A conference call for analysts and investors will be held today at
Eldur Olafsson, CEO of Amaroq, commented: 'During the quarter we successfully completed a fundraise to accelerate mining at Nalunaq, whilst continuing to invest in our wider gold and strategic minerals portfolio in
'I have been on site at Nalunaq now for some weeks, participating across all workstreams, and am highly encouraged by how operations are progressing. It has been excellent to be working alongside around 80 people from the Amaroq mining, engineering and site teams, in addition to our contractors
'I look forward to providing the market with a more complete update on Nalunaq operations at our Capital Markets event on 13 June, where we will present visuals of the progress made to date and providing guidance on the cost to complete as well as the expected date of first gold production. In addition, we will present our plan for resource growth at Nalunaq, along with details of our expanded drilling programme at the Stendalen copper-nickel discovery.
'Finally, progress on new growth opportunities within
Q1 2024 Corporate Highlights
Amaroq group liquidity of
Gold business working capital of
The Gardaq Joint Venture that comprises the
In
The Company intends to provide an update on the Nalunaq project at a Capital Markets event to be held in
The Company increased the amount placed in escrow from
Post-period,
Q1 2024 Operational Highlights
Permitting: The public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq closed on
Contracting and Procurement: After the re-scoping of the work, 81% of the key contracts for the processing plant were concluded and procurement was 81% complete at the end of Q1. The last major contract for structural, mechanical, piping and processing plant equipment installation was awarded to Scott Steel Erectors in early April
Engineering: Process plant detailed design and engineering was 86% complete at the end of Q1 based on the updated project scope
Construction: Processing plant pad construction is 95% complete, Precast foundations received and on site, foundation excavations completed, all plinths installed up to crusher area. Erection of processing plant steel structure is in progress. Overall processing plant construction is 24% complete
Mining: Mine rehabilitation was completed in mid-March, and the successful first underground blast at Nalunaq was initiated on
Exploration: The Company has been busy finalising interpretation and preparing for a busy 2024 field season to include a targeted Mineral Resource growth plans at Nalunaq and Copper-Nickel-Cobalt drilling at Stendalen among other project development programmes
Nalunaq Project KPIs 60,372 total hours worked during Q1 2024
Daily average of 55 people working on site at Nalunaq in Q1 2024
Zero Lost Time Injuries in Q1 2024
Ratio of Greenlandic personnel at Nalunaq standing at 53% in Q1 2024
Outlook
Following the announcement that
All engineering for the process plant will be completed during quarter two and the procurement packages will be issued to the market for these.
Post period, activities at Nalunaq continue to progress well, with 80 people now present on site. Construction of the processing plant structure is underway and expected to complete in
Exploration activities overview
Gold projects: Nalunaq
Additional 75 vein intersections from historical core drilling have been selected using core photography and will be assessed and sampled during Q2 2024
A Resource development exploration programme has been developed to work alongside continued underground rehabilitation and development activities
Nanoq
Further desk-based modelling from the ALS Goldspot interpretation has allowed the Company to produce detailed resource drilling plans that can be progressed in 2024/25
The Corporation has progressed with the construction of a robust geological and mineralization model to inform future exploration at Vagar as well as designing future exploration options
Amaroq has continued to assess the results from the 2023 field season alongside recognised subject matter experts in porphyry mineralisation as the Company develops its 2024 exploration programmes
Stendalen
Geophysical data reviewed points to the likely feeder zone and other sulphide accumulation areas. 2024 exploration drilling plans have been developed
Kobberminebugt: High resolution geophysical data (MT) has been received and inverted for the Kobberminebugt licence and is currently being reviewed ahead of the development of a 2024 field programme
Nunarsuit
High resolution geophysical data (Magnetics, Gravity and Radiometics) has been received for the western sections of the licence and is currently being reviewed ahead of the development of a 2024 field programme
Regional Exploration
The Company has continued its desk based regional exploration programmes developing further targets to be assessed as part of the 2024 field programmes
Details of conference call
A conference call for analysts and investors will be held today at
The Company intends to hold a Capital Markets Day in
Details of registration and remote access will be provided in advance of the session.
Amaroq Financial Results
The following selected financial data is extracted from the Financial Statements for the three months ended
Contact:
Eldur Olafsson
Executive Director and CEO
Tel: +44 (0)7713 126727
Email: eo@amaroqminerals.com
About
Certain statements in this release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as 'may', 'would', 'could', 'will', 'intend', 'expect', 'believe', 'plan', 'anticipate', 'estimate', 'scheduled', 'forecast', 'predict' and other similar terminology, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices and the failure of exploration, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
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