REG-Q1 2026 Operational and Financial Results

AmaroqAnnouncement

Wed 07:00

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Reykjavík, May 13, 2026 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")

Q1 2026 Operational and Financial Results

Strong start to the year with performance in line with expectations

13 May 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an
independent mine development company focused on unlocking Greenland’s
mineral potential, is pleased to announce its Q1 2026 Financial Results. All
dollar amounts are expressed in Canadian dollars unless otherwise noted.

The Company will be hosting a Capital Markets Update later today at 14:30 BST,
details of which can be found further down in this announcement.

Eldur Olafsson, CEO of Amaroq, commented: 
“I am pleased to report a strong first quarter’s operational and financial
performance, in line with expectations and guidance for the full year. Mining
operations and processing at the Nalunaq gold mine performed well, with gold
grades and recoveries very much in line with guidance.

“With the completion of Phase 1 commissioning, we continued to ramp up
mining and milling rates through the quarter and successfully navigated the
challenging winter month personnel rotations. Current trading has been strong,
keeping us on track for the H1 2026 guidance of 7 to 10koz of gold and full
year of 25 to 35k oz. I am also excited that we will be kicking off our high
impact 2026 exploration campaign in June 2026, starting at the Ilua Rare Earth
prospect.

“In addition, today we are hosting a capital markets update in London,
showcasing the extensive growth pipeline we are looking to unlock over the
next five years, as well as a deeper look into the Nalunaq gold mine and its
own resource and production growth potential; highlighting the significant
latent value we have within the business ready to be realised. Amaroq has
started 2026 in a very strong position and I look forward to updating the
market as this year progresses.”

Q1 2026 Financial Highlights – in line with management expectations and
budget
* Revenue of $18.9 million (Q1 2025: $0m) from total gold sales of 2,970 oz at
an average gold price of USD 4,656/oz.
* Gross profit of $9.8 million and net profit of $2.4 million.
* Capital assets of $275.4 million as at March 31, 2026 ($252.7 million as at
December 31, 2025).
* Gold inventory of $20.3 million as at March 31, 2026 ($15.8 million as at
December 31, 2025).
* Cash balance of $8.8 million as at March 31, 2026 ($21.5 million as at
December 31, 2025).
Q1 2026 Operational Highlights – In line with production guidance and higher
than anticipated grade
* Nalunaq produced a total of 3,694oz of gold, in line with guidance with
average feed grade of 19.9 g/t, which is higher than 2026 guidance of 14 to 15
g/t, as reconciliation against the 2026 mine plan showed improvements.
* Average recoveries were 61%, in line with the planned recovery factor for
Phase 1 of ~60%.
* On January 8, 2026, the Company announced the award of the Final Impact
Benefit Agreement for the Nalunaq gold mine.
* On January 21, 2026, the Company announced exploration results from the 2025
field campaign at its Minturn IOCG prospect; identifying high-grade iron
assays from surface samples, including iron grades up to 69.5% Fe,
underscoring the presence of a significant iron-oxide core within the system.
* On March 20, 2026, the Company received the signed approval of the Final
Mine Plan and Closure Plan for the Nalunaq Licence from the Government of
Greenland.
* Post-period, on April 30, 2026, Amaroq secured a Revolving Credit Facility
(RCF) with Landsbankinn and Gunvor Group with increased capacity of US$70
million, replacing its existing US$35 million RCF while reducing the overall
cost of funding.
Corporate
* On February 18, 2026, the Company reiterated its intention to upgrade its
London Stock Exchange listing to the Main Market, appointing Citigroup Global
Markets Limited to act as sponsor and financial adviser.
* On March 19, 2026, the Company completed the voluntary delisting of its
common shares from the TSX Venture Exchange (the “TSXV”).
2026 guidance vs actual performance table:

                           Guidance for FY 2026  Q1 2026 actuals  
 2026 gold production      25 to 35koz           3.7koz           
 Average feed grade (g/t)  14 to 15 g/t          19.9 g/t         
 Gravity recovery (%)      50-70%                61%              
 Nalunaq cash cost         USD44 to 47m          USD9.8m          
 Nalunaq AISC              USD69 to 73m          USD16.7m         

