Reykjavík, March 28, 2025 (GLOBE NEWSWIRE) — (“AmaroqAs a result of standard commissioning issues while working in Southern Greenland over the winter months, which resulted in some delays, and impacted commissioning activities in December 2024 to March 2025, the Company will provide processing throughput and production estimates for the full year at the time of the Q1 results on 14thAlongside the Company’s focus on its two key pillars of mining development and exploration, Amaroq Minerals is also actively pursuing two further, value accretive business lines, which will complement the Company’s existing operations and enhance the ability to drive further cashflow opportunities from the asset base:$$$$Eldur Olafsson, Executive Director and CEO
[email protected]+44 (0)7385755711
[email protected]+44 (0)7713 126727
[email protected] Mathieson
Nikhil Varghese
+44 (0) 20 7886 2500James Asensio
Harry Rees
Tel: +44 (0) 20 7523 8000Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980
[email protected] @Amaroq_Minerals on X (Formerly known as Twitter)
Follow Amaroq Minerals Ltd. on LinkedInThis announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse (“UK MAR”), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse (“EU MAR”).The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.For the years ended December 31, 2024 and 2023DecemberDecemberConsolidatedFor the years ended December 31, 2024 and 2023
(In Canadian Dollars)lossFinancial assets at amortized cost are non-derivative financial assets with fixed or determinable payments constituted solely of payments of principal and interest that are held within a “held to collect” business model. Financial assets at amortized cost are initially recognized at the amount expected to be received, less, when material, a discount to reduce the financial assets to fair value. Subsequently, financial assets at amortized cost are measured using the effective interest method less a provision for expected losses. The Corporation’s cash, due from a related party, and escrow account for environmental monitoring are classified within this category.Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the contractual arrangements and the definitions of a financial liability and an equity instrument.Financial liabilities are initially measured at fair value. Transaction costs directly attributable to the issuance of the financial liability, other than financial liabilities at fair value through profit or loss, are deducted from the financial liability’s fair value on initial recognition. Transaction costs directly attributable to the issuance of financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.An equity instrument is a contract that evidences a residual interest in the assets of an entity net of its liabilities.The terms of a convertible note are evaluated to determine whether it contains both a liability and an equity component. These components are classified separately as financial liabilities, financial assets or equity instruments. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the parent company’s equity instruments is an equity instrument.Embedded derivatives are components of hybrid contracts. Hybrid contracts contain a non-derivative host and an embedded derivative which impacts the combined instrument in a way similar to a stand-alone derivative.At each reporting date, the Corporation assesses, on a forward‐looking basis, the expected credit losses associated with its financial assets. The impairment methodology applied depends on whether there has been a significant increase in credit risk.to the ability to physically construct and operate a mineral project in a technically sound manner to produce a saleable mineral product while commercial viability refers to the ability to mine the mineral asset to generate a reasonable return on investment. Key considerations used to determine if TFCV has been reached included the establishment of confidence about mineralization, results and status of studies, probability of obtaining key permits, the existence of other barriers that may impact mining and the ability to generate a return on investment, confidence of project potential by the Management and the Board of Directors. December202 December2023 December2024 December 312023 December2024 December2023b) subscribe to one Amaroq share at a subscription price equal to GBP 5,000,000 less the amount payable to the Corporation202320242022 (i) An initial purchase price of US$1;
(ii) A deferred consideration of US$1,999,999 (“Deferred Consideration”) on a pay as you go basis until the Deferred Consideration is paid in full. If only part of the Processing Plant is used, then the Deferred Consideration payable shall be reduced by an amount to be agreed by the parties to reflect the value of the part of the Processing Plant used.
(iii) The Deferred Consideration may be reduced to the extent that the Processing Plant or any part which is being used requires repairs, is not in good working condition or will not be capable of doing the work for which it was designed.
(iv) Nalunaq A/S may dispose or otherwise deal with the Processing Plant or any part of it at its own cost. If any disposal proceeds (defined as proceeds received minus costs of dealing with the disposal) are received, that disposal proceeds shall be paid to AEX Gold Limited and such amount shall be deemed to be Deferred Consideration. If there are any disposal proceeds remaining after the Deferred Consideration has been paid in full, the disposal proceeds remaining may be retained by Nalunaq A/S.
b) Nalunaq A/S shall pay to AEX Gold Limited a 1% royalty on Nalunaq A/S’ net revenue generated on the Nalunaq Licence (total revenue minus production, transportation and refining costs), provided that in respect to the last completed calendar year, the operating profit per ounce of gold exceeded US$500. The cumulative royalty payments over the life of mine are capped at a maximum of US$1,000,000.infrastructureinfrastructureinfrastrucinfrastrucDecember2024December202December2024December202320242023The number of shares will be determined at the Measurement Dates.Second Measurement Date: December 31, 2024, 50% vesting on the first anniversary of grant, with the remaining 50% vesting on the second anniversary of grant.
Third Measurement Date: December 31, 2025, vesting on the first anniversary of grant.The number of shares will be determined at the Measurement Date.The number of shares is determined at the Measurement Datessubject to RSU50% of the Shares will vest on the first anniversary of grant, with the remaining 50% vesting on the third anniversary of grant.expensesDecember 31,202December 31, 202202 25. The number of shares is determined at the Measurement Datessubject to RSU50% of the Shares will vest on the first anniversary of grant, with the remaining 50% vesting on the third anniversary of grant.
1 Based on plant Design Criteria of 300t/d capacity, Annual Ore mined is based on 330days, on 93.4% utilization this equates to 280t/d processing throughput for the years when production is stabilized and at steady state, total Resource ounces of 484koz at 15g/t diluted grade for the years 2028 to 2035, Resource may not necessarily convert to minable reserves.
(GlobeNewsWire)