Q3 2025 Amaroq Ltd Earnings Call

November 14, 2025

Operator: For today. Management will take you through the presentation, and then we'll follow that with Q&A. First of all, from the line, moderated by Sean, then I'll moderate the questions on the web. Thanks very much for joining. I'll hand over to Olafsson, the chief executive.

Ed Westropp: For today. Management will take you through the presentation, and then we'll follow that with Q&A. First of all, from the line, moderated by Sean, then I'll moderate the questions on the web. Thanks very much for joining. I'll hand over to Olafsson, the chief executive.

Speaker #1: Day, so, management will take you through the presentation. and then we'll f-follow that with Q&A. First of all, from the line, moderated by Sharon, and then I'll moderate the questions, on the web.

Speaker #1: So thanks very much for joining. I'll hand over to Elder Ollison and the Chief Executive.

Speaker #2: Thank you, Edward. good morning, everybody. It's a pleasure to be with you here today. After our very busy and successful quarter, I wanna start the day off by, giving you a snapshot of our operation as we usually do on these quarter, so we are very much focused on our mining development in Greenland, meaning now production, development, and exploration.

Eldur Ólafsson: Thank you, Edward. Good morning, everybody. It's a pleasure to be with you here today after a very busy and successful quarter. I wanna start today off by giving you a snapshot of our operation as we usually do on this quarter. We are very much focused on our mining development in Greenland, meaning now production, development, and exploration. To do that, we are in Greenland, and as you can see, Greenland needs a lot of services and energy to enable these businesses to be successful. Therefore, out of necessity, we have set up this business as well. We are mainly focused on two different regions in Greenland.

Eldur Olafsson: Thank you, Edward. Good morning, everybody. It's a pleasure to be with you here today after a very busy and successful quarter. I wanna start today off by giving you a snapshot of our operation as we usually do on this quarter. We are very much focused on our mining development in Greenland, meaning now production, development, and exploration. To do that, we are in Greenland, and as you can see, Greenland needs a lot of services and energy to enable these businesses to be successful. Therefore, out of necessity, we have set up this business as well. We are mainly focused on two different regions in Greenland.

Speaker #2: to do that, we are, in Greenland, and as you can see, Greenland needs a lot of services and energy to, enable these businesses to be, successful.

Speaker #2: And therefore, out of necessity, we have, set up these businesses as well. we are mainly focused on two different regions in South, in, in Greenland.

Eldur Ólafsson: We are in South Greenland, where you have gold belt, you have rare earth, known rare earth areas, and base metals. There we have the Nalunaq mine, we have the Nanoq exploration development project, and early-stage exploration in Vagar. In West Greenland, there we have the Black Angel past-producing mine, the intention is to bring that into production in the coming years. We have the Kangerluarsuk exploration set display, where again, very similar to what we have in Nanoq. You have a high-grade development or producing asset supporting larger-scale exploration assets. These two regions in Greenland are the most developed region in terms of mining.

Speaker #2: we are in South Greenland, where you have Gold Belt, you have Rare Earth, known Rare Earth, areas, and then you have Copper, and, and Base Metals.

Eldur Olafsson: We are in South Greenland, where you have gold belt, you have rare earth, known rare earth areas, and base metals. There we have the Nalunaq mine, we have the Nanoq exploration development project, and early-stage exploration in Vagar. In West Greenland, there we have the Black Angel past-producing mine, the intention is to bring that into production in the coming years. We have the Kangerluarsuk exploration set display, where again, very similar to what we have in Nanoq. You have a high-grade development or producing asset supporting larger-scale exploration assets. These two regions in Greenland are the most developed region in terms of mining.

Speaker #2: there we have the Nalnack Mine. we have the Nanoq, exploration development project, and then we have a early-stage exploration in, in Vargas. in West Greenland, there we have the Black Angel, past-producing mine, and the intention is to bring that into production in the coming years.

Speaker #2: We have then the Kangaroo Truck, exploration set explay, where again, very similar to what we have in Nanoq. So you have a high-grade, development or producing asset supporting, larger-scale exploration assets.

Speaker #2: These two regions in Greenland are the most developed regions in terms of mining. there is, a well-known by the market, by the various pa-participants, even though all of Greenland is obviously very prospective.

Eldur Ólafsson: That is well known by the market, by the various participants, even though all of Greenland is obviously very prospective, we managed to situated ourselves in these two regions with the most advanced asset to date. Now, to give you a highlight of the quarter, we had a very, very successful quarter. We produced in early October, 5,000 ounces. We sold 2,636 ounces during the quarter. Year to date, we've sold 4,347 ounces. On an average price on approximately $3,500 per ounce. The liquidity is very strong. The cash balance sits at $55 million. Mind you, after a very heavy CapEx quarter.

Eldur Olafsson: That is well known by the market, by the various participants, even though all of Greenland is obviously very prospective, we managed to situated ourselves in these two regions with the most advanced asset to date. Now, to give you a highlight of the quarter, we had a very, very successful quarter. We produced in early October, 5,000 ounces. We sold 2,636 ounces during the quarter. Year to date, we've sold 4,347 ounces. On an average price on approximately $3,500 per ounce. The liquidity is very strong. The cash balance sits at $55 million. Mind you, after a very heavy CapEx quarter.

Speaker #2: But we managed to, situate ourselves in these two regions, with the most advanced assets to date. Now, to give you a highlight of the quarter, we, we had a very, very successful quarter.

Speaker #2: we produced it, in early October 5,000 ounces. we sold 2,636 ounces, during the quarter. And year to date, we've sold, 4,347 ounces. on an average, price of an a-approximately 3,005 hundred.

Speaker #2: Per ounce. The liquidity, is very strong. The cash balance sits at 55 million. And mind you, after a very ha-heavy CapEx quarter, so we've been fast-tracking development on the on the plant, and, and various different things.

Eldur Ólafsson: We've been fast-tracking development on the plant and various different things. Furthermore, this quarter is also very heavy on explorations. We do most of our exploration work within it, and we have finished all of that exploration to date. They come on budget. We finished all of the work that we wanted to do. The only thing that still remains and will be ongoing during winter is drilling in Nalunaq, both on surface and underground. And we will be reporting on Nalunaq exploration result in Q4, and we'll be reporting on Nanoq in Q4, as well as some strategic mineral target that we've been exploring.

Eldur Olafsson: We've been fast-tracking development on the plant and various different things. Furthermore, this quarter is also very heavy on explorations. We do most of our exploration work within it, and we have finished all of that exploration to date. They come on budget. We finished all of the work that we wanted to do. The only thing that still remains and will be ongoing during winter is drilling in Nalunaq, both on surface and underground. And we will be reporting on Nalunaq exploration result in Q4, and we'll be reporting on Nanoq in Q4, as well as some strategic mineral target that we've been exploring.

Speaker #2: furthermore, this quarter is also very heavy on exploration. So we do most of our exploration work within it. And we have finished all of that exploration to date.

Speaker #2: they come on budget. We finished all of the, the work that we wanted to do. The only thing that, still remains and will be ongoing during winter is, drilling in Nalnack, both on surface and underground.

Speaker #2: and we will be reporting, on, Nalnack exploration result in the co in Q4, and we'll be reporting on, Nanoq, in Q4, as well as some strategic mineral targets that we've been exploring.

Speaker #2: We commenced trading on the OTC within the quarter, which has been, very good and gave us good, good op access to the US market.

Eldur Ólafsson: We commenced trading on the OTC within the quarter, which has been very good and gave us good access to the US market. We invested in one of, kind of a fully operating or moving from a contractor to a fully operating mining setup. This means that we acquired our own equipment, our own supplies. We've been over the past year hiring our own people. This will mean, yes, it has some CapEx involved, but this will then mean a lower OpEx and more throughput going forward. This has been going really, really well.

Eldur Olafsson: We commenced trading on the OTC within the quarter, which has been very good and gave us good access to the US market. We invested in one of, kind of a fully operating or moving from a contractor to a fully operating mining setup. This means that we acquired our own equipment, our own supplies. We've been over the past year hiring our own people. This will mean, yes, it has some CapEx involved, but this will then mean a lower OpEx and more throughput going forward. This has been going really, really well.

Speaker #2: We invested in one of, kind of a fully operating or moving from a contractor to a fully operating mining, setup. This means that we, acquired our own equipment, our own supplies.

Speaker #2: we've been, over the past year hiring our own people. And so this will mean, yes, it, it has some CapEx involved, but this will then mean a lower OPEX and more throughput going forward.

Speaker #2: And this has been going really, really well. And on that, we've seen, and you will hear that from, John Plant later on, we've seen a very good, operational uptake both in the plant.

Eldur Ólafsson: On that, we've seen, and you will hear that from John Plant later on, we've seen a very good operational uptake, both in the plant, also in the mining, and then we have delivered our gold production this year. As you will see in the outlook this year, we have updated our annual outlook to be producing between 6,000 to 7,000 ounces per year end. I wanted to take this opportunity to give you a little bit of understanding on how our business model works and how we develop our assets using something that is called the Lassonde Curve, which is very well known in the mining industry.

