Q2 2026 Amaroq Ltd Earnings Call

August 13, 2026

Speaker #1: Good morning, everyone, and welcome to the Amaroq Q2 and Q1 2026 results presentation. My name is Ed Westrop. I'm the Corporate Development Strategy Officer for Amaroq, and this morning we'll follow the usual course. Eldur will take you through the highlights for the period, operationally and strategically, and Ellert will take you through the financials. Then we'll follow up with some Q&A from the line.

Ed Westropp: Good morning, everyone, and welcome to the Amaroq Q2 and H1 2026 results presentation. My name is Ed Westropp. I am the Corporate Development and Strategy Officer for Amaroq. This morning, we will follow the usual course. Eldur will take you through the highlights for the period, operationally and strategically. Ellert will take you through the financials. Then we will follow up with some Q&A from the line. If you have any questions, please follow the usual form on the webcast portal, and we will endeavor to try and answer all your questions. Without further ado, let us thrust straight into it. Eldur.

Speaker #1: So, if you have any questions, please follow the usual form on the webcast portal, and we'll endeavor to try and answer all your questions.

Speaker #1: So, without further ado, let's thrust straight into it. Elder.

Speaker #2: Thank you, Ed.

Eldur Ólafsson: Thanks, Ed. Morning, everybody. Thanks all for being here. I can see there are a lot of viewers online and questions already coming in. To begin with, I just want to say how absolutely pleased we are with the result of the quarter. This has been mainly due to hard work of all of the individuals involved in terms of planning, people getting the things done. The results are that we have done already 9,000 ounces for H1 this year, upper end of that guidance, 7 to 10. We continue to have a much higher grade than we planned in the beginning of the year, approximately 20 gram per ton. The revenue is now starting to pick up, GBP 56 million. Phase 2 is already in operation, and I am pleased to be able to tell you that during all of June, when we were commissioning that, commissioning went really well.

Eldur Olafsson: Thanks, Ed. Morning, everybody. Thanks all for being here. I can see there are a lot of viewers online and questions already coming in. To begin with, I just want to say how absolutely pleased we are with the result of the quarter. This has been mainly due to hard work of all of the individuals involved in terms of planning, people getting the things done. The results are that we have done already 9,000 ounces for H1 this year, upper end of that guidance, 7 to 10. We continue to have a much higher grade than we planned in the beginning of the year, approximately 20 gram per ton. The revenue is now starting to pick up, GBP 56 million. Phase 2 is already in operation, and I am pleased to be able to tell you that during all of June, when we were commissioning that, commissioning went really well.

Speaker #1: Morning, everybody.

Speaker #2: Thanks, all, for being here. I can see there are a lot of viewers online and questions already coming in. Now, to begin with, I just want to say how absolutely pleased we are with the result of the quarter.

Speaker #2: This has been mainly due to the hard work of all the individuals involved in terms of planning, people getting things done, and the result is that we have already done 9,000 ounces for H1 this year.

Speaker #2: Upper end of that guidance: 7 to 10. We continue to have much higher grade than we planned in the beginning of the year, approximately 20 grams per ton.

Speaker #2: The revenue is now something to pick up—$56 million. Phase two is already in operation, and I'm pleased to be able to tell you that during all of June, when we were commissioning, that commissioning went really well.

Speaker #2: In July, we're already reaching 90% recovery, and phase one and phase two processing plants are operating—literally, think of the honk at that in a way that we want to see it.

Eldur Ólafsson: In July, we are reaching already mid 90% recovery. Phase 1 and phase 2 processing plant is operating literally hunky dory, in a way that we want to see it. Part of that is that you have already seen that we have a new upside RCF on a better terms. This is a testament not only to the liquidity we have now to move other projects as well as increase our liquidity position, but it is also a testament of the financial strength of the company, which we will go into in 2 minutes with Ellert. We are running now the largest exploration and development program in the history of the company. We started the exploration at Ilua in June. We finished that via drilling 3 different areas in Ilua rare earth element, a pegmatite zone which we are very interested in that large rare earth play in Greenland.

Eldur Olafsson: In July, we are reaching already mid 90% recovery. Phase 1 and phase 2 processing plant is operating literally hunky dory, in a way that we want to see it. Part of that is that you have already seen that we have a new upside RCF on a better terms. This is a testament not only to the liquidity we have now to move other projects as well as increase our liquidity position, but it is also a testament of the financial strength of the company, which we will go into in 2 minutes with Ellert. We are running now the largest exploration and development program in the history of the company. We started the exploration at Ilua in June. We finished that via drilling 3 different areas in Ilua rare earth element, a pegmatite zone which we are very interested in that large rare earth play in Greenland.

Speaker #2: Part of that is that you've already seen that we have a new oxide RCF on better terms. This is a testament not only to the liquidity we have now to move other projects forward, as well as increase our liquidity position, but it's also a testament to the financial strength of the company, which we'll go into in a few minutes with Eller.

Speaker #2: Now, we are running the largest exploration and development program in the history of the company. We started exploration at Ilua in June, and we finished that by drilling three different areas in Ilua: a rare earth element zone, and a pegmatite zone, which we're very interested in.

Speaker #2: And that large rare earth play in Greenland. So, all in all, we're really, really pleased with the quarter, and a lot of the work that you cannot see here on the highlights has also gone into making sure that we will deliver on our guidance this year, which we're confident in.

Eldur Ólafsson: All in all, we are really, really pleased with the quarter. A lot of the work that you cannot see here on the highlights has also gone into making sure that we will deliver on our guidance this year, which we are confident on. Again, I want to thank the team and everybody else for their hard work and effort so far. Post-period highlights, we are in the active season, so the first one to mention here is the Nalunaq drilling. I will go into more detail on the Nalunaq drilling in a minute. What you are seeing here is that once we are underground, and are able to utilize the underground infrastructure, I mean, the tunnels to drill into the deposit, this drilling is now on a 20-meter spacing. This has never been drilled so dense, ever.

Eldur Olafsson: All in all, we are really, really pleased with the quarter. A lot of the work that you cannot see here on the highlights has also gone into making sure that we will deliver on our guidance this year, which we are confident on. Again, I want to thank the team and everybody else for their hard work and effort so far. Post-period highlights, we are in the active season, so the first one to mention here is the Nalunaq drilling. I will go into more detail on the Nalunaq drilling in a minute. What you are seeing here is that once we are underground, and are able to utilize the underground infrastructure, I mean, the tunnels to drill into the deposit, this drilling is now on a 20-meter spacing. This has never been drilled so dense, ever.

Speaker #2: And again, I want to thank the team and everybody else for their hard work and effort so far. Post-period highlights: we are in an active season, so really the first one to mention here is the Nalmac drilling.

Speaker #2: And I'll go into more detail on the Nalmac drilling in a minute, but what you're seeing here is that once we are underground and are able to utilize the underground infrastructure—I mean the tunnels—to drill into the deposit, this drilling is now on a 20-meter spacing.

Speaker #2: This has never been drilled so dense, ever. And out of the 27 holes, we could already see 2,300 visible gold. We're getting average grade of 42.8 gram per ton, which is absolutely fantastic.

Eldur Ólafsson: Out of the 27 hole, we could already see 23 of them are visible gold. We are getting average grade of 42.8 gram per ton, which is absolutely fantastic. This drilling is to confirm, when we are mining, we mine on the east and we mine on the west. This is to confirm all of the eastern block, which is now the top of the grade we anticipated originally, so our absolute high-grade area. This levels this from 800 up to 860 and constitutes about all of 26 and 27 into 28 of resources. We have been focusing on those resources and put in the MRE 5, where we updated the resource statement alongside the main listing on 31 July. That did not take into account any of the underground drilling this year whatsoever.

Eldur Olafsson: Out of the 27 hole, we could already see 23 of them are visible gold. We are getting average grade of 42.8 gram per ton, which is absolutely fantastic. This drilling is to confirm, when we are mining, we mine on the east and we mine on the west. This is to confirm all of the eastern block, which is now the top of the grade we anticipated originally, so our absolute high-grade area. This levels this from 800 up to 860 and constitutes about all of 26 and 27 into 28 of resources. We have been focusing on those resources and put in the MRE 5, where we updated the resource statement alongside the main listing on 31 July. That did not take into account any of the underground drilling this year whatsoever.

Speaker #2: This drilling is to confirm: when we are mining, we mine on the east and we mine on the west. So this is to confirm all of the eastern block, which is now double the grade we anticipated originally.

Speaker #2: So, absolutely high-grade area. These levels are from 800 up to 860 and constitute about all of 26 and 27 into 28 of resources.

Speaker #2: Now, we have been focusing on those resources and put them in the MRE file, where we updated the resource statement alongside the main listing on the 31st.

Speaker #2: That did not take into account any of the underground drilling this year whatsoever. So now that we're drilling every month, defining more and more, the focus is to, on the one hand, increase the resources, but also confirm the grade.

Eldur Ólafsson: Now that we are drilling every month, defining more and more, the focus is to, on the one hand, increase the resources, but also confirm the grade. We have done more than 100 bags of flotation bags. We are already above approximately 90% recovery of total recovery. I am really pleased to be able to tell the market that this is just going like clockwork, as I mentioned earlier, and we will be continuing operating the plant as is. Nalunaq and Minturn, we started drilling there, and Nalunaq is a gold area that we drilled last year, and I will speak to that in more detail later on. Minturn is an IOCG, which is iron oxide copper gold deposit high up in North Greenland, which we are now already drilling. I mentioned earlier we went on the main market on 31 July.

Eldur Olafsson: Now that we are drilling every month, defining more and more, the focus is to, on the one hand, increase the resources, but also confirm the grade. We have done more than 100 bags of flotation bags. We are already above approximately 90% recovery of total recovery. I am really pleased to be able to tell the market that this is just going like clockwork, as I mentioned earlier, and we will be continuing operating the plant as is. Nalunaq and Minturn, we started drilling there, and Nalunaq is a gold area that we drilled last year, and I will speak to that in more detail later on. Minturn is an IOCG, which is iron oxide copper gold deposit high up in North Greenland, which we are now already drilling. I mentioned earlier we went on the main market on 31 July.

Speaker #2: We've done more than 100 flotation bags. We're already above approximately 90% recovery, or total recovery. So I'm really pleased to be able to tell the market that this is just going like clockwork, as I mentioned earlier, and we will be continuing operating the plant as is.

Speaker #2: None of the main turn, we started drilling there. Nalmac is a gold area that we drilled last year. I will speak to that in more detail later on.

Speaker #2: And Minturn is an IOCG, which is an Iron Oxide Copper Gold deposit high up in North Greenland, which we are now already drilling. As mentioned earlier, we went on the main market on the 31st of July.

Speaker #2: This was an important milestone for the company. I want to emphasize that we have been working on how liquidity and how access to the company through the capital market is best secured.

