Amaroq Minerals Ltd. has released an amendment to its 2023 Full Year Financial Results, emphasizing its well-funded status and plans to advance the development of the Nalunaq project in 2024. The company, known for its substantial land package of gold and strategic mineral assets in Southern Greenland, presented its Q4 and FY 2023 financials and provided an update on its operational activities for 2024. The CEO, Eldur Olafsson, highlighted the successful fundraising in February 2024, which has allowed for an expanded scope of the Nalunaq gold project development, aiming to accelerate the transition of the process plant to nameplate capacity of 300 tonnes per day.
Despite operational and procurement delays in 2023 due to adverse weather conditions, the situation has significantly improved, and the company is making good operational progress. Amaroq is optimistic about the potential for improving the security of supply of raw materials for Europe, particularly in light of recent developments following the signing of new collaboration agreements to strengthen the EU-Greenland Partnership and the opening of a new EU office in Nuuk. The company is focused on bringing Nalunaq into production in 2024 and accelerating exploration activities across its wider precious and strategic metals portfolio.
The financial highlights for FY 2023 include Amaroq group liquidity of C$78.2 million, successful transfer of the Icelandic listing to Iceland Nasdaq Main Market, completion of a successful drilling program at Nalunaq, and the award of two additional licenses in South Greenland, among other achievements. Additionally, the company achieved a "Good" score in its first ESG assessment, placing it in category B3 with a score of 68 points, based on its performance in environmental, social, and governance matters.
Operational highlights for Q4 2023 encompass progress in contracting and procurement, process plant engineering, construction, mining, Nalunaq exploration, and strategic minerals exploration. Notably, the company continued mine rehabilitation works, added accommodation capacity to the camp, and made advancements in the processing plant construction. The Nalunaq exploration revealed new underground samples confirming high-grade mineralization, while provisional results from the strategic minerals exploration program indicated the existence of a new 120km long copper district in South Greenland.
Overall, Amaroq Minerals Ltd. is well-positioned with substantial liquidity, successful operational progress, and a clear focus on advancing the Nalunaq project and accelerating exploration activities in 2024. The company looks forward to providing further updates on the Nalunaq development program at a planned Capital Markets event in early Summer.