Amaroq Ltd. (AIM, Nasdaq Iceland: AMRQ, OTCQX: AMRQF) and GCAM LP have agreed to the next round of funding for Gardaq A/S, their strategic-minerals exploration joint venture, Amaroq announced on July 13.
Under a subscription agreement signed on June 22, GCAM will subscribe for additional Gardaq shares for C$4.7 million in cash, while Amaroq will contribute C$1.8 million in cash.
Amaroq has also committed to subscribe for a further C$3 million in shares within one year of completion. That subscription will be satisfied by converting accumulated overhead and administrative costs rather than through an additional cash payment.
The ownership split remains unchanged: Amaroq retains 51% of Gardaq, while GCAM holds 49%.
The funding will support the joint venture’s 2026–27 exploration program, with two named priorities. The first is the Ilua rare earth project in South Greenland, which Amaroq describes as a high-impact target and where drilling began on June 29. The second is Minturn in northern Greenland, a potential large-scale iron ore and iron oxide copper-gold target.
Gardaq was established in April 2023 under a subscription and shareholders’ agreement among Amaroq, GCAM and Amaroq’s Greenlandic subsidiary, Nalunaq A/S. The joint venture serves as a principal vehicle for Amaroq’s strategic-minerals exploration activities.
Because GCAM is a substantial shareholder in Gardaq, which is treated as a subsidiary of Amaroq for AIM purposes, the subscription agreement constitutes a related-party transaction under AIM Rule 13. Amaroq’s directors, after consulting the company’s nominated adviser, determined that the terms were fair and reasonable to shareholders.
Funding the Next Exploration Phase
The announcement lands amid a busy stretch for Amaroq. The company is ramping up gold production at Nalunaq, said on July 3 that it intends to move its London listing from AIM to the Main Market, and began drilling at Ilua at the end of June.
The agreement provides Gardaq with C$6.5 million in immediate cash while limiting Amaroq’s new cash contribution to C$1.8 million. GCAM will provide the remaining C$4.7 million.
Amaroq’s further C$3 million subscription will recognize overhead and administrative costs accumulated by the company rather than require another cash payment. Including that cost conversion, Amaroq’s total subscription consideration will be C$4.8 million, closely aligned with its 51% ownership interest.
The structure provides additional funding for Ilua and Minturn without changing the joint venture’s ownership.
Ilua adds another active rare earth drilling campaign in South Greenland as Western governments seek non-Chinese sources of critical minerals. Alongside developments at Tanbreez and Motzfeldt, the region’s critical-minerals pipeline continues to broaden beyond any single project.
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