Announcement • Jul 31
Amaroq Ltd. Publishes Updated Mineral Resource Estimate and Competent Persons Report for Nalunaq Gold Mine
Amaroq Ltd. announced MRE5 for its 100%-owned Nalunaq gold mine in South Greenland. MRE5 for Nalunaq has been published alongside the updated CPR for Nalunaq and the rest of the Amaroq Greenland portfolio. MRE5 has been independently prepared by Bara Consulting Ltd. and has an effective date of 1 December 2025. Total Mineral Resources have increased to 504 koz of contained gold, comprising 174 koz in the Indicated category and 329 koz in the Inferred category, at an average grade of 30.35g/t Au. The Indicated Mineral Resource category increased in contained gold by 10.6% to 174 koz, comprising 163,300t at 33.20g/t Au, relative to MRE4, more than replacing depletion from mining activities up to the MRE5 effective date of 1 December 2025. Inferred Mineral Resources increased to 329 koz, comprising 352,800t at 29.03g/t Au. Total contained gold increased by 4.1%. The increase in Indicated Mineral Resources was principally driven by the successful 2025 underground infill drilling and development sampling programme, which allowed the Indicated classification boundary to be extended within the Upper Mountain Block. MRE5 incorporates 6,467m of new drilling from 11 surface and 30 underground drillholes, together with 119 channel samples and 165 chip samples collected during 2025. The Mineral Resource remains highly resilient to changes in cut-off grade. Bara estimates that doubling the cut-off grade to approximately 12g/t Au would reduce contained gold by only approximately 12%. The updated estimate provides a strengthened technical foundation for ongoing mine planning, resource conversion drilling and the studies required to support the declaration of a maiden Mineral Reserve. Exploration Target remaining of between 400,000t and 2,200,000t at grades of 10–30g/t Au has been identified for additional Main Vein potential. The identified 75 vein and extensions to the Main Vein within the South Block Deeps area are not included in this exploration potential. The Exploration Target is conceptual in nature and is not a Mineral Resource. MRE5 does not include the recently announced high-grade intersections from ongoing underground drilling, which post-date the estimate and provide clear potential upside for future Mineral Resource updates. Nalunaq MRE5 Mineral Resource Statement: Effective date: 1 December 2025. Classification: Indicated 163,300t 33.20g/t Au 174 koz; Inferred 352,800t 29.03g/t Au 329koz; Total 516,100t 30.35g/t Au 504 koz. The Mineral Resources are 100% attributable to Amaroq through its wholly owned subsidiary, Nalunaq A/S. Mineral Resource Statement Notes: Mineral Resources are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves dated 10 May 2014. The Mineral Resource has an effective date of 1 December 2025 and has been depleted to reflect the surveyed underground mining voids as of that date. Mineral Resources are reported on an in-situ, undiluted wireframe basis above a cut-off grade of 5.52g/t Au. The cut-off grade is based on a gold price of USD 3,000/oz, gold recovery of 94%, gold payability of 98.84%, a mining cost of USD 164/t, processing cost of USD 160/t, allocated general and administrative costs of USD 46/t and other applicable operating assumptions independently reviewed and validated by Bara. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves have been declared for Nalunaq. Indicated Mineral Resources are principally supported by areas of high-density underground development sampling and drilling within the first variogram search range. The MB HG2 domain, which contains 61,700t at 87.89g/t Au for approximately 174,300oz, remains entirely classified as Inferred because of the current density and distribution of drill coverage. The Competent Person and Qualified Person responsible for the Mineral Resource Estimate is Mr. James McFarlane, MCSM, CGeol, CEng, FIMMM, QMR, RPGeo, FIQ, of Bara Consulting Ltd. Tonnes are reported in dry metric tonnes, gold grades in grams per tonne and contained gold in troy ounces. Figures have been rounded and may therefore not sum precisely.
