Amaroq Ltd. · LSE:AMRQ
Amaroq — Q4 2025 Earnings Presentation
18 slides from Amaroq's earnings presentation, Mar 26, 2026
Slide 1: Amaroq Ltd Year end 2025 results presentation
AMAROQ LTD Year end 2025 results presentation Amaroq Ltd. is a Greenland-focused mining company engaged in the identification, acquisition, exploration and development of gold and strategic metals properties in Greenland. www.amaroqminerals.com | AMRQ March 2026
Slide 2: Amaroq at a Glance
AMAROQ AT A GLANCE Greenland‘s Established Mining Growth Platform PORTFOLIO OF NEAR, MID AND LONGTERM ASSETS OF SCALE 3,800km² Significant licence acreage across Greenland South Greenland Hub West Greenland Hub Nalunaq operating gold mine Black Angel & Kangerluarsuk 25-35koz Expected Au production i
Slide 3: Building Value Across Our Portfolio
BUILDING VALUE ACROSS OUR PORTFOLIO NALUNAQ (Phase I) Advancing assets through the Lassonde curve with ability to accelerate BLACK ANGEL BLACK ANGEL NALUNAQ (Phase II) (Phase II) (Phase I) OTHER EXPLORATION NANOQ NALUNAQ (Phase III) KANGERLUARSUK MINTURN Value ILUA “Typical” P/NAV Range 0.10x – 0.30
Slide 4: 2025 Operational Highlights
2025 OPERATIONAL HIGHLIGHTS A year of strong strategic and operational progress Nalunaq transitioned to an owner- Completed the acquisition of the West FY 2025 production of 6.35koz. operated mining model, dropping Greenland Hub and re-assayed bulk Recorded first revenues in 2025 since operating cos
Slide 5: Q4 2025 Income Statement
Q4 2025 INCOME STATEMENT • Sales of 1,949oz in Q4 for gross C$ millions Q4 2025 Q4 2024 proceeds of $10.7 million at US$3,920/oz. Revenue 10.7 - • Sales of 5,310oz FY 2025 for Gross Profit 5.8 - gross proceeds of $27 million at average price of US$3,647/oz. General and administrative (5.2) (5.7) • T
Slide 6: Q4 2025 Financial Position
Q4 2025 FINANCIAL POSITION Selected balance sheet items (C$ millions) Q4 2025 Q3 2025 Capital assets 252.7 221.9 Prepaid expenses and others 10.7 13.8 Supplies inventory 9.3 5.9 Metals inventory 15.8 11.0 Escrow account for environmental rehabilitation 9.0 7.4 Loan Payable 42.2 42.6 Total Assets 354
Slide 7: Liquidity and Cash Movements
LIQUIDITY AND CASH MOVEMENTS C$ millions Q4 2025 Q3 2025 Cash on hand 21.5 55.3 Undrawn credit facilities 8.9 8.9 Trade payables and accrued liabilities (20.4) (18.8) Short term liquidity 10.1 45.4 12-months ended 9-months ended Selected Cash Movements relating to the Nalunaq project Dec 31, 2025 Se
Slide 8: Executing Our Strategy in 2026
EXECUTING OUR STRATEGY IN 2026 First full year guidance from Nalunaq, most extensive exploration campaign to date and strategic initiatives Total planned exploration Targeting Nalunaq full year AISC 2026 full year gold production expenditure across the portfolio of USD69-73m and a further from Nalun
Slide 9: 2026 Current Exploration Plans
2026 CURRENT EXPLORATION PLANS Aggressive exploration programmes targeting resource and value growth GOLD ASSETS NALUNAQ Underground exploration targeting resource replacement NANOQ Continued Resource drilling targeting a maiden Mineral Resource Estimate SATELLITE GOLD Ground exploration to define t
Slide 10: Nalunaq Phase 2 Progress
NALUNAQ PHASE 2 PROGRESS On schedule for commissioning in Q2 2026 Slide: 9 Amaroq Ltd: FY 2025 Presentation
Slide 11: Appendices
Appendices Amaroq Ltd. is a Greenland-focused mining company engaged in the identification, acquisition, exploration and development of gold and strategic metals properties in Greenland. www.amaroqminerals.com | AMRQ
Slide 12: Working Across Two Hubs
WEST GREENLAND HUB WORKING ACROSS TWO HUBS MINTURN (Fe, Cu, Au) 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 Nal
Slide 13: The Enablers
THE “ENABLERS” Infrastructure support to enhance the operations of Amaroq and other companies in Greenland SULIAQ ApS IMEQ ApS The first major private hydro project in Greenland, located near Nalunaq Project progressing following pre-feasibility study completion in Q4-’25 Mining Logistics Equipment
Slide 14: Summary of Key Assets
SUMMARY OF KEY ASSETS Significant development and exploration potential amongst the West and South Greenland Hubs NALUNAQ NANOQ 100%-owned, high-grade operating gold mine located 30km northeast of Nanortalik and High grade gold project 120km NE of cornerstone asset of Amaroq Nalunaq, and along Nanor
Slide 15: Summary of Key Assets
SUMMARY OF KEY ASSETS Significant development and exploration potential amongst the West and South Greenland Hubs BLACK ANGEL KANGERLUARSUK Project located in central western Greenland, Located 12km from Black Angel within 15km approximately 200 km north of Ilulissat strike length of favourable geol
Slide 16: Creation of West Greenland Hub
Additional Regional Growth Opportunities CREATION OF WEST GREENLAND HUB Au Au Located within an active high potential exploration district REE Newly realised critical mineral potential within the Black Angel material Kangerluarsuk (Zn, Pb, Ag) GERMANIUM (Ge) GALLIUM (Ga) CADMIUM (Cd) • Shiny gray-wh
Slide 17: West Greenland Hub Strategy
WEST GREENLAND HUB STRATEGY Redevelop, unlock resource potential, grow PHASE 1 – Pillar Robbing Commercialise the Commercialise the old old mine mine as as quickly quickly as as possible possible in in order order to to rationalise rationalise the the full-scale full-scale development development of
Slide 18: Contact Us
www.amaroqminerals.com CONTACT US AMAROQ LTD 100 King Street West, Suite 3400, 1 First Canadian Place, Toronto, Ontario, M5X 1A4, Canada Eldur Olafsson, Chief Executive Officer AIM, TSXV, Nasdaq: AMRQ