Eldur Olafsson: On that, we've seen, and you will hear that from John Plant later on, we've seen a very good operational uptake, both in the plant, also in the mining, and then we have delivered our gold production this year. As you will see in the outlook this year, we have updated our annual outlook to be producing between 6,000 to 7,000 ounces per year end. I wanted to take this opportunity to give you a little bit of understanding on how our business model works and how we develop our assets using something that is called the Lassonde Curve, which is very well known in the mining industry.

Speaker #2: also in the mining. And, and, and, and, and then we have, delivered, our gold production this year. And, as you will see in the outlook this year, we have updated our, annual outlook for to be to be producing 6 to 7 thousand between 6 to 7 thousand ounces by year-end.

Speaker #2: I wanted to get, take this, opportunity to give you a little bit of, understanding on how our business model works and how we develop our assets using something that is called the Lausanne Core, which is very well known in the mining industry.

Speaker #2: Now, the Lausanne Core, sets out where projects are on the development, cycle. So if there are exploration assets versus development assets or producing assets.

Eldur Ólafsson: Now, the Lassonde Curve sets out where projects are on the development cycle. If they're exploration asset versus development assets or a producing asset. What is usually the multiple on P/NAV during that process. As you can see, Nalunaq should have the highest multiple as it is in production, and that multiple should go higher and higher. What controls that multiple is grade, it's a jurisdiction, and it's the fact that if you can grow the resources while you're producing from it. The good thing about both Nalunaq and Black Angel, we have the opportunity, due to the fact that it is high grade to start with, resources of somewhere between, like we did in Nalunaq, 6 to 10 years, and then continue growing the resources.

Eldur Olafsson: Now, the Lassonde Curve sets out where projects are on the development cycle. If they're exploration asset versus development assets or a producing asset. What is usually the multiple on P/NAV during that process. As you can see, Nalunaq should have the highest multiple as it is in production, and that multiple should go higher and higher. What controls that multiple is grade, it's a jurisdiction, and it's the fact that if you can grow the resources while you're producing from it. The good thing about both Nalunaq and Black Angel, we have the opportunity, due to the fact that it is high grade to start with, resources of somewhere between, like we did in Nalunaq, 6 to 10 years, and then continue growing the resources.

Speaker #2: And what is usually, the multiple on PNAV during that process. as you can see, Nalnack, should have the highest multiple as it is in production and i that multiple should go higher and higher.

Speaker #2: What controls that multiple is grade. It's a jurisdiction. And it's the fact that if you can grow the resources while you're producing from it.

Speaker #2: So the good thing about both Nalnack and Black Angel we have the opportunity due to the fact that it is high-grade to start with, resources of somewhere between, like we did in Nalnack, 6 to 10 years.

Speaker #2: And then continue growing the resources. So that in itself, gives a, a, a, a good value pro-proposition for investors. The intention is then to utilize the management team and, more importantly, the cash flow to move Nanoq, Kangaroo Truck, and other exploration up this curve.

Eldur Ólafsson: That in itself gives a good value proposition for investors. The intention is to utilize the management team and more importantly, the cash flow to move Nanoq, Kangerluarsuk, and other exploration up this curve. That gives a very good proposition to the investors. Now, the enabler of developing all of these things is the services and energy. In most countries around the world, you have services and energy. In Greenland, we have to build them ourselves. By doing that, we allow these projects to go up the development timeline, and we allow them to do that at cost competitive. What I want to say, the reason why we do it in this manner in Greenland is because Greenland is underexplored.

Eldur Olafsson: That in itself gives a good value proposition for investors. The intention is to utilize the management team and more importantly, the cash flow to move Nanoq, Kangerluarsuk, and other exploration up this curve. That gives a very good proposition to the investors. Now, the enabler of developing all of these things is the services and energy. In most countries around the world, you have services and energy. In Greenland, we have to build them ourselves. By doing that, we allow these projects to go up the development timeline, and we allow them to do that at cost competitive. What I want to say, the reason why we do it in this manner in Greenland is because Greenland is underexplored.

Speaker #2: So that gives a very good proposition to the investors. Now, the enabler of developing all of these things is the services and energy. In most countries around the world, you have services and energy.

Speaker #2: In Greenland, we have to build them ourselves. And so by doing that, we allow these projects to go up the development timeline, and we allow them to do that at, cost competitive.

Speaker #2: And wha-wha-what I want to say, the reason why we do it in this manner in Greenland is because Greenland is un-underexplored. And, and the hindrance in Greenland to explore has been its remote and doesn't have a lot of people.

Eldur Ólafsson: The hindrance in Greenland to explore has been it's remote and doesn't have a lot of people. Now with these two operations, we have all of these things and the service equipment. This will allow us to move up this curve, in our opinion, relatively quickly, especially with the positive cash flow coming next year.

Eldur Olafsson: The hindrance in Greenland to explore has been it's remote and doesn't have a lot of people. Now with these two operations, we have all of these things and the service equipment. This will allow us to move up this curve, in our opinion, relatively quickly, especially with the positive cash flow coming next year.

Speaker #2: And now, with these two operations, we have all of these things and the service equipment. So this will allow us to move up this curve, in our opinion, relatively quickly.

Speaker #2: Especially with the positive cash flow coming next year.

Speaker #1: Thanks, Aldo. in Q3, we had sales of 2,636 ounces for gross proceeds of 12.8 million. With average price per ounce of 3,568 dollars. In comparison, gross revenue in Q2 amounted to 3.4 million.

Alec: Thanks, Eldur. In Q3, we had sales of 2,636 ounces for gross proceeds of $12.8 million, with average price per ounce of $3,568. In comparison, gross revenue in Q2 amounted to $3.4 million. Subtracting cost of sales results in $5.9 million in gross profit, and subtracting G&A results in $1.7 million in operating profit. Now, Q3 is always our most busiest month when it comes to exploration, and this year was no exception. Total expenditure this quarter was $5.5 million, but most of it was incurred at the Nanoq campaign, that is $4.4 million out of the $5.5, where we drilled roughly 5,000 meters this year.

Ellert Arnarson: Thanks, Eldur. In Q3, we had sales of 2,636 ounces for gross proceeds of $12.8 million, with average price per ounce of $3,568. In comparison, gross revenue in Q2 amounted to $3.4 million. Subtracting cost of sales results in $5.9 million in gross profit, and subtracting G&A results in $1.7 million in operating profit. Now, Q3 is always our most busiest month when it comes to exploration, and this year was no exception. Total expenditure this quarter was $5.5 million, but most of it was incurred at the Nanoq campaign, that is $4.4 million out of the $5.5, where we drilled roughly 5,000 meters this year.

Speaker #1: subtracting cost of sales results in 5.9 million in gross profit and subtracting GNA results in 1.7 million in operating profit. Now, Q3 is always to exploration, and this year was no exception.

Speaker #1: Total expenditure this quarter was 5.5 million, with most of it was incurred at the Nanoq campaign. That is 4.4 million out of the 5.5.

Speaker #1: where we drilled roughly 5,000 meters this year, and at the end of the reporting period, approximately 60% of the core had been logged and sampled with results pending in Q4.

Alec: At the end of the reporting period, approximately 60% of the core had been logged and sampled, with results pending in Q4. After incorporating other income and expenses, the company recorded a net loss of $5.3 million for the period, a big improvement from the $14 million loss in the prior year when, of course, no revenue was generated. You can continue. The key balance sheet movements in Q3, consistent with prior periods, was a $21.1 million increase in capital assets to $221.9 million at quarter end. This was obviously driven by the Nalunaq project and primarily reflecting ongoing construction at our 300 ton per day processing facilities by the mine.

Ellert Arnarson: At the end of the reporting period, approximately 60% of the core had been logged and sampled, with results pending in Q4. After incorporating other income and expenses, the company recorded a net loss of $5.3 million for the period, a big improvement from the $14 million loss in the prior year when, of course, no revenue was generated. You can continue. The key balance sheet movements in Q3, consistent with prior periods, was a $21.1 million increase in capital assets to $221.9 million at quarter end. This was obviously driven by the Nalunaq project and primarily reflecting ongoing construction at our 300 ton per day processing facilities by the mine.

Speaker #1: After incorporating other income and expenses, the company recorded a net loss of 5.3 million for the period. a big improvement from the 14 million dollar loss in the prior year, one, of course, no revenue was generated.

Speaker #1: If you can continue. Now, the key balance sheet movements in Q3 consistent with prior periods was a 21.11 million increase in capital assets to 221.9 million at quarter-end.

Speaker #1: And this was obviously driven by the Nalnack project. And, primarily reflecting ongoing construction at our 300-ton per day processing facilities by the mine. supplies inventory and escrow account is more or less in line with the last quarter.

Alec: Supplies inventory and escrow account is more or less in line with the last quarter, but we are seeing continued increase in metals inventory, which stands at $11 million at quarter end compared to $9.2 million at the end of Q2. This represents our gold contained in ore stockpiles and tailings as well as gold in circuit, which is associated with processed but not yet smelted material in the processing plant. Now prepaids, worth mentioning, they increased by $3.6 million between quarters, and this is mainly due to operational spares and supplies being stocked up for winter and down payments on mining equipment that we are acquiring as we transition from contractor-operated mining to owner-operated mining, which we will discuss in more detail later in the presentation.

