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Amaroq Minerals on track for trial mining at Nulnaq

Published 2023-05-26, 06:10 a/m
© Reuters.  Amaroq Minerals on track for trial mining at Nulnaq

Proactive Investors - Amaroq Minerals (TSXV:AMRQ) said it is “very well-funded” to bring its Nulnaq mine in Greenland on stream for trial mining in 2024.

An environmental impact assessment has been translated into Greenlandic and Danish ahead of public meetings later this year, it reported in a statement.

Debt funding and working capital have given the company available liquidity of US$113.5mln, it added, with US$30.4mln earmarked for a three-year exploration program across other projects at Nanoq, Vagar Ridge, Kobberminebugt and North Sava.

Amaroq is also working on its application to list on Iceland's Nasdaq Exchange main market.

Eldur Olafsson, chief executive, commented: "We enter the second quarter of the year very well-funded, and with a busy programme of exploration to add incremental resource to the company and to bring Nalunaq onstream on time and on budget such that we can meet trial mining in 2024.

“At the same time, our plans for a main market listing in Iceland move forward.”

Net losses for the three months to end March 2023 were US$3.4mln (US$4.1mln).

Read more on Proactive Investors CA

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