Amaroq Minerals Ltd., a mine development company with gold and strategic mineral assets in Southern Greenland, has released its Q1 2024 financial results. The company's CEO, Eldur Olafsson, expressed gratitude for the successful completion of a fundraise to accelerate mining at Nalunaq and highlighted the progress made at the site. He also announced the appointment of Jaco Duvenhage as the new General Manager for Nalunaq.
The Q1 2024 Corporate Highlights include a group liquidity of $96.31 million, with $78.2 million in gold business working capital. The Gardaq Joint Venture, which comprises the Strategic Minerals business, has available liquidity of $17.0 million. In February 2024, the company completed a Fundraising, raising net proceeds of approximately $74.52 million to accelerate mining at the Nalunaq mine and for the extension of the process plant.
Operational highlights for Q1 2024 include significant progress in permitting, contracting, procurement, engineering, construction, mining, and exploration. Notably, the public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq closed on 1st March 2024. The company also reported that mine rehabilitation was completed in mid-March, and the successful first underground blast at Nalunaq was initiated on March 30, 2024.
Eldur Olafsson also mentioned the upcoming Capital Markets event on 13 June 2024, where the company plans to provide a more comprehensive update on Nalunaq operations, including visuals of the progress made to date and guidance on the cost to complete, expected date of first gold production, and the plan for resource growth at Nalunaq. Additionally, the company will present details of its expanded drilling program at the Stendalen copper-nickel discovery and progress on new growth opportunities within South Greenland.
Overall, the Q1 2024 financial and operational results indicate significant progress and a strong financial position for Amaroq Minerals Ltd., as it continues to advance its mining and development activities in Southern Greenland.