Ellert Arnarson: Supplies inventory and escrow account is more or less in line with the last quarter, but we are seeing continued increase in metals inventory, which stands at $11 million at quarter end compared to $9.2 million at the end of Q2. This represents our gold contained in ore stockpiles and tailings as well as gold in circuit, which is associated with processed but not yet smelted material in the processing plant. Now prepaids, worth mentioning, they increased by $3.6 million between quarters, and this is mainly due to operational spares and supplies being stocked up for winter and down payments on mining equipment that we are acquiring as we transition from contractor-operated mining to owner-operated mining, which we will discuss in more detail later in the presentation.

Speaker #1: but we are seeing continued increase in metals inventory, which stands at 11 million at quarter-end compared to 9.2 million at the end of Q2.

Speaker #1: this re-represents our gold contained in ore stockpiles and tailings as well. as well as gold in circuit, which is associated with processed but not yet smelted material in the processing plant.

Speaker #1: Now, prepaids, worth mentioning, they increased by 3.6 million between quarters. And this is mainly due to operational spares and supplies being stocked up for winter.

Speaker #1: and down payments on mining equipment that we are acquiring. As we transition from contractor-operated mining to owner-operated mining. Which we will discuss in more detail later in the presentation.

Alec: Change in loan payable, you can see there, in Q3, which is our RCF facility, is due to accrued interest. There were no drawdowns or payments made on the facility in the quarter. Including cash balance of $55.3 million at quarter end, total assets amount to $339 million and a very healthy 79% equity ratio. The last four lines on the slide are connected to our investment in the Gardaq joint venture. Exploration activities continued there in Q3, and the cash balance sits at $2.8 million at quarter end compared to $3.6 million at the end of Q2. Amaroq's receivable balance from Gardaq increased and amounted to $8.4 million at quarter end.

Speaker #1: change in loan payable. As you can see there, in Q3, which is our RCF facility, is due to accrued interest. There are no, no drawdowns or, or payments made on the facility in the quarter.

Ellert Arnarson: Change in loan payable, you can see there, in Q3, which is our RCF facility, is due to accrued interest. There were no drawdowns or payments made on the facility in the quarter. Including cash balance of $55.3 million at quarter end, total assets amount to $339 million and a very healthy 79% equity ratio. The last four lines on the slide are connected to our investment in the Gardaq joint venture. Exploration activities continued there in Q3, and the cash balance sits at $2.8 million at quarter end compared to $3.6 million at the end of Q2. Amaroq's receivable balance from Gardaq increased and amounted to $8.4 million at quarter end.

Speaker #1: And, including cash balance of 55.3 million at quarter-end, total assets amount to 339 million. And, very healthy 79% equity ratio. Now, the last four lines on the slide are connected to our investment in the GARDEC joint venture.

Speaker #1: Exploration activities continued there in, in Q3. and the cash balance sits at 2.8 million at quarter-end compared to 3.6 million at the end of Q2.

Speaker #1: Amaroq's receivable balance from GARDEC increased, and amounted to 8.4 million at quarter-end. And as a reminder, this receivable represents allocated GNA costs to manage the joint venture, and this will be converted to shares in GARDEC in 2026.

Alec: As a reminder, this receivable represents allocated G&A costs to manage the joint venture, and this will be converted to shares in Gardaq in 2026. On liquidity and cash movements. At the end of the quarter, our cash balances are sitting at $55.3 million, as mentioned before. Adding undrawn credit facilities of $8.9 million and subtracting payables of $18.8 million results in $45.4 million in liquidity compared to $75.1 million at the end of Q2. This reflects our main cash flow movements in the quarter in relation to the Nalunaq project, a total of $23.9 million in cash outlay in the quarter.

Ellert Arnarson: As a reminder, this receivable represents allocated G&A costs to manage the joint venture, and this will be converted to shares in Gardaq in 2026. On liquidity and cash movements. At the end of the quarter, our cash balances are sitting at $55.3 million, as mentioned before. Adding undrawn credit facilities of $8.9 million and subtracting payables of $18.8 million results in $45.4 million in liquidity compared to $75.1 million at the end of Q2. This reflects our main cash flow movements in the quarter in relation to the Nalunaq project, a total of $23.9 million in cash outlay in the quarter.

Speaker #1: On yeah, the next one. On liquidity and cash movements. At the end of the quarter, our cash balance is sitting at 55.3 million as mentioned before.

Speaker #1: Now, adding undrawn credit facilities of 8.9 million and subtracting payables of 18.8 results in 45.4 million in liquidity. Compared to 75.1 million at the end of Q2.

Speaker #1: and this reflects our main cash flow movements, in the quarter in relation to the Nalnack project. a total of 23.9 million in cash outlay in the quarter.

Speaker #1: this is mainly attributable to additions in capital assets of 20.2 million, as well as increase in prepaids that was mentioned before, as well as metals inventory.

Alec: This is mainly attributable to additions in capital assets of CAD 20.2 million, as well as increase in prepaids that was mentioned before, as well as metals inventory. Additions to capital assets represents cash outlay, not only due to construction, but also mine development, as well as capitalized CapEx.

Ellert Arnarson: This is mainly attributable to additions in capital assets of CAD 20.2 million, as well as increase in prepaids that was mentioned before, as well as metals inventory. Additions to capital assets represents cash outlay, not only due to construction, but also mine development, as well as capitalized CapEx.

Speaker #1: And additions to capital assets represent cash outlay not only due to construction but also mine development, as well as capitalized cap costs.

Speaker #2: Thank you, Aldo. good morning, everyone. My name's Joan Plant. I'm interim COO. achieving stability within the team at Nalnack has meant we've seen steady improvements in operations.

Eldur Ólafsson: Thank you, Alec. Good morning, everyone. My name is Joan Plant. I'm the interim COO. Achieving stability within the team at Nalunaq has meant we've seen steady improvements in operations, enabling us to deliver consistent gold production. I was delighted this culminated in us reaching the year-end guidance of approximately 5,000 ounces ahead of time in October.

Eldur Olafsson: Thank you, Alec. Good morning, everyone. My name is Joan Plant. I'm the interim COO. Achieving stability within the team at Nalunaq has meant we've seen steady improvements in operations, enabling us to deliver consistent gold production. I was delighted this culminated in us reaching the year-end guidance of approximately 5,000 ounces ahead of time in October.

Speaker #2: Enabling us to deliver consistent gold production. I was delighted this co-culminating in us reaching the year-end guidance of approximately 5,000 ounces, ahead of time in October.

Speaker #2: I'm pleased to report that the plan shutdown of the plant has ended with all phase one activities successfully completed as planned and on time.

Joan Plant: I'm pleased to report that the planned shutdown of the plant has ended with all Phase One activities successfully completed as planned and on time. We have restarted operations. We now expect 2025 full year gold production to be 6,000 to 7,000 ounces. The transition to becoming owner-operators has gone exceptionally well, with our highly competent team already demonstrating a positive approach to achieving operational efficiency and cost savings. We have also invested in our own mining fleet. Our investment in improving infrastructure at Nalunaq has, of course, resulted in high upfront CapEx, but will reduce our OpEx going forward and ensure we protect the operational stability we are now achieving. We will continue to focus on the optimization to enhance operational efficiency and performance to ensure we can maximize gold production and cash flows in 2026.

Speaker #2: We have restarted operations, and we now expect 2025 full-year gold production to be 6,000 to 7,000 ounces. The transition to becoming owner-operators has gone exceptionally well, with our highly competent team already demonstrating a positive approach to achieving operational efficiency and cost savings.

Speaker #2: We have also invested in our own mining fleet. Our investment in improving infrastructure at Nalnack has, of course, resulted in high upfront capex. But we'll reduce our opex going forward and ensure we protect the operational stability we are now achieving.

Speaker #2: We will continue to focus on the optimization to enhance operational efficiency and performance to ensure we can maximize gold production and cash flows in 2026.

Speaker #2: Finally, exploration of how the next excellent season and we look forward to updating the market on the results as there's still to come from the Nalnack and Nalnack programs.

Joan Plant: Finally, exploration have had an excellent season, and we look forward to updating the market on the results that are still to come from the Nanoq and Nalunaq programs, as well as those from the wider portfolio. In addition, there will continue to be work done over the winter to define and increase resources at Nalunaq. We have been in positive negotiations with the government and the local municipality to finalize our Impact Benefit Agreement, and we are on track to have this and the final mine plan approved by, and in place by the end of this year. I could not be more proud of what our teams have achieved during this period. This is just to remind everyone of Nalunaq's key metrics. I'm very pleased lost time injuries are low, especially given the significant amount of man-hours.

Speaker #2: As well as those from the wider portfolio. In addition, there will continue to be worked on over-the-winter to define and increase resources at Nalnack.

Speaker #2: We have been in positive negotiations with the government and the local municipality to finalize our impact benefit agreement. And we are on track to have this and the final mine plan approved by and in place by the end of this year.

