Amaroq Minerals Ltd.

Reykjavik, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, announced that Livermore Partners LLC, managed by David Neuhauser, Non-Executive Director of Amaroq, acquired 12,100 common shares of the company. This acquisition increases Neuhauser's indirect holding to 14,621,924 shares, representing 4.47% of the company's capital. Amaroq's main objectives include the exploration and development of gold and strategic metal properties in South Greenland, with its principal asset being the Nalunaq Gold mine, expected to commence production by the end of 2024. The company also has advanced exploration projects at Stendalen and the Sava Copper Belt. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S under the Greenland Public Companies Act. The announcement does not contain inside information.

On September 9, 2024, Amaroq Minerals Ltd., a mine development company with assets in Southern Greenland, announced that Non-Executive Director Line Frederiksen acquired 14,500 common shares of the company. Amaroq Minerals focuses on gold and strategic metal properties, including the Nalunaq Gold mine, which is set to begin production by the end of 2024. The company also has exploration projects for strategic metals such as copper, nickel, and rare earths. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S under the Greenland Public Companies Act. The announcement does not contain inside information.

Amaroq Minerals Ltd., an independent mine development company with gold and strategic mineral assets in Southern Greenland, announced that several of its directors and executives, including Chairman Graham Stewart and CEO Eldur Olafsson, acquired a total of 191,085 common shares of the company. The company's primary asset is the Nalunaq Gold mine, set to begin production by the end of 2024. Amaroq Minerals is focused on the exploration and development of gold and strategic metal properties in South Greenland. The company operates under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act. This announcement does not contain inside information.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, announced its Q2 2024 financial results. Key highlights include: 1. **Operational Progress**: - Significant advancements at the Nalunaq project, with the main building works completed and installation of processing plant components underway. First gold production is expected later in 2024. - Approval received from the Greenlandic Government for Environmental and Social Impact Assessments. - Ongoing exploration efforts at Nalunaq and other projects, including the start of drilling operations at Stendalen. 2. **Financial Developments**: - Arrangement of a substantial increase and extension of debt financing with Landsbankinn, offering more favorable rates. 3. **Financial Results**: - Exploration and evaluation expenses decreased to $748,040 from $3,459,846 in 2023. - General and administrative expenses increased to $8,294,917 from $5,383,216 in 2023. - Net loss of $3,988,193 compared to a net income of $19,980,808 in the same period in 2023. - Cash on hand decreased to $31,663,204 from $65,086,851 as of March 31, 2024. 4. **Corporate Updates**: - Conditional awards under the Restricted Share Unit Plan were granted to the new CFO Ellert Arnarson. - A conference call for analysts and investors was scheduled to discuss the financial results. 5. **Financial Position**: - Total assets amounted to $177,950,773, with total liabilities of $42,585,028. 6. **Subsequent Events**: - Agreement on Head of Terms with Landsbankinn for US$35 million in revolving credit facilities to support ongoing operations and development projects. The company remains focused on advancing its projects while maintaining high standards of environmental and social responsibility.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, will release its Q2 2024 results on August 14, 2024. A remote investor and analyst presentation will be held the same day at 2:00pm London time. The company focuses on the exploration and development of gold and strategic metal properties, including the Nalunaq Gold mine, which is expected to begin production by the end of 2024. Further details on how to join the presentation will be included in the results announcement. For updates, follow the company on social media platforms X (formerly Twitter) and LinkedIn.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, has confirmed that Ellert Arnarson will assume the role of Chief Financial Officer effective August 6, 2024. The company focuses on the identification, acquisition, exploration, and development of gold and strategic metal properties in Southern Greenland, including the Nalunaq Gold mine, which is expected to start production by the end of 2024. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and owns Nalunaq A/S, incorporated under the Greenland Public Companies Act. The announcement does not contain inside information.

On July 11, 2024, Amaroq Minerals Ltd. announced that Livermore Partners LLC, managed by David Neuhauser, a Non-Executive Director of Amaroq Minerals, acquired 37,900 common shares in the company. This acquisition increases Neuhauser's indirect holding to 14,579,124 shares, representing 4.45% of the company's capital. Amaroq Minerals focuses on the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland, with its principal asset being the Nalunaq Gold mine, which is expected to commence production towards the end of 2024. The company also has other exploration projects in Southern Greenland. The announcement does not contain inside information.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, has announced the appointment of Mr. Ellert Arnarson as Chief Financial Officer (CFO), effective August 2024. Mr. Arnarson, currently the Head of Corporate Finance at Landsbankinn, has extensive experience in financial management, capital raising, and mergers and acquisitions. He holds a Master’s Degree in Financial Economics and a Bachelor’s Degree in Mathematics from the University of Iceland. Eldur Olafsson, CEO of Amaroq Minerals, expressed his enthusiasm for Mr. Arnarson joining the team as the company prepares to commence production at the Nalunaq Gold mine in South Greenland by the end of 2024.

Amaroq Minerals Ltd., a mine development company with gold and strategic mineral assets in Southern Greenland, has agreed on terms for a new US$35 million Revolving Credit Facility with Landsbankinn. This new agreement replaces an undrawn US$18.5 million facility and aims to simplify the company’s debt structure while providing better rates, increased liquidity, and financial flexibility. The funds will support the development of the Nalunaq Gold mine, expected to start production by the end of 2024. CEO Eldur Olafsson expressed satisfaction with the new arrangement, emphasizing its role in strengthening the company's capital management plan.