Business
1st Quarter Results and Outline of 2023 Workplan
1st Quarter Results and Outline of 2023 Workplan.
About this update from Amaroq Ltd.
[{"type":"text","content":"\n\n \n \n\n\n(\"Amaroq\" or the \"Corporation\" or the \"Company\")\n \n1st Quarter Financial Results and Outline of 2023 Workplan\n \n \nTORONTO, ONTARIO - [26] May 2023 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets covering an area of 7,866.85 km2 in Southern Greenland, is pleased to present its Q1 2023 Financial Results and outline its current workplan for 2023.\n \nQ1 2023 Corporate Highlights:\n \n· Debt funding non-binding term sheets for a $66.8 million (US$49.5 million) senior secured financing package signed on March 28, 2023.\n· Gold business working capital of $46.7 million as of March 31, 2023 ($49.5 million as of December 31, 2022), which together with the debt funding would represent available liquidity of $113.5 million as the Company approaches the trial mining stage at Nalunaq.\n· ACAM JV completed. ACAM, through its affiliate company GCAM, LP, has invested an initial amount of $30.4 million (£18.0 million) under a subscription and shareholders' agreement in return for 490,000 ordinary shares in the subsidiary representing 49%. Transaction completed and funds released on April 13, 2023.\n· Strategic minerals has available liquidity of $30.4 million as we embark on the first year of the 3-year exploration program.\n· Announced intention to list on Iceland's Nasdaq Exchange main market, with listing preparation underway.\n \nQ1 2023 Operational Highlights:\n \n· Nalunaq: Environmental Impact Assessment (EIA) for Nalunaq approved for translation into Greenlandic and Danish ahead of the public consultation meetings later this year. Execution of development progressing with letters of Intent (LOIs) signed with Halyard and Thyssen Schachtbau and acquisition of underground mining equipment underway.\n· Nanoq: Completion of 407.65 km2 high-resolution heli-borne geophysical survey across the Nanoq, Siku and Jokum's Shear gold projects with the aim of defining geological models to direct future drilling campaigns.\n· Vagar Ridge: 2022 results provide further evidence of ...