News Summary
Amaroq announced excellent drilling results from its 2025 exploration program at the Nanoq gold-copper project in Greenland. The 27-hole, 4,807-meter program successfully confirmed significant gold mineralization, with results exceeding the company’s expectations.
Key intercepts include:
– NAN2525: 187.38 g/t Au over 1.5 meters
– NAN2517: 19.6 g/t Au over 4.9 meters
– NAN2515: 11.09 g/t Au over 3.7 meters
– NAN2510: 3.83 g/t Au over 9.0 meters
– NAN2524: 6.7 g/t Au over 7.39 meters
The VP of Exploration, James Gilbertson, stated the results provide strong confidence in Nanoq’s potential to host a material gold deposit. He noted the company can now fast-track resource drilling with the goal of delivering a maiden resource in the near term. The mineralization remains open at depth, along strike, and in parallel structures.
Material Impact
The drill results are materially positive and significantly de-risk the Nanoq project. Coming just six days after spectacular drill results from the flagship Nalunaq mine, this news demonstrates the company’s ability to execute on its exploration strategy and build a multi-asset pipeline in Greenland.
The combination of bonanza-grade intercepts (187.38 g/t Au) and broad zones of mineralization confirms Nanoq as a high-potential second asset. While still at the exploration stage, these results are strong enough to justify an aggressive drill-out for a maiden resource, as stated by management. This accelerates the timeline for Nanoq to potentially become a satellite deposit feeding the Nalunaq mill or a standalone operation.
Looking at the historical context, Amaroq has successfully transitioned from explorer to producer in the last year, funded by two major financings (£45M in June 2025 and £27.5M in Dec 2024). While the company’s primary focus has been the commissioning and ramp-up of the Nalunaq mine, this news powerfully validates the exploration spending and the broader strategy of unlocking the Nanortalik Gold Belt.
The market has been waiting for confirmation that Amaroq is more than just a single-asset story. These results from Nanoq, coupled with the recent positive news from Nalunaq and the acquisition of the Black Angel project, solidify the company’s position as the dominant player in Greenland with a clear path to growth. While Nalunaq’s operational performance remains the key driver for near-term cash flow, the Nanoq discovery adds significant long-term value and exploration upside.
Catalysts
– Maiden Resource Estimate for Nanoq: The press release states a goal of delivering a maiden resource “in the near term.” This will be a major catalyst to quantify the economic potential of today’s results.
– Nalunaq MRE5 Update: An updated Mineral Resource Estimate for the producing Nalunaq mine is scheduled for Q1 2026, which should incorporate the spectacular drill results announced on December 4, 2025.
– Q4 2025 Production & 2026 Guidance: Results from the Nalunaq mine’s Q4 performance, including the impact of the planned October shutdown, and full-year production guidance for 2026 will be critical to assess the ramp-up progress and path to profitability.
– Further Exploration Results: Assay results from the 2025 satellite gold exploration programs, as well as the copper and critical metals programs, are still pending and could provide additional catalysts.
– West Greenland Hub Progress: Updates on the initial technical studies and geophysical surveys planned for the Black Angel project in 2026.
Materiality Conclusion
The announcement of high-grade and bonanza-grade gold at the Nanoq prospect is materially positive. It confirms the potential for a second significant gold deposit, validating the company’s broader exploration thesis and providing a clear path for future growth beyond the flagship Nalunaq mine. These results, on the heels of excellent drilling at Nalunaq, significantly enhance the company’s asset pipeline and long-term value proposition.