Speaker #2: I could not be more proud of our team's have achieved during this period. The this is just to re to remind everyone of Nalnack's key metrics.

Speaker #2: I'm very pleased last time injuries are low, especially given the significant amount of man-hours. We are working on a new mineral resource estimate aiming to move some resources from the inferred to the indicated category.

Joan Plant: We are working on a new mineral resource estimate, aiming to move some resources from the inferred to the indicated category. Please focus on the fact that we have considerable exploration potential. The company will be looking to increase resources year on year.

Speaker #2: Please focus on the fact that we have considerable exploration potential. So the company will be looking to increase resources year on year.

Speaker #1: Thanks very much, Joan. it's Ed Westrop here, the, the he-head of BD. I just thought it would be worth double-clicking into the West Greenland hub quickly.

Edward Westropp: Thanks very much, Joan. It's Ed Westropp here, the Head of BD. I just thought it would be worth double-clicking into the West Greenland Hub quickly. We announced earlier in the week that we're pleased to see that all the CPs are done for the Black Angel acquisition and the Kangerluarsuk acquisition is finalizing as well. At the same time, we also re-assayed some of the stockpiles. We thought it was prudent to do so because the type of mineralization at Black Angel can host some other minerals. We re-assayed that there to see what else was in there.

Ed Westropp: Thanks very much, Joan. It's Ed Westropp here, the Head of BD. I just thought it would be worth double-clicking into the West Greenland Hub quickly. We announced earlier in the week that we're pleased to see that all the CPs are done for the Black Angel acquisition and the Kangerluarsuk acquisition is finalizing as well. At the same time, we also re-assayed some of the stockpiles. We thought it was prudent to do so because the type of mineralization at Black Angel can host some other minerals. We re-assayed that there to see what else was in there.

Speaker #1: we announced, earlier in the week that, we're pleased to see that all the CPs are done for, for the Black Angel, acquisition and the Kangaroo RTAC acquisition is, is finalizing, as well.

Speaker #1: at the same time, we also reassayed some of the stockpiles. We thought it was prudent to do so because, the type of mineralization at, Black Angel, can host some other minerals, and so we, we reassayed the, the, we reassayed that there to see what was out what else was in there.

Speaker #1: We had a hunch that there was some germanium and gallium, and we were really pleased to see that, that came through in, in levels that our deemed commercial.

Edward Westropp: We had a hunch that there was some germanium and gallium, we were really pleased to see that came through in levels that are deemed commercial. We're also very pleased to see the grades coming through on the zinc, lead, and silver. Indeed, the silver grade was very good. Really encouraging around that. Clearly they add quite an interesting strategic and commercial angle to the West Greenland Hub and Black Angel restart. With the EU, US, and UK interest, growing interest in critical minerals, clearly this is something that we're gonna be playing on, and we're gonna try and take advantage of in the future. You'll hear more about this as we go forward, but clearly very positive to begin with.

Ed Westropp: We had a hunch that there was some germanium and gallium, we were really pleased to see that came through in levels that are deemed commercial. We're also very pleased to see the grades coming through on the zinc, lead, and silver. Indeed, the silver grade was very good. Really encouraging around that. Clearly they add quite an interesting strategic and commercial angle to the West Greenland Hub and Black Angel restart. With the EU, US, and UK interest, growing interest in critical minerals, clearly this is something that we're gonna be playing on, and we're gonna try and take advantage of in the future. You'll hear more about this as we go forward, but clearly very positive to begin with.

Speaker #1: We're also very pleased to see the, the, the grades coming through on the zinc, lead, and silver. and indeed, the silver grade was very good.

Speaker #1: So really encouraging around that. clearly, they add, quite an interesting strategic and commercial angle to the West Greenland hub, and Black Angel restart. With the EU, US, and UK, interest growing interest in critical minerals, clearly this is something that we're going to be playing on, and we're going to try and take advantage of in the hi-hi, in the future.

Speaker #1: so you'll hear more about this as we go forward, but, clearly very positive to begin with. So I'll hand over to Aldo. He'll take you through the outlook, for the remainder of the year.

Edward Westropp: I'll hand over to Eldur, who'll take you through the outlook for the remainder of the year.

Ed Westropp: I'll hand over to Eldur, who'll take you through the outlook for the remainder of the year.

Speaker #3: Right. Thank you, Ed. Right. So, to sum up, our updated guidance on 5,000 ounces was already achieved in early October. we're extremely pleased about that to see how the team and the commissioning, has gone really, really well.

Eldur Ólafsson: Right. Thank you, Ed. Right. To sum up, our updated guidance on 5,000 ounces was already achieved in early October. We're extremely pleased about that, to see how the team and the commissioning has gone really, really well, and gives us a very good, very good wind in the back to rerate as an operator, as a producing company. We're also pleased to see that in the construction of Phase One is complete and operation has restarted on time, on budget, and we're now getting into wet commissioning. The management expects then year-end production to between 6,000 to 7,000 ounces, which is higher than our revised guidance.

Eldur Olafsson: Right. Thank you, Ed. Right. To sum up, our updated guidance on 5,000 ounces was already achieved in early October. We're extremely pleased about that, to see how the team and the commissioning has gone really, really well, and gives us a very good, very good wind in the back to rerate as an operator, as a producing company. We're also pleased to see that in the construction of Phase One is complete and operation has restarted on time, on budget, and we're now getting into wet commissioning. The management expects then year-end production to between 6,000 to 7,000 ounces, which is higher than our revised guidance.

Speaker #3: And gives us a very good wind in the back to, to reiterate as an operator, as a producing company. we're also pleased to see that in the construction of phase one, it's complete.

Speaker #3: And operation has restarted on time, on budget, and we're now getting into wet commissioning. the management expects then, year-end production to between 6 to 7 thousand ounces.

Speaker #3: And, which is, higher than our revised, guidance. Now, with phase one finished, the intention is, ongoing work on phase two has been happening. So we only have 6.5 million Canadian dollar of capital left in phase two.

Eldur Ólafsson: Now, with Phase One finished, the intention is our ongoing work on Phase Two have been happening, so we only have CAD 6.5 million of CapEx left in Phase Two. The plan is to have that operational by end of Q1 2026. This means, Phase One is giving us recovery of gold between 50% to 70%, dependent on grade, and this will then move us from recovery from then 50% to 90% or 70% to 90% or above 90%. This will increase cash flow significantly with the same amount of ore that we put through the plant. Now, one of the most exciting exploration results are still yet to come. Our biggest program in exploration this year was Nanoq. We drilled 5,000 meters there.

Eldur Olafsson: Now, with Phase One finished, the intention is our ongoing work on Phase Two have been happening, so we only have CAD 6.5 million of CapEx left in Phase Two. The plan is to have that operational by end of Q1 2026. This means, Phase One is giving us recovery of gold between 50% to 70%, dependent on grade, and this will then move us from recovery from then 50% to 90% or 70% to 90% or above 90%. This will increase cash flow significantly with the same amount of ore that we put through the plant. Now, one of the most exciting exploration results are still yet to come. Our biggest program in exploration this year was Nanoq. We drilled 5,000 meters there.

Speaker #3: and the plan is to have that, operational by, end of Q1 2026. This means, phase, one is giving us recovery of gold between 50 to 70 percent, dependent on grade.

Speaker #3: And this will then move us from recovery from then 50 to 90 or 70 to, to 90 or above 90. This will increase cash flow significantly.

Speaker #3: with the same amount of, ore that we put to the plant. Now, one of the most exciting exploration results are still yet to come.

Speaker #3: Our biggest program in exploration this year was Nalnack. We drilled 5,000 meters there. we're waiting for the core to reach the, assay facility and the assay will then be with the, the market, in due course in, in Q4.

Eldur Ólafsson: We're waiting for the core to reach the assay facility, and the assay will then be with the market in due course and in Q4. In Nalunaq as well, we have been doing underground drilling. That means we drill from underground in the current area that we are mining or above the current area that we are currently mining in the mountain block. This is both to define reserve but also to see larger resources there. On surface, something that market is maybe not as much aware of, we have also been drilling in the south block. We went 300, 250m below the current mine working to extend the resource in that direction as well, or that is the aim, I should say. We are currently drilling that.

Eldur Olafsson: We're waiting for the core to reach the assay facility, and the assay will then be with the market in due course and in Q4. In Nalunaq as well, we have been doing underground drilling. That means we drill from underground in the current area that we are mining or above the current area that we are currently mining in the mountain block. This is both to define reserve but also to see larger resources there. On surface, something that market is maybe not as much aware of, we have also been drilling in the south block. We went 300, 250m below the current mine working to extend the resource in that direction as well, or that is the aim, I should say. We are currently drilling that.

Speaker #3: And in Nalnack as well, we have been doing underground drilling. That means we drill from underground in the current area that we are mining or above the current area that we are currently mining in the mountain block.

Speaker #3: this is both to define reserve, but also to see, larger resources there. but on surface, something that market is maybe not as much aware of, we have also been drilling in the south block.

