Amaroq Minerals Ltd., an independent mine development company with gold and strategic mineral assets in Southern Greenland, presented its Q4 and FY 2023 financials and provided an update on its planned operational activities for 2024. The company's group liquidity was reported at C$78.2 million as of December 31, 2023, with successful fundraising in February 2024, raising net proceeds of approximately $75 million. The company also achieved a "Good" score in its first ESG assessment, based on its performance in environmental, social, and governance matters.
In terms of operational highlights, the company reported that 80% of the key contracts for the processing plant were concluded by the end of Q4 2023, and procurement was 80% completed. The process plant engineering was 77% complete, and construction progress stood at 16% at the end of Q4 2023, increasing to 23% by the end of February 2024. The company also continued mine rehabilitation works in Q4 2023, laying the foundation for safe and efficient trial mining to commence at the end of Q1 2024 or early Q2 2024.
Regarding the Nalunaq Project, new underground samples beyond the historically mined areas 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. The company also reported its commitment to ensuring local representation among the workforce, with the ratio of Greenlandic personnel at Nalunaq standing at 61% for 2023.
Looking ahead to 2024, the company is following the process agreed with the Government of Greenland to respond to the small number of comments received during the public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq, which closed on 1st March 2024. Additionally, the company aims to accelerate mining of the Target Block at Nalunaq and associated works to enable a smoother transition of the process plant to nameplate capacity of 300 tonnes of ore processed per day.
In conclusion, Amaroq Minerals Ltd. has reported strong financials for FY 2023 and outlined significant progress in its operational activities, with a focus on the Nalunaq Project and strategic minerals exploration in South Greenland. The company's commitment to environmental, social, and governance matters, as well as its efforts to ensure local representation in its workforce, reflect its dedication to responsible and sustainable mining practices.