Amaroq Ltd (LSE/Nasdaq Iceland: AMRQ), an independent mine development company focused on Greenland's mineral potential, has published its Q3 2026 operational and financial results, reporting revenue of C$65.4 million for the quarter and a net profit of C$24.4 million, compared with a net loss of C$5.3 million in Q3 2025. The company's 100%-owned Nalunaq Gold Mine delivered production of 12.6 koz in the quarter at an average reconciled mill feed grade of 23.6 g/t Au, running materially ahead of the guided range of 14 to 15 g/t. Management confirmed confidence in the mid-range of full-year 2026 production guidance of 25 to 35 koz, with investors also noting Amaroq's admission to the FTSE 250 Index effective 8 October 2026.

Key Points

  • Amaroq Ltd (LSE/Nasdaq Iceland: AMRQ; OTCQX: AMRQF), an independent Greenland-focused gold and strategic metals company
  • Q3 2026 revenue of C$65.4 million and net profit of C$24.4 million, against a net loss of C$5.3 million in Q3 2025
  • Nine-month 2026 gold production of 21.6 koz; cash balance of C$51.5 million at 30 September 2026; Nalunaq MRE5 total mineral resources of 504 koz at 30.35 g/t Au
  • Investors may be watching pending assay results from Nanoq, Ilua and Minturn drilling campaigns expected in Q4 2026 and Q1 2027

Nalunaq Mill Feed Grades Run Ahead of Guidance as Flotation Circuit Drives Recovery Improvement

Processing performance at Nalunaq improved materially following commissioning of the flotation circuit in June 2026. During Q3 2026 the plant processed 19,316 tonnes at an average reconciled mill feed grade of 23.6 g/t Au, achieving total plant recovery of 84%. The company stated it is targeting 90% sustained recoveries as the ramp-up continues. For the nine months to 30 September 2026, gold production reached 21.6 koz at an average grade of 21.6 g/t Au, well ahead of the guided range of 14 to 15 g/t, supporting management's confidence in the mid-range of its 25 to 35 koz full-year production guidance.

Nine-Month Revenue of C$121.6 Million and C$51.5 Million Cash Reflect Year-on-Year Transformation

The scale of Amaroq's financial progress is evident across the nine-month figures. Revenue for the nine months to 30 September 2026 totalled C$121.6 million, against C$16.3 million in the equivalent 2025 period, driven by gold sales of 11,068 oz in Q3 2026 at an average gold price of USD 4,184/oz. Nine-month net income reached C$38.0 million compared with a loss of C$15.4 million a year earlier. The cash balance stood at C$51.5 million at 30 September 2026, up from C$28.5 million at 30 June 2026. Growth investment of C$53.6 million year-to-date has been deployed across non-sustaining capital and exploration activities.

Nanoq Drilling Returns Visible Mineralisation in 88% of Holes with Potential to Process Ore Through Nalunaq

Post-period exploration news has added strategic weight to the results. The 2026 resource drilling programme at Nanoq comprised 4,729 metres across 33 holes, with approximately 88% of holes intersecting visible mineralisation. Initial laboratory-scale metallurgical test work indicated total gold recoveries of approximately 97–99% using a flowsheet consistent with the existing Nalunaq processing facility, the announcement states, supporting the potential for future bulk sampling and processing of Nanoq ore through Nalunaq. Assay results from Nanoq, alongside those from the Ilua and Minturn campaigns, remain pending and are expected before the end of Q1 2027.

Maarmorilik 'String of Pearls' Strategy Advances and Auditor Transitions to BDO UK Following LSE Main Market Move

At the West Greenland Hub, Amaroq introduced its "String of Pearls" development strategy for the Maarmorilik area, home to the past-producing Black Angel zinc-lead-silver mine. Field results confirmed high-grade lead-zinc-silver mineralisation alongside indications of gallium and germanium across multiple satellite orebodies. Terms of reference for the environmental and social impact assessments were submitted to the Government of Greenland in October 2026. Separately, following its uplisting to the LSE Main Market, Amaroq transitioned its audit function from BDO Canada LLP to BDO LLP, effective 12 November 2026, with no modified opinions reported by the outgoing auditor.