Speaker #3: So we went 300, 250 meters below the current mine working to extend the resource in that direction as well, or that, that is the aim, I should say.

Speaker #3: And we are currently drilling that. We drilled about eight holes already, and we can be drilling that during winter as well. So that is something where we are very excited about.

Eldur Ólafsson: We drilled about eight holes already, we can be drilling that during winter as well. That is something where we are very excited about. Now, given the strong financial position of the company, with net debt, with no net debt, the project pipeline we have to grow value and the fact that we will have positive cash flow next year, this sets us up for a very, very strong quarter, but, more importantly, a very strong year in 2026, which we are very excited about. On that basis, I want to give gratitude to the whole team, board, stakeholders, service provider in Amaroq. They have done an unbelievable and amazing job in a difficult jurisdiction.

Eldur Olafsson: We drilled about eight holes already, we can be drilling that during winter as well. That is something where we are very excited about. Now, given the strong financial position of the company, with net debt, with no net debt, the project pipeline we have to grow value and the fact that we will have positive cash flow next year, this sets us up for a very, very strong quarter, but, more importantly, a very strong year in 2026, which we are very excited about. On that basis, I want to give gratitude to the whole team, board, stakeholders, service provider in Amaroq. They have done an unbelievable and amazing job in a difficult jurisdiction.

Speaker #3: Now, given the strong financial position of the company, it's not that, with no net debt, the project pipeline we have to grow value, and the fact that we will have positive cash flow, next year, this allows sets us up for a very, very strong, portable, more importantly, a very strong year in 2026, which we are very excited about, on that basis.

Speaker #3: I want to give gratitude to the whole team, board, stakeholders, service provider, in Amaroq. they have done, unbelievable and amazing job in, in, in a difficult, jurisdiction.

Speaker #3: I want to also gra give a gratitude to all of our operational team, to make, all of the work, done in such a seamless, way in a place like Greenland, which is, by fact not easy to operate in, but it's getting easier and easier for us, every quarter.

Eldur Ólafsson: I want to also give a gratitude to all of our operational team, to make all of the work done in such a seamless way in a place like Greenland, which is by and large, not easy to operate in, but it's getting easier and easier for us every quarter. Thank you.

Eldur Olafsson: I want to also give a gratitude to all of our operational team, to make all of the work done in such a seamless way in a place like Greenland, which is by and large, not easy to operate in, but it's getting easier and easier for us every quarter. Thank you.

Speaker #3: Thank you.

Speaker #1: Thanks very much, Sharon. Yeah. We have some questions to the line, actually. So I'll just take those. and we'll go through them if that's okay.

Edward Westropp: Thanks very much, Sharon. We have some questions to the line actually, I'll just take those, and we'll go through them if that's okay. I think the first question is in regards to the EU and the UK government, US government interest in Greenland and the resources regarding future grants and financing. Eldur, I think it's probably one for you. Is there anything, is there anything that any information that you'd like to be able to provide on that subject matter?

Ed Westropp: Thanks very much, Sharon. We have some questions to the line actually, I'll just take those, and we'll go through them if that's okay. I think the first question is in regards to the EU and the UK government, US government interest in Greenland and the resources regarding future grants and financing. Eldur, I think it's probably one for you. Is there anything, is there anything that any information that you'd like to be able to provide on that subject matter?

Speaker #1: So, I think the first question, is in regards to the EU and the UK, intr government, US government interest in Greenland and the resources, and re-regarding future grants and financing.

Speaker #1: Aldo, I think this is probably one for you. Is there anything? is there anything that you any information that you'd like to be able to provide on that subject matter?

Speaker #1: Yeah. I want to say the mic is you can't hear you because you're speaking. Okay.

Eldur Ólafsson: You don't want to say the mic is-

Eldur Olafsson: You don't want to say the mic is-

Edward Westropp: We can't hear you because it's...

Ed Westropp: We can't hear you because it's...

Speaker #3: Yes. so we have been in, dialogue with, representatives from all of these governments, about various different, opportunities to, support, the growth in Greenland. currently, what we've seen in the marketplace and, and the general investors have seen that there are, incentives that the US and European Union, as well as Denmark, has been putting in place.

Eldur Ólafsson: Yes. We have been in dialogue with representatives from all of these governments about various different opportunities to support the growth in Greenland. Currently, what we've seen in the marketplace and the general investor have seen that there are incentives that the US and European Union, as well as Denmark, has been put in place. The most evident part of that is obviously the participation in the last capital raise of IFU, the sovereign fund of Denmark, as well as pension funds and US investors within Amaroq on the equity side. What is also being offered and provided are export credit financing. There are talks about tax incentive for UK investors to participate in Greenlandic companies, et cetera, et cetera.

Eldur Olafsson: Yes. We have been in dialogue with representatives from all of these governments about various different opportunities to support the growth in Greenland. Currently, what we've seen in the marketplace and the general investor have seen that there are incentives that the US and European Union, as well as Denmark, has been put in place. The most evident part of that is obviously the participation in the last capital raise of IFU, the sovereign fund of Denmark, as well as pension funds and US investors within Amaroq on the equity side. What is also being offered and provided are export credit financing. There are talks about tax incentive for UK investors to participate in Greenlandic companies, et cetera, et cetera.

Speaker #3: And most evident part of that is obviously the participation in the last couple of races of IFO, the, the sovereign fund of Denmark, as well as pension funds and, and US investors within Amaroq on the equity side.

Speaker #3: But what is also being, offered and provided are, export credit financing, there are talks about, tax incentive, from, for UK investors to participate in, Greenlandic, companies, etc., etc.

Speaker #3: So we see a lot of interest, and we are highly involved as the only developer and operator in Greenland, at, at to date. There are plenty of opportunities in Greenland that are, can, see value from that, being in rare earth, base metals, or precious metal.

Eldur Ólafsson: We see a lot of interest, and we are highly involved as the only developer and operator in Greenland to date. There are plenty of opportunities in Greenland that can see value from that, being in rare earth, base metals, or precious metal. We very much are in those discussion and will continue the discussion to help provide minerals from a stable jurisdiction like Greenland into the US and European market.

Eldur Olafsson: We see a lot of interest, and we are highly involved as the only developer and operator in Greenland to date. There are plenty of opportunities in Greenland that can see value from that, being in rare earth, base metals, or precious metal. We very much are in those discussion and will continue the discussion to help provide minerals from a stable jurisdiction like Greenland into the US and European market.

Speaker #3: but we, we very much are in those discussions and, and will continue the discussion to, to help provide minerals, from us that, that staple jurisdiction like Greenland into the US and European market.

Speaker #1: Thanks, Aldo. the next one is, in regards to gold production guidance for 2026. and I'll take that. We will be providing guidance, in a sort of budget and guidance announcement in February, where we'll talk through production guidance for the year.

Edward Westropp: Thanks, Eldur. The next one is in regards to gold production guidance for 2026, I'll take that. We will be providing guidance in a sort of budget and guidance announcement in February, where we'll talk through production guidance for the year. We'll talk about CapEx budgets and OpEx budgets and things. We're not providing that now. Clearly, we've given an updated guidance for the year-end this year of 6,000 to 7,000 ounces, we'll come out in February and give guidance for the 2026 full year. The next question in regard to Black Angel. Please expand on the scale of investment required for Black Angel, expected timelines to bring it back into production and assumptions on payback period for the investment.

Ed Westropp: Thanks, Eldur. The next one is in regards to gold production guidance for 2026, I'll take that. We will be providing guidance in a sort of budget and guidance announcement in February, where we'll talk through production guidance for the year. We'll talk about CapEx budgets and OpEx budgets and things. We're not providing that now. Clearly, we've given an updated guidance for the year-end this year of 6,000 to 7,000 ounces, we'll come out in February and give guidance for the 2026 full year. The next question in regard to Black Angel. Please expand on the scale of investment required for Black Angel, expected timelines to bring it back into production and assumptions on payback period for the investment.

Speaker #1: We'll talk about CAPEX budgets and OPEX budgets and things. So, we're not providing that now. Clearly, we've given, an updated guidance for the year-end this year of six to seven thousand ounces, and we'll come out in February and give and give guidance for the, for, for, for 2026 full year.

Speaker #1: the next question in regards to Black Angel. please expand on the scale and investment required for Black Angel, expected timelines to bring it back into production, and assumptions on payback periods for the investment.

Speaker #3: Yeah. It's, it's a good question. I mean, we, we are operating under, what we call the York compliant quote, and/or, 423101, which means that, any statement in regards to feasibility w-will have to be done on the basis of us finalizing, resource estimate, feasibility studies, etc., etc.

Eldur Ólafsson: Yeah, it's a good question. I mean, we are operating under what we call a JORC compliant quote and/or NI 43-101, which means that any statement in regards to feasibility will have to be done on the basis of us finalizing resource estimates, feasibility studies, et cetera, et cetera. That is the work next year we intend to do in Black Angel, as well as drilling, as well as bringing some of the infrastructure into shape. The process then in 2027 and 2028 is then to target on further resource growth and prepare the mine to take out a bulk sample, effectively a large sample, which we can then ship out to Europe and sell with the zinc, lead, silver, germanium, and gallium.

