Amaroq Minerals Ltd. has announced its first quarter 2024 corporate and operational highlights, showcasing significant progress and developments in its various projects. The company's group liquidity stands at $96.31 million, with a strong focus on the Nalunaq project in Greenland. The Nalunaq project, a key focus for Amaroq, has seen advancements in permitting, contracting, engineering, construction, mining, and exploration activities.
The company's liquidity includes a gold business working capital of $78.2 million, with prepaid contractors on the Nalunaq project amounting to $17.47 million as of March 31, 2024. Additionally, the Gardaq Joint Venture, which comprises the Strategic Minerals business, has available liquidity of $17.0 million. Amaroq completed a fundraising in February 2024, raising net proceeds of approximately $74.52 million to accelerate mining at the Nalunaq mine and extend the processing plant.
Amaroq intends to provide an update on the Nalunaq project at a Capital Markets event to be held in Iceland on 13 June 2024. The company has also appointed Jaco Duvenhage as Nalunaq General Manager to oversee the operation. Notably, the Nalunaq project has achieved several key performance indicators, including zero lost time injuries in Q1 2024 and a 53% ratio of Greenlandic personnel on site.
The company's exploration activities encompass various gold projects, including Nalunaq, Nanoq, and Vagar Ridge. These projects involve resource development exploration programs, detailed resource drilling plans, and the construction of geological and mineralization models to inform future exploration.
Amaroq Minerals Ltd. is poised for further advancements, with ongoing construction at Nalunaq and plans to complete all engineering for the process plant in the second quarter of 2024. The company is also actively recruiting a new Chief Financial Officer and intends to provide additional updates on its projects at the upcoming Capital Markets Day in Iceland.
In summary, Amaroq Minerals Ltd. has made substantial strides in its Q1 2024 operations, particularly in the Nalunaq project, and is well-positioned for continued progress and growth in its various endeavors.