Business
Q2 2024 Financial Results
Q2 2024 Financial Results.
About this update from Amaroq Ltd.
[{"type":"text","content":"\n\n \n \n\n Q2 2024 Financial Results\n\nToronto, Ontario, Aug. 14, 2024 (GLOBE NEWSWIRE) -- (“Amaroq” or the “Corporation” or the “Company”) Q2 2024 Financial Results TORONTO, ONTARIO – 14 August 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, presents its Q2 2024 financials. A conference call for analysts and investors will be held today at 14:00 BST (13:00 GMT, 09:00 EST), details of which can be found further down in this announcement. All dollar amounts are expressed in Canadian dollars unless otherwise noted. Eldur Olafsson, CEO of Amaroq, commented: \"Progress at Nalunaq is advancing smoothly, and we remain on track to achieve first gold production later this year. The completion of the main building works marks a significant milestone, and we are now focused on installing the key components of the processing plant. A standout achievement this quarter was receiving approval from the Greenlandic Government for our Environmental and Social Impact Assessments. Upholding the highest standards of environmental and social responsibility is fundamental to our mission as we bring Nalunaq into production. \"Our exploration efforts across our gold and strategic minerals targets are also progressing well. At Nalunaq, the Target Block resource expansion program is underway, with drill crews now fully mobilized on-site. At Stendalen, we have successfully completed the camp construction, and drilling operations have begun, informed by promising results from recently completed ground geophysics. \"Additionally, we are pleased to announce a significant post-period development: the successful arrangement of a substantial increase and extension of our debt financing package with Landsbankinn. This new arrangement simplifies the structure of the facility while securing more favorable rates.\" Q2 2024 Corporate Highlights Amaroq group liquidity of $62.2 million consisting of cash balances, undrawn revolving credit facilities, undrawn revolving credit overrun facility less trade payables ($96.3 million as of March 31, 2024).Gold business working capital before convertible note liability of $50.5 million that includes prepaid contractors on the Nalunaq project of $19.6 million as of June 30, 2024 (...