Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has announced an increase in cash at the half year stage, as plans to develop and produce gold from the Nalunaq mine in Greenland remain on track.
Cash sat at US$39.7 million as of June 30, up from US$19.5 million last year, the company said in a results statement on Tuesday.
“We have been focused on preparations for initial mining activities at Nalunaq,” chief executive Eldur Olafsson said. “Our programme is progressing on plan and to budget.”
Aside from engineering, construction, and rehabilitation work progressing at the mine, Amaroq said results from drilling tests should be released in the third quarter of this year.
The first gold production at the mine is then anticipated to be carried out next year, the company added.
Amaroq’s exploration through its strategic minerals joint venture, including on the Sava copper belt, has also ramped up, the company said, with results due from tests at the site in the next half year, alongside data from Stendalen, Kobberminebugt and Paatasoq.
AIM-listed Amaroq posted a US$10.7 million operating loss for the half year meanwhile, up on 2022’s US$10.5 million. Per share earnings climbed to 0.07p from a 0.06p loss.
Shares rose 4% on the news to 52p.