Q2 2026 Amaroq Ltd Earnings Call Transcript

Aug 13, 2026 / 09:00 AM GMT

Release Date Price: €1.29 (+6.61%)

Transcript

Key Points

Positve

Amaroq Ltd (AMRQF) delivered strong H1 2026 results with revenue of $56.2 million, a significant increase from $3.4 million in the prior year, and achieved profitability with an operating profit of $15.1 million.
The company is on track to meet its full-year production guidance of 7,000-10,000 ounces, having already produced 9,000 ounces in H1, with higher-than-planned grades averaging 20 g/t.
Phase 2 of the processing plant is operational, achieving 90% recovery rates in July, and the plant is running at designed capacity, enhancing operational efficiency.
Amaroq Ltd (AMRQF) successfully upgraded to the London Stock Exchange's main market, which is expected to improve liquidity and attract international investors, with potential index inclusion.
The company has a robust exploration pipeline, including high-grade underground drilling results at Nalunaq (42.8 g/t average) and promising projects like Marmorilik and Nanoq, which could drive future growth.
Financial strength is evident with a strong equity ratio of 69%, a new $70 million revolving credit facility, and $47 million in available liquidity, supporting ongoing development and exploration.

Negative

Amaroq Ltd (AMRQF) faces high operational costs, with all-in sustaining costs (AISC) around $4,000 per ounce in H1, though expected to decline to $2,400 per ounce for the full year.
The company's share price has underperformed compared to gold and gold explorer ETFs, partly due to market liquidity issues and selling pressure from Icelandic mutual funds.
Exploration and development activities are subject to logistical challenges, including equipment availability and weather delays, which have caused schedule slippages, such as a 4-week delay at the Minton project.
The company's cash balance was low at the end of June, requiring a recapitalization in July with an injection of $6.5 million to fund the field season, indicating potential cash flow volatility.
There is uncertainty regarding the processing of Nanoq ore at the Nalunaq plant, with metallurgical testing ongoing, and if not amenable, it could require additional capital expenditure.
The company's reliance on contractors and external services during the ramp-up phase has increased costs, though management plans to bring more operations in-house over time.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AMRQ.L - Amaroq Ltd
Q2 2026 Amaroq Ltd Earnings Call
Aug 13, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning everyone, and welcome to the Amaro Q2 and H12026 results presentation at

My name is Ed Westrop.

I'm the corporate development strategy officer for Amaro and this morning we'll follow the usual course.

Elder will take you through the highlights of the period, operationally and strategically and Elec will take you through the financials and then we'll follow-up with some Q&A from the line.

So if you have any questions, please follow the usual form on the webcast portal and we'll endeavor to TRY and answer all your questions.

So,

Without further ado, let's thrust straight into it.

I love it.

Yeah,

Morning everybody.

Thanks all for being here.

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