REG-Q3 2025 Financial Results

AmaroqAnnouncement

14/11/2025 07:00

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Reykjavík, Nov. 14, 2025 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")

Q3 2025 Financial Results

Growing revenues and restart of operations

TORONTO, ONTARIO – 14 November 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ
Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation
focused on unlocking Greenland’s mineral potential, is pleased to announce
its Q3 2025 Financial Results. All dollar amounts are expressed in Canadian
dollars unless otherwise noted.

A remote presentation for analysts and investors will be held later today at
09:00am GMT, details of which can be found further down in this announcement.

Eldur Olafsson, CEO of Amaroq, commented:

"As we approach the end of 2025, I would like to acknowledge the significant
process made in commissioning Nalunaq over this past year since our First Gold
Pour in November 2024. I am immensely proud of the work delivered by our team,
commissioning crews and contractors. In October 2025, ahead of the planned
shut-down of operations, gold production had already reached approximately
5,000 oz, in line with our revised 2025 production guidance. With the shutdown
period now complete, and following the restart of operations, we now expect
2025 full year gold production to be 6,000 to 7,000 oz.

“During the period, we invested in the one-off transition to a fully
owner-operated mining setup at Nalunaq, and we have appointed a highly
talented team to lead mining and processing operations; which I am happy to
say have managed a seamless handover from the contractors and successfully
delivered the planned shutdown, on time and on budget. With completion of
Phase 1 works and all critical path items for the delivery of Phase 2, on
schedule to be in place during Q1 2026 on an estimated cost-to-complete of
C$6.5 million, we are now focused on reaching milling capacity by the end of
the year, to ensure we can maximise gold production and cash-flows in 2026.

“Outside of our gold mining operations, we have also been driving forward
our strategic minerals portfolio, with the discovery of conventional rare
earth elements within our Nunarsuit licence area, as well as very exciting
copper-gold discoveries within close proximity to our Nalunaq mine.
Significantly, in November 2025 we were also very pleased to announce the
results of the re-assays from the Black Angel mine, which not only confirmed
the high grade zinc, lead and silver resource but also identified potentially
commercial levels of germanium and gallium; both of which are categorised
critical minerals and will add a very interesting commercial and strategic
angle to the re-start of the Black Angel mine.

“As we look to the rest of the year, we are entering the final capex period
for Nalunaq, with clear visibility now on completion of all construction and
commissioning of the mine by Q2 2026. Before the year end, we are expecting to
receive the results from the key 2025 gold exploration programme across the
Nanoq and Nalunaq resource upside projects. Amaroq is in a strong position as
we head towards 2026 with a robust financial outlook from production
operations and a project pipeline which will deliver value enhancing
opportunities across the decade, funded by positive cash flow from Nalunaq.”

