Amaroq Ltd. · LSE:AMRQ
Amaroq — Investor Day (June 2024)
54 slides from Amaroq's investor day presentation, Jun 13, 2024
Slide 1: Iceland Capital Markets Day 13 June 2024
ICELAND CAPITAL MARKETS DAY 13 JUNE 2024 www.aexgold.com | TSXV: AEX AEX Gold Inc. is a Greenland-focused mining company engaged in the identification, acquisition, exploration www.amaroqminerals.com | AMRQ and development of gold properties in Greenland.
Slide 2: Amaroq Minerals Capital Markets Day Agenda
AMAROQ MINERALS CAPITAL MARKETS DAY AGENDA 1. INTRODUCTION - LILJA BJORK, LANDSBANKINN CEO 2. GUEST SPEAKER - NAAJA NATHANIELSEN, MINISTER OF BUSINESS,TRADE, MINERAL RESOURCES, JUSTICE & GENDER EQUALITY, GREENLAND 3. OPENING STATEMENT – GRAHAM STEWART, AMAROQ CHAIRMAN 4. NALUNAQ PROJECT UPDATE – ELD
Slide 3: Lilja Björk Einarsdóttir
Lilja Björk Einarsdóttir Bankastjóri Landsbankans CEO Landsbankinn 3
Slide 4: Naaja H. Nathanielsen, Minister of Industry, Trade, Mineral Resources
NAAJA H. NATHANIELSEN Minister of Industry, Trade, Mineral Resources, Justice and Gender Equality Government of Greenland Slide: 4 Amaroq Minerals: Iceland CMD
Slide 5: Click Here for Video
Click Here for Video https://www.amaroqminerals.com/investors/videos/ Slide: 5 Amaroq Minerals: Iceland CMD
Slide 6: Amaroq Minerals Introduction
AMAROQ MINERALS INTRODUCTION 1
Slide 7: Click Here for Video
Click Here for Video https://www.amaroqminerals.com/investors/videos/ Slide: 7 Amaroq Minerals: Iceland CMD
Slide 8: Graham Stewart, Chairman
GRAHAM STEWART Chairman Amaroq Minerals Slide: 8 Amaroq Minerals: Iceland CMD
Slide 9: Eldur Olafsson, Founder & CEO
ELDUR OLAFSSON Founder & CEO Amaroq Minerals Slide: 9 Amaroq Minerals: Iceland CMD
Slide 10: Amaroq Minerals – In Brief
AMAROQ MINERALS – IN BRIEF 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Value underpinned by Offering exposure to Presenting a solution fully funded Greenland's untapped to secure programme to start mineral wealth Western supply of trial mining and trial through explora
Slide 11: Amaroq Minerals 2024
AMAROQ MINERALS 2024 MINERALS OPERATORSHIP ENERGY Slide: Slide: 11 11 Amaroq Minerals: Iceland CMD
Slide 12: Core Business Pillars
CORE BUSINESS PILLARS Slide: Slide: 12 12 Amaroq Minerals: Iceland CMD
Slide 13: Mining and Project Development
MINING AND PROJECT DEVELOPMENT 2
Slide 14: Click Here for Video
Click Here for Video https://www.amaroqminerals.com/investors/videos/ Slide: 14 Amaroq Minerals: Iceland CMD
Slide 15: Nalunaq Mine – Production Concept
NALUNAQ MINE – PRODUCTION CONCEPT PHASE 1 ~70% Recovery Gravity Recovery Mountain Block (150tpd) Ore Haulage Ore Crushing / Milling Target Block (150tpd) Gold Production 450tpd 300tpd Dry Stack Tailings Flotation Recovery Capacity Capacity Additional Flotation ~94% Module PHASE 2 Recovery Slide: 15
Slide 16: Nalunaq Mine – Construction Metrics
NALUNAQ MINE – CONSTRUCTION METRICS 3,000T 7,575T CARGO DELIVERED MATERIAL MINED TO DATE 1,535 m3 400 MATERIAL USED IN ROAD CONSTRUCTION 20ft CONTAINERS DELIVERED 11,500T +100T 9,250 OVERBURDEN REMOVED EXPLOSIVES DEVLIVERED MAN-DAYS ~170,000T 4 MATERIAL MOVED TO CREATE PROCESS PAD ~32,000M FROM 153
Slide 17: Nalunaq Recent Development: Mine Rehabilitation
NALUNAQ Recent Development January – March 2024 – Mine Rehabilitation MOUNTAIN BLOCK ✓ Completed rehabilitation of ramp ✓ Installation of main ventilation fans and barricades ✓ Built dams for technical water ✓ Removal of historic underground TARGET BLOCK crushing plant for ore pass access SOUTH BLOC
Slide 18: Nalunaq Recent Development: Process Plant Construction
NALUNAQ Recent Development January – March 2024 – Process Plant Construction ✓ Construction of elevated process plant terrace ✓ Installation of foundation plinths and pier walls ✓ Trenching and backfilling of foundation piers ✓ Construction of structural steel & cladding ✓ Erection of mobile equipme
Slide 19: Nalunaq Recent Development: Trial Mining
