Amaroq Gold Output Tops H1 Guidance, Flotation Recovery Hits 90%

Amaroq Ltd. produced roughly 9,000 ounces of gold in the first half of 2026, landing above the midpoint of its guidance range. The bigger shift came from the processing plant.

The Nalunaq mine in Greenland switched on a flotation circuit in June. By July, gold recoveries hit 90%. That is inside the 90% to 95% target range and a sharp jump from the 50% to 70% range the gravity-only system delivered historically. The flotation circuit was completed at the end of May. Commissioning followed, and first concentrate came in June.

CEO Eldur Olafsson said current trading supports confidence the company will deliver within its full-year guidance. He called the flotation a "step-change" in the mine's operating capability.

The numbers explain why. Amaroq mined 21,847 tonnes of ore in H1. Under the old gravity-only circuit, roughly 30% to 50% of the gold in that ore went to the tailings. The new circuit targets 90% capture. For a mine producing at roughly 18,000 ounces a year, every percentage point of recovery adds roughly 180 ounces.

Underground development kept pace. The company pushed up to the 816 level in the Mountain Block, opening new ore faces for the second half of the year. Ore tonnes mined in Q2, 10,727, were broadly in line with Q1's 11,120. The company refined its Q1 processed grade to 17.6 grams per tonne from 19.9 g/t after reconciliation data came in. Recoveries were adjusted to 58%. The net effect was a small production adjustment of 3,620 ounces from the initially reported 3,694. Such reconciliations are normal for early-stage underground mines. The flotation circuit makes recovery less dependent on grade spikes.

Greenland carries a logistics premium that Amaroq is trying to turn into an advantage. A delay at the Minturn drilling campaign, the company said, illustrated the challenge. That is part of why the Suliaq subsidiary exists. Suliaq owns an icebreaker, Thorbjorn, moored in Denmark. In June, Suliaq Maritime was set up as a wholly owned subsidiary to own and operate the vessels. The goal is to derisk transit and equipment supply. Owning a vessel in the Arctic reduces reliance on third-party charter rates, which can spike during the short summer window.

Drilling started at the Nanoq gold project on August 11. At the Ilua Pegmatite Zone, 699 metres of core drilling were completed. Amaroq holds a 51% stake in the Gardaq joint venture covering rare earths. The company is working with the University of St Andrews on the geology. The Black Angel polymetallic deposit, now called Maarrmorilik, holds zinc, lead, silver, germanium, and gallium. A development update is due in Q4. The portfolio gives Amaroq exposure to gold and rare earths, plus lead and silver at the Maarrmorilik project.

After the period end, Amaroq completed its transition to the Main Market of the London Stock Exchange. Olafsson said the move broadens access to international capital and indexation. The stock trades on the LSE and Nasdaq Iceland under AMRQ, and on the OTCQX as AMRQF.

Olafsson said Q3 has started strongly in terms of production and recoveries, with Nalunaq moving into its next phase of ramp-up. The company plans to update the market on continued progress.