Amaroq Ltd
The Cavendish View
Amaroq (Buy) is set to achieve commercial production and turn FCF-positive later this year, following the commissioning of Phase 2 of the flagship high-grade Nalunaq gold mine in June. This is a chance to hear about the potential for exploration upside at Nalunaq and at Amaroq�s portfolio of exciting gold and strategic minerals projects (eg copper, rare earths) in Greenland.
YUEN LOW
Director, Research
Creating a Greenlandic Legacy
Amaroq is a Greenland-focused mining company assembling a portfolio of gold and strategic minerals assets across two hubs, in the south and west of the country. Its cornerstone asset is the wholly owned Nalunaq gold mine in South Greenland, which entered production in 2024 and gives the company a fully serviced operating platform from which to advance the rest of its licence portfolio.
In the south, that platform supports exploration across the Nanortalik Gold Belt, where Amaroq holds the Nanoq and Vagar Ridge gold projects, the Sava Copper Belt, and the wider Gardar Province, which includes a potential rare earth elements project.
In the west, the company holds Black Angel, a past-producing zinc, lead and silver mine where it intends to use the inherited infrastructure to restart production, and where re-assayed bulk samples have indicated commercial levels of germanium and gallium. The adjacent Kangerluarsuk licence sits within the same geological belt and remains at exploration stage.
Amaroq is listed in London, Reykjavík and on OTCQX. Its shareholder base includes Nordic and Greenlandic pension and wealth funds, with the board and management holding around 10% of the company. It describes its approach as building long-term value in Greenland through investment in local infrastructure, renewables, education and training.
Attending from Amaroq Ltd
Edward Westropp
Chief Corporate Development & Strategy Officer
Eldur Olafsson
CEO
Company descriptions are drawn from information published by each company and have not been independently verified by Cavendish. They are for information only, are not investment research, advice or a recommendation, and do not constitute an offer or invitation to buy or sell any security. Information is correct as at 10th September 2026 and will not be updated. Investors should refer to each company's own published announcements and accounts. Cavendish acts as adviser or broker to certain of the companies featured.