Major Milestone Achieved as Amaroq Minerals Pours First Gold

Amaroq Celebrates First Gold Pour at Nalunaq Mine

Amaroq Minerals Ltd. (NASDAQ Iceland: AMRQ), an independent mining firm, is thrilled to announce a key milestone in its operational journey. On a significant day, the company successfully completed its initial gold pour at the Nalunaq gold mine, located in the pristine region of Southern Greenland. This achievement represents a moving moment not only for Amaroq but also for the local community and stakeholders invested in the company's future.

Company Overview and Operational Highlights

Amaroq Minerals has carved a niche for itself through the strategic acquisition, exploration, and development of gold and minerals in Greenland. Prior to the first gold pour, the Government of Greenland approved the crucial Phase 1 Commissioning of the Nalunaq plant. This important approval paved the way for the operational capacity that allowed the gold pour to take place on November 27, 2024.

During the initial pour, a remarkable amount of 1.2 kilograms, equivalent to 39 troy ounces of gold, was produced after a processing period of just 10 hours, showcasing the efficiency and capability of the Nalunaq plant.

Future Plans and Developments

As Amaroq Minerals looks ahead, the company has laid out ambitious plans for further phases of development at the Nalunaq mine. Phase 2 commissioning, which will incorporate a flotation circuit, is expected to wrap up in the second quarter of the year 2025. Following this, the target is to ramp up operations to achieve a steady-state nameplate plant capacity of 260-300 tonnes per day, with an anticipated gold content ranging between 12-16 g/t Au by the fourth quarter of 2025.

Furthermore, the company has committed to provide an updated Mineral Resource Estimate (referred to as MRE4) for Nalunaq, which is slated for publication in the early part of 2025. This critical data will help inform potential stakeholders about the resources available at one of the promising mining sites in Greenland.

CEO’s Commendation

Eldur Olafsson, the CEO of Amaroq Minerals, expressed immense pride in the team's efforts that led to this significant milestone. He acknowledged the hard work and dedication of the individuals involved in constructing and commissioning the plant, emphasizing the importance of safety and collaboration throughout the process. As he stated:

“The First Gold Pour at the Nalunaq mine signifies a major step on our journey, triggering initial cash flow generation. As Nalunaq transitions from being a cost center to a cash generator, our focus turns to resource, mine life extension, and further exploration to unlock the full mineral potential of our Greenland portfolio.”

Community Engagement and Sustainability

The commitment to sustainability remains at the forefront of Amaroq Minerals’ operational ethos. The company aims to forge a positive relationship with the local community in Greenland, ensuring that they can develop their projects with respect for the environment and the people who inhabit it. Olafsson highlighted the collaborative efforts with stakeholders and expressed gratitude for their support during this journey.

About Amaroq Minerals

Amaroq Minerals' key focus lies in the identification and development of gold and strategic metals in the region. The Nalunaq Gold mine stands as a testament to their commitment to exploring and maximizing the mineral potential of Southern Greenland. They also hold assets in two known gold belts and have ongoing exploration projects aimed at strategic metals such as copper, nickel, and rare earth elements.

For inquiries, interested parties can reach out to Amaroq Minerals through the following contacts:

Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com

Eddie Wyvill, Corporate Development
+44 (0) 7713 126727
ew@amaroqminerals.com

Frequently Asked Questions

What is the significance of the first gold pour for Amaroq Minerals?

The first gold pour signifies a pivotal milestone for Amaroq Minerals, marking the transition from a cost center to a cash-generating operation.

When did Amaroq Minerals complete its first gold pour?

The first gold pour took place on November 27, 2024, following the approval for Phase 1 Commissioning.

What are the future plans for the Nalunaq mine?

Future plans include completing Phase 2 commissioning in Q2 2025, increasing plant capacity, and releasing an updated Mineral Resource Estimate.

Who is the CEO of Amaroq Minerals?

Eldur Olafsson serves as the CEO of Amaroq Minerals, leading the company through this significant phase of development.

What is Amaroq Minerals' focus in mining?

Amaroq Minerals focuses on gold and strategic metals in Southern Greenland, with ambitions to maximize their mineral resource potential.

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