Updated Mineral Resource Estimate and publication of Competent Persons Report
Reykjavík, July 29, 2026 (GLOBE NEWSWIRE) --
Amaroq Ltd.
(“Amaroq” or the “Company”)
Updated Mineral Resource Estimate (“MRE5”) and publication of Competent Persons Report (“CPR”)
Updated Nalunaq MRE Exceeds 500koz at 30.35g/t Au
10.6% Increase in Indicated Gold Resources Strengthens the Pathway Towards a Maiden Mineral Reserve
29 July 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce MRE5 for its 100%-owned Nalunaq gold mine in South Greenland. MRE5 for Nalunaq has been published this morning alongside the updated CPR for Nalunaq and the rest of the Amaroq Greenland portfolio, in conjunction with the proposed admission of the Company’s common shares to the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange.
MRE5 has been independently prepared by Bara Consulting Ltd. (“Bara”) and has an effective date of 1 December 2025.
Highlights
- 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, consistent with the high-grade nature of the Nalunaq deposit.
- The Indicated Mineral Resource category increased in contained gold by 10.6% to 174 koz, comprising 163.3kt 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 352.8kt 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 400kt and 2.2Mt 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.
James Gilbertson, VP Exploration, commented:
“Crossing the half-million-ounce threshold at an average grade of more than 30g/t Au is an important milestone for Nalunaq and further confirms its position as an exceptionally high-grade gold deposit.
“More significant than the headline growth, is the 10.6% increase in Indicated ounces, demonstrating that our focused underground drilling and development sampling programmes are progressively increasing confidence in the resource, while replacing and adding to the ounces depleted through mining.
“MRE5 provides a stronger technical foundation for short- and medium-term mine planning and for the technical studies required to support a maiden Mineral Reserve. A substantial proportion of the resource, including the very high-grade MB HG2 domain, remains in the Inferred category and represents a clear priority for further definition drilling.
“The Main Vein also remains open along strike and at depth, with significant conceptual potential beyond the current Mineral Resource. We will continue systematic underground and surface drilling with the dual objective of progressively replacing mined ounces and expanding the overall resource base.”
Nalunaq MRE5 Mineral Resource Statement
Effective date: 1 December 2025
| Classification | Tonnes | Gold grade | Contained gold |
| 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 US$3,000/oz, gold recovery of 94%, gold payability of 98.84%, a mining cost of US$164/t, processing cost of US$160/t, allocated general and administrative costs of US$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 61.7kt at 87.89g/t Au for approximately 174.3koz, 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.
- MB means Mountain Block, TB means Target Block and SB means South Block.
Comparison with MRE4
MRE5 supersedes the Mineral Resource Estimate announced by the Company on 28 March 2025, which had an effective date of 23 February 2025.
| Classification | MRE4 contained gold | MRE5 contained gold | Change |
| Indicated | 158 koz | 174 koz | +10.6% |
| Inferred | 326 koz | 329 koz | +0.9% |
| Total | 484 koz | 504 koz | +4.1% |
The principal changes relative to MRE4 are:
- Extension of the Indicated Mineral Resource classification within the Upper Mountain Block, supported by the 2025 underground infill drilling and development sampling programme.
- Improved definition of the Main Vein and associated high-grade domains from underground drilling, channel sampling and chip sampling.
- Incorporation of mining depletion and updated underground void surveys through to 1 December 2025.
- Updated operating and economic assumptions reflecting the transition to an owner-operated mining model and the commissioning of the full gravity and flotation process flowsheet.
- Application of a revised cut-off grade of 5.52g/t Au.
MRE5 Database and Estimation Methodology
MRE5 incorporates drilling and sampling completed through the 2025 field season. The new information comprises:
- 11 surface diamond drillholes;
- 30 underground diamond drillholes;
- 6,467m of new drilling;
- 119 underground channel samples; and
- 165 underground chip samples.
The 2025 underground programme was concentrated within the Upper Mountain Block, where increased data density has supported the extension of the Indicated Mineral Resource classification.
The surface drilling programme tested the southern continuation of the Main Vein within the lower Valley area, extending the interpreted expression of the mineralised structure beyond that used for MRE4.
The full MRE5 database comprises drilling and sampling information accumulated since the initial exploration of Nalunaq in the early 1990s. The resource model incorporates geological interpretation, domain-based grade estimation, variography, high-grade treatment and validation against drilling, underground development sampling and surveyed mine workings.
MRE5 continues to model the deposit within separate high and lower-grade estimation domains to represent the geological distribution and nugget effect characteristic of Nalunaq’s coarse-gold mineralisation.
No Measured Mineral Resources have been declared. The current availability of historical quality-control records and the maturity of mine-to-mill reconciliation data do not yet support classification at the Measured level.
Cut-off Grade and Resource Resilience
MRE5 is reported above a cut-off grade of 5.52g/t Au, compared with the 5.90g/t Au cut-off applied in MRE4.
The revised cut-off grade reflects updated mining, processing and operating cost information, together with a US$3,000/oz long-term gold price assumption and a 94% combined gravity and flotation recovery assumption.
The resource demonstrates low sensitivity to increasing cut-off grade because of the high-grade nature of the deposit. Bara estimates that increasing the cut-off grade to approximately 12g/t Au would reduce the total contained gold within the Mineral Resource by only approximately 12%.
As part of its assessment of reasonable prospects for eventual economic extraction (“RPFEEE”), Bara also undertook Mineable Shape Optimiser (“MSO”) work using mining parameters consistent with the cut-off grade assumptions and Amaroq’s current operating parameters. This work confirmed that the reported undiluted MRE5 remains well aligned with a mining-dilution assessment at practical minimum stoping dimensions, with the variance between diluted and undiluted contained metal assessed by Bara as immaterial.
Nalunaq Exploration Target
In addition to the MRE5 Mineral Resource, Bara has identified an Exploration Target for further Main Vein potential of:
400,000–2,200,000 tonnes at 10–30g/t Au.
The Exploration Target includes areas where geological and assay information indicates potential continuity of the Main Vein, but where data density is currently insufficient to allow classification as a Mineral Resource.
The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to define a Mineral Resource, and it is uncertain whether further exploration will result in all or any part of the Exploration Target being delineated as a Mineral Resource.
Qualified Person Statement
The Mineral Resource Estimate was prepared by James McFarlane, MCSM, CGeol, CEng, FIMMM, QMR, RPGeo, FIQ, Principal Consultant, Mining and Geology, of Bara Consulting Ltd., an independent Qualified Person in accordance with the requirements of National Instrument 43-101.
Mr McFarlane has reviewed and approved the scientific and technical information relating to the Mineral Resource Estimate contained in this announcement.
The technical information presented in this press release has also been reviewed and approved by James Gilbertson, CGeol, Vice President Exploration of Amaroq and a Chartered Geologist with the Geological Society of London, who is a Qualified Person as defined by National Instrument 43-101.
Use of a Standard
The Mineral Resource information included within this announcement is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves dated 10 May 2014, as required by National Instrument 43-101.
-ENDS-
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com
Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000
Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463
Camarco (Financial PR)
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980
Further Information:
About Amaroq
Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.
Inside Information
This announcement does not contain inside information.
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