rns/AMRQ/tr-1-notification-and-block-listing-return-qnaj747oej5lrre.html

If you don’t, as a board, and I’m grateful for this one, don’t think sort of sensibly, then you finish up with a board like ggp, where I have a few quid but the board, in my view, has become worthless.

You know, you have to continue to rein in expectations on this, and all shares.

Yet, all indications at least, if not the current sp movement, seem to indicate that Amaroq has upside, rather than downside.

There’s the hold or buy analysts, only 3 I think, either buys or holds, waiting on further news. £1,20 they give it. Been there before, a while back. And nothing changed, whatever you make of their few predictions. Theyre on the fence, really, as Amaroq nears proper commercial production. They’ll come out the woodwork next year, along with additional commentators as a result of ftse listing. I see that as advantageous, with Amrq in its infancy, if all goes well, according to plan.

Trumpy stuff, some think, may have added enthusiasm leading to the high.

If that’s so, then there’s still a reason to believe, like punters did then, there might, looked forward to by Bacon and Co, there willbe something additional to the gold.

Just chat, my optimism based on what I read.

You win some, you loose some.

Just considering what’s to come here. Catalysts, which could act as a sp driver. Up (or down)

This year.

Nalanuq producing and working towards 300tpd stable nameplate capacity, at world class grade.

Stockpiling, very high grade on going.

Nalanuq core results.

Amaroq core results.

Something on Gardaq critical minerals (probably a bit boring near term on the old critical minerals bit, early days, as Amrq looks to consider drilling targets.)

Next year

Nalunaq MRE 5.

Maiden Nanoq MRE.

Possibility (just) of moves to incorporate Nanoq resources into Nalunaq mill, by way of barged bulk sampling.

LSE main market listing.( hopefully increasing liquidity, decreasing volativity, when at present you don’t know what your holdings are worth one day to the next on no news )

Suliaq rental business ( maybe something this current year.)

Hydro project completing, decreasing AISC. And possibly/probably, a separate subsidiary business therefrom.

All the best.

Wher Nalunaq’s at just now so far as further delineating resource goes.

‘Surface drilling at Nalunaq’s South Deep Zone, ~250 m down-dip of the current Resource, has been completed providing growth potential.

Results will feed into the next Mineral Resource Update, scheduled for Q1 2026.

Underground drilling at Nalunaq between the 725 and 790 levels has been completed, with continuous definition drilling programmes being planned from the 800 level upwards.Both surface and underground campaigns are targeting the high-grade Main Vein and the parallel 75 Vein.At Nanoq, the 4,804 m drilling programme was completed on schedule. Core is being logged and sampled for assay, with initial results expected during Q4 2025. ‘

It’s perhaps worth mentioning that MRE 4 for Nalunaq, was calculated using a cut off grade of 5.9gms gold per ton at $2100 US an oz.

Should the price of gold maintain/go on, this may, or may not, be beneficial to MRE 5, when it comes, incorporating 2025 drilling. For clarity, the company emphasises, when MRE 4 was published, future prospects for the worldclass grade mine were conceptual in nature ( and the resources then published were indicated and inferred, rather than reserves )

Significant Increase in Nalunaq Mineral Resource Estimate - 07:00:00 28 Mar 2025 - AMRQ News article | London Stock Exchange

From what he says, and he knows more than me, I take my optimistic view from Archer,

https://thatstocksguy.substack.com/p/amaroq-ltd

mediated by a bit of it don’t always work out that way.

“Now, here’s where it gets interesting from an investment timing perspective. In June 2025, Amaroq completed an oversubscribed fundraise of £45 million from institutional investors who clearly wanted in. The company wasn’t actively seeking capital - they had tens of millions in liquidity and no debt - but when sophisticated institutions come knocking with that kind of enthusiasm, you take the money and accelerate your plans.”

And with due diligence at their disposal, as a bunch, we’re back to the price, 85p, they wanted, and did, buy in at.

I may be outdated. From what I can see on Vagar, it was scout drilling, not coming up with sufficient to plough money into it in 2023. Other priorities.