Outlook
* The Company reiterates FY2026 gold production guidance of 25-35 koz and
confirms current trading in line with this range, with production expected to
be weighted towards the second half of 2026, following commissioning of the
flotation circuit.
* The 2026 exploration campaign will commence in June 2026 at the Ilua
REE prospect, with the aim of further delineating the scale of the REE
hosting pegmatite systems and to conduct initial scout drilling to understand
depth potential and volumetrics.
* Other exploration activities include: * July 2026 - Rehabilitation of
surface facilities, updating of studies and commencing resource growth
exploration at Black Angel, the previously producing zinc, lead, silver,
germanium and gallium mine acquired in 2025, targeting drilling in 2026 and/or
2027.
* July 2026 - Conduct surface geophysical work and a scout drilling programme,
at the large Minturn IOCG prospect, to assess the scale of the mineralisation
and potential economics of the target.
* July/August 2026 - Systematic drill testing of the Central Zone at the
Nanoq future gold project, in the southern Greenland Nanortalik gold belt with
the objective of establishing the geological continuity and data density
required to underpin a Maiden Mineral Resource Estimate.
* August 2026 - The Company will continue to develop additional drill sites at
the Stendalen copper nickel prospect, targeting potential sulphide traps and
is reviewing options to action these during the upcoming season.
 
* The Company continues to make good progress on the transition to the Main
Market of the London Stock Exchange in 2026.
Nalunaq Operations Overview
Following the transition to a fully owner-operated mining model, the Company
has invested in its own underground mining fleet, which had been largely
delivered and commissioned by the end of Q1 2026.

During the first quarter, 33,404t of material was mined, equivalent to 11,120t
of ore. Development continued in the Mountain Block, with the main ramp
approaching the 816 metre level. While commissioning of the flotation circuit
remains on schedule for Q2 2026, gold-bearing tailings are currently being
transported back to the mine and stockpiled for reintroduction into the
processing plant, once the flotation circuit becomes operational.

During the quarter, a total of 12,032t of material was processed at an average
mill feed grade of 19.9g/t gold. Gold production totalled 3,694oz, while sales
amounted to 2,970oz of gold. The average realised gold price during the
quarter was US$4,656/oz.

Gold production for 2026 is guided at 25 to 35 koz, with production expected
to be weighted towards the second half of 2026, following commissioning of the
flotation circuit, which is anticipated to increase overall gold recoveries
from a range of 50–70%, under the current gravity-only circuit, to
approximately 90–95%.

Exploration Overview 
Gold Exploration Projects in Q1 2026 
At Nalunaq, a total of 2,411.5m from 31 underground drillholes have been
completed during the first quarter, providing support to short and medium term
mine planning. Alongside Bara Consulting, the Company has been reviewing all
results up to the end of 2025 to allow the update of the current Mineral
Resource estimate (MRE4).

With assistance from SRK Consulting UK, Amaroq has been reviewing geological
modelling at Nanoq allowing for 2026 programme design, as well as initial
Mineral Resource Estimate. A metallurgical sample exceeding 100 kg has been
dispatched to SGS Lakefield, Canada, to support initial test work assessing
anticipated processing performance and recovery characteristics. Design work
relating to potential 2026 exploration programmes has continued alongside
ongoing geological reviews within the broader Nanortalik Gold Belt.

Strategic Minerals Projects in Q1 2026 (51% ownership through Gardaq Joint
Venture) 
The 2026 field season options for Stendalen have been designed alongside
assessment of logistical requirements. A review of the 2025 exploration
results for Ilua, and in particular the REE hosting mineralogy has been
commenced alongside the University of St Andrews, ahead of implementation of
the 2026 programme.

The Company continues to review the geological data for the large IOCG
prospect Minturn, to build a robust 2026 field programme. Results from across
the wider South Greenland Copper Belt continued to be reviewed and evaluated
during the reporting period.

West Greenland Hub 
In Q1 2026 at Black Angel, Amaroq continued discussions with various
contractors and consultants regarding the refurbishment of infrastructure,
planning and logistical preparation for the 2026 field season, and the review
and updating of historical technical studies. Design options for a 2026 and/or
2027 drilling campaign at Kangerluarsuk have been reviewed and are under
assessment.

Capital Markets Update 
The Company will be hosting a Capital Markets Update for investors and
analysts at 14:30 BST today. The event will be held in London and available
via live webcast. A recording of the presentation will be made available on
the Company’s website following the event.