Eldur Ólafsson: This was an important milestone for the company. I want to emphasize that we have been working on how liquidity, how access to the company through the capital market is best secured. When we were on three market, we were distributing liquidity over three market, Canada, AIM, and Iceland. We delisted from Canada to focus to get as much liquidity on one market, which we are now focused is to be on the London market. Iceland has a strong investor base and long-term investor base, but it is a more shallower market. All of our focus is now to increase and build up liquidity on the main market in London. This was important date for us to get on 31 July, and actually in the middle of our summer holiday here in Iceland.

Eldur Olafsson: This was an important milestone for the company. I want to emphasize that we have been working on how liquidity, how access to the company through the capital market is best secured. When we were on three market, we were distributing liquidity over three market, Canada, AIM, and Iceland. We delisted from Canada to focus to get as much liquidity on one market, which we are now focused is to be on the London market. Iceland has a strong investor base and long-term investor base, but it is a more shallower market. All of our focus is now to increase and build up liquidity on the main market in London. This was important date for us to get on 31 July, and actually in the middle of our summer holiday here in Iceland.

Speaker #2: When we were on three market, we were distributing liquidity over three market, Canada, aim, and Iceland. We delisted from Canada, to focus to get as much liquidity on one market, which we are now focused is to be on the London market.

Speaker #2: Iceland has been is a has a strong investor base in long-term investor base, but it is a more shallower market. So all of our focus is now to increase and build up liquidity on the main market in London.

Speaker #2: This was an important date for us to get—on the 31st of July. It's actually in the middle of our summer holiday here in Iceland, but this gives us the opportunity to be admitted to indexes prior to the 1st of September.

Eldur Ólafsson: This gives us the opportunity to be admitted to indexes prior to 1 September. We will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the gold junior index like DJAG, where we need to uphold a certain liquidity over a period of two quarters. In addition to that, we finalized the Karawak Teey wee funding, that is with our funding partner, GCAM, where we funded in total approximately CAD 10 million, to fund both the Ilua and Minturn drilling program. I thought I would take this opportunity here after six months to give you a little bit of insight into our strategic objectives for what we are starting to name a three-mine focus for Amaroq. Effectively have three operating mines being built.

Eldur Olafsson: This gives us the opportunity to be admitted to indexes prior to 1 September. We will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the gold junior index like DJAG, where we need to uphold a certain liquidity over a period of two quarters. In addition to that, we finalized the Karawak Teey wee funding, that is with our funding partner, GCAM, where we funded in total approximately CAD 10 million, to fund both the Ilua and Minturn drilling program. I thought I would take this opportunity here after six months to give you a little bit of insight into our strategic objectives for what we are starting to name a three-mine focus for Amaroq. Effectively have three operating mines being built.

Speaker #2: And we will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the gold junior index like DJC, where we need to uphold a certain liquidity over a period of two quarters.

Speaker #2: In addition to that, we finalized the Caravan KV funding that is with our funding partner, GCAM, where we funded in total approximately $10 million Canadian dollars to fund both the Ilua and Minton drilling program.

Speaker #2: Now, I thought I would take this opportunity here on after six months to give you a little bit of insight into our strategic objectives for what we are starting to name a three mine focus for AMOC, effectively have three operating mines being built.

Speaker #2: Now, each of these mines have the opportunity to grow in both resources and in production. Now, if we start with Nalunak, our focus point there is to have is to have is to focus on a four different section.

Eldur Ólafsson: Now, each of these mines have the opportunity to grow in both resources and in production. If we start with Nalunaq, our focus point there is to focus on four different sections. On the geology side, our short-term focus, as I mentioned earlier, is to drill underground as close to where we are mining to establish what we call reserves. This will give us better opportunity to guide next year and the following years. We really started this underground very late last year, once we have established the infrastructure underground drilling. Underground drilling was never done in Nalunaq by our predecessor. So we are doing that and we are learning a lot. We are learning structurally how the dip of the ore body keeps the high-grade pocket, and most of it is high-grade, as you can see. So we are seeing much more understanding there.

Eldur Olafsson: Now, each of these mines have the opportunity to grow in both resources and in production. If we start with Nalunaq, our focus point there is to focus on four different sections. On the geology side, our short-term focus, as I mentioned earlier, is to drill underground as close to where we are mining to establish what we call reserves. This will give us better opportunity to guide next year and the following years. We really started this underground very late last year, once we have established the infrastructure underground drilling. Underground drilling was never done in Nalunaq by our predecessor. So we are doing that and we are learning a lot. We are learning structurally how the dip of the ore body keeps the high-grade pocket, and most of it is high-grade, as you can see. So we are seeing much more understanding there.

Speaker #2: On the geology side, our short-term focus, as I mentioned earlier, is to drill underground as close to where we are mining to establish what we call reserves.

Speaker #2: This will give us a better opportunity to guide next year and the following year. We really started this underground very late last year. Once we have established the infrastructure and underground drilling,

Speaker #2: Underground drilling was never done in Nalmac by our predecessors, so we are doing that and we are learning a lot. We are learning structurally how the dip of the ore body keeps the higher-grade pocket, and, you know, well, most of it is high grade as you can see.

Speaker #2: So, we are seeing much more understanding there. While we're doing this, in the medium- and long-term, the target is that we have to find and build up aspiration tunnels to go deeper and access more years of development—or I should say, production.

Eldur Ólafsson: While we are doing this, in the medium and long-term target is that we are defining and building up exploration tunnels to go deeper and access more years of development or I should say, production, meaning to be able to drill out 2028, 2029, 2030. I will show you that in a picture in the next slide. Furthermore, we are looking to do exploration tunnels into areas such as the Target Block 75 and South Block, and this is in anticipation to start increasing production in Nalunaq, so we need the mine to deliver that. On the mining end, we are focused on reaching a nameplate capacity that is all about getting the development meters per day into a systematic approach to have the people, the equipment, the maintenance program and so on, all in good shape, and this is progressing really well.

Eldur Olafsson: While we are doing this, in the medium and long-term target is that we are defining and building up exploration tunnels to go deeper and access more years of development or I should say, production, meaning to be able to drill out 2028, 2029, 2030. I will show you that in a picture in the next slide. Furthermore, we are looking to do exploration tunnels into areas such as the Target Block 75 and South Block, and this is in anticipation to start increasing production in Nalunaq, so we need the mine to deliver that. On the mining end, we are focused on reaching a nameplate capacity that is all about getting the development meters per day into a systematic approach to have the people, the equipment, the maintenance program and so on, all in good shape, and this is progressing really well.

Speaker #2: Meaning to be able to drill out 28, 29, and 30. I will show you that in a picture in the next slide. Furthermore, we are looking to do aspiration tunnels into areas such as the target block, 75, and south block.

Speaker #2: And this is in anticipation to start increasing production in Nalmac. So we need the mine to deliver that. On the mining end, we are focused on reaching an implant capacity that is all about getting the development meters per day into a systematic approach to have the people equipment, maintenance program, and so on, all in good shape.

Speaker #2: And this is progressing really well. In the medium to long term, we will then push more development meters and more throughput to be able to access new ore zones and to drill out more resources.

Eldur Ólafsson: In medium long-term, we will then push more development meters and more throughput to be able to access new ore zone and to drill out more resources. For our investors, what is key is to grow the resources, both reserve and resources, as well as growing the production. On the plant side, the short term is to reach that nameplate capacity of 27 days or 300 tons per day. Medium and long term, so call it next year, on an annual basis, we want to be producing 100,000 tons of ore through that plant. What we have already started to do is to do studies on increasing the plant throughput to 450 tons per day and beyond. There are two ways to do that. On the one hand is to install another mill next to the current mill as well as flotation cells.

Eldur Olafsson: In medium long-term, we will then push more development meters and more throughput to be able to access new ore zone and to drill out more resources. For our investors, what is key is to grow the resources, both reserve and resources, as well as growing the production. On the plant side, the short term is to reach that nameplate capacity of 27 days or 300 tons per day. Medium and long term, so call it next year, on an annual basis, we want to be producing 100,000 tons of ore through that plant. What we have already started to do is to do studies on increasing the plant throughput to 450 tons per day and beyond. There are two ways to do that. On the one hand is to install another mill next to the current mill as well as flotation cells.

Speaker #2: For our investors, what is key is to grow the resources—both resource and resources—as well as growing the production. On the plant side, in the short term, the goal is to reach that nameplate capacity of either 27 days or 300 days.

Speaker #2: Medium and long term, so call it next year on an annual basis, we want to be producing 100,000 tons of ore through that plant.

Speaker #2: And what we've already started to do is to conduct studies on increasing the plant throughput to 450 tons per day and beyond. And there are two ways to do that.

Speaker #2: On the one hand, it's to install another mill next to the current mill, as well as flotation cells. But we are also looking into what is called an optical ore sorting technology, which will allow us to source the ore that goes to the plant to only take that ore, rather than any waste material, or effectively bring a more high-grade ore through it, which will have the same effect.

Eldur Ólafsson: But we are also looking into what is called an optical ore sorting technology, which will allow us to sort the ore that goes to the plant to only take that ore rather than any waste material or effectively bring a more high-grade ore through it, which will have the same effect. On the permitting side in Nalunaq, all permits are in place for our current operation. For the medium long term, we are looking to build up more efficiency around the tri-sulfide tailings facility, put that in place, as well as increase throughput and so on. But overall, this has given us this kind of a strategic update that you see here in front of you, has given us a game plan for the next two mines which we are going to take on. Nalunaq here you can see the kind of key areas that we are developing.

Eldur Olafsson: But we are also looking into what is called an optical ore sorting technology, which will allow us to sort the ore that goes to the plant to only take that ore rather than any waste material or effectively bring a more high-grade ore through it, which will have the same effect. On the permitting side in Nalunaq, all permits are in place for our current operation. For the medium long term, we are looking to build up more efficiency around the tri-sulfide tailings facility, put that in place, as well as increase throughput and so on. But overall, this has given us this kind of a strategic update that you see here in front of you, has given us a game plan for the next two mines which we are going to take on. Nalunaq here you can see the kind of key areas that we are developing.

Speaker #2: On the permitting side in Nalmac, all permits are in place for our current operation. For the medium- to long-term, we are looking to build more efficiency around the price tag payment facility, put that in place, as well as increase throughput and so on.

Speaker #2: But overall, this has given us this kind of a strategic objective you see here in front of you. It has given us a game plan for the next two months, which we're going to take on.

Speaker #2: Nalmac here, here you can see the kind of a key areas that we are developing. I want to draw your attention to the green bit on the on the slide there.

Eldur Ólafsson: I want to draw your attention to the green bit on the slide there. You can see where you have numbers 792 all the way to 874. This is what we have already drilled, and this is where the drilling results are coming from, which we reported on the middle of July. We are currently starting to drill on the other side to the west, where you see 810 exploration drift in the start of that drilling. That will drill from the same 790 all the way to 875. This will constitute roughly for all of 2026, 2027, and into 2028, and we will have secured that. Mind you, that area there on the east or close to where you see the number 792 to 811, this is where we have an average grade of 42 gram per ton.