NALUNAQ Recent Development March – May 2024 – Trial Mining ✓ Development of new ramp to 732 level ✓ Development of reclaim water sumps ✓ Installation of radio communication (Leaky Feeder) Epiroc single Epiroc Scoop GHH Dump boom drill rig Truck Slide: 19 Amaroq Minerals: Iceland CMD
Slide 20: Nalunaq Recent Development: Process Plant Construction
NALUNAQ Recent Development March – May 2024 – Process Plant Construction ✓ Received structural steel – 14 April (3 Month delay) ✓ Construction of crushing circuit and reclaimer ✓ Construction of grinding and milling circuit ✓ Construction of gold room ✓ Construction of E-room and generators Slide: 2
Slide 21: Nalunaq Next Stages: Production Mining
NALUNAQ Next Stages June – November 2024 – Production Mining ▪ Development of new ore drives on levels 732 – 756 ▪ Continued development of ramp ▪ Planned development and production rate: 110 t/day (Ore) ▪ Diamond drilling for resource expansion across both Main and 75 Vein in Mountain and Target Bl
Slide 22: Nalunaq Next Stages: Production Mining
NALUNAQ Inferred Resource Boundary Next Stages Planning in Progress November 2024 onwards – Production Mining PLANNING IN PROGRESS ▪ Design work ongoing ▪ Parallel Resource expansion exploration programme INFERRED RESOURCE BOUNDARY Epiroc single Epiroc Scoop GHH Dump Resemin long-hole boom drill rig
Slide 23: Resource Expansion Programme
RESOURCE EXPANSION PROGRAMME 2.1Km Surface Focus on Target Block Along Strike Extension 3.7Km Underground Underground 2.0 Moz Exploration Target Drilling 2024 RESOURCE GROWTH DRILLING PROGRAMME MOUNTAIN Q2 Q3 Q4 Q1 2025 BLOCK Resampling Surface UG Drilling Mineral TARGET Historical Drilling and Reso
Slide 24: Expected Nalunaq Development Milestones: FY 2024 / 2025
EXPECTED NALUNAQ DEVELOPMENT MILESTONES: FY 2024 / 2025 Project Timeline Q4 - 23 Q1 - 24 Q2 - 24 Q3 - 24 Q4 - 24 Q1 - 25 Q2 - 25 Q3 - 25 Q4 - 25 EXPLORATION Surface Underground NEWS NEWS Mineral Resource Update Mineral Reserve TRIAL MINING Rehabilitation Development Mountain Block Target Block CONST
Slide 25: Key Project Economic Metrics
KEY PROJECT ECONOMIC METRICS • Based on Company ongoing estimations FIRST Gold Business liquidity at end of Q1 – C$96m GOLD Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Ave. Mining Rate – MB (t/day) - 40-60t/d 120-140t/d 100-120t/d 120-140t/d 130-150t/d 130-150t/d Ave. Mining Rate – TB (t
Slide 26: Mineral Exploration
MINERAL EXPLORATION 3
Slide 27: James Gilbertson, Vice President Exploration
JAMES GILBERTSON Vice President Exploration Amaroq Minerals Slide: 27 Amaroq Minerals: Iceland CMD
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Slide 33: South Greenland Prospectivity
SOUTH GREENLAND PROSPECTIVITY North Sava Tartoq Copper/Nickel Exploration South Greenland Gold Exploration Copper Belt Sava Nanoq Copper Exploration Gold Exploration Kobberminebugt Nanortalik Gold Copper Exploration Belt Eagle’s Nest Gold Exploration Paatasoq Vagar Ridge REE Exploration Gold Explora
Slide 34: Click Here for Video
Click Here for Video https://www.amaroqminerals.com/investors/videos/ Slide: 34 Amaroq Minerals: Iceland CMD
Slide 35: Powering Greenland's Mining Industry
POWERING GREENLAND’S MINING INDUSTRY 4
Slide 36: Ben-Schoeman Geldenhuys – Profile
BEN-SCHOEMAN GELDENHUYS - PROFILE President & CEO Tamarack Mining Services Inc. • Co-founder of Tamarack Mining Services with over 20 years of experience in the mining industry. • 6 years with the Anglo-American plc. Group of Companies working across the coal, base metals and platinum divisions. • L
Slide 37: Servicing Greenland
SERVICING GREENLAND Procurement Done Differently Greenland’s mining industry is experiencing unprecedented interest which is set to continue ServiceCo will supply Greenland’s mining industry with the equipment needed to accelerate its growth ServiceCo ServiceCo will leverage the management and suppl
Slide 38: Servicing Greenland