Again, the nature of exploration, and capital control.

You can’t win ‘em all, first time around.

Well, they’re looking at a 10 year mine life for Nalunaq now. It’ll take longer to convert that to reserves.

It’s the way it goes for all miners.

The focus, for now, in terms of cash generation, is the gold, Nalunaq and In time, core results this quarter, Nanoq.

I have to remind myself though, that the Gardaq exploration side for critical minerals is ongoing, and hopefully, or else Moore Capital, GCAM, Bacon and all the HNWorth types, are wasting their money

I should perhaps add, in using $2000 per oz, I was feeding off Mr Wyvills comment that Nalunaq can do quite well, something like that, at that gold price.

And hopefully some perspective there on, for Amaroq.

Seems a reduction in gold price, just call it $4000 US as I write, is causing concern amongst gold miners, dropping in price. Hence maybe some similar thoughts, as AMRQ stands, on Nalunaq profitability.

For very rough perspective, I return to all there is from the company, just now. Not in RNS ( won’t get one until next year when stable production state arrives ) Just what Mr. Olafsson said earlier in the year, on earnings call.

“So we haven't given guidance. But if you look at the dashboard, you can look at -- you can use these 3 parameters. So you have we are looking to be at 300 tonne per day, 94% recovery, and then you can either use 12 gram or 16 gram. If you use 12 gram, that should mean 40,000 ounces annually. If you use 16 gram, that's 50,000 ounces. You then say that times the current gold price and that should give you somewhere around USD 130 million for that year. And then you run your all-in cost, which is CAD 5 million to CAD 6 million, call it, USD 50 million on an annual basis. So that's kind of -- you can have different view on gold price, you can have different view on our capability of ramping up but that's the dashboard that we're working on. So that makes sense.”

Things may have changed, and may change again. It’s high grade, and there are stockpiles increasing.

But from what I can deduce from the comment, expressed in $US, at Nalunaq, AMRQ is looking at, on their ‘dashboard, (at something like AISC $1250 )

$2000 oz gold, 40000oz, leading to revenue on the mine at steady state, when reached, of $80m. Very much bottom line.

At $4000 oz gold, $160m revenue.

That broadly fits into Mr. Olafsson comments.

Just a comment, with POG subject to variation last couple days.

Thankyou.

That video focuses on Tanbreez.

I copy the following from AI, for ease, which can be satisfactorily cross checked. against other sources.

It’s just a comment, to put the Tanbreez project maybe in some perspective against Amaroq exploration through the joint Gardaq venture with GCAM.

‘ The Tanbreez project is located within the same geological province as some of Amaroq Minerals' licences in southern Greenland, placing them in close proximity. Both projects are situated in the Gardar Province, known for its significant rare earth elements (REE) and critical metal deposits. 

Here's a breakdown of the specific relationship between the two:

* Shared Geological Setting: Both the Tanbreez deposit and Amaroq's nearby exploration licences are part of the larger Ilímaussaq Alkaline Complex, a part of the Gardar Province in southern Greenland.

* Amaroq's "Sava" and "Paatusoq" Licences: Amaroq's Sava copper belt and Paatusoq projects are located near the Ilímaussaq complex. Amaroq's official project descriptions explicitly mention that these exploration areas are in the same province that hosts the Tanbreez deposit.

* Geographical Overlap: A 2024 government report noted that the Tanbreez ore body extends into a nearby Amaroq licence, and that licence also contains the down-dip extensions of the Tanbreez ore body. This indicates a direct physical overlap between their holdings.

* Neighboring Projects: According to Critical Metals Corp, the owner of Tanbreez, the project is located about 15 kilometers (9 miles) northeast of the town of Qaqortoq, also in southern Greenland. Given Amaroq's extensive land holdings in the same region, their licences are effectively neighbors. ‘

Yes. Building on their credentials, govt. and ‘locally.’There are other projects requiring permissions.

For me, on a practical/production basis, to promote that at this time seems yet further confirmation of their confidence in completing Phase 1, get on with Phase 2, arriving at processing nameplate capacity, 300tpd, by this year end.