Eldur Olafsson: I want to draw your attention to the green bit on the slide there. You can see where you have numbers 792 all the way to 874. This is what we have already drilled, and this is where the drilling results are coming from, which we reported on the middle of July. We are currently starting to drill on the other side to the west, where you see 810 exploration drift in the start of that drilling. That will drill from the same 790 all the way to 875. This will constitute roughly for all of 2026, 2027, and into 2028, and we will have secured that. Mind you, that area there on the east or close to where you see the number 792 to 811, this is where we have an average grade of 42 gram per ton.

Speaker #2: You can see where you have numbers 792 all the way to 874. This is what we have already drilled, and this is where the drilling results are coming from, which we reported on in the middle of July.

Speaker #2: We are currently starting to drill on the other side to the west, where you see the 810 aspiration drift, at the start of that drilling. That will drill from the same 790 all the way to 875.

Speaker #2: This will constitute roughly all of 26, 27, and into 28, and we will have secured that. Mind you, that area there on the east, or close to the weather—you see the numbers 792 to 810.

Speaker #2: This is where we have an average grade of 42 gram per ton. Then you see below their mineral resources, zone that's the target block over time we will start putting aspiration drift underneath there and start drilling that.

Eldur Ólafsson: Then you see below there, mineral resources zone, that is the target block. Over time, we will start putting exploration drift underneath there and start drilling that. The 810 exploration drift, as you can see, it goes directly under the area. We are mining at 800 level right now. The mountain goes all the way to 1,350, and this outcrop we have been sampling this year all the way to the top of the mountain. These are years' worth of production as well as you have satellite filing above the main vein there. So this exploration drift, every 100 meters, we are then be able to drill. So after we have done exploration drift for 100 meters, which we are expecting to have done before end of the year, we can then start drilling into the area in 2028, 2029, and 2030.

Eldur Olafsson: Then you see below there, mineral resources zone, that is the target block. Over time, we will start putting exploration drift underneath there and start drilling that. The 810 exploration drift, as you can see, it goes directly under the area. We are mining at 800 level right now. The mountain goes all the way to 1,350, and this outcrop we have been sampling this year all the way to the top of the mountain. These are years' worth of production as well as you have satellite filing above the main vein there. So this exploration drift, every 100 meters, we are then be able to drill. So after we have done exploration drift for 100 meters, which we are expecting to have done before end of the year, we can then start drilling into the area in 2028, 2029, and 2030.

Speaker #2: Now, the aspiration 810 aspiration drift that you can see it goes directly under the area. We are at we are mining at 800 level right now.

Speaker #2: The mountain goes all the way to 1,350, and this outgrowth we've been sampling this year all the way to the top of the mountain.

Speaker #2: These are years worth of production as well as you have 75 in above the main vein there. So this aspiration drift every 100 meters we are then be able to drill.

Speaker #2: And so, after we've done aspiration drift for 100 meters—which we're expecting to have done before the end of the year—we can then start drilling into the area in 2028, 2029, and 2030.

Speaker #2: Now, we have a new mine based on an old mine called Marmor Elite. Marmor Elite, previously known as Black Angel, is something we've been evaluating for this whole year.

Eldur Ólafsson: We have a new mine based on an old mine called Maarmorilik. Maarmorilik, or previously known as Black Angel, is something we have been evaluating now for this whole year. We have hired WSP, which is a world-known engineering firm, to do an updated mineral resource estimate and preliminary economic assessment on the current resource and the potential future resource for the Maarmorilik area. On the geological side, we currently have already 4.4 million tons. Previous operators, they looked to develop a mine directly where the old Black Angel mine was, where you take up the high-grade pillars and you mine that for maybe two years. This would have been equivalent of maybe up to 1 million tons. However, there are 4.4 million tons. We have changed it around to focus on the whole Maarmorilik area.

Eldur Olafsson: We have a new mine based on an old mine called Maarmorilik. Maarmorilik, or previously known as Black Angel, is something we have been evaluating now for this whole year. We have hired WSP, which is a world-known engineering firm, to do an updated mineral resource estimate and preliminary economic assessment on the current resource and the potential future resource for the Maarmorilik area. On the geological side, we currently have already 4.4 million tons. Previous operators, they looked to develop a mine directly where the old Black Angel mine was, where you take up the high-grade pillars and you mine that for maybe two years. This would have been equivalent of maybe up to 1 million tons. However, there are 4.4 million tons. We have changed it around to focus on the whole Maarmorilik area.

Speaker #2: And we have hired WSD, which is a world-renowned engineering firm, to do an updated mineral resource estimate and preliminary economic assessment on the current resource and any potential future resource.

Speaker #2: For the Marmor Elite area, on the geological side, we currently have already 4.4 million tonnes. Now, previous operators looked to develop a mine directly where the old Black Angel mine was, where you take off the high-grade pillars and mine that for maybe two years.

Speaker #2: This would have been equivalent to maybe up to 1 million tons. However, there are 4.4 million tons. We have changed this around to focus on the whole Marmor Elite area.

Speaker #2: When the glacier has been retreating, there are a lot of resources coming to the surface, and we already have known resources that are drilled in six different areas. There are a lot more areas coming to surface.

Eldur Ólafsson: When the glacier has been retreating, there is a lot of resources coming to surface, and we already have known resources were drilled in six different areas, and there are a lot more areas coming to surface. So the scale there is much, much, much larger. The idea here is that we will do a string of, we will follow the tons we have and follow each of these resources to develop a mining activity on the 4.4 or up to a five or even larger, and then grow the resources to fit in the redevelopment area of the mine. On the mining front, we are very much focused on the same mining rate that Pol 元 and PAC mined from the mine previously. So this was about 700,000 tons on an annual basis.

Eldur Olafsson: When the glacier has been retreating, there is a lot of resources coming to surface, and we already have known resources were drilled in six different areas, and there are a lot more areas coming to surface. So the scale there is much, much, much larger. The idea here is that we will do a string of, we will follow the tons we have and follow each of these resources to develop a mining activity on the 4.4 or up to a five or even larger, and then grow the resources to fit in the redevelopment area of the mine. On the mining front, we are very much focused on the same mining rate that Pol 元 and PAC mined from the mine previously. So this was about 700,000 tons on an annual basis.

Speaker #2: So the scale that is much, much, much larger. Now, the idea here is that we will do a string of we will follow the tons we have and follow each of these resources to develop a mining activity on the on the 4.4 or up to a 5 or even larger.

Speaker #2: And then grow the resources through in the redevelopment area of the mine. On the mining front, we are very much focused on maintaining the same mining rate that Boliden and TAG mined from the mine previously.

Speaker #2: So this was about 700,000 tons on an annual basis. We're doing all LiDAR scanning of the old, previous mine workings. We will turn those, and we're working towards a new mineral resource estimate and PEA—preliminary economic assessment.

Eldur Ólafsson: We are doing all laser scanning of the old previous mine workings, people tunnels. We are working towards a new mineral resource estimate and PEA, preliminary economic assessment. On the processing plant, we are leveraging off a previously operated plant that was on site, which produced 60% flotation concentrates, 60% zinc, lead, silver, and obviously germanium and gallium. We have previously had metallurgical test work and a lot of data on the ore, which is very clean and good ore. Effectively, this is also leveraging of what we have already done. On the permit design, we will follow the same permit process with Nalunaq, same camp, same redevelopment of tunnels, same roads, same type of tailing, everything the same, which is going to work really well for us. We are really hopeful and know that this will be a very good project.

Eldur Olafsson: We are doing all laser scanning of the old previous mine workings, people tunnels. We are working towards a new mineral resource estimate and PEA, preliminary economic assessment. On the processing plant, we are leveraging off a previously operated plant that was on site, which produced 60% flotation concentrates, 60% zinc, lead, silver, and obviously germanium and gallium. We have previously had metallurgical test work and a lot of data on the ore, which is very clean and good ore. Effectively, this is also leveraging of what we have already done. On the permit design, we will follow the same permit process with Nalunaq, same camp, same redevelopment of tunnels, same roads, same type of tailing, everything the same, which is going to work really well for us. We are really hopeful and know that this will be a very good project.

Speaker #2: On the processing plant, we're leveraging off a previously operated plant that was on site, which produced 60% flotation concentrates, 60% sink lead silver, and obviously germanium and gallium.

Speaker #2: And we have previously had metallurgical test work and a lot of data on the ore, which is very clean and a good tool. Effectively, this is also leveraging what we've already done.

Speaker #2: On the permit design, we will follow the same permit process with Nalmac. Same plant, same redevelopment of the tunnel, same roads, same dry stack tailings—everything the same—which is going to work really well for us.

Speaker #2: We are really hopeful and know that this will be a very good project. This is most likely a redevelopment timeline of three years. But, obviously, we will update the market on our updated MRE and a PEA this year.

Eldur Ólafsson: This is most likely a redevelopment time of 3 years. Obviously, we will update the market on Amaroq and our PEA this year. We feel that this will be very value creative for the company. Here you can see on the Maarmorilik side how it looks. Maarmorilik camp, this is where the old processing plant, where the current camp is, where the harbor is, where all of the infrastructure already is. What they did previously was to build a cable car from this area 800 meters high up to what you see pillar resources. We do not want to do that because we never operated a cable car. What we are going to do is that we are going to go back to our old strategy.

Eldur Olafsson: This is most likely a redevelopment time of 3 years. Obviously, we will update the market on Amaroq and our PEA this year. We feel that this will be very value creative for the company. Here you can see on the Maarmorilik side how it looks. Maarmorilik camp, this is where the old processing plant, where the current camp is, where the harbor is, where all of the infrastructure already is. What they did previously was to build a cable car from this area 800 meters high up to what you see pillar resources. We do not want to do that because we never operated a cable car. What we are going to do is that we are going to go back to our old strategy.

Speaker #2: And we feel that this will be very value-creative for the company. Here, you can see on the Marmor Elite side how it looked.

Speaker #2: Marmor Elite camp—this is where the old processing plant is, where the current camp is, where the harbor is, where all of the infrastructure already is. What they did previously was to build a cable car from this area, 800 meters high, up to what you see at Pillar Resources.

Speaker #2: We don't want to do that, because we've never operated the cable car. So what we're going to do is go back to our own strategy.

Speaker #2: We're going to redevelop the N2 ore tunnel, which is a 9-kilometer tunnel from the Marmor Elite camp to the N2 ore body. I was in this tunnel fairly recently.

Eldur Ólafsson: We are going to redevelop the N2 ore tunnel, which is a 9-kilometer tunnel from the Maarmorilik camp to the N2 ore body. I was in this tunnel fairly recently. These tunnels are in good shape, so we will redevelop them. We will then come to surface through a new portal and build a road for approximately 5 to 7 kilometers, going first to the Arctic Zone, which is an ore body of 500,000 tons, then to the Glacier Zone, which is 1.7 million tons. Then we will go to the area where you see the new portal, and from there we will go to Deep Ice Zone, where we already have 7 meters over 40% zinc, lead, silver and the old Black Angel mine.