Q3 2025 Financial and Corporate Highlights
* Total revenue of $12.8 million (2024: $0m) from total gold sales of 2,636
ounces. In the first three quarters, the Company produced 4,347 ounces and
sold 3,360 ounces of gold for gross proceeds of $16.3 million.
* Gross profit of $5.9 million and Operating loss of $3.8 million, after
taking into account G&A and exploration and evaluation expenses – mainly
attributable to the Nanoq exploration campaign.
* Amaroq group liquidity of $45.4 million at period end, consisting of cash
balances of $55.3 million, an undrawn revolving credit facility of $8.9
million less trade payables of $18.8 million ($75.0 million as at 30 June
2025).
* On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher
transparency and trading opportunities for investors in the U.S.
Q3 2025 Operational Highlights
* Q3 2025 gold production of 3,536 oz. Gold produced in the nine months to the
end of September 2025 was 4,347 oz.
* As announced on 7 October 2025, production increased further post quarter
end, reaching this year’s production target of approximately 5,000 oz.
* During Q3 2025, commissioning of the processing plant and ramp-up of mining
operations at Nalunaq continued to deliver steady improvements and the Company
remains on track to achieve nameplate throughput of 300 t/d by year-end 2025.
* Throughout the quarter, the Company progressed with the installation of
numerous key items and infrastructure at Nalunaq, including the tailings
filter structure, slurry tanks and filter press, fresh & process water tanks,
flocculant skid, plant air compressors, plant piping to design, control room
structure, permanent electrical trays, cables and connections and
instrumentation and control systems.
* On 1 October 2025, Amaroq transitioned to an owner-operated mining model,
enabling improved operational efficiency and cost control. A transitional
cooperation with the mining contractor will continue beyond 1 October 2025. In
addition, Nalunaq has entered into a partnership with a Canadian equipment
supplier to invest in its own mining fleet.
Q3 2025 Portfolio Highlights
* At Nalunaq, four of the planned seven surface drillholes targeting the South
Block Deeps were completed before the programme was paused until later in the
year. All core was logged, sampled, and submitted for chemical assay.
Underground drilling also recommenced with the deployment of a new drill rig
under a hire-purchase agreement. This drilling is providing grade control and
resource definition data to support short- to medium-term mine planning.
* At Nanoq, core drilling commenced in early August 2025 utilising three
Company-owned rigs. The campaign was completed on 24 September 2025, with a
total of 4,806.9 metres drilled. By the end of the reporting period,
approximately 60% of the core had been logged and sampled. Preparations for
winterisation and equipment storage at site were also finalised.
* Fieldwork on the Stendalen Cu-Ni target was conducted from the Nanoq
exploration base. This programme followed on from the 2024 drilling and
geophysical studies, with the objective of improving geological understanding
and defining controls to mineralisation in advance of potential follow-up
drilling in 2026.
* Strategic exploration also advanced across Amaroq’s wider licence
portfolio. The final programme of the season comprised a short reconnaissance
campaign over the Minturn IOCG (Iron-Oxide-Copper-Gold) target in Northern
Greenland.
* Following the announcement of the Black Angel and Kangerluarsuk licence
acquisitions, and during the process of finalising these, Amaroq undertook a
series of reconnaissance site visits and commenced re-assaying of selected
historical bulk samples. These activities, combined with the ongoing collation
and review of historical datasets, will form the basis for detailed
forward-looking exploration and development plans for both assets.
* The majority of the assay results from these programmes are expected through
Q4 2025.
Post Period Highlights
* On 17 October 2025, Amaroq announced the launch of Single Mine Origin gold
sales from its Nalunaq mine in Greenland, making fully traceable, responsibly
sourced gold available exclusively to Greenlandic residents.
* On 21 October 2025, Amaroq announced the simplification and streamlining of
its securities under a single ISIN, with Icelandic Depositary Receipts (IDRs)
being converted into Depositary Interests (DIs) to unify cross-border
settlement and administration while maintaining trading continuity on Nasdaq
Iceland.
* On 28 October 2025, the Company announced multiple new high-grade gold
discoveries across Greenland, from Vagar, Anoritooq, Ippatit, Tartoq and
Grænseland, including samples grading up to 38.7 g/t Au.
* On 4 November 2025, the Company announced the initial identification of
conventional rare earth element bearing mineralisation within its Nunarsuit
mineral licence area in South Greenland.
* On 11 November 2025, Amaroq announced results from re-assayed bulk samples
from the Black Angel mine, as well as the fulfilment of all conditions
precedent (“CPs”) in relation to the previously announced acquisition of
the Black Angel mine. The re-assayed bulk sample material from within the
Black Angel deposit confirms the high-grade nature of the mineralisation,
averaging 24.6% zinc, 28.1% lead and 295 g/t silver. Commercial levels of
germanium (44 ppm) and gallium (21 ppm) were also identified; adding
significant value to the future project from these critical minerals, both of
which are on the EU and US Government critical mineral list. The West
Greenland Hub will be 100% owned by Amaroq, separate from the Gardaq JV
(Amaroq 51%), which will continue to focus on early-stage exploration
activities. The Company also confirmed that Black Angel will be advanced as a
standalone mining development project and new hub for the Company.
* Planned shutdown for commissioning activities commenced in October 2025 and
were completed on 14 November 2025 in line with expectations. Following the
shutdown, completion of Phase 1 works and all critical path items for the
delivery of Phase 2 are on schedule to be in place during Q1 2026.
Outlook
* The Phase 2 construction at Nalunaq will take place inside the plant and is
anticipated to continue until the end of Q1 2026, allowing the commissioning
of the flotation circuit immediately thereafter.
* With the shutdown period now complete, and following the restart of
operations, management expects 2025 full year gold production to be 6,000 to
7,000 oz.
Financial Results

 Period ended Sept 30, 2025                        Nine months               Nine months  
                                                   2025             2024                  
                                                   $                $                     
 Financial Results                                                                        
 Revenue                                           16,283,686       -                     
 Cost of Sale                                      (10,502,065)     -                     
 Selling, refining and royalty costs               (478,710)        -                     
 Gross Profit                                      5,302,911        -                     
 Exploration and evaluation expenses               (6,267,637)      (5,172,947)           
 General and administrative expenses               (13,726,577)     (11,831,157)          
 Loss on disposal of capital assets                (253,269)        (149,917)             
 Gain on lease modification                        55,323           -                     
 Foreign exchange gain (loss)                      724,449          1,475,432             
 Interest income                                   474,626          943,023               
 Gardaq project management fees                    1,875,843        1,823,286             
 Share of net losses of joint arrangement          (1,755,518)      (6,698,550)           
 Loss on liability derecognition                   (307,263)        -                     
 Unrealised gain (loss) on derivative liability    -                1,636,567             
 Finance costs                                     (1,482,192)      (27,449)              
 Net loss and comprehensive loss                   (15,359,304)     (18,001,712)          
 Basic and diluted loss per share                  (0.037)          (0.057)               

