Amaroq donates first gold in Nalunaq mine | 28.11.24

Reykjavík, November 28, 2024 (GLOBE NEWSWIRE) — (“Amaroq Minerals” or the “Company”)

Amaroq donates first gold at Nalunaq mine

TORONTO, ONTARIO – November 28, 2024 – Amaroq Minerals Ltd. (AIM, TSXV, Nasdaq Iceland: AMRQ), an independent mine development company with a substantial gold land base and strategic mineral assets in South Greenland, is pleased to announce that it has completed the first gold deposit at the Nalunaq Keystone Gold Mine in Greenland on November 27, 2024.

Highlights

On November 26, 2024, the Greenland government approved the commissioning of Phase 1 of the Nalunaq plant, which has since been operated at rated capacity.
The first gold deposit at Nalunaq occurred on November 27, 2024, producing 1.2 kilograms (39 troy ounces) of gold after a 10-hour processing period.
The company will continue to optimize the processing plant during the Phase 1 commissioning and aims to conduct a gold deposit on a weekly basis.

Next steps

The commissioning of phase 2, which includes the flotation circuit, is expected to be completed in the second quarter of 2025.
The ramp-up to a stable plant capacity of 260-300 tonnes of material between 12-16 g/t Au per day is expected to occur in the fourth quarter of 2025.
An updated Mineral Resource Estimate (MRE4) for Nalunaq is expected to be published in the first quarter of 2025.

Eldur Olafsson, CEO of Amaroq Minerals, commented:

“I would like to thank my colleagues and the on-site team who worked tirelessly during construction and commissioning to deliver the first gold on time, maintaining a strong safety record – this is a remarkable achievement for Amaroq and our partners.

“The first gold deposit at the Nalunaq mine represents a major step in our journey, generating the first cash flow. As Nalunaq transitions from a cost center to a cash generator, our focus shifts to resources, extending mine life and further exploration to unlock the full mineral potential of our Greenland portfolio.

“During this period, we remain focused on the sustainable implementation of our projects, working closely with the local community and achieving our goal of creating a Greenlandic legacy.

“I would also like to thank our local community, the Greenland government and our shareholders for their continued support.”

A video of the first gold deposit is available to view at the link below:
https://youtube.com/shorts/YsHlvluY3lc

To ask:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
[email protected]

Eddie Wyvill, business development
+44 (0)7713 126727
[email protected]

Panmure Liberum Limited (nominated advisor and business broker)
Scott Mathieson
Nikhil Varghese
Kieron Hodgson
+44 (0) 20 7886 2500

Canaccord Genuity Limited (business broker)
James Asensio
Harry Rees
Tel: +44 (0) 20 7523 8000

Camarco (financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

For company updates:
Follow @Amaroq_Minerals on X (formerly known as Twitter)
Follow Amaroq Minerals Ltd. on LinkedIn

Further information:

About Amaroq Minerals

Amaroq Minerals’ primary business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in South Greenland. The company’s main asset is a 100% stake in the Nalunaq gold mine. The company has a portfolio of gold and strategic metals assets in South Greenland covering the two known gold belts in the region, as well as advanced exploration projects in Stendalen and the Sava Copper Belt for research into strategic metals such as copper, nickel, rare earths and other minerals . Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Insider knowledge
This announcement does not contain any insider information.