Eldur Olafsson: Yeah, it's a good question. I mean, we are operating under what we call a JORC compliant quote and/or NI 43-101, which means that any statement in regards to feasibility will have to be done on the basis of us finalizing resource estimates, feasibility studies, et cetera, et cetera. That is the work next year we intend to do in Black Angel, as well as drilling, as well as bringing some of the infrastructure into shape. The process then in 2027 and 2028 is then to target on further resource growth and prepare the mine to take out a bulk sample, effectively a large sample, which we can then ship out to Europe and sell with the zinc, lead, silver, germanium, and gallium.

Speaker #3: So that is the work next year. We intend to do in Black Angel. As well as drilling, as well as, bringing some of the infrastructure into, into, shape.

Speaker #3: the p the process then in 2027 and 2028 is to then to target on further resource growth and prepare the mine, to, take out a bulk sample, effectively a large sample, which we can then ship out to Europe and sell.

Speaker #3: With the sink-led silver germanium and gallium. And for reference, for people, you can see, when we were, did a bulk sample, and a and a mine contract with Thyssen, when we started the mine, in Nalonak, that was a two-year contract of roughly 40 million, Canadian dollars.

Eldur Ólafsson: For reference for people, you can see, when we did a bulk sample, and a mine contract with Thyssen when we started the mine in Nalunaq, that was a 2-year contract of roughly 40 million CAD. The drilling programs we are conducting every year, they range from 5 to 10 million CAD to give people kind of an idea. The beauty in Black Angel is the majority of this infrastructure, such as harbors, cable car, and a camp is already there. Those are investment that we don't have to put in place like we had to do in Nalunaq.

Eldur Olafsson: For reference for people, you can see, when we did a bulk sample, and a mine contract with Thyssen when we started the mine in Nalunaq, that was a 2-year contract of roughly 40 million CAD. The drilling programs we are conducting every year, they range from 5 to 10 million CAD to give people kind of an idea. The beauty in Black Angel is the majority of this infrastructure, such as harbors, cable car, and a camp is already there. Those are investment that we don't have to put in place like we had to do in Nalunaq.

Speaker #3: the drilling programs we are conducting every year, they range from 5 to 10 million dollars, to give people kind of an idea. and, and the beauty in Black Angel is that majority of this infrastructure, such as harbors, cable car, and a camp, is already there.

Speaker #3: So those are the are investments that we don't have to put in place, like we had to do in, in, in, in Nalonak. Now, the commercial viability is as such that while you grow the resources and you take out the ore on a high-grade resource, we, we, we know that that will be, fairly successful.

Eldur Ólafsson: Now, the commercial viability is as such that while you grow the resources and you take a door on a high-grade resource, we know that that will be fairly successful. The key is here that the funding opportunity now that we have germanium, gallium, and cadmium also in the ore will be even greater for the company.

Eldur Olafsson: Now, the commercial viability is as such that while you grow the resources and you take a door on a high-grade resource, we know that that will be fairly successful. The key is here that the funding opportunity now that we have germanium, gallium, and cadmium also in the ore will be even greater for the company.

Speaker #3: w-w and the key is here that the funding opportunity now that we have germanium and gallium and cadmium, also in the ore, will be even, even greater for, for the company.

Speaker #1: Don't worry. Just cough.

Edward Westropp: Sorry, it just caught. Thanks, Eldur. Next question is in regards to we recently announced that we're issuing Single Mine Origin gold, currently restricted to Greenland. The question being, when do they anticipate being able to make this available to non-residents? We expect this to be the case in Q1 next year or early 2026. At the moment, as part of our license commitment, we needed to provide sole access to the gold to Greenland residents to begin with. That will be then. Eldur, maybe one for you here. When are we expecting to increase throughput at Nalunaq to 450 tons per day?

Ed Westropp: Sorry, it just caught. Thanks, Eldur. Next question is in regards to we recently announced that we're issuing Single Mine Origin gold, currently restricted to Greenland. The question being, when do they anticipate being able to make this available to non-residents? We expect this to be the case in Q1 next year or early 2026. At the moment, as part of our license commitment, we needed to provide sole access to the gold to Greenland residents to begin with. That will be then. Eldur, maybe one for you here. When are we expecting to increase throughput at Nalunaq to 450 tons per day?

Speaker #3: Yeah.

Speaker #1: thanks, Aldo. next question is in regards to we recently announced that, we're, we're issuing singles, single minority in gold. currently restricted to Greenland. And the question being, when do they anticipate being able to make this available to non-residents?

Speaker #1: we expect this to be the case in Q1 next year, or early 2026. At the moment, as part of our license commitment, we needed to provide sole access to the gold to Greenland residents, to, to begin with.

Speaker #1: so, that'll be then. Aldo, maybe one for you here. When are we expecting to increase, throughput and nanolac to 450 tons per day?

Speaker #3: I would say that the, the goal here is that, the mill can process 300 tons by the end of this year. And we make sure that the mine and the mill reach the same level of, production.

Eldur Ólafsson: I would say that the goal here is that the mill can process 300 tons by end of this year, and we make sure that the mine and the mill reach the same level of production with the full year guidance. The plan is when we have Phase One and Phase Two fully operational, then we will be operating on 300 tons per day. We will be doing that for a full year for sure, for the first year. The general lead time on a new mill, to give you an idea, is about a year. If we make a acquisition or a down payment on an additional mill, it will take us at least a year, which kind of works well in our timeline.

Eldur Olafsson: I would say that the goal here is that the mill can process 300 tons by end of this year, and we make sure that the mine and the mill reach the same level of production with the full year guidance. The plan is when we have Phase One and Phase Two fully operational, then we will be operating on 300 tons per day. We will be doing that for a full year for sure, for the first year. The general lead time on a new mill, to give you an idea, is about a year. If we make a acquisition or a down payment on an additional mill, it will take us at least a year, which kind of works well in our timeline.

Speaker #3: With the f our full-year guidance, the plan is when we have phase one and phase two, fully operational, then we will be operating on 300 tons per day.

Speaker #3: We will be doing that, for a full year, for sure, for the first year. The general lead time on a new mill, to give you an idea, is about a year.

Speaker #3: So if we make a, acquisition or a, a down payment on an additional mill, it will take us at least a year, which kind of a works, well in our in our in our, timeline.

Speaker #3: Now, we would want to be operating then in a second, block, either the south block or the 75 vein at the time. So, that also takes us time to develop into those, blocks as well.

Eldur Ólafsson: Now, we would want to be operating then in a second block, either the South Block or the 75 Vein at the time. That also takes us time to develop into those block as well. I would say from 2027 onward is the period of time we could be in that position. It's a lead time on the mill and lead time on developing into the next block, which we will be focusing on next summer to put in place. You will have to give us the time that it takes to bring all of this stuff on place. You'd at least give us another year to get that in place.

Eldur Olafsson: Now, we would want to be operating then in a second block, either the South Block or the 75 Vein at the time. That also takes us time to develop into those block as well. I would say from 2027 onward is the period of time we could be in that position. It's a lead time on the mill and lead time on developing into the next block, which we will be focusing on next summer to put in place. You will have to give us the time that it takes to bring all of this stuff on place. You'd at least give us another year to get that in place.

Speaker #3: So I would say from 27, onward, it's, it's the period of time which could be in that position. So it's a lead time on a mill, and lead time on developing into the next block, which we will be focusing on next summer to put in place.

Speaker #3: And then, you will have to give us the time that it takes to bring all of this, stuff on, on, on place. So, so you would at least give us another year to, to get that in place.

Speaker #1: Thanks, Aldo.

Speaker #3: Sorry. I should say, though, most of the design and, concept design of increasing to 450 has been done. the current crossing cycle, has the availability for 450, as well as there is room both for a second mill and flotation within the plant.

Edward Westropp: I know.

Ed Westropp: I know.

Eldur Ólafsson: Sorry, I should say, though, most of the design and concept design of increasing to 450 has been done. The current crushing cycle has the availability for 450, as well as there is room both for a second mill and flotation within the plant.

Eldur Olafsson: Sorry, I should say, though, most of the design and concept design of increasing to 450 has been done. The current crushing cycle has the availability for 450, as well as there is room both for a second mill and flotation within the plant.

Speaker #1: thanks, Aldo. the next question is in regards to the potential cash flows f-from, from, Nalonak next year. How much profit per full year do you expect Amaroq Goldmine to make when it's fully operational?

Edward Westropp: Thanks, Eldur. The next question is in regards to the potential cash flows from Nalunaq next year. How much profit for full year do you expect Amaroq's gold mine to make when it's fully operational?

Ed Westropp: Thanks, Eldur. The next question is in regards to the potential cash flows from Nalunaq next year. How much profit for full year do you expect Amaroq's gold mine to make when it's fully operational?

Speaker #3: I, I think I w-w as we said earlier, we will be doing our guidance in, in February. And we kind of are we need to you need to allow us to wait for that.

