(Alliance News) - Amaroq Minerals Ltd on Friday noted a significant increase in the gold estimate for its Nalunaq mine in Greenland, as it posted an increased annual pretax loss.
The mine developer which has gold and strategic mineral assets in southern Greenland said its pretax loss in 2024 increased to CAD23.5 million, around GBP12.7 million, from CAD833,513 in 2023.
Administrative costs increased to CAD17.5 million from CAD13.6 million.
Pertinently, the company had reported a gain on loss of control of a subsidiary of CAD31.3 million for 2023, compared to no such gain in 2024.
Separately, Amaroq celebrated a 51% increase in overall contained gold for its Nalunaq mineral resource estimate, to 157,600 ounces of gold indicated plus 326,300 ounces inferred.
James Gilbertson, vice president of exploration at Amaroq, said: "This updated Mineral Resource Estimate represents a significant step forward for Nalunaq...Based on the current estimate, the potential mine life has now extended to over 10 years, with substantial upside remaining.
"We remain committed to ongoing exploration and development activities aimed at further expanding the resource and increasing geological confidence with an aim to move to regular annual mineral resource updates, ultimately delivering long-term value to our shareholders."
Amaroq shares were down 0.5% to 96.55 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to newsroom@alliancenews.com
Copyright 2025 Alliance News Ltd. All Rights Reserved.