Business
Q2 2023 Financial Results
Q2 2023 Financial Results.
About this update from Amaroq Ltd.
[{"type":"text","content":"\n\n\n\n(\"Amaroq\" or the \"Corporation\" or the \"Company\")\n \nQ2 2023 Financial Results\n \nLaunch of initial construction activities underway at cornerstone Nalunaq project\n \n \nTORONTO, ONTARIO - 29 August 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 in Southern Greenland, is pleased to present its Q2 2023 Financial Results.\n \nQ2 2023 Corporate Highlights\n \n· Gold business working capital of $41.0 million as of June 30, 2023 ($46.7 million as of March 31, 2023).\n· Completion of GCAM Joint Venture (JV) transaction in April. Strategic minerals business has available liquidity of $29.3 million.\n· The Company is progressing with preparations to upgrade its Icelandic listing from Nasdaq First North Growth Market to the Nasdaq Main Market.\n· US$50.9 million senior secured debt funding package expected to close by the end of August 2023.\n \nQ2 2023 Operational Highlights\n \n· Permitting: The Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq are being translated, ahead of public consultation later this year.\n· Contracting: Key contracting processes for the processing plant, infrastructure and construction, as well as underground mine rehabilitation and mining, were 60% complete at the end of Q2 2023.\n· Engineering: Processing plant engineering, and preparations for its construction were 70% complete at the end of Q2 2023.\n· Construction: Commenced pad building and Nalunaq camp expansion and upgrade activities in Q2. Components for the processing plant are being mobilized to ship to Greenland.\n· Mining: Mine design and inspection took place in Q3, along with procurement of long lead items.\n· Nalunaq exploration: Completed 1,735m resource drilling at Nalunaq from six drillholes targeting resource expansion areas directly up dip from the proposed mining area of the Mountain Block.\n· Strategic Minerals: Amaroq...