Amaroq Ltd.

What Amaroq Ltd. does

Amaroq Ltd. is an independent mining and mineral exploration company focused on identifying, acquiring, exploring, and developing gold and strategic mineral assets across Greenland. Originally incorporated in 2017 as AEX Gold Inc. and rebranded to Amaroq Ltd. in July 2022, the company is domiciled in Ontario, Canada, and listed on LSE AIM (AMRQ), NASDAQ Iceland Main Market (AMRQ), and OTCQX (AMRQF). It operates across two strategic hubs: a South Greenland Hub anchored by the 100%-owned Nalunaq Gold Mine (which achieved first gold pour in Q4 2024) and a West Greenland Hub anchored by the past-producing Black Angel zinc/lead/silver mine and the Kangerluarsuk licence. The licence portfolio spans the Nanortalik Gold Belt, the Sava Copper Belt, the Black Angel province, and the Gardar Province Mineral Belt, covering gold, copper, nickel, rare earth elements, titanium, vanadium, germanium, and gallium.

The company's core technology is conventional underground mining and mineral processing, with Nalunaq described as one of the highest-grade gold projects globally (historical production exceeding 350Koz at an average 15 g/t between 2004 and 2013 and inferred resources of 320Koz at 28 g/t). A flotation circuit is scheduled for commissioning in June 2026 to enhance gold processing and recovery. The strategic minerals portfolio is being advanced through the Gardaq Joint Venture, in which Amaroq holds 51% alongside GCAM, Moore Capital, and high-net-worth individuals.

Amaroq generates revenue primarily through gold sales from Nalunaq, sold into global commodity markets, with a small secondary stream of traceable gold sold via the Single Mine Origin platform to customers with Greenlandic addresses. The company has set 2026 production guidance of 25 to 35koz weighted toward the second half of the year. Long-term revenue diversification is planned through strategic minerals (copper, nickel, rare earths) and a potential restart of Black Angel. The shareholder base includes Nordic and Greenlandic pension and wealth funds, with Board and Management ownership of approximately 10%. Financial PR is handled by Camarco, with Panmure Liberum, Canaccord Genuity, Citi Group, and Rothschild & Co providing corporate finance and broking services.

Name

Amaroq Ltd.

Legal name

Amaroq Ltd.

Website

https://amaroqminerals.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Amaroq Ltd. is a publicly listed mining and exploration company operating across South and West Greenland, producing gold from its 100%-owned Nalunaq Gold Mine and advancing a diversified portfolio of gold, copper, and strategic mineral assets including zinc, lead, silver, nickel, and rare earth elements.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Other Metal Ore Mining (212290)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Copper Concentrate Trading & Marketing (IMAKADAI)

Keywords

• Gold mining services
• Mineral exploration projects
• Strategic metals extraction
• Precious metals production
• Critical minerals development

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Sales: Primary revenue stream from the sale of gold produced at the Nalunaq Gold Mine, which achieved first gold pour in Q4 2024. Gold production guidance for 2026 is 25 to 35koz.
2. Strategic Minerals: Future growth expected from copper, nickel, and rare earth elements through exploration and development of the company's portfolio of strategic mineral assets across Greenland.
3. Traceable Gold Sales: Sale of traceable Nalunaq Gold via the Single Mine Origin platform to customers with Greenlandic addresses.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Amaroq Ltd. is an independent mining and exploration company that produces and sells gold from its 100% owned Nalunaq Gold Mine in South Greenland, which achieved first gold pour in Q4 2024 with 2026 production guidance of 25 to 35koz. The company also explores and develops a portfolio of gold and strategic mineral assets across South and West Greenland, including copper, nickel, rare earth elements, zinc, lead, silver, germanium, and gallium. In addition, Amaroq sells traceable Nalunaq Gold to customers with Greenlandic addresses via the Single Mine Origin platform.