Eldur Ólafsson: I think, as you said earlier, we will be doing our guidance in February, and we kind of, we need to allow us to wait for that. I think what we have given an idea to the market is that on a 300 tons per day, with a 90% recovery, where you're operating somewhere between 12 to 16 grams per ton, that generates on an annual basis in and around 40,000 to 50,000 ounces. That's on an annualized basis.

Eldur Olafsson: I think, as you said earlier, we will be doing our guidance in February, and we kind of, we need to allow us to wait for that. I think what we have given an idea to the market is that on a 300 tons per day, with a 90% recovery, where you're operating somewhere between 12 to 16 grams per ton, that generates on an annual basis in and around 40,000 to 50,000 ounces. That's on an annualized basis.

Speaker #3: But I think what we have given an idea to the market is that on a 300 tons per day or, or with, a 90% recovery and where you're operating somewhere between 12 to, 16 grams per ton, that, generates, on a f annual basis in and around 40 to, 50 thousand ounces.

Speaker #3: So that's on an annualized basis. we've told the market that our, all-in cost is going to be, in around 5 to, or 5 to 6 million, US dollars, based on, which is based on the overall cost, which is based on the fact that we also now have Black Angel and other opportunities.

Eldur Ólafsson: We told the market that our all-in cost is going to be in around $5 to or $5 to 6 million US dollar based on which is based on the overall cost, which is based on the fact that we also now have Black Angel and other opportunities. That gives you an OpEx for a year and CapEx or all-in cost for a year. It gives you an idea of throughput. It gives you a idea on grade. This can be very, very capital positive operation. And that is the aim for next year. Also, just to further support the four development process we are gonna be investing in next year and is in our current plans to date.

Eldur Olafsson: We told the market that our all-in cost is going to be in around $5 to or $5 to 6 million US dollar based on which is based on the overall cost, which is based on the fact that we also now have Black Angel and other opportunities. That gives you an OpEx for a year and CapEx or all-in cost for a year. It gives you an idea of throughput. It gives you a idea on grade. This can be very, very capital positive operation. And that is the aim for next year. Also, just to further support the four development process we are gonna be investing in next year and is in our current plans to date.

Speaker #3: So, so that gives you an OPEX for a year and CAPEX, or, or all-in cost for a year. It gives you an idea of throughput.

Speaker #3: It gives you a key, key idea on grade. So this can be very, very cash flow positive operation, and that is the aim for next year, also just to further, support the four development projects we are going to be investing in next year and in s in is in our current plans, to date.

Speaker #1: thanks, Aldo. Joan, maybe one for you here. Why has the impact benefit agreement taken so much longer than indicated to obtain?

Edward Westropp: Thanks, Eldur. Joan, maybe one for you here. Why has the Impact Benefit Agreement taken so much longer than indicated to obtain?

Ed Westropp: Thanks, Eldur. Joan, maybe one for you here. Why has the Impact Benefit Agreement taken so much longer than indicated to obtain?

Speaker #4: Thanks, Dave. I think the issue has been that the government have had other priorities that they were concentrating on. So we only received the text of the impact benefit agreement towards the end of September.

Joan Plant: Thanks, Dave. I think the issue has been that the government have had other priorities that they're concentrating on. We only received the text of the Impact Benefit Agreement towards the end of September. I've recently just received the final version, and so we are definitely on track to have that signed off by the end of the year.

Speaker #4: But I've recently just received the final version. And so we are definitely on track to have that signed off by the end of the year.

Speaker #1: Thanks, Joan. the next one is on expiration spend for 2026. What is expected expiration spend for 2026 and the rough split between the various projects, given the successes from the 2025 program?

Edward Westropp: Thanks, Joan. Next one is on exploration spend for 2026. What is expected exploration spend for 2026 and the rough split between the various projects, given the successes from the 2025 program? Albeit you haven't released the Nalunaq results yet.

Ed Westropp: Thanks, Joan. Next one is on exploration spend for 2026. What is expected exploration spend for 2026 and the rough split between the various projects, given the successes from the 2025 program? Albeit you haven't released the Nalunaq results yet.

Speaker #1: Albeit you haven't released the Nano-Nalonac results yet.

Speaker #3: I would if I if I may, or, or, let you can step in here. So, so it's a very, very good point there that Nano results need to come in, in for, for, before we, for, for all in all, we are looking at, you can look at the expiration spend into, mainly, four categories.

Eldur Ólafsson: If I may or Eldar you can step in here. It's a very good point there that Nanoq results need to come in for before we. All in all, we are looking at, you can look at the exploration spend into mainly four categories. It is early-stage exploration. You know, given the results we had on Vagar, on the satellite deposit, which were very good. You know, 38 gram per ton and copper seems to be in the gold bed, which is very interesting and it's a new discovery. We have several of these outcrops that we want to target and ideally do a scout drilling to start doing the same in Nanoq.

Eldur Olafsson: If I may or Eldar you can step in here. It's a very good point there that Nanoq results need to come in for before we. All in all, we are looking at, you can look at the exploration spend into mainly four categories. It is early-stage exploration. You know, given the results we had on Vagar, on the satellite deposit, which were very good. You know, 38 gram per ton and copper seems to be in the gold bed, which is very interesting and it's a new discovery. We have several of these outcrops that we want to target and ideally do a scout drilling to start doing the same in Nanoq.

Speaker #3: So it is early stage expiration, you know, given the results we had on Vagar on the satellite deposit, which were very, very good, you know, 38 grams per ton and copper seems to be in the gold path, which is very interesting and, and, and it's a new discovery.

Speaker #3: And we have several of these outcrops that we want to target and, and ideally do a scouter link to start doing the same in Nano.

Speaker #3: ideally, we want we would like to then continue resource drilling in Nano, subject to a result, result there, which we don't know. And as well as in Nalonac.

Eldur Ólafsson: Ideally, we would like to then continue resource drilling in Nanoq, subject to a result, re-result there, which we don't know, and as well as in Nalunaq. In Black Angel, as I mentioned earlier, it's upgrading of the camp, and drilling there, as well as scout drilling in Kangerluarsuk. All in all, this could be a scale of somewhere between 15 to 30 million CAD during the year, but most of that capital is expenditure would be, you know, spent towards the end of the year because that's when the payment dates are for these, like we have now in Q3, right? So that gives you an idea.

Eldur Olafsson: Ideally, we would like to then continue resource drilling in Nanoq, subject to a result, re-result there, which we don't know, and as well as in Nalunaq. In Black Angel, as I mentioned earlier, it's upgrading of the camp, and drilling there, as well as scout drilling in Kangerluarsuk. All in all, this could be a scale of somewhere between 15 to 30 million CAD during the year, but most of that capital is expenditure would be, you know, spent towards the end of the year because that's when the payment dates are for these, like we have now in Q3, right? So that gives you an idea.

Speaker #3: Then in Black Angel, as I mentioned earlier, it's upgrading of the camp, and drilling there, as well as, scout drilling in, in, in, in, in, Kangaloo Sark.

Speaker #3: all in all, this could be a scale of somewhere between 15 to 30 million Canadian dollars, during the year. But most of that capital is, expenditure would be, you know, spent towards the end of the year because that's when the payment date, are, are for, for these, like, like we have now in Q3, right?

Speaker #3: So, so that gives you an idea.

Speaker #1: Thanks, Aldo. the next one is something done in 2017, '28. I'd say, the question is, is the dividend strategy still on the cards, albeit perhaps of 2017, '28, '29?

Edward Westropp: Thanks, Eldar. The next one is something down in 2027 and 2028. I would say, the question is: Is a dividend strategy still on the cards, albeit perhaps for 2027, 2028, 2029?

Ed Westropp: Thanks, Eldar. The next one is something down in 2027 and 2028. I would say, the question is: Is a dividend strategy still on the cards, albeit perhaps for 2027, 2028, 2029?

Speaker #3: Yes.

Eldur Ólafsson: Yes.

Eldur Olafsson: Yes.

Speaker #1: next question is, now that Black Angel Mining is confirmed as a standalone development and with a critical minerals adding new commercial opportunities, how far are you assessing integrated service and hydro solutions, power, processing, technical services, as a way to lower CAPEX intensity across these projects and create more scalable development platforms?

Edward Westropp: Next question is, now that Black Angel Mine is confirmed as a standalone mining development and with critical minerals adding new commercial opportunities, how far are you assessing integrated service and hydro solutions, power processing, technical services as a way to lower CapEx intensity across these projects and create more scalable development platform?

Ed Westropp: Next question is, now that Black Angel Mine is confirmed as a standalone mining development and with critical minerals adding new commercial opportunities, how far are you assessing integrated service and hydro solutions, power processing, technical services as a way to lower CapEx intensity across these projects and create more scalable development platform?

Speaker #3: Yeah. Well, we've set up Shulyak, our services company, and we are in a, we you are in a process to have a, financial partner alongside us with, in, in that company.

Eldur Ólafsson: Well, we set up Suliak, our services company. We are in a process to have a financial partner alongside us with that in that company. We have already acquired the equipment in there. We have finalized rental agreement between there, and we've started to dialogue with many partners in Greenland about using the services. We see that as an opportunity to do a cost-plus agreement with us and other companies all on the same basis to lower generally services cost for all operators. More importantly, how we can service or lease equipment to the actual service industry in Greenland that does not have a balance sheet to acquire some of this equipment. This has been well advanced, and we will be updating the market in due course.

