Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Panmure Liberum analyst Duncan Hay issues a Buy rating with a target price of CAD 2.40, a 64.29% potential upside.

  • Canaccord Genuity analyst Timothy Huff maintains Speculative Buy with a CAD 2.29 target, implying a 57.14% gain.

  • Q2 2025 maiden revenue of CAD 3.4 million from first gold doré sales at Nalunaq.

  • Liquidity of CAD 75 million at quarter end supports accelerated commissioning activities.

  • Targeting processing capacity of 300 t/d and full-year production of 5,000 oz in 2025.

Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ; OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, has attracted positive sentiment from leading equity research analysts.

Panmure Liberum’s mining analyst Duncan Hay reaffirmed his confidence in Amaroq with a Buy recommendation and a target price of CAD 2.40. This valuation represents a 64.29% upside from the current market price. 

Canaccord Genuity’s analyst Timothy Huff also maintained a positive stance, assigning a Speculative Buy rating with a price target of CAD 2.29, implying a 57.14% potential increase. 

Financial performance in Q2 2025

In Q2 2025, the company reported maiden revenues of CAD 3.4 million from its first commercial sale of gold doré bars produced at Nalunaq. The shipments included 808 ounces of gold, with the bulk refined in Switzerland and sold to Auramet, and a portion processed in the UK for Single Mine Origin (SMO) certification—making it available for local Greenlandic use.

The company bolstered its balance sheet with a CAD 75 million liquidity position at quarter end, comprising CAD 86 million in cash, an undrawn CAD 8.9 million revolving credit facility, and offset by CAD 19.8 million in trade payables. This financial strength follows an oversubscribed equity raise in June 2025, generating approximately CAD 76.5 million (£45 million).

Operationally, Amaroq continued to advance mine development, with July processing throughput averaging 145 tonnes per day on a single shift as commissioning progresses. The company remains on track to achieve its targeted nameplate capacity of 300 t/d by year-end.

Enhanced liquidity has allowed Amaroq to accelerate Phase 2 flotation recovery system installation into Q3 2025. This strategic move, despite requiring a temporary processing shutdown, is expected to improve gold recovery rates and boost cash generation once operations resume at full capacity.

Looking ahead, Amaroq is targeting 5,000 ounces of gold production for the full year 2025, with additional upside from exploration across its West Greenland Hub, including the past-producing Black Angel mine and the Kangerluarsuk licences.