Product overview

Amaroq Ltd. is a mining and exploration company operating in South and West Greenland with a diversified portfolio of gold and strategic mineral assets. The company's core product is the producing Nalunaq Gold Mine (100% owned), which achieved first gold pour in Q4 2024. Amaroq's portfolio includes multiple gold exploration projects (Nanoq, Vagar Ridge), copper projects (Sava Copper Belt), and strategic metals projects (Stendalen for titanium/vanadium/nickel, Black Angel for zinc/lead/silver/germanium/gallium). The company operates across two strategic hubs: the South Greenland Hub centered on Nalunaq providing access to the Nanortalik Gold Belt and Gardar Province, and the West Greenland Hub leveraging Black Angel infrastructure. Amaroq also sells traceable gold via the Single Mine Origin platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Nalunaq Gold Mine Amaroq's cornerstone 100% owned producing gold mine in South Greenland, one of the highest grade gold projects in the world, with 320Koz Inferred Mineral Resources at 28g/t and historical production of >350koz at an average grade of 15 g/t between 2004 and 2013. Achieved first gold pour in Q4 2024 with 2026 production guidance of 25 to 35koz.
• Single Mine Origin Gold Traceable Nalunaq Gold sold via the Single Mine Origin platform, allowing customers with Greenlandic addresses to purchase gold that is fully traceable to a single mine of origin.

Quantifiable outcome

• Gold production guidance of 25 to 35koz for 2026
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Regional players

• BerGenBio (Scatec Elysis) / Nuna Minerals (legacy): NunaMinerals is a Greenland-domiciled minerals exploration company historically focused on gold, base metals and REE in Greenland. Comparable as a regional operator with prior exposure to the Nanortalik/Greenland exploration landscape that Amaroq now dominates, useful as a benchmark for local geological and regulatory context.

Emerging players

• Trilogy Metals: Trilogy Metals is a development-stage critical-minerals company advancing the Upper Kobuk Mineral Projects in Alaska (copper, zinc, lead, silver, gold). Comparable as a junior/development-stage miner in a sub-Arctic jurisdiction, with a pipeline of base-and-strategic-metals projects similar to Amaroq's Sava Copper Belt and Stendalen assets.
• Talon Metals: Talon Metals is a TSX-listed development-stage nickel-copper miner with the Tamarack project in Minnesota, USA. It is comparable to Amaroq as a junior focused on critical/transition metals with single-asset stage development, leveraged to the same energy-transition demand theme that drives interest in Amaroq's REE and copper portfolio.

Others

• Tyranna Resources (formerly AEX Gold): Listed for completeness only — Amaroq Ltd. was previously known as AEX Gold Inc. before its 2022 rebrand; there is no separate Tyranna Resources entity and no separate current operating peer under that name. Flagged here only because legacy references to "AEX Gold" appear in the data set.

Direct peers

• Bluejay Mining: Bluejay Mining is an AIM-listed exploration company focused on Greenland and Finland, holding the Disko-Nuussuaq nickel-cobalt-PGE project and Dundas ilmenite project in Greenland. It is directly comparable as a UK-listed Greenland-focused explorer/developer sharing the same jurisdiction, regulatory regime and investor base as Amaroq.
• Argonaut Gold: Argonaut Gold is a North American gold producer/developer with multiple mine sites and a transition profile similar to Amaroq's (recent shift from single-asset explorer to multi-asset producer). Comparable stage, listing profile and growth strategy from single-asset production to portfolio diversification.
• Wesdome Gold Mines: Wesdome is a Canadian intermediate gold producer anchored by the high-grade Eagle River and Kiena mines in Ontario/Quebec. It is closely comparable to Amaroq in scale (single-jurisdiction, multiple high-grade narrow-vein underground mines, sub-200koz annual production profile) and is a useful template for Amaroq's growth trajectory.
• GreenRoc Strategic Materials: GreenRoc is an AIM-listed critical-minerals developer with the Amitsoq graphite project in Greenland and a portfolio of battery-materials assets. It is comparable as a Greenland-focused, AIM-listed miner targeting energy-transition raw materials — directly relevant to Amaroq's strategic-minerals hub, particularly the Black Angel province.

Broad incumbents

• Alamos Gold: Alamos Gold is an intermediate gold producer with a portfolio including the high-grade Young-Davidson mine in northern Ontario. Like Amaroq, Alamos shares a focus on high-grade underground gold operations in colder-climate/remote jurisdictions, making its operational playbook relevant to Nalunaq's ramp-up.
• Agnico Eagle Mines: Agnico Eagle is a global senior gold producer operating multiple high-grade mines, including in northern jurisdictions (Canada, Australia, Finland). It is comparable to Amaroq as a benchmark high-grade, multi-asset gold operator with scale economies and serves as the natural reference for what a successful ramp-up of a high-grade asset can look like at a more mature stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/AexGold
• Facebookfacebook.com/Nalunaq-AS-102208515575690
• LinkedInlinkedin.com/company/aexgold
• Instagraminstagram.com/aexgoldnews

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amaroq Ltd.