Eldur Olafsson: Well, we set up Suliak, our services company. We are in a process to have a financial partner alongside us with that in that company. We have already acquired the equipment in there. We have finalized rental agreement between there, and we've started to dialogue with many partners in Greenland about using the services. We see that as an opportunity to do a cost-plus agreement with us and other companies all on the same basis to lower generally services cost for all operators. More importantly, how we can service or lease equipment to the actual service industry in Greenland that does not have a balance sheet to acquire some of this equipment. This has been well advanced, and we will be updating the market in due course.

Speaker #3: we have already acquired the equipment in there. we have finalized rental agreement between there. And we've started to, dialogue with many partners in Greenland about using the services.

Speaker #3: So, so we see that as an opportunity to do a cost plus, agreement with us and other companies all on the same basis to lower generally services costs for all operators and, more importantly, how we can, service, or lease equipment to the actual service industry in Greenland that does not have a balance sheet to acquire some of this equipment.

Speaker #3: So this has, been valid to us. And, and we will be updating the market into a course. So, for example, the mining equipment was acquired into Shulyak to give you an idea.

Eldur Ólafsson: For example, the mining equipment was acquired into Suliak, to give you an idea. In relation to our first hydropower project, the feasibility study of approximately 1 MW power project in Nalunaq has been finished. The timeline and the budget is the previous timeline budget is also at the final stages. Equipment selection and lead times have also been selected. We see that very much coming in construction mode in, you know, initial work in 2026, but more mainly 2027, 2028. I should say in Black Angel, there are old plans to also have a hydro facility in Black Angel, which was made by Polarconsult. Very much Black Angel has the same similarity in terms of power as we have in Nalunaq.

Eldur Olafsson: For example, the mining equipment was acquired into Suliak, to give you an idea. In relation to our first hydropower project, the feasibility study of approximately 1 MW power project in Nalunaq has been finished. The timeline and the budget is the previous timeline budget is also at the final stages. Equipment selection and lead times have also been selected. We see that very much coming in construction mode in, you know, initial work in 2026, but more mainly 2027, 2028. I should say in Black Angel, there are old plans to also have a hydro facility in Black Angel, which was made by Polarconsult. Very much Black Angel has the same similarity in terms of power as we have in Nalunaq.

Speaker #3: In relation to, our first hydropower project, the feasibility study of a-approximately one megawatt power project in Nalonac has been finished. the timeline and the budget, is, the previous timeline budget is also, under final stages.

Speaker #3: And, and equipment selection and lead times have also been, selected. So, so we see that very much coming in, construction mode in, you know, initial, initial work in '26, but mo-mainly 2017, '28.

Speaker #3: I should say in Black Angel, there are old plans to also have hydro facility in Black Angel, which was made by Pulitin. So, very much Black Angel has the same similarity in terms of power as we have in Nalonac.

Speaker #3: This will lower our cost. It will give us more stability. It will lower our logistical cost and our more most importantly, it will give us lower, carbon footprint.

Eldur Ólafsson: This will lower our cost, it will give us more stability, it will lower our logistical cost, and most importantly, it will give us lower carbon footprint. Last but not least, you know, we are in discussion with Nunakreen and Nukusovit about what happens then when the mine is finished. If this power facility, then they have a right of first refusal to acquire it, to use it for the local town. This has a great benefit not only to our operation, but to Greenland as well.

Eldur Olafsson: This will lower our cost, it will give us more stability, it will lower our logistical cost, and most importantly, it will give us lower carbon footprint. Last but not least, you know, we are in discussion with Nunakreen and Nukusovit about what happens then when the mine is finished. If this power facility, then they have a right of first refusal to acquire it, to use it for the local town. This has a great benefit not only to our operation, but to Greenland as well.

Speaker #3: And last but not least, you know, we are in discussion with, Nunagreen and Nukosovit about what happens then when the mine is finished, if this, power comp power facility is then, they have a right of first refusal to our to acquire it, to use it for the local town.

Speaker #3: So this has a great, benefit not only to our operation but to Greenland as well.

Speaker #1: Thanks, Aldo. so this is actually the last question we've got on the lines here. If you if you have a question, please, please add it in now.

Edward Westropp: Thanks, Eldar. This is actually the last question we've got on the lines here. If you have a question, please add it in now. It goes back to the all-in sustaining cost. You touched on it briefly earlier in terms of how that translates to cash flow. Could you just set out what you think the all-in sustaining cost will be when we're at full run rate?

Ed Westropp: Thanks, Eldar. This is actually the last question we've got on the lines here. If you have a question, please add it in now. It goes back to the all-in sustaining cost. You touched on it briefly earlier in terms of how that translates to cash flow. Could you just set out what you think the all-in sustaining cost will be when we're at full run rate?

Speaker #1: it, it goes back to the all-in sustaining costs. you touched on it briefly earlier in terms of, how that translates to cash flow. But could you just set out what you think the all-in sustaining costs will be, when we're at full run rate?

Speaker #3: Yeah. So the only thing I can, deliver right now is, is to give you an idea of, of a cost. and so if you're working off of, if you're working off, 5, million US dollar in terms of, all-in cost, then, that's, approximately, that's 60 million US dollar annually.

Eldur Ólafsson: Yeah. The only thing I can deliver right now is to give you an idea of a cost. If you're working off $5 million in terms of all-in cost, that's approximately $60 million annually. What is gonna control that all-in cost is how many ounces you make in a year, full year timeline. If you're operating the plant as we have now on a full recovery basis, meaning 90% recovery for nine months, obviously, you will have lower ounces than you would have in a full year. That gives you an idea.

Eldur Olafsson: Yeah. The only thing I can deliver right now is to give you an idea of a cost. If you're working off $5 million in terms of all-in cost, that's approximately $60 million annually. What is gonna control that all-in cost is how many ounces you make in a year, full year timeline. If you're operating the plant as we have now on a full recovery basis, meaning 90% recovery for nine months, obviously, you will have lower ounces than you would have in a full year. That gives you an idea.

Speaker #3: Then it what, what is gonna control that all-in cost is how many ounces you make in a year full year, timeline. So if you are operating the plant as we have now on a full recovery basis, meaning 90% recovery for nine months, then obviously you will have lower ounces than you would have in a full year.

Speaker #3: So, so that gives you an idea. So if you do 50,000 ounces divided by 60 million or 40,000 or 30,000 based on, the throughput and the full recovery, that is the key, key thing to deliver them.

Eldur Ólafsson: If you do 50,000 ounces divided by $60 million or 40,000 or 30,000 based on the throughput and the full recovery, that is the key thing to deliver them. This is high grade, so the all-in cost is our focus is to have that all-in cost as it should be low.

Eldur Olafsson: If you do 50,000 ounces divided by $60 million or 40,000 or 30,000 based on the throughput and the full recovery, that is the key thing to deliver them. This is high grade, so the all-in cost is our focus is to have that all-in cost as it should be low.

Speaker #3: But this is high grade. So the all-in cost, is, our focus is to have that all-in cost as, it should be low.

Speaker #1: Thanks very much, Aldo. oh, we've just got one last question come in. Does Mr. Trump own any shares in the company? I'll take that.

Edward Westropp: Thanks very much, Eldar. Oh, we've just got one last question come in. Does Mr. Trump own any shares in the company? I'll take that. Not to the best of our knowledge. He'd be very welcome if he wanted to become shareholder. That's not probably something we can comment on. Anyway, thank you all for joining. I'll hand over to Eldar just to close out the meeting.

Ed Westropp: Thanks very much, Eldar. Oh, we've just got one last question come in. Does Mr. Trump own any shares in the company? I'll take that. Not to the best of our knowledge. He'd be very welcome if he wanted to become shareholder. That's not probably something we can comment on. Anyway, thank you all for joining. I'll hand over to Eldar just to close out the meeting.

Speaker #1: We, not to the best of our knowledge, but he'd be very welcome if he wanted to become shareholder. But that's, not probably something we can comment on.

Speaker #1: anyway, thank you all for joining. I'll hand over to Aldo just to, to close out the meeting.

Speaker #3: Yeah. Thank you, Ed. and again, I just say this, we've been very, glad, obviously to, to see the, amazing success by the team. we've been very, fortunate by the support of the market as well.

Eldur Ólafsson: Yeah. Thank you, Ed. Again, I just say this, we've been very glad obviously to see the amazing success by the team. We've been very fortunate by the support of the market as well. You know, both us, the market, the team on site will be beavering away into next year. That will set us up for great success and continued success in our operation.

Eldur Olafsson: Yeah. Thank you, Ed. Again, I just say this, we've been very glad obviously to see the amazing success by the team. We've been very fortunate by the support of the market as well. You know, both us, the market, the team on site will be beavering away into next year. That will set us up for great success and continued success in our operation.

Speaker #3: and, and, you know, both us, the market, the team on site will be beavering away into, into next year. And, and that will, set us up for, for great success and, and continued success in our operation.

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