Amaroq Minerals Ltd., a mine development company with gold and strategic mineral assets in Southern Greenland, has presented its Q2 2024 financial results. The company's CEO, Eldur Olafsson, highlighted the progress at the Nalunaq project, emphasizing the achievement of receiving approval from the Greenlandic Government for their Environmental and Social Impact Assessments. Olafsson also mentioned the successful arrangement of a substantial increase and extension of the company's debt financing package with Landsbankinn.
The Q2 2024 corporate highlights include Amaroq's group liquidity of $62.2 million, consisting of cash balances, undrawn revolving credit facilities, and undrawn revolving credit overrun facility. The company's gold business working capital before convertible note liability was reported at $50.5 million, including prepaid contractors on the Nalunaq project. Additionally, the Gardaq Joint Venture, which comprises the Strategic Minerals business, had available liquidity of $13.5 million as of June 30, 2024.
In post-period highlights, the company agreed on heads of terms with Landsbankinn for US$35 million in three Revolving Credit Facilities, securing a substantial increase and extension to its current debt facilities. Furthermore, Ellert Arnarson joined the company as Chief Financial Officer in August 2024.
Operational highlights for Q2 2024 included significant progress in various areas. The Government of Greenland approved the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for the Nalunaq project in June 2024. The company also made progress in contracting and procurement, engineering, construction, and mining activities. Notably, the Nalunaq Exploration and Strategic Minerals initiatives saw mobilization of resources and equipment for exploration drilling and expanded drilling programs.
Amaroq's CEO expressed confidence in the company's progress, particularly at the Nalunaq project, and emphasized the commitment to upholding the highest standards of environmental and social responsibility. The financial and operational highlights for Q2 2024 demonstrate the company's advancements in mine development and exploration efforts, positioning Amaroq Minerals Ltd. for continued growth and success in its endeavors.