Amaroq pours first gold at Nalunaq

(Sharecast News) - Amaroq Minerals, an independent mine development company focussed on southern Greenland, announced its first gold pour at the Nalunaq gold mine on Thursday, marking a significant milestone in the mine's development.

The AIM-traded firm said the pour, which took place on 27 November, followed approval from the Greenland government on 26 November for phase one commissioning of the Nalunaq processing plant, which was now operating at its nameplate capacity.

It said the initial pour yielded 1.2 kilograms, or 39 troy ounces, of gold after a 10-hour processing cycle.

During phase one commissioning, Amaroq said it planned to refine plant operations and conduct weekly gold pours.

Phase two commissioning, which would include integrating the flotation circuit, was expected to conclude in the second quarter of 2025, with full ramp-up to steady-state production by the fourth quarter of next year.

At that stage, the plant was projected to process between 260 and 300 tonnes of material per day, grading between 12 and 16 grams of gold per tonne.

An updated mineral resource estimate for Nalunaq was scheduled for publication in the first quarter of next year, further supporting the company's long-term production strategy.

"First gold pour at the Nalunaq mine signifies a major step on our journey, triggering initial cash flow generation," said chief executive officer Eldur Olafsson.

"As Nalunaq transitions from being a cost centre 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.

"Throughout this, we remain focused on the sustainable delivery of our projects, working closely with the local community, and delivering our purpose of creating a Greenlandic legacy."

At 0932 GMT, shares in Amaroq Minerals were up 1.49% at 85.25p.

Reporting by Josh White for Sharecast.com.