Gardaq A/S gets C$6.5M in new funding from Amaroq and GCAM for Greenland rare earth and iron ore drilling. Ownership stays 51-49.
Amaroq Ltd. and its joint venture partner GCAM LP have locked in fresh funding for Gardaq A/S, the vehicle running exploration across two Greenland projects. The cash will go toward the 2026/27 programme, specifically the Ilua rare earth project now being drilled and the Minturn iron ore and IOCG target in the north.
GCAM subscribed for C$4.7 million in new Gardaq shares. Amaroq put in C$1.8 million and committed another C$3.0 million within a year, payable by converting accrued overhead and G&A costs. The subscription keeps the existing ownership split intact: Amaroq holds 51%, GCAM holds 49%.
The deal, signed June 22, implements the next funding stage under the original 2023 shareholders' agreement. GCAM is a related party under AIM rules, and Amaroq's directors, after consulting the nominated adviser, called the terms fair.
Ilua is the headline project – a high-impact rare earth target that Gardaq is actively drilling. Minturn sits further north and is described as a potential large-scale iron ore and IOCG system. Both sit inside Greenland's mineral belt, where Amaroq already operates the Nalunaq gold mine.
Amaroq trades on AIM and Nasdaq Iceland under the ticker AMRQ and on the OTCQX as AMRQF. The company is continued under Ontario's Business Corporations Act and owns Nalunaq A/S, incorporated under Greenland law.
Ed Westropp, Chief Corporate Development and Strategy Officer, signed the release. Citigroup Global Markets, Panmure Liberum, and Canaccord Genuity act as brokers and advisers.
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