Amaroq Minerals Ltd., an independent mine development company with gold and strategic mineral assets in Southern Greenland, has presented its Q2 2024 financial results. The company reported a group liquidity of $62.2 million, with significant working capital in its gold business and available liquidity in the Gardaq Joint Venture. Amaroq is also focusing on developing opportunities in Servicing and Hydro to support the transition towards cleaner energy sources.
In post-period highlights, the company secured a substantial increase and extension to its current debt facilities through Revolving Credit Facilities with Landsbankinn. Additionally, Ellert Arnarson joined as the Chief Financial Officer in August 2024.
Operational highlights for Q2 2024 include significant progress in permitting, contracting, procurement, engineering, construction, mining, and exploration activities. The Government of Greenland approved the Environmental Impact Assessment and Social Impact Assessment for the Nalunaq project, with the company now working on the Impact Benefit Agreement. Procurement of key contract packages is 92% complete, and engineering for phase two of the process plant building has commenced.
Mining activities have progressed, with the completion of the ramp, blasting of the first ore round, and commissioning of Mine Arc refuge stations. Exploration activities at Nalunaq and Stendalen have also seen significant progress, with additional vein sampling, mobilization of drill crews, and an expanded drilling program.
The Nalunaq Project Key Performance Indicators (KPIs) for Q2 2024 include a total of 103,680 hours worked, a daily average of 96 people working on site, and a 51% ratio of Greenlandic personnel.
Looking ahead, activities at Nalunaq are on track to deliver first gold in Q4 2024, with plans to add an additional accommodation wing in Q3 2024. The Ni-Cu exploration program at the Stendalen copper-nickel discovery is also ongoing, targeting the sulphide zone.
In summary, Amaroq Minerals Ltd. has reported strong financials and significant operational progress in its mine development activities, positioning the company for continued growth and success in the coming quarters.