Amaroq Ltd. · LSE:AMRQ
Amaroq — Q3 2025 Earnings Presentation
15 slides from Amaroq's earnings presentation, Nov 14, 2025
Slide 1: Q3-2025 Results
Q3-2025 RESULTS 14 NOVEMBER 2025 www.amaroqminerals.com | AMRQ Amaroq Ltd. is a Greenland-focused mining company engaged in the identification, acquisition, exploration and development of gold and strategic metals properties in Greenland.
Slide 2: 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
Slide 3: Amaroq Today: The Premier Gateway to Greenland's Resource Potential
AMAROQ TODAY The Premier Gateway to Greenland’s Resource Potential Mining Greenland Exploration, Development and Production Critical Mineral Exploration JV Mining and Gold Logistical Copper Services Base Metal Critical Metal Renewable Current Shipping Energy Routes Future Shipping Routes Amaroq: Q3
Slide 4: Working Across Two Hubs
WEST GREENLAND HUB WORKING ACROSS TWO HUBS Two Greenland Hubs - Unlocking a Continental Scale Opportunity KANGERLUARSUK (Zn, Pb, Ag) Amaroq now operates across two strategic hubs in BLACK ANGEL (Zn, Pb, Ag) WEST Greenland. In the south, our team is based at the operating SOUTH Nalunaq Gold Mine, pro
Slide 5: Q3-2025 Highlights
Q3-2025 HIGHLIGHTS Continued solid commissioning progress at Nalunaq mine Produced 5,000oz gold by early October Total Group liquidity of $45m at period The 2025 Greenland exploration launched 2025. Sales of 2,636oz in Q3 and 4,347 in 9 end – with cash balances of $55.3m and with multi-rig drilling
Slide 6: Building Value Across Our Portfolio
BUILDING VALUE ACROSS OUR PORTFOLIO Advancing assets through the Lassonde curve Operating Mine Other Nalunaq Exploration Kangerluarsuk Resource Definition Right Sizing of Project Value Strategic Interest Black Angel Resources and Feasibility Speculation Exploration Nanoq “Typical” P/NAV Range 0.10x
Slide 7: Q3 2025 Income Statement
Q3 2025 INCOME STATEMENT • Sales of 2,636 ounces in Q3 for C$ millions Q3 2025 Q3 2024 gross proceeds of $12.8 million at average price of US$3,568/oz. Revenue 12.8 - • Sales of 3,360 ounces for the Gross Profit 5.9 - first 9 months of 2025 for gross proceeds of $16.3 million at General and administ
Slide 8: Q3 2025 Financial Position
Q3 2025 FINANCIAL POSITION Selected balance sheet items (C$ millions) Q3 2025 Q2 2025 Capital assets 221.9 200.8 Prepaid expenses and others 13.8 10.2 Supplies inventory 5.9 6.1 Metals inventory 11.0 9.2 Escrow account for environmental rehabilitation 7.4 7.3 Loan Payable 42.6 40.2 Total Assets 339.
Slide 9: Liquidity and Cash Movements
LIQUIDITY AND CASH MOVEMENTS C$ millions Q3 2025 Q2 2025 Cash on hand 55.3 86.0 Undrawn credit facilities 8.9 8.9 Trade payables and accrued liabilities (18.8) (19.8) Short term liquidity 45.4 75.1 9-months ended 6-months ended Selected Cash Movements relating to the Nalunaq project Sep 30, 2025 Jun
Slide 10: Operational Highlights
OPERATIONAL HIGHLIGHTS Production • Q3 2025 gold production of 3,536 oz. Gold produced in the nine months to the end of September was 4,347 oz. • Production increased further post quarter end, reaching this year’s production guidance of approximately 5,000 oz, ahead of time. Processing • Commissioni
Slide 11: Nalunaq A/S: Commissioning of Greenland's Newest Mine
NALUNAQ A/S Commissioning of Greenland’s Newest Mine Mine Metrics 484koz Au 30g/t Au Updated Mineral Resource Resource Grade 151koz Au 300tpd Maiden Indicated Resource Targeted Mining Rate ~2m oz ~227 Exploration potential Head Count target ~350koz Au ~10 Years Historical Production Mine Life 10 25,
Slide 12: West Greenland Hub
Additional Regional Growth Opportunities WEST GREENLAND HUB Au Au Commercial levels of germanium, gallium and cadmium identified REE Kangerluarsuk Black Angel & Kangerluarsuk (Zn, Pb, Ag) • Former producing high grade room and pillar mine with significant in situ infrastructure and >176,000m of core
Slide 13: Outlook
OUTLOOK Planned shutdown complete and operations restarted Planned shutdown complete & Management expects 2025 full year Updated YE guidance of 5,000 oz of gold production to be 6,000 to 7,000 gold achieved in October 2025 operations restarted oz Strong financial position and a project With Phase 1
Slide 14: Q&A
Q&A Slide: 13 Amaroq: Q3 2025 Presentation
Slide 15: Contact Us
www.amaroqminerals.com CONTACT US AMAROQ LTD 3400 One First Canadian Place, PO Box 130, Toronto, On, M5X 1A4, Canada Eldur Olafsson, Chief Executive Officer AIM, TSXV, Nasdaq: AMRQ