Eldur Olafsson: We are going to redevelop the N2 ore tunnel, which is a 9-kilometer tunnel from the Maarmorilik camp to the N2 ore body. I was in this tunnel fairly recently. These tunnels are in good shape, so we will redevelop them. We will then come to surface through a new portal and build a road for approximately 5 to 7 kilometers, going first to the Arctic Zone, which is an ore body of 500,000 tons, then to the Glacier Zone, which is 1.7 million tons. Then we will go to the area where you see the new portal, and from there we will go to Deep Ice Zone, where we already have 7 meters over 40% zinc, lead, silver and the old Black Angel mine.

Speaker #2: These tunnels are in good shape, so we'll redevelop them. We will then come to surface through a new portal and build a road for approximately 5 to 7 kilometers, going first to the Arc Zone, which is an ore body of 500,000 tons, then to the Glacier Zone, which is 1.7 million tons. Then we will go to the area where you see the new portal, and from there we will go to the Deep Ice Zone, where you already have 7 meters over 40% zinc, lead, silver, and the old Black Angel mining.

Speaker #2: So we'll turn this completely around, do something we feel very comfortable about doing—redeveloping tunnels, doing roads, and actually accessing all of the 4.4-million-tonne ore body. What is important: in each of these spots here, you are probably missing 10 other spots of outcrop which have not been—and we are now doing sampling of all of these different areas that are outcropping. Each of these areas, the outcrop has only been drilled maybe down to 100 meters; nothing has been drilled at strike where the outcrop is then extending, or at that.

Eldur Ólafsson: We will turn this completely around, do something we feel very comfortable about doing, redeveloping tunnels, doing roads, and actually accessing all of the 4.4 billion ton ore body. What is important here in each of the spots here, you are probably missing 10 other spots of outcrop. We are now doing sampling of all of these different areas that are outcropping. Each of these areas, the outcrop has only been drilled, maybe down 200 meters. Nothing has been drilled at strike where the outcrop is then extending or at that. This is again, another mountain where we start with the resource and we grow the resource while the redevelopment area is to increase the economic value for the company. Really interesting and exciting project that we are taking on here. Last but not least, it is Nalunaq.

Eldur Olafsson: We will turn this completely around, do something we feel very comfortable about doing, redeveloping tunnels, doing roads, and actually accessing all of the 4.4 billion ton ore body. What is important here in each of the spots here, you are probably missing 10 other spots of outcrop. We are now doing sampling of all of these different areas that are outcropping. Each of these areas, the outcrop has only been drilled, maybe down 200 meters. Nothing has been drilled at strike where the outcrop is then extending or at that. This is again, another mountain where we start with the resource and we grow the resource while the redevelopment area is to increase the economic value for the company. Really interesting and exciting project that we are taking on here. Last but not least, it is Nalunaq.

Speaker #2: So this is, again, another Nalmac where we start with a resource and we grow the resource, while the redevelopment area is to increase the economic value for the company.

Speaker #2: Really interesting and exciting project that we're taking on here. Last but not least, it's Nalmac. Nalmac—you can think of that as, obviously, our main focus there. If we go back a second, we drilled 4.5 kilometers last year.

Eldur Ólafsson: Nalunaq, you can think of that as obviously our main focus there to, if we go back a second, we drilled 4.5 kilometers last year, after drilling two holes the year before that. We got this unbelievable thickness of 9 meters, very high grade on surface and only down to 70-meter depth. We are doing similar program this year to drill both infill and step out drilling to hopefully declare our initial MRE mineral resource. Once that is in place, we then can assess how we could potentially mine this to begin with. The mining will be open pit, a small open pit on surface, most likely. We have to be guided by the drilling as well as underground mining once we develop that.

Eldur Olafsson: Nalunaq, you can think of that as obviously our main focus there to, if we go back a second, we drilled 4.5 kilometers last year, after drilling two holes the year before that. We got this unbelievable thickness of 9 meters, very high grade on surface and only down to 70-meter depth. We are doing similar program this year to drill both infill and step out drilling to hopefully declare our initial MRE mineral resource. Once that is in place, we then can assess how we could potentially mine this to begin with. The mining will be open pit, a small open pit on surface, most likely. We have to be guided by the drilling as well as underground mining once we develop that.

Speaker #2: After drilling two holes the year before that, we got this unbelievable thickness of 9 meters, very high grade on surface, and only down to 70 meters depth.

Speaker #2: We are doing a similar program this year to drill both infill and step-out drilling, to hopefully declare our initial maiden mineral resource. Now, once that is in place, we can then assess how we could potentially mine this to begin with.

Speaker #2: The mining will be open pit—a small open pit on surface, most likely. We have to be guided by the drilling, as well as underground mining, once we develop that.

Speaker #2: Now, what is important is that we are already assessing how we put up a simple harbor and a road or a track towards the deposit, which is only one and a half kilometers.

Eldur Ólafsson: What is important that we are already assessing how we put up a simple harbor and a road or a track towards the deposit, which is only 1.5 kilometers. What will that give us is the opportunity to start shaping out what we call a bulk sample, where we don't have to process that on-site, but we can actually move that to Nalunaq. Not all ore is amenable to any kind of a processing plant, and we don't know that yet if the Nalunaq ore will be amenable to the Nalunaq processing plant. So we are doing studies now on the outcrop, on the ore in Nalunaq, to see if the ore can be used or processed in the Nalunaq plant. If it can be, it would be a huge impact for us.

Eldur Olafsson: What is important that we are already assessing how we put up a simple harbor and a road or a track towards the deposit, which is only 1.5 kilometers. What will that give us is the opportunity to start shaping out what we call a bulk sample, where we don't have to process that on-site, but we can actually move that to Nalunaq. Not all ore is amenable to any kind of a processing plant, and we don't know that yet if the Nalunaq ore will be amenable to the Nalunaq processing plant. So we are doing studies now on the outcrop, on the ore in Nalunaq, to see if the ore can be used or processed in the Nalunaq plant. If it can be, it would be a huge impact for us.

Speaker #2: What that will give us is the opportunity to start shaping out what we call a bulk sample, where we don't have to process that on site but we can actually move that to Nalmac.

Speaker #2: Now, not all ore is amenable to any kind of processing plant, and we don't know yet if the Nalmac ore will be amenable to the Nalmac processing plant.

Speaker #2: So, we are doing studies now on the outcrop and the ore in Nalmac to see if the ore can be used or processed in the Nalmac plant.

Speaker #2: If it can be, it will be a huge impact for us, because you can imagine we don't then have to build, in the beginning, a processing plant in Nalmac.

Eldur Ólafsson: Because you can imagine, we don't then have to build in the beginning a processing plant in Nalunaq. We only have to set up a camp, road, and do mining equipment, which we feel very comfortable doing. I just want to remind you, it's about 70%, 80% of our cost in Nalunaq was to build that plant, and it's the biggest impact on the cost structure of a project like this. So with Nalunaq, you can see how we can grow the knowledge of the resource and the scale of the resource by setting a road and harbor in place. It will eliminate the helicopter. It will allow us to have a camp that will extend the season, and we can potentially start generating cash flow from this asset. Here you can see the distances from Nalunaq over to Nalunaq.

Eldur Olafsson: Because you can imagine, we don't then have to build in the beginning a processing plant in Nalunaq. We only have to set up a camp, road, and do mining equipment, which we feel very comfortable doing. I just want to remind you, it's about 70%, 80% of our cost in Nalunaq was to build that plant, and it's the biggest impact on the cost structure of a project like this. So with Nalunaq, you can see how we can grow the knowledge of the resource and the scale of the resource by setting a road and harbor in place. It will eliminate the helicopter. It will allow us to have a camp that will extend the season, and we can potentially start generating cash flow from this asset. Here you can see the distances from Nalunaq over to Nalunaq.

Speaker #2: We only have to set up a camp, road, and do mining equipment, which we feel very comfortable doing. I just want to remind you it's about 70-80% of our cost in Nalmac was to build that plant.

Speaker #2: That is the biggest impact on the cost structure for a project like this. So with NALMAC, you can see how we can grow the knowledge of the region and the scale of the resource by setting a road and harbor in place.

Speaker #2: It will eliminate the helicopter. It will allow us to have a camp that will extend the season, and we can potentially start generating cash for home assets.

Speaker #2: Here you can see the distances from Nalmac over to Nalmac. What I want to say is that, in mining, there's nothing better than bringing material onto a sea.

Eldur Ólafsson: What is important here is that in mining, there's nothing faster than bringing material onto a sea. Trucking or handling along trucking or trains and so on is something that is complex and expensive. So being able to bring this on sea and being so close to shore is very, very beneficial. Nalunaq is certainly in a different location to Nalunaq in terms of weather, in terms of ice and so on. But overall, and the same thing applies with Maarmorilik, but overall, Suliaq, our service company, which we mentioned earlier, will have the ability to give us access to any area that we want to operate in. Sorry, I want to hand over to Ellert here to run through the financial of the quarter.

Eldur Olafsson: What is important here is that in mining, there's nothing faster than bringing material onto a sea. Trucking or handling along trucking or trains and so on is something that is complex and expensive. So being able to bring this on sea and being so close to shore is very, very beneficial. Nalunaq is certainly in a different location to Nalunaq in terms of weather, in terms of ice and so on. But overall, and the same thing applies with Maarmorilik, but overall, Suliaq, our service company, which we mentioned earlier, will have the ability to give us access to any area that we want to operate in. Sorry, I want to hand over to Ellert here to run through the financial of the quarter.

Speaker #2: Trucking or handling around trucking or trains and so on is something that is complex and expensive. So, being able to bring this on sea and being so close to shore is very, very beneficial.

Speaker #2: Nalmac is certainly in a different location to Nalmac in terms of weather, in terms of ice, and so on. But overall, and the same thing applies with Marmor Elite, Suliak, our service company, which we mentioned earlier, will have the ability to give us access to any area that we want to operate in.

Speaker #2: Sorry, I want to hand over to Alef here to run through the financials of the quarter.

Speaker #1: You're there. I'm looking at the income statement. You can see the transformation in the business between years. Our revenue reached $56.2 million in the first half.

Ellert Arnarson: Gerdur. Looking at the income statement, you can see the transformation in the business between years. Our revenue reached GBP 56.2 million in the H1, compared with just GBP 3.4 million in the same period last year, reflecting the successful ramp-up of Nalunaq and sales of 8,610 ounces at an average realized gold price of $4,696 per ounce. In Q2 alone, we generated GBP 37.3 million in revenue from 5,640 ounces sold. G&A costs increased as expected as we continued to build the organization and progress the main market listing in Q2, which carries with it some one-off costs. Exploration spend increased as the 2026 field season commenced. That revenue growth is now translating into profitability.

Speaker #1: Compared with just $3.4 million in the same period last year, reflecting the successful ramp-up of Nalmac and sales of 8,610 ounces at an average realized gold price of $4,696 per ounce.

