- Polymetallic mining stock Amaroq Minerals (TSXV:AMRQ) on Wednesday completed its first gold pour at its flagship Nalunaq mine in Greenland
- The pour yielded 1.2 kilograms (39 troy ounces) of gold after 10 hours of processing
- Amaroq seeks to identify, acquire, explore and develop gold and strategic metal properties in South Greenland
- Amaroq Minerals stock has added 47.06 per cent year-over-year and 294.74 per cent since 2019
Polymetallic mining stock Amaroq Minerals (TSXV:AMRQ) on Wednesday completed its first gold pour at its flagship Nalunaq mine in Greenland.
The pour yielded 1.2 kilograms (39 troy ounces) of gold after 10 hours of processing following the government of Greenland’s approval of phase-1 commissioning of the Nalunaq plant on Tuesday.
The plant is operating at nameplate capacity and will undergo continual optimizations during phase-1, with gold pours planned on a weekly basis and an updated mineral resource estimate expected by Q1 2025.
Phase-2 commissioning will incorporate the flotation circuit and is slated to be finalized by Q2 2025, while management expects to ramp up to steady-state nameplate capacity of 260-300 tons per day between 12-16 grams per ton of gold by Q4 2025.
Leadership insights
“I would like to thank my colleagues and the team on the ground who have worked tirelessly throughout the construction and commissioning to deliver first gold on time, maintaining a strong safety record – this is a remarkable achievement for Amaroq and our partners.
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 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. I would also like to thank our local community, the Greenlandic government and our shareholders for their ongoing support,” Eldur Olafsson, chief executive officer of Amaroq Minerals, said in a statement.
About Amaroq Minerals
Amaroq seeks to identify, acquire, explore and develop gold and strategic metal properties in South Greenland.
Amaroq Minerals stock (TSXV:AMRQ) last traded at C$1.50 per share. The stock has added 47.06 per cent year-over-year and 294.74 per cent since 2019.
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(Top photo of Amaroq Minerals’ first gold pour at its Nalunaq mine in Greenland: Amaroq Minerals)