To register for the webcast, please enter your details via the following link:
https://edge.media-server.com/mmc/p/h5ac64dd

There is no new or price sensitive information being provided as part of the
presentation. The presentation itself will be available on the Company’s
website from 1300 BST today, link: Presentations - Amaroq Ltd.
(https://www.globenewswire.com/Tracker?data=88PVHYBcsZ0lnS4LTPDXV8XEeEoRdoY-oziainDAOeaYwVUFSI8zSjQnAnZ0C4bB997mMLWGQlT170nB3q0pi1j7E4TLmr6rCkmTKj8Auhb-ZqGgPxwLnI1uPxOpfCZNx9JCPUzuUE_wgamQnVcZAw==)

Financial Results

 Period ended March 31, 2026                          Three months    Three months  
                                                      2026            2025          
                                                      $               $             
 Financial Results                                                                  
 Revenue                                              18,945,404      -             
 Cost of Sales                                        (8,584,102)     -             
 Selling, refining and royalty costs                  (493,975)       -             
 Exploration and evaluation expenses                  (401,567)       (193,420)     
 General and administrative expenses                  (5,794,031)     (4,581,116)   
 Depreciation and amortization                        (270,114)       (45,205)      
 Selling expenses                                     -               (48,352)      
 Foreign exchange gain (loss)                         (737,939)       591,610       
 Interest income                                      149,334         26,306        
 Gardaq project management fees                       613,613         643,553       
 Gain on lease modification                           -               30,543        
 Loss on loan modification                            (271,437)       -             
 Share of net losses of joint arrangement             (376,680)       (370,343)     
 Finance costs                                        (330,477)       (452,273)     
 Net income (loss) and comprehensive income (loss)    2,448,029       (4,398,697)   
 Basic earnings (loss) per common share               0.005           (0.011)       
 Diluted earnings (loss) per common share             0.005           (0.011)       

Financial Position

 Financial Position                                As at                           
                                                   March 31, 2026  March 31, 2025  
                                                   $               $               
 Financial Position                                                                
 Cash                                              8,772,700       16,698,642      
 Investment in equity-accounted joint arrangement  12,400,944      14,531,970      
 Total assets                                      375,589,106     252,074,553     
 Total current liabilities                         33,638,679      46,894,778      
 Total non-current liabilities                     59,085,389      7,641,551       
 Shareholders’ equity                              282,865,038     197,538,224     
 Working capital (before loan payable) (1)         24,252,228      22,238,142      
 Working capital (loan payable included) ( 1)      24,252,228      (7,563,780)     

Enquiries:
Amaroq Ltd. C/O 
Ed Westropp, Chief Corporate Development and Strategy Officer 
+44 (0)7385 755711
ewe@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets (Corporate Broker) 
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Camarco (Financial PR)
Elfie Kent
Fergus Young 
+44 (0) 20 3757 4980

Further Information:

About Amaroq

Amaroq’s principal business objectives are the identification, acquisition,
exploration, and development of gold and strategic metal properties in South
Greenland. The Company’s principal asset is a 100% interest in the Nalunaq
Gold mine. The Company has a portfolio of gold and strategic metal assets in
Southern Greenland covering the two known gold belts in the region as well as
advanced exploration projects at Stendalen and the Sava Copper Belt exploring
for Strategic metals such as Copper, Nickel, Rare Earths and other minerals.
Amaroq is continued under the Business Corporations Act (Ontario) and wholly
owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Glossary

 Au        gold                            
 g         grams                           
 g/t       grams per tonne                 
 km        kilometres                      
 koz       thousand ounces                 
 m         meters                          
 MRE3      Mineral Resource Estimate 2022  
 MRE4      Mineral Resource Estimate 2024  
 oz        ounces                          
 t         tonnes                          
 t/d       Tonnes per day                  
 t/m (3)   tonne per cubic meter           
 USD/ozAu  US Dollar per ounce of gold     

Inside Information
This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as
it forms part of UK domestic law by virtue of the European Union (Withdrawal)
Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement
The technical information presented in this press release has been approved by
James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist
with the Geological Society of London, and as such a Qualified Person as
defined by NI 43-101.

(1) Working Capital as per the Consolidated Statement of Financial Position as
at March 31, 2026 is $24,252,228 ($7,563,780 as at March 31, 2025) and
includes loan payable of $nil ($29,801,922 as at March 31, 2025). As at
March 31, 2025, the loan payable was classified as current because it was
maturing within 12 months of the reporting date.

Attachments
*     Amaroq Financial Statements
(https://ml-eu.globenewswire.com/Resource/Download/91881a1a-c27c-4116-a6ba-f7eba32ab727)
  
*     Amaroq MD&A
(https://ml-eu.globenewswire.com/Resource/Download/509de488-f335-44c7-b3b2-66bdbd827b67)