Amaroq produced approximately 9,000 ounces of gold from its Nalunaq project during the first half of 2026, exceeding the midpoint of its guidance range as revenue reached $37.3 million for the second quarter.

The first-half output totals 8,985 ounces of gold, backed by an average feed grade of 19.8 grams per tonne and recoveries of 63 percent. The performance compares to H1 2025 revenue of $3,445,308, while second-quarter 2026 revenue of $37.3 million contributed to a total H1 revenue figure of $56.2 million. Gross profit for the second quarter landed at $25.0 million, with a net profit of $11.1 million.

Operational cash reserves rose to $28.5 million as of June 30, 2026, up from $8.8 million at the end of the previous quarter on March 31, 2026. Capital assets expanded to $298.5 million over the same three-month period.

The company completed construction and commissioning of the flotation recovery circuit at Nalunaq in June 2026, marking a shift from a gravity-only flow sheet. As the new circuit ramps up, overall gold recovery is projected to increase from a historical range of 50 to 70 percent to an expected run rate of 90 to 95 percent. July recoveries already reached approximately 90 percent.

Amaroq reiterated its full-year 2026 gold production guidance of 25,000 to 35,000 ounces and maintained its Nalunaq all-in sustaining cost guidance of USD 69 million to USD 73 million.

“I am very pleased to announce that in the first half of 2026, production at Nalunaq was above the mid point of the guidance range for H1 2026 and current trading supports my confidence that we remain well set to deliver within our guidance range for the full year. We also successfully completed and commissioned the flotation circuit in June 2026, which marks an important step-change in the mine’s operating capability and recoveries. In parallel, we continue to advance our exploration portfolio, commencing the 2026 field season, our most extensive to date, with drilling at the Ilua Pegmatite REE prospect, and following the period end, we are now well underway at the high-grade Minturn prospect, and at our future gold project Nanoq, where resource drilling operations started earlier this week.”

— Eldur Olafsson, CEO

Exploration and development activities continue across the wider portfolio. At the Ilua Pegmatite rare earth element prospect, a core drilling programme completed 699 metres during the reporting period as part of the Gardaq Joint Venture. Initial exploration results from both the Minturn and Ilua Pegmatite prospects are expected before the end of 2026.

Read the full announcement: Q2 2026 Operational and Financial Results