Amaroq Ltd. · LSE:AMRQ
Amaroq — Q2 2026 Earnings Presentation
19 slides from Amaroq's earnings presentation, Aug 13, 2026
Slide 1: Q2/H1 2026 Results Presentation
Capital Markets Day It can be done: Unlocking Greenland’s growth potential through a diversified mining portfolio, experienced team and entrepreneurial spirit Q2/H1 2026 Results Presentation 13 May 2026 13 August 2026
Slide 2: Presenters
Presenters 01 H1 2026 Highlights Eldur Ólafsson Ellert Arnarson CEO CFO 02 Financials 03 Outlook Edward Westropp CDSO Building a Greenlandic Legacy 2
Slide 3: H1 2026 Highlights
H1 2026 Highlights Eldur Ólafsson CEO Building a Greenlandic Legacy www.amaroqminerals.com
Slide 4: H1 2026 Highlights
H1 2026 Highlights ~9,000oz 19.8 g/t C$56.2M Gold produced in H1 Processed head grade H1 H1 revenue Above midpoint guidance of 7,000–10,000 oz Against plan of 14-15 g/t Positive net profit of C$13.6m Phase 2 New upsized RCF Exploration Flotation circuit commissioned US$70m on improved terms Start of
Slide 5: Post Period Highlights
Post Period Highlights Nalunaq drilling MRE5 First Flotation Average grade of 42.8 g/t from Updated resource to 504 koz >100 bags of concentrate 27 holes +10.6% Indicated resources ~90% Recovery on target 132.5 g/t over 0.5 m Nanoq & Minturn Main Market Gardaq JV funding Drilling started August 2026
Slide 6: Nalunaq - Strategic Objectives
Nalunaq - Strategic Objectives Geology Mining Process plant Permitting Short Term: Short Term: Short Term: Short Term: • Establish reserves through • Reach nameplate capacity • Reach nameplate capacity • All permits in place underground drilling Medium/Long Term: Medium/Long Term: Medium/Long Term:
Slide 7: Nalunaq Drill Results and Exploration Plans
Nalunaq Drill Results and Exploration Plans Resource Growth Plans Completed 01 New 810 Exploration Mountain Channel Drift Sampling Systematic underground 810 Exploration 02 Drift drilling 03 Targeting blind high- Systematic grade zones drilling along exploration drift Completed Mountain Block Select
Slide 8: Maarmorilik - Redevelopment Strategy
Maarmorilik - Redevelopment Strategy String of pearls development project incorporating Black Angel Geology Mining Process plant Permitting • All available historic sampling • Focusing on String of pearls • Leveraging experience from • All exploration licences are in good and drilling collated into
Slide 9: Maarmorilik
Maarmorilik String of pearls development concept Deep Ice Zone Extension Targeting 2.5-3 Mt around high- grade historic intersections Pillar resource (1.3-2Mt) Maarmorilik Camp Glacier (1.73Mt) New Portal Open along strike and at depth. Targeting an additional 1Mt N2 orebody (195kt) Total resources:
Slide 10: Nanoq
Nanoq Future gold project in South Greenland Geology Mining Process plant Permitting • Planning a ~4-5km drill • In discussions with a local • SGS contracted to carry out • Conducting environmental programme on Central Zone contractor that constructed the metallurgical test work on the monitoring in
Slide 11: Nanoq 2026
Nanoq 2026 01 Infill drilling Step out drilling 02 03 Install Infrastructure for year around access and bulk sample 04 Targeting maiden MRE Building a Greenlandic Legacy 11
Slide 12: Financials
Financials Ellert Arnarson CFO Building a Greenlandic Legacy www.amaroqminerals.com
Slide 13: Income Statement
Income Statement All numbers in C$ millions Q2 2026 Q2 2025 H1 2026 H1 2025 H1 YoY Sales of 8,610 oz in H1 for gross proceeds of $56.2 million at US$4,696 per ounce, and Revenue 37.3 3.4 56.2 3.4 52.8 5,640 oz in Q2 for gross proceeds of $37.3 million at US$4,678/oz. Gross Profit 25 (0.6) 34.9 (0.6)
Slide 14: Financial Position
Financial Position All numbers in C$ millions Assets 30 Jun 2026 31 Dec 2025 Liabilities 30 Jun 2026 31 Dec 2025 Cash 28.5 21.5 Accounts payable 22.1 20.4 Prepaid expenses and others 8.9 10.7 Other current liabilities 15.5 0.2 Inventory 38.8 25.6 Total current liabilities 37.6 20.6 - thereof Metals
Slide 15: Cash Movements
Cash Movements All numbers in C$ millions H1 2026 Q1 2026 H1 2025 Main operational cash flow adjustments relate to increases in inventory (-13.2) and deferred Net profit (loss) 13.6 2.4 (10) revenue (+11.8). Adjustments for non-cash working capital items 6.8 8.4 (3.4) Cash flow used for investing ac
Slide 16: Outlook
Outlook Eldur Ólafsson CEO Building a Greenlandic Legacy www.amaroqminerals.com
Slide 17: Outlook
Outlook Nalunaq Maarmorilik Continued production ramp-up String of pearls project incorporating Enter text Achieving 25-35koz FY guidance Black Angel Working towards updated Mineral Recourse Estimate and Preliminary Economic Assessment for the West Greenland Hub Gardaq Suliaq Nanoq High impact Acqui
Slide 18: Q&A
Q&A
Slide 19: 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 Ltd (the “Company”). The presentation and the informat