Amaroq Posts 2025 Revenue as Nalunaq Prepares for Phase 2

Amaroq Ltd. reported 2025 revenue of $27 million on gold sales of 5.31 thousand ounces, giving investors the first full-year revenue line from Nalunaq since production resumed. The focus now is on the 2026 ramp.

The company is guiding for 25–35 thousand ounces of gold production this year, with output and sales weighted toward the second half as Phase 2 flotation is introduced at Nalunaq. Amaroq says the new circuit, expected to come online in Q2, should lift total recoveries to 90–95%.

2025 was a commissioning year. 2026 is where Nalunaq begins to show whether it can operate at a meaningfully different scale.

Amaroq is also expanding the financial side of the ramp. The company said it is finalizing an increase in its revolving credit facility from US$35 million to US$70 million, while EIFO has expressed preliminary non-binding interest in a possible financing for Suliaq, Amaroq’s Greenland-based services and logistics subsidiary.

Beyond Nalunaq, the company said work continues at Black Angel, where a Phase 1 mining operation remains targeted for 2028.

The 2025 results established the first revenue baseline. Attention now shifts to whether Phase 2 and higher recoveries can support the production ramp Amaroq is targeting in 2026.

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