Speaker #1: In Q2 alone, we generated $37.3 million of revenue from 5,640 ounces sold. G&A costs increased as expected as we continue to build the organization and progress the main market listing in Q2.

Speaker #1: This carries with it some one-off costs, while expiration spend increased as Q2 2026 commenced. That revenue growth is now translating into profitability.

Speaker #1: The H1 gross profit was $34.9 million, compared with a small gross loss in the prior year period. Operating profit increased to $15.1 million, and net income reached $13.6 million.

Ellert Arnarson: The H1 gross profit was GBP 34.9 million, compared with a small gross loss in the prior year period, while operating profit increased to GBP 15.1 million, and net income reached GBP 13.6 million, an improvement of almost GBP 24 million compared to H1 2025. Can we get the balance sheet up there, please? There we are. On the balance sheet, total assets increased from GBP 354 million at year-end to GBP 426 million at the end of June, which continues to be driven primarily by continued investment in Nalunaq, i.e. the processing plant, mine development, and infrastructure, as well as higher inventory levels. Inventory increased to GBP 38.8 million, including GBP 24.4 million of metals inventory reflecting higher production levels as operations continue to ramp up.

Speaker #1: An improvement of almost $24 million compared to H1 2025. Get the balance sheet up there, please. There we are. On the balance sheet, total assets increased from $354 million at year end to $426 million at the end of June.

Speaker #1: This continues to be driven primarily by continued investment in Nalmac, i.e., the processing plant, mine development, and infrastructure, as well as higher inventory levels.

Speaker #1: Inventory increased to $38.8 million, including $24.4 million of metals inventory, reflecting higher production levels as operations continue to ramp up. The shift you see there from current assets to investment in the joint venture reflects the conversion of Amaroq's receivable from GARDAC into equity in GARDAC.

Ellert Arnarson: The shift you see there from current assets to investment in the joint venture reflects the conversion of Amaroq's receivable from Gardaq into equity in Gardaq in accordance with the existing management agreement which has since been renewed. On the liability side, the increase in loan balances reflects the expanded revolving credit facility completed in Q2 with Landsbankinn and Gunvor Group, and we have now drawn down on GBP 57 million of the GBP 70 million facility. The increase in current liabilities primarily reflects deferred revenue relating to a shipment in progress at period end, for which partial payment had already been received and which was subsequently delivered and sold in full in July. Even after the investment program we have been conducting over the last 18 months, we have continued to retain a strong equity ratio, which stands at 69%, which gives us substantial financial flexibility moving forward.

Speaker #1: In accordance with the existing management agreement, which has since been renewed. On the liability side, the increase in loan balances reflects the expanded revolving credit facility completed in Q2 with Lundsbanken and Gunvor.

Speaker #1: And we've now drawn down on $57 million of the $70 million facility. The increase in current liabilities primarily reflects deferred revenue relating to a shipment in progress at period end.

Speaker #1: For which partial payment had already been received, and which was subsequently delivered and sold in full in July. And even after the investment program we've been conducting over the last 18 months, we've continued to retain a strong equity ratio.

Speaker #1: Which stands at 69%, which gives us substantial financial flexibility moving forward. And GARDAC's cash balance as at 30th of June was quite low, as you can see.

Ellert Arnarson: Gardac's cash balance as at 30 June was quite low, as you can see, but that was recorded just prior to the recapitalization after quarter end and announced in July, which included an injection of approximately CAD 6.5 million to fund the current field season. In the H1 2026, operating activities generated GBP 20.4 million of cash flow compared to the H1 2025, where operating activities consumed GBP 13.4 million of cash. That is a swing over GBP 33 million and represents a significant milestone for us. The main operational cash flow adjustments relate to the buildup of inventory as production increased, offset by the deferred revenue. Even with that working capital investment, we continue to generate strong operating cash flow.

Speaker #1: But that was recorded just prior to the recapitalization after quarter end and announced in July, which included an injection of approximately $6.5 million to fund the current field season.

Speaker #1: In the first half of 2026, operating activities generated $20.4 million of cash flow, compared to the first half of 2025 when operating activities consumed $13.4 million of cash.

Speaker #1: And that's a swing of over $33 million and represents a significant milestone for us. The main operational cash flow adjustments relate to the buildup of inventory as production increased, offset by the deferred revenue.

Speaker #1: And even with that working capital investment, we continue to generate strong operating cash flow. In the first half of the year, we've continued in investment mode, with $44 million invested during the period.

Ellert Arnarson: In the H1 of the year, we've continued in investment mode with 44 million invested during the period, primarily in the ongoing construction and optimization of the Nalunaq processing plant, investment in mining equipment as we took over mining operations from our contractor in the beginning of this year, and the completion of the flotation circuit, which has been mentioned here before. Financing cash inflows of 30 million reflect the expanded facility agreement. As a result, from a liquidity perspective, we ended the period with 28.5 million of cash and access to a further 18.5 million of undrawn facilities.

Speaker #1: Primarily in the ongoing construction and optimization of the Nalmac processing plant, as well as investment in mining equipment as we took over mining operations from our contractor.

Speaker #1: At the beginning of this year, the completion of the flotation circuit—which has been mentioned here before—was achieved. Financing cash in, close to $30 million, reflects the expanded facility agreement.

Speaker #1: And as a result, from a liquidity perspective, we ended the period with $28.5 million of cash and access to a further $18.5 million of undrawn facilities.

Ed Westropp: Together that represents approximately $47 million of available liquidity at quarter end, which provides a strong base to continue executing on operational and growth plans. With that, I'll hand back over to Eldur.

Speaker #1: Together, that represents approximately $47 million of available liquidity at quarter-end, which provides a strong base to continue executing on operational and growth plans.

Ellert Arnarson: Together that represents approximately $47 million of available liquidity at quarter end, which provides a strong base to continue executing on operational and growth plans. With that, I'll hand back over to Eldur.

Speaker #1: And with that, I'll hand back over to Alef.

Speaker #2: Thank you, Alef. Yes, and I think just a couple of points might give you a quick outlook of the next few new steps here. As you can see, Nalmac now is in that mode where we are delivering a lot more tonnes at a higher grade, and we continue the ramp-up effectively right now because we're running at a 90% recovery already.

Eldur Ólafsson: Thank you, Herluf. Yes, I think just to give you a quick outlook of next few steps here. As you can see, Nalunaq now is in that mode where we are delivering a lot more tonnes on a higher grade, and we continue the ramp up effectively right now because we're running on a 90% recovery already, which is really exciting for the company. As you can see from how the financial changes in terms of liquidity and others, this is really exciting for the company and in plan where we are. On Maarmorilik, we have a new approach here on an old mine, which is using the strength of Amaroq, how we want to approach things, and we look forward to update you on the progress of the MRE and the PEA for that project.

Eldur Olafsson: Thank you, Ellert. Yes, I think just to give you a quick outlook of next few steps here. As you can see, Nalunaq now is in that mode where we are delivering a lot more tonnes on a higher grade, and we continue the ramp up effectively right now because we're running on a 90% recovery already, which is really exciting for the company. As you can see from how the financial changes in terms of liquidity and others, this is really exciting for the company and in plan where we are. On Maarmorilik, we have a new approach here on an old mine, which is using the strength of Amaroq, how we want to approach things, and we look forward to update you on the progress of the MRE and the PEA for that project.

Speaker #2: Which is really exciting for the company, and as you can see from how the financial changes in terms of liquidity and others, this is really exciting for the company and in plan.

Speaker #2: Where we are on Marmorellic, we have a new approach here on an old mine, which is using the strength of Amaroq, and we want to approach things.

Speaker #2: And we look forward to updating you on the progress of the mineral resource estimate and the preliminary economic assessment for that project. For GARDAC, we're drilling a really high-impact iron oxide copper gold deposit in the midterm.

Eldur Ólafsson: For Kobberminebugt, we're drilling really high impact IOCG deposit in Minturn. Then the rare earth pegmatites that we're drilling in Ilua have opened the drills, and we look forward to update the market on that. These are both assets which we are going for drilling and assessment of something that could potentially be very, very large. That's what the purpose of Kobberminebugt is for. In Suliaq, we did continue to develop our asset register in Suliaq. As Herluf mentioned, we have mining equipment, various different sorts of equipment for the organization. In end of June, we acquired one of few or the only icebreaker available to the North Atlantic, effectively used to be owned by the Danish Navy.

Eldur Olafsson: For Kobberminebugt, we're drilling really high impact IOCG deposit in Minturn. Then the rare earth pegmatites that we're drilling in Ilua have opened the drills, and we look forward to update the market on that. These are both assets which we are going for drilling and assessment of something that could potentially be very, very large. That's what the purpose of Kobberminebugt is for. In Suliaq, we did continue to develop our asset register in Suliaq. As Ellert mentioned, we have mining equipment, various different sorts of equipment for the organization. In end of June, we acquired one of few or the only icebreaker available to the North Atlantic, effectively used to be owned by the Danish Navy.

Speaker #2: And then the rare earth pegmatites that we're drilling in Ilua have already been drilled, and we look forward to updating the market on that.

Speaker #2: These are both assets which we are going for drilling and assessment of—something that could potentially be very, very large. That's what the purpose of GARDAC is for.

Speaker #2: We did continue to develop our asset register in Zuliaq. As Alef mentioned, we have mining equipment and various different sorts of equipment for the organization.

Speaker #2: And at the end of June, we acquired one of the few, or possibly the only, icebreakers available in the North Atlantic, which used to be owned by the Danish Navy.

Eldur Ólafsson: We are very pleased because we have been looking at that acquisition for the past, I want to say 8 years, and this will seriously strengthen our capability in operating various different regions in Greenland. On Nalunaq, the resource drilling is underway with the focus on maintenance resource as well as then setting up the company for a bulk sample, which will then hopefully become available for the Nalunaq plant, subject to the result from the SGS mass sample study. There is a lot coming into the market in the next few months. We will continue updating you on production. We are on guidance, and I am really pleased to be in a position where we are delivering quarter by quarter.

Speaker #2: And we are very pleased because we've been looking at that acquisition for the past, I want to say, eight years. And this will seriously strengthen our capability and operating in various different regions in Greenland.

Eldur Olafsson: We are very pleased because we have been looking at that acquisition for the past, I want to say 8 years, and this will seriously strengthen our capability in operating various different regions in Greenland. On Nalunaq, the resource drilling is underway with the focus on maintenance resource as well as then setting up the company for a bulk sample, which will then hopefully become available for the Nalunaq plant, subject to the result from the SGS mass sample study. There is a lot coming into the market in the next few months. We will continue updating you on production. We are on guidance, and I am really pleased to be in a position where we are delivering quarter by quarter.

Speaker #2: On Nalmac, the resource drilling is underway with the focus on maintenance resources, as well as then setting up the company for approximately—which will then hopefully become available for the Nalmac plant.