Financial Position

                                                                        As at                                  
                                                                        September 30, 2025  December 31, 2024  
                                                                        $                   $                  
 Financial Position                                                                                            
 Cash                                                                   55,314,709          45,193,670         
 Inventory                                                              17,977,922          10,182,744         
 Investment in equity-accounted joint arrangement                       13,146,795          14,902,313         
 Total assets                                                           339,032,279         255,976,986        
 Total current liabilities                                              61,593,664          46,973,753         
 Total non-current liabilities                                          8,241,937           7,845,657          
 Shareholders’ equity                                                   269,196,678         201,157,576        
 Working capital (before convertible notes liability and loan payable)  76,906,563          47,525,515         
 Working capital (loan payable included)                                34,320,242          18,903,783         
 Gold business liquidity                                                45,396,160          50,860,477         

New Lease Agreement with Klettar Investments ehf. and Related Party
Transaction

The Company further announces that on 14 November 2025, it has entered into a
new lease agreement with Klettar Investments ehf. (“Klettar”) for the
rental of its office premises at Fríkirkjuvegur 3, 101 Reykjavík (the
“Agreement”).

The Agreement is a continuation of the rental relationship previously
established between the parties. The premises accommodate Amaroq’s expanding
Icelandic team and support the Company’s continued growth in operational,
administrative, and corporate functions.

Klettar is a related party of Amaroq as it is a company controlled by
Sigurbjorn Thorkelsson, Non-Executive Director. The Agreement is for an
indefinite period effective from 1 September 2025. The Company will pay a
monthly rent of 2,000,000 ISK, to be adjusted in accordance with changes in
the consumer price index as published monthly by Statistics Iceland (Hagstofa
Íslands).

The Agreement constitutes a related party transaction for the purposes of the
AIM Rules for Companies. The Independent Directors, being the Amaroq Directors
other than Sigurbjorn Thorkelsson, having consulted with the Company’s
Nominated Adviser, consider the terms of the Agreement to be fair and
reasonable insofar as the Company's shareholders are concerned.

Details of conference call

A conference call for analysts and investors will be held this morning at
09:00am GMT, including a management presentation and Q&A session.

To register via the webcast link, please use the following link:
https://edge.media-server.com/mmc/p/ke4j7cd9

To register via the conference call, please use the following link:
https://register-conf.media-server.com/register/BI3fa04dcd1a854a66ac37890d9a0545c6
Instructions for conference call registration:
1. Click on the call link and complete the online registration form.
2. Upon registering you will receive the dial-in info and a unique PIN to join
the call as well as an email confirmation with the details.
3. Select a method for joining the call:
4. Dial-In: A dial in number and unique PIN are displayed to connect directly
from your phone.
5. Call Me: Enter your phone number and click “Call Me” for an immediate
callback from the system. The call will come from a US number.
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Head of BD and Corporate Affairs
+44 (0)7385 755711
ewe@amaroqminerals.com

Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

Further Information:

About Amaroq

Amaroq’s principal business objectives are the identification, acquisition,
exploration, and development of gold and strategic metal properties in
Greenland. The Company’s principal asset is a 100% interest in the Nalunaq
Gold mine. The Company has a portfolio of gold and strategic metal assets in
Southern Greenland covering the two known gold belts in the region as well as
advanced exploration projects at Stendalen and the Sava Copper Belt exploring
for Strategic metals such as Copper, Nickel, Rare Earths and other minerals.
Amaroq is continued under the Business Corporations Act (Ontario) and wholly
owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Glossary

 Au        gold                            
 g         grams                           
 g/t       grams per tonne                 
 km        kilometres                      
 koz       thousand ounces                 
 m         meters                          
 MRE3      Mineral Resource Estimate 2022  
 MRE4      Mineral Resource Estimate 2024  
 oz        ounces                          
 t         tonnes                          
 t/d       Tonnes per day                  
 t/m (3)   tonne per cubic meter           
 USD/ozAu  US Dollar per ounce of gold     

Inside Information
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement
The technical information presented in this press release has been approved by
James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered
Geologist with the Geological Society of London, and as such a Qualified
Person as defined by NI 43-101.

Attachment
*     Amaroq Unaudited Condensed Interim Consolidated Financial Statements
(https://ml-eu.globenewswire.com/Resource/Download/291bb259-ce31-4d24-af42-e2ce4b43cdf0)