SERVICING GREENLAND Procurement Done Differently Improved Increased supply chain availability: Cost savings at a total cost of Bill of Materials (BOM),Virtual total cost of ownership level (availability, unit warehouses, stores. ownership costs, timeliness) Increased security of Increased supply Tec
Slide 39: Servicing Greenland
SERVICING GREENLAND A preliminary asset list has been identified and prioritized based on Amaroq’s current needs Maritime Services Drill Rigs Own/Operate Rental Mining Equipment / Fleet UTVs Rental Rental Slide: 39 Amaroq Minerals: Iceland CMD
Slide 40: Servicing Greenland – Proposed Structure
SERVICING GREENLAND Proposed Structure Strategic AMRQ Investor >50% Gardaq Nalunaq Service Co A/S A/S A/S Assets sold Rental of assets and labour Slide: 40
Slide 41: Renewable Energy in South Greenland
RENEWABLE ENERGY IN SOUTH GREENLAND 5
Slide 42: Ásgeir Margeirsson – Profile
ÁSGEIR MARGEIRSSON - PROFILE Senior Advisor, Renewable Energy • Licentiate Technicum degree in Construction Management, Technical University of Lund, Sweden, 1989 • C.Sc. in Civil Engineering, University of Iceland, Reykjavík, 1985 • CEO of HS Orka between 2014 - 2019 • Independent consultant since
Slide 43: Rationale: Hydroelectric Power Cost and Emission Savings
RATIONALE Support the Greenland Government in its aim to move towards clean energy sources Power Cost Savings (Annual) CO2 Emission (Annual) USD2.4m USD150/MWh Estimated cost of hydroelectric ZERO Hydroelectric power generation Power* ZERO USD230/MWh Estimated cost of Diesel 23,000t Diesel Power pow
Slide 44: South Greenland Renewable Energy: Concept
SOUTH GREENLAND RENEWABLE ENERGY Concept • Harness renewable energy sources in South Greenland • Long term cost reduction • Emission reduction • Energy independence • Convert energy use from diesel to renewable • Electricity • Heating • Energy use for mining • From hydropower and wind Slide: 44 Amar
Slide 45: South Greenland Renewable Energy: Focus Areas
SOUTH GREENLAND RENEWABLE ENERGY Focus Areas Narsaq Tanbreez Pop: 1,346 Qorlortorsuaq Qaqortoq 7.4+4.1 MW Pop: 3,050 Qorlortorsuaq Hydro Narsaq / Qaqortoq ✓ Transition of energy use from diesel to electric in Qaqortoq and Narsaq for heating ✓ Potential power use for Tanbreez Development Project Nalu
Slide 46: South Greenland Renewable Energy
SOUTH GREENLAND RENEWABLE ENERGY Gov. Greenland agreed to Amaroq is conducting share all data on 2 Hydro technical studies to assess opportunities these opportunities Green Energy Amaroq is committed to Amaroq is in dialogue with progressing these the Government on opportunities and updating financi
Slide 47: Social Engagement
SOCIAL ENGAGEMENT 6
Slide 48: Click Here for Video
Click Here for Video https://www.amaroqminerals.com/investors/videos/ Slide: 48 Amaroq Minerals: Iceland CMD
Slide 49: Summary / Conclusions
Amarog Minerals ey SUMMARY / eee CONCLUSIONS “ ry 3 z Fe ———— paste < = = —_ er x ar ~
Slide 50: 2024-25 Milestones / News Flow
2024-25 MILESTONES / NEWS FLOW Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q1 Q1 NALUNAQ Surface UG Drilling 1st Gold Phase 1 MRE4 Phase 2 Steady State MRE5 Drilling Commission Commission Operation EXPLORATION Start of Initial Exploration Start of Initial Exploration Exploration
Slide 51: Amaroq Minerals – In Brief
AMAROQ MINERALS – IN BRIEF 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Value underpinned by Offering exposure to Presenting a solution fully funded Greenland's untapped to secure programme to start mineral wealth Western supply of trial mining and trial through explora
Slide 52: Q&A
Q&A Slide: 52 Amaroq Minerals: Iceland CMD
Slide 53: Contact Us
CONTACT US AMAROQ MINERALS LTD 3400 One First Canadian Place, PO Box 130, Toronto, On, M5X 1A4, Canada Eldur Olafsson, Chief Executive Officer AIM, TSXV, NASDAQ Iceland:AMRQ
Slide 54: Disclaimer and Technical Information
DISCLAIMER AND TECHNICAL INFORMATION The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Amaroq Minerals Ltd (the “Company”). The presentation and the