Speaker #2: Subject to the result on the SDS met sample study, there's a lot coming into the market in the next few months. We'll continue updating on production, and we are on guidance.

Speaker #2: And I'm really pleased to be in the position where we are delivering quarter by quarter. Over to you, Alef. Thanks, Hilda. Thanks very much.

Ed Westropp: Over to you. Thanks, Eldur. Thanks very much. A busy time. We will just take some questions from the line here. We have got a few questions, and I will just run through them as they come. Can you provide some additional detail about your exploration plans at Nalunaq and explain the potential value of this asset? I think you have just been through the plans for it, but can you elaborate a little bit on the potential value of it for us?

Eldur Olafsson: Over to you.

Ed Westropp: Thanks, Eldur. Thanks very much. A busy time. We will just take some questions from the line here. We have got a few questions, and I will just run through them as they come. Can you provide some additional detail about your exploration plans at Nalunaq and explain the potential value of this asset? I think you have just been through the plans for it, but can you elaborate a little bit on the potential value of it for us?

Speaker #2: It's a busy time, so we'll just take some questions from the line here. We've got a few questions, and I'll just run through them as they come.

Speaker #2: Can you provide some additional detail about your exploration plans at Nalmac and explain the potential value of this asset? And I think you've just been through the plans for it, but can you elaborate a little bit on the potential value upgrade for it?

Speaker #1: Yeah, okay. So, I mean, this is us. We are obviously guided by the growth we have to take in terms of mineral resources, and then we have to go through our new compliance quota of Preliminary Economic Assessment and PFS, and so on.

Eldur Ólafsson: Yeah. Okay. This is us. We are obviously guided by the process we have to take in terms of mineral resource ascent, and then we have to overcome through our newer compliant call to a preliminary economic assessment and PFS and so on. With that in mind, I am going to try to paint a picture how we see things. What we do know is that the central zone, in total, let me start again. In total, we have outcropping veining or structures on surface more than 6 kilometers. We have effectively drilled 600 of those 6 kilometers. Of that 600 meters, we only drilled down to 70 meters depth on an 80 to 120-meter spacing. This year we are drilling in between that to understand the geometry of the ore body.

Eldur Olafsson: Yeah. Okay. This is us. We are obviously guided by the process we have to take in terms of mineral resource ascent, and then we have to overcome through our newer compliant call to a preliminary economic assessment and PFS and so on. With that in mind, I am going to try to paint a picture how we see things. What we do know is that the central zone, in total, let me start again. In total, we have outcropping veining or structures on surface more than 6 kilometers. We have effectively drilled 600 of those 6 kilometers. Of that 600 meters, we only drilled down to 70 meters depth on an 80 to 120-meter spacing. This year we are drilling in between that to understand the geometry of the ore body.

Speaker #1: But with that in mind, I'm going to try to paint the picture of how we see things. What we do know is that the central zone—so in total, sorry, let me start again.

Speaker #1: In total, we have outcropping veins or structures on surface for more than 6 kilometers. We have effectively drilled 600 meters of those 6 kilometers. Of that 600 meters, we only drilled down to 70 meters depth, on an 80 to 120 meter spacing.

Speaker #1: So, this year we are drilling in between that to understand the geometry of the ore quality. Once you understand the geometry of the grades and these things, you are then in a position to declare resources.

Eldur Ólafsson: Once you understand the geometry of ore body, the grades and these things, you are then in a position to declare resources. What is important to us is that when we are doing this drilling, this drilling is fairly expensive for us because we have to use camp and helicopter, and we are doing it in a short period of time. A helicopter is maybe a third of the total cost, and it also has an impact on how long you can operate. For us to be able to build a road towards that deposit, it serves two purposes. It allows us to drill this deeper, further, and on a lower cost over longer period every year. That gives you answer to grow the resources quite substantially quicker, which will have an impact on how the market will value this in terms of resources.

Eldur Olafsson: Once you understand the geometry of ore body, the grades and these things, you are then in a position to declare resources. What is important to us is that when we are doing this drilling, this drilling is fairly expensive for us because we have to use camp and helicopter, and we are doing it in a short period of time. A helicopter is maybe a third of the total cost, and it also has an impact on how long you can operate. For us to be able to build a road towards that deposit, it serves two purposes. It allows us to drill this deeper, further, and on a lower cost over longer period every year. That gives you answer to grow the resources quite substantially quicker, which will have an impact on how the market will value this in terms of resources.

Speaker #1: What is important to us is that when we are doing this drilling, this drilling is fairly expensive for us because we have to use camp and helicopter, and we are doing it in a short period of time.

Speaker #1: Helicopter is maybe a third of the total cost, and it also has an impact on how long you can operate. So for us to be able to build a road towards that deposit, it serves two purposes.

Speaker #1: It allows us to drill this deeper, further, and at a lower cost over a longer period every year. That gives you the potential to grow the resources quite substantially, quicker.

Speaker #1: Which will have an impact on how the market will value this in terms of resources. The market will value these ounces higher. We expect, once we can produce revenue from these resources.

Eldur Ólafsson: The market will value these ounces higher, we expect, once we can produce revenue from these resources. When you have an outcome of more than 1.5 meter on surface or 600 meters, we can literally scrape that resource up from surface, put it into small container, 20-foot containers, put it on our Silver Arctic ship, and ship it over to Nalunaq and bring it over. We are doing the same thing with the concentrate, by the way, in Nalunaq. We are used to these operational capabilities in Greenland. By doing that, the discount on that NPV of that potential resource will be lower, and it will do two things. It will allow us to drill it quicker. They are good. It will also start generating additional ore towards Nalunaq while we are growing this opportunity.

Eldur Olafsson: The market will value these ounces higher, we expect, once we can produce revenue from these resources. When you have an outcome of more than 1.5 meter on surface or 600 meters, we can literally scrape that resource up from surface, put it into small container, 20-foot containers, put it on our Silver Arctic ship, and ship it over to Nalunaq and bring it over. We are doing the same thing with the concentrate, by the way, in Nalunaq. We are used to these operational capabilities in Greenland. By doing that, the discount on that NPV of that potential resource will be lower, and it will do two things. It will allow us to drill it quicker. They are good. It will also start generating additional ore towards Nalunaq while we are growing this opportunity.

Speaker #1: And so when you have an outcome of more than one and a half meters on surface for 600 meters, we can literally scrape that resource up from surface, put it into small containers—20-foot containers—put it on our Silver Optic ship, and ship it over to Nalmac and bring it over.

Speaker #1: We're doing the same thing with the concentrate, by the way, in Nalunaq. So we're used to these operational capabilities in Greenland. By doing that, then the discount on that NPV of that tungsten resource will be lower.

Speaker #1: And it will do two things. It will allow us to drill it quicker—there, good—and it will also start generating additional ore towards Nalmac while we’re growing this opportunity.

Speaker #2: Thanks, Hilda. Next question is regarding the main market listing and the share price reaction since then. I'll take that.

Ed Westropp: Thanks, Eldur. Next question is regards to the main market listing and share price reaction since. I will take that.

Speaker #1: Yeah.

Eldur Ólafsson: Yeah.

Eldur Olafsson: Yeah.

Speaker #2: 31st of July, confirm the uplisting. Obviously, an interesting time to do it in the middle of most people's summer holidays, but very, very pleased to have got it done at that time.

Ed Westropp: 31 July, confirmed the uplisting. Obviously, an interesting time to do it in the middle of most people's summer holidays, but very, very pleased to have got it done at that time. The feedback we got from shareholders and potential future shareholders has been very positive. Share price reaction since then, we cannot really comment on market reaction to that, but we clearly see it as a big potential value uplift for us and access to a much more liquid market and international investors. Very pleased to have got that done. Another question here is on grade. The grade seems exceptionally high. How confident are you that this grade is sustainable for future production at Nalunaq?

Speaker #2: The feedback we've got from shareholders and potential future shareholders has been very positive. Share price reaction since then—we can't really comment on market reactions to that—but we clearly see it as a big potential value uplift for us.

Speaker #2: And access to the much more liquid market and international investors, so very pleased to have got that done. Another question here is on grade.

Speaker #2: The grade seems exceptionally high. How confident are you that this grade is sustainable for future production at Nalmac?

Eldur Ólafsson: We have always been confident in the grade in Nalunaq. When we first built this mine, we did not build this on the basis of having a full PFS, called a preliminary feasibility study. The main reason for that is that to be able to drill it and define this ore body, you need to do underground drilling and you need to do drifting, which is a high upfront cost. We took the focus of developing this mine on the back of a preliminary economic assessment. Sorry, which means that you can only use inferred resources. We studied previously how much a drilling grade became when it became a developing grade, and how much that developing grade became. We saw a core factor in the previous operated mine. Wherever you were drilling, the grade usually was 60% higher.

Eldur Olafsson: We have always been confident in the grade in Nalunaq. When we first built this mine, we did not build this on the basis of having a full PFS, called a preliminary feasibility study. The main reason for that is that to be able to drill it and define this ore body, you need to do underground drilling and you need to do drifting, which is a high upfront cost. We took the focus of developing this mine on the back of a preliminary economic assessment. Sorry, which means that you can only use inferred resources. We studied previously how much a drilling grade became when it became a developing grade, and how much that developing grade became. We saw a core factor in the previous operated mine. Wherever you were drilling, the grade usually was 60% higher.

Speaker #1: We have always been confident in the grade—in Nalmac. Now, when we started to build this mine, we did not build it on the basis of having a full PFS, called a preliminary feasibility study.

Speaker #1: And the main reason for that is that, to be able to drill it and define this ore body, you need to do underground drilling and you need to do drifting, which is a high upfront cost.

Speaker #1: So we took the focus of developing this mine on the back of a preliminary economic assessment—sorry, which means that you can only use inferred resources.

Speaker #1: So we studied previously how much a drilling grade became when it became a development grade, and how much that development grade became. And we saw a call factor in the previous operated mine.

Speaker #1: But wherever you were drilling, the grade usually was 60% higher. We are not saying that will be the case going forward, but we estimated that would have the potential to be continuous in Nalmac.

Eldur Ólafsson: We are not saying that will be the case going forward, but we estimated that would have a potential to be continuously in Nalunaq. What we are learning more now is about the whole structure, the definition of things. We very much are confident in the grade in the short term for 1.5, 2 years ahead of us. With the exploration drive that we are putting in, we will see more and more drilling, which will deliver the same confidence, hopefully to you in the market. We are also sampling that outcrop of main vein from 800 level all the way to 1350 level. That is basically like a drill hole because we sampled the whole outcrop there on a meter-by-meter basis all the way to the top. We got some brave Australian ex-army personnel to do that for us this year.

Eldur Olafsson: We are not saying that will be the case going forward, but we estimated that would have a potential to be continuously in Nalunaq. What we are learning more now is about the whole structure, the definition of things. We very much are confident in the grade in the short term for 1.5, 2 years ahead of us. With the exploration drive that we are putting in, we will see more and more drilling, which will deliver the same confidence, hopefully to you in the market. We are also sampling that outcrop of main vein from 800 level all the way to 1350 level. That is basically like a drill hole because we sampled the whole outcrop there on a meter-by-meter basis all the way to the top. We got some brave Australian ex-army personnel to do that for us this year.

