Amaroq Minerals Ltd. has released its full-year financial results for 2023, along with an update on its operational activities for 2024. The company is well-funded and on track to progress the development of the Nalunaq gold project in 2024. The CEO, Eldur Olafsson, highlighted the successful fundraising in February 2024, which has allowed for an increased scope of the Nalunaq gold project development, aiming to accelerate the transition of the process plant to nameplate capacity of 300 tonnes per day.
The company experienced operational and procurement delays in 2023 due to adverse weather conditions, but the situation has significantly improved, and they are making good operational progress. Amaroq is focusing on bringing Nalunaq into production and accelerating exploration activities across its wider precious and strategic metals portfolio in 2024. The company plans to provide further updates on the Nalunaq development program at a planned Capital Markets event in early summer.
In terms of financials, Amaroq reported a group liquidity of C$78.2 million as of December 31, 2023, with the gold business working capital at C$37.6 million and strategic minerals business available liquidity at C$18.7 million. The company also successfully transferred its Icelandic listing to the Iceland Nasdaq Main Market in 2023 and completed a successful drilling program at Nalunaq, discovering a new 75 vein, underpinning potential for faster resource growth.
Operational highlights from Q4 2023 include progress in contracting and procurement, engineering, construction, mining, and exploration. Notably, the company added two wings to the camp, increasing the accommodation capacity, and the overall construction status of the processing plant was 16% at the end of Q4 2023. Additionally, new underground samples beyond the historically mined areas of the Nalunaq project confirmed the continuation of high-grade mineralization, and provisional results from the 2023 drilling program indicated the existence of a new 120km long copper district in South Greenland.
Amaroq's Nalunaq Project KPIs for Q4 2023 included 45,384 hours worked, with a daily average of 33 people working on site and one Lost Time Injury (LTI) in 2023. The company remains committed to its operational goals and looks forward to further progress in 2024.