Amaroq

The Scorecard.

Good Morning Team.

Over the past 12 months, I made a series of specific claims about Amaroq.

This week’s full year results are the scorecard.

So let’s go through them.

1. I said Phase 1 commissioning would complete on schedule.

✅Bang on cue.

2. I said full year 2025 production would hit 6–7,000 ounces.

✅ 6.35koz. Bang in the middle.

3. I said the Phase 2 shutdown was a strategic decision, not a problem.

✅ Flotation commissioning on schedule for Q2 2026.

4. I said recovery rates would jump from roughly 60% to 90–95% once flotation was fully online.

✅ Management’s own language. Not my speculation - their guidance.

5. I said the transition to owner-operator would drive meaningful cost improvements in H2.

✅ Confirmed explicitly. Productivity increased across every area of the mine from the moment they took full operational control on October 1st.

6. I said Q4 2026 would deliver 10,000–12,000 ounces at AISC of $1,250–1,450 per ounce.

✅ AISC reiterated verbatim in this week’s results, production numbers implied by back-end weighted run-rate.

7. I said the annualised run-rate from Q4 would put us at 40,000–48,000 ounces per year from one mine.

✅We’re on track.

8. I said at $5,000 gold that run-rate would generate approximately $160 million in free cash flow annually. From Nalunaq alone. Before Nanoq, Black Ange or any government support.

✅ Check the maths yourself.

9. I said the 2025 Nalunaq drilling would exceed model grade predictions.

✅ Weighted average grade of 87.6 g/t against a resource model that predicted lower. In mining, actual grades beating the model almost never happens. It happened here.

10. I said the best intersections would be extraordinary.

✅ 1,840 g/t over half a metre. Nearly two kilograms of gold per tonne of rock.

11. I said the Nanoq drilling would confirm high-grade gold at shallow depths across multiple stacked zones.

✅ Up to 187.4 g/t Au over 1.5 metres. The CEO has called it potentially world-class. Maiden resource estimate work is now formally underway.

12. I said Nanoq results would be a major re-rating catalyst entirely independent of Nalunaq production.

✅ The work is active. The market hasn’t priced it yet though.

13. I said Black Angel was more than a zinc-lead-silver restart.

✅ Germanium averaging 44 ppm. Gallium averaging 21 ppm. Both at potentially commercial concentrations. China controls 98% of global gallium production and 68% of germanium. Black Angel is heading for Phase 1 mining in 2028.

14. I said the germanium and gallium discovery would transform the strategic positioning of the entire company overnight.

✅ Feasibility studies underway. Surface facility rehabilitation begun. Western governments are not subtle about what they need right now.

15. I said Suliaq was worth £40 million and the market was valuing it at zero.

✅ EIFO — Denmark’s state-backed investment fund, already a top-three shareholder — has completed initial screening and expressed significant preliminary interest in supporting a $20–35 million financing. That £40 million is starting to look like a floor.

16. I said the balance sheet would be deployed strategically, not defensively.

✅ Net debt reflects accelerated Phase 2 investment and underground equipment purchases. Capital deployed solely to build assets.

17. I said the revolving credit facility would be strengthened without diluting shareholders.

✅ Being doubled to $70 million at a reduced interest margin. Non-dilutive. Balance sheet strengthening while shareholders keep their percentage.

18. I said Citi would take Amaroq on for the Main Market uplisting.

✅ Citigroup Global Markets formally appointed. TSX-V delisted. Greenland Mine Plan signed off.

19. I said the Main Market uplisting would be a structural buying event — index inclusion, passive inflows, institutions that cannot touch AIM-listed stocks suddenly able to allocate.

✅ None of those flows have started yet. All of them are coming.

20. I said Cavendish would initiate with a target implying over 100% upside.

✅ 204p target. Stock under £1. Do the maths.

21. I said the US government would move toward backing Amaroq’s critical minerals projects in Greenland.

⏳ Not yet. Still coming. Washington moves slowly, and then all at once.

That’s 20/20 on everything within management’s control to deliver.

One outstanding. And that one doesn’t depend on management.

The sceptics had a story for every exit. The June guidance cut. The commissioning noise. The Hormuz headlines. The net debt. The H1 weighting.

Wrong.

Every time.

By Q4 2026, Nalunaq will be delivering 10,000–12,000 ounces per quarter. Phase 2 fully commissioned. Gold at record highs. Nanoq resource advancing. Black Angel moving toward 2028. And institutional flows that haven’t started yet — starting.

We’re almost there.

Hold your nerve.