Speaker #1: What we are learning more now is about the whole structure, the definition of things. So we are very much confident in the grade in the short term, for one and a half to two years ahead of us.

Speaker #1: And with the expiration drive they were putting in, we will see more and more drilling, which will deliver the same confidence, hopefully, to you in the market.

Speaker #1: We are also sampling that outcrop of the main vein from 800 level all the way to 1,350 level. So that is basically like a drill hole because we sampled the whole outcrop there.

Speaker #1: On a meter-by-meter basis, all the way to the top. And we got some brave Australian ex-Army personnel to do that for us this year.

Speaker #1: Too very pleased about.

Eldur Ólafsson: Which we are very pleased about.

Eldur Olafsson: Which we are very pleased about.

Ed Westropp: Thanks. There is a couple of questions on AISC, all in sustaining costs, and I think we will bunch them into one, Ale, which is how will you maintain or lower the AISC, and what is the current AISC that we are running at at Nalunaq?

Ed Westropp: Thanks. There is a couple of questions on AISC, all in sustaining costs, and I think we will bunch them into one, Eldur, which is how will you maintain or lower the AISC, and what is the current AISC that we are running at at Nalunaq?

Speaker #2: Thanks, Hilda. There are a couple of questions on ASIC or on sustaining costs, and I think we'll combine them into one. That is: how are you maintaining or lowering the ASIC, and what is the current ASIC that we're running at?

Speaker #1: Yeah, small ASIC. It's a few factors. As we kind of mature into steady-state operation, one of the biggest opportunities for us is to continue to reduce our reliance on contracted services.

Eldur Ólafsson: Yeah. On AISC, it is a few factors as we kind of mature into a steady state operation. One of the biggest opportunities for us is to continue to reduce our reliance on contracted services. During the ramp-up phase, we have utilized contractors across areas such as drilling, construction, and also certain operational activities. Over time, we expect to bring more of those in-house. That should improve cost and control over operations. We also see benefits from greater purchasing power across the group, particularly through Suliaq, our services venture. That would allow us to consolidate procurement and achieve better pricing on key consumables and services. Yeah, that is mostly it. Basically, we are continuing to focus on owning and controlling, or at least controlling critical equipment and logistics where it makes economic sense. The more control we have, the better positioned we are to control the cost.

Eldur Olafsson: Yeah. On AISC, it is a few factors as we kind of mature into a steady state operation. One of the biggest opportunities for us is to continue to reduce our reliance on contracted services. During the ramp-up phase, we have utilized contractors across areas such as drilling, construction, and also certain operational activities. Over time, we expect to bring more of those in-house. That should improve cost and control over operations. We also see benefits from greater purchasing power across the group, particularly through Suliaq, our services venture. That would allow us to consolidate procurement and achieve better pricing on key consumables and services. Yeah, that is mostly it. Basically, we are continuing to focus on owning and controlling, or at least controlling critical equipment and logistics where it makes economic sense. The more control we have, the better positioned we are to control the cost.

Speaker #1: During the ramp-up phase, we've utilized contractors across areas such as drilling, construction, and also certain operational activities. Over time, we expect to bring more of those in-house.

Speaker #1: And that should improve cost and control overall operations. We also see benefits from greater purchasing power across the group, particularly through Suliac, our services venture.

Speaker #1: And that would allow us to consolidate procurement and achieve better pricing on key consumables and services. And yeah, that is mostly it. Basically, we will continue to focus on owning and controlling, or at least controlling, critical equipment and logistics where it makes economic sense.

Speaker #1: The more control we have, the better positioned we are to control the cost. And for the first half of the year, going by the numbers, ASIC per ounce is in and around $4,000 US dollars.

Eldur Ólafsson: And for the H1 of the year, just going by the numbers, AISC per ounce is in and around $4,000. But in Q2, it was down to $3,300, and we should see it on kind of a full year basis that continues to go down as the denominator increases on a fixed cost base. But for the year as a whole, using the mid-range of guidance, we should be at around $2,400 per ounce.

Eldur Olafsson: And for the H1 of the year, just going by the numbers, AISC per ounce is in and around $4,000. But in Q2, it was down to $3,300, and we should see it on kind of a full year basis that continues to go down as the denominator increases on a fixed cost base. But for the year as a whole, using the mid-range of guidance, we should be at around $2,400 per ounce.

Speaker #1: But in Q2, it was down to 3,300. And we should see, on a full-year basis, that this continues to go down as the dynamometer increases on a fixed cost base.

Speaker #1: But for the year as a whole, using the mid-range of guidance, we should be at around $2,400 per ounce.

Speaker #2: Thanks, Hilda. Next, again, I'll bundle a couple of questions together. We've been asked this a couple of times: The US continues to make noise about Greenland.

Ed Westropp: Thanks, Ale. Next, again, I will bunch a couple of questions together on, we have been asked this a couple of times. The US continues to make noises about Greenland. Have we had any interest from US investors or US government investors, more specifically in Amaroq?

Ed Westropp: Thanks, Eldur. Next, again, I will bunch a couple of questions together on, we have been asked this a couple of times. The US continues to make noises about Greenland. Have we had any interest from US investors or US government investors, more specifically in Amaroq?

Speaker #2: Have we had any interest from U.S. investors, or U.S. government investors more specifically, in Amaroq?

Speaker #1: Yeah, so I think I would expect any serious mining company in Greenland would have had dialogue or discussions with one or multiple US agencies.

Eldur Ólafsson: Yeah. I would expect all serious mining companies in Greenland would have had dialogue or discussion with one or multiple US agencies. Any discussion about potential investment is confidential.

Eldur Olafsson: Yeah. I would expect all serious mining companies in Greenland would have had dialogue or discussion with one or multiple US agencies. Any discussion about potential investment is confidential.

Speaker #1: Any discussion about potential investment is confidential.

Speaker #2: Thanks very much. When do we expect a maiden mineral resource?

Ed Westropp: Thanks very much. On that, when do we expect a maiden mineral resource?

Speaker #1: So, what we're hoping is that we will have a maiden mineral resource on the back of this year's drilling. And on the back of this year's drilling, it's based on what we are drilling.

Eldur Ólafsson: What we are hoping is that we will have a maiden mineral resource on the back of this year's drilling. Back of this year's drilling is based on, we started drilling fairly recently, as we mentioned. Once we have all of the core, we need to shift the core out of Nalunaq. We then need to shift that core over to Ireland for independent assay results. The reason why I cannot answer you if this is going to be October or this is going to be January, has a lot to do with logistics.

Eldur Olafsson: What we are hoping is that we will have a maiden mineral resource on the back of this year's drilling. Back of this year's drilling is based on, we started drilling fairly recently, as we mentioned. Once we have all of the core, we need to shift the core out of Nalunaq. We then need to shift that core over to Ireland for independent assay results. The reason why I cannot answer you if this is going to be October or this is going to be January, has a lot to do with logistics.

Speaker #1: We started drilling fairly recently, as we mentioned. And so, once we have all of the core, we need to shift the core out of Nalmac.

Speaker #1: We then need to shift that core over to Ireland for the independent assay result. And so the reason why I can't answer you if this is going to be October or this is going to be January has a lot to do with logistics.

Speaker #1: And what we are trying to tell the market here—and this goes back into Suliac, where Suliac is so important and we've mentioned it—is that to have full control of cost and execution in Greenland, we need to control the logistics, and the logistics are very much dependent on equipment.

Eldur Ólafsson: What we are trying to tell the market here, and this goes back into Suliaq, why Suliaq is so important and what we have mentioned, is that to have full control of costs and execution in Greenland, we need to control the logistics, and the logistic is very much dependent on equipment, and we enable sure that your supply line delivers that. We are getting better and better at it, and we are getting more and more control around Suliaq, and we are obviously pursuing that financing around Suliaq to have that in place. As for the mineral resources, I am very confident there will be a mineral resource on Nanoq.

Eldur Olafsson: What we are trying to tell the market here, and this goes back into Suliaq, why Suliaq is so important and what we have mentioned, is that to have full control of costs and execution in Greenland, we need to control the logistics, and the logistic is very much dependent on equipment, and we enable sure that your supply line delivers that. We are getting better and better at it, and we are getting more and more control around Suliaq, and we are obviously pursuing that financing around Suliaq to have that in place. As for the mineral resources, I am very confident there will be a mineral resource on Nanoq.

Speaker #1: And me and April are sure that your supply and delivery is there. We are getting better and better at it, and we are getting more and more control around Suliac, and we are obviously pursuing that financing around Suliac to have that in place.

Speaker #1: As for the mineral resources, I am very confident there will be a mineral resource on Nalmac. It is all determined by how much drilling you need to do.

Eldur Ólafsson: It is all determined on how much drilling you need to do, and we have to remember the geometry of ore body is into the ground and is in the 3D nature, so it can take time to get there. But we are very hopeful with this infill drilling that we will have our initial maiden resource this year.

Eldur Olafsson: It is all determined on how much drilling you need to do, and we have to remember the geometry of ore body is into the ground and is in the 3D nature, so it can take time to get there. But we are very hopeful with this infill drilling that we will have our initial maiden resource this year.

Speaker #1: And we have to remember that the geometry of the ore body is into the ground and is three-dimensional in nature. So it can take time to get there.

Speaker #1: But we are very hopeful with this infill drilling that we will have our initial maiden resource this year.

Speaker #2: Super. Thanks, Hilda. Again, there are a couple of similar questions here, which I'll pull together on costs and variability of costs. Previously, we said that we had diesel up to mid-summer.

Ed Westropp: Super. Thanks, Alda. Again, there is a couple of similar questions here which I will pull together on costs and variability of costs. Previously, we said that we had diesel up to the midsummer. What are we seeing as the most variable in our cost base at the moment, and has it been impacted by any of the geopolitics or inflationary pressures we have seen?

Ed Westropp: Super. Thanks, Eldur. Again, there is a couple of similar questions here which I will pull together on costs and variability of costs. Previously, we said that we had diesel up to the midsummer. What are we seeing as the most variable in our cost base at the moment, and has it been impacted by any of the geopolitics or inflationary pressures we have seen?

Speaker #2: What are we seeing as the most, sort of, variable in our cost base at the moment, and has it been impacted by any of the geopolitics or inflationary pressures we've seen?

Eldur Ólafsson: No, diesel prices have been marginally higher than we budgeted for the year, whereas usage has been lower. We are actually trending according to plan on diesel costs. It has not affected us.

Eldur Olafsson: No, diesel prices have been marginally higher than we budgeted for the year, whereas usage has been lower. We are actually trending according to plan on diesel costs. It has not affected us.

Speaker #1: No, I mean, diesel prices have been marginally higher than we budgeted for the year, whereas usage has been lower. So we are actually trending according to plan on diesel costs.

Speaker #1: So it has, as of yet, not affected us.

Speaker #2: Thanks, Hilda. So, an operational one here. And again, there are two very similar ones, which I'll ask together: when will you start construction on the second ball mill, and what will this take production to?

Ed Westropp: I got it. An operational one here. There are two very similar ones which I will ask together, which is when will you start construction of the second ball mill and what will this take production to? Can you also talk about the technology around optical ore sorting and the cost of that?

Speaker #2: And can you also talk about the technology around optical ore sorting and the cost of that?

Speaker #1: Yeah. So there are certain things that are pretty clear, like when we go into the investment decision of increasing the plant throughput, but we need to know that there will be ore available to get to that 450 tons per day.

Eldur Ólafsson: Well, there are certain things that are pre- But when we go into the investment decision of increasing the plant throughput, we need to know that there will be ore that is available to get to that 450 ton per day. The mine needs to be ahead of the processing. It is also a fact that it takes time to design and acquire a ball mill. There are lead times, et cetera. When the investment decision is being taken on this, what we have to see is we need to have a clear idea that either Nalunaq has, in the short term, the potential to grow the resource production or sorry, the production growth that is more than one mining front, so more than only Mountain Block. It would have to be 75 Mine or Target Block as an example.

Eldur Olafsson: Well, there are certain things that are pre- But when we go into the investment decision of increasing the plant throughput, we need to know that there will be ore that is available to get to that 450 ton per day. The mine needs to be ahead of the processing. It is also a fact that it takes time to design and acquire a ball mill. There are lead times, et cetera. When the investment decision is being taken on this, what we have to see is we need to have a clear idea that either Nalunaq has, in the short term, the potential to grow the resource production or sorry, the production growth that is more than one mining front, so more than only Mountain Block. It would have to be 75 Mine or Target Block as an example.

Speaker #1: So, we have the mine that needs to be ahead of the processing. Now, it's also a fact that it takes time to design and acquire a ball mill.

Speaker #1: There are lead times, et cetera, et cetera. So when the investment decision is being taken on this, what we have to see is we need to have a clear idea that either Nalmac has, in the short term, the potential to grow the resource production—or, sorry, the production flow—so that there is more than one mining front, meaning more than only mountain blocks.

Speaker #1: So we have to be 75 in our target block, as an example. Or we could then be looking towards getting Nalmac ore available in Nalmac.

Eldur Ólafsson: Or we could then be looking towards getting Nanoq ore available in Nalunaq. That controls that decision. The decision on the actual ore sorting or the mill, when we designed the plant, we had space within the building to put the second 150 ton mill. We also have space in the building to have a flotation cell. If we were to bring in optical ore sorting, it would be a lower cost option. What we have now done is that we sent out ore to a company who does optical ore sorting to test our ore to see if it is amenable. There is an opportunity to do ore sorting, and there is an opportunity to increase the throughput with a plant by adding a mill or potentially both.

Eldur Olafsson: Or we could then be looking towards getting Nanoq ore available in Nalunaq. That controls that decision. The decision on the actual ore sorting or the mill, when we designed the plant, we had space within the building to put the second 150 ton mill. We also have space in the building to have a flotation cell. If we were to bring in optical ore sorting, it would be a lower cost option. What we have now done is that we sent out ore to a company who does optical ore sorting to test our ore to see if it is amenable. There is an opportunity to do ore sorting, and there is an opportunity to increase the throughput with a plant by adding a mill or potentially both.

Speaker #1: So that controls that decision. Now, the decision on the actual ore sorting or the mill—when we design the plant, we have space within the building to put the second 150-ton mill.

Speaker #1: And then we also have space in the building to have a flotation cell. If we were to bring in optical ore sorting, it would be a lower-cost option.

Speaker #1: But what we have now done is shipped out ore to a company that does optical ore sorting to test our ore to see if it's amenable.

Speaker #1: So there is an opportunity to do ore sorting, and there's an opportunity to increase the throughput within the plant by adding a mill. Or potentially both.

Speaker #1: In addition to this, it's also important that we have dry stock tailings facilities, because we cannot fill the mine forever with tailings. That is a process that we built into our MIMFL impact assessment.

Eldur Ólafsson: In addition to this, it is important also we have dry stack tailings facilities because we cannot fill the mine forever with tailings. That is a process that we built into our environmental impact assessment and are now starting a permitting process for to set up next to the plant at time.

Eldur Olafsson: In addition to this, it is important also we have dry stack tailings facilities because we cannot fill the mine forever with tailings. That is a process that we built into our environmental impact assessment and are now starting a permitting process for to set up next to the plant at time.

Speaker #1: And I'm now starting a permitting process to set up next to the plant on that side.

Speaker #2: Thanks, Hilda. There’s a quick question here on the single mine origin status of Nalmac and when it will be sold outside of Greenland. So, at the moment, just for everyone’s background, we’re able to sell our gold through the single mine origin certification portal to retail.

Ed Westropp: Thanks, Alda. There is a quick question here on the Single Mine Origin status of Nalunaq and when it will be sold outside of Greenland. At the moment, just for everyone's background, we are able to sell our gold through the Single Mine Origin certification portal to retail. At the moment it is only for Greenland as part of our agreement with the Greenland government. We are currently discussing with them when we can then open it up to the rest of the world, and we are hoping to have some more news on that before the end of the year so that it can then go on general sale. It is all set up to do it on a platform with pricing, et cetera, already in place. In terms of facility, it is there. We just need to get confirmation with the Greenland government we can sell it outside of Greenland.

Ed Westropp: Thanks, Eldur. There is a quick question here on the Single Mine Origin status of Nalunaq and when it will be sold outside of Greenland. At the moment, just for everyone's background, we are able to sell our gold through the Single Mine Origin certification portal to retail. At the moment it is only for Greenland as part of our agreement with the Greenland government. We are currently discussing with them when we can then open it up to the rest of the world, and we are hoping to have some more news on that before the end of the year so that it can then go on general sale. It is all set up to do it on a platform with pricing, et cetera, already in place. In terms of facility, it is there. We just need to get confirmation with the Greenland government we can sell it outside of Greenland.

Speaker #2: At the moment, it's only for Greenland. As that's part of our agreement with the Greenland government, we're currently discussing with them when we can then open it up to the rest of the world.

Speaker #2: And we're hoping to have some more news on that before the end of the year, so that it can then go on general sale.

Speaker #2: It's all set up to do it on a platform with pricing, et cetera, already in place. So, in terms of facility, it's there. We just need to get confirmation with the Greenland government.

Speaker #2: We can sell it outside of Greenland. Next question—I'll read it out to you. Please, can you confirm current mining ore processing rates?

Ed Westropp: Next question is on, I will read it out to you. Please can you confirm current mining ore processing rates? Are you at the 300 ton per day level? For H2, what are you expecting in terms of grade and mining processing rates given the higher grades you have had in H1? Is there a trade-off between mining rates and grade?

Speaker #2: Are you at 300 ton per day level? And for H2, what are you expecting what are you expecting in terms of grade and mining processing rates given the higher grades you've had in H1?

Speaker #2: Is there a trade-off between mining rates and grade?

Speaker #1: Yeah. So, starting with the first question—yes. When we operate the plant, we operate it at 300 tons per day. What we do is estimate a certain amount of days per month, up until Q4.

Eldur Ólafsson: Yeah. Start on the first question. Yes. When we operate the plant, we operate it on a 300 ton per day. What we do is we estimate a certain amount of day per month up until Q4, and we have already reached higher throughput. Think of it, you run it on a 300 ton per day for, I am going to say for 23 days a month. To be in a full run rate, you would do it for 27 days a month. We do not run the plant for 240 because it is not our optimal throughput. We are running it at 300 ton per day when we run the plant. Okay? That throughput is increasing every month, and the throughput was really good for July, for example. The plant is just operating brilliantly at the moment as per design.

Eldur Olafsson: Yeah. Start on the first question. Yes. When we operate the plant, we operate it on a 300 ton per day. What we do is we estimate a certain amount of day per month up until Q4, and we have already reached higher throughput. Think of it, you run it on a 300 ton per day for, I am going to say for 23 days a month. To be in a full run rate, you would do it for 27 days a month. We do not run the plant for 240 because it is not our optimal throughput. We are running it at 300 ton per day when we run the plant. Okay? That throughput is increasing every month, and the throughput was really good for July, for example. The plant is just operating brilliantly at the moment as per design.

Speaker #1: And we've already reached higher throughput. So think of it: you run it at 300 tons per day for, I'm going to say, 23 days a month.

Speaker #1: Or, to be at a full run rate, you would do it over 27 days a month. We don't run the plant on 240 because it's not an optimal throughput.

Speaker #1: So, we are running it at 300 tons per day when we run the plant, okay? And that throughput is increasing every month, and the throughput was really, really good for July, for example.

Speaker #1: And the plant is just operating brilliantly at the moment. As per design. You're right on the grades and throughput. So as an example, you will be able to see in you will be able to see in H1 that we were running the same amount of tons in Q1 and Q2.

Eldur Ólafsson: You are right on the grades and throughput. As an example, you will be able to see in H1 that we were running the same amount of tons in Q1 and Q2. There are several reasons for that. One reason, the first one is that during May, we decided to stop our ore ahead of running the flotation concentrates in June. This is number 1, so we did not have to rehandle as much ore in and out of the mine, and we could do this because we were experiencing much higher grades, so we would reach our ounces target for sure. Secondly, on your throughput, for example, when we developed the Sills, we have been doing double blasting in the Sills. That means you first blast the waste, and then you blast the ore.

Eldur Olafsson: You are right on the grades and throughput. As an example, you will be able to see in H1 that we were running the same amount of tons in Q1 and Q2. There are several reasons for that. One reason, the first one is that during May, we decided to stop our ore ahead of running the flotation concentrates in June. This is number 1, so we did not have to rehandle as much ore in and out of the mine, and we could do this because we were experiencing much higher grades, so we would reach our ounces target for sure. Secondly, on your throughput, for example, when we developed the Sills, we have been doing double blasting in the Sills. That means you first blast the waste, and then you blast the ore.

Speaker #1: There are several reasons for that. One reason, the first one, is that during May, we decided to stop piling ore ahead of running the flotation concentration in June.

Speaker #1: This is number one. So, we didn't have to re-handle as much ore in and out of the mine, and we could do this because we were experiencing much higher grades.

Speaker #1: So, we would reach our ounces target for sure. Secondly, on your throughput—for example, when we developed the sills, we have been doing double glassing in the sills.

Speaker #1: That means you first glass the waste and then you glass the ore. That slows you in production because you have to do two glassings, but you get higher grades out by doing that.

Eldur Ólafsson: That slows you in production because you have to do 2 blasts, but you get more higher grades out by doing that. In an area where we are to the east, in this high-grade area of 40, 50, 60 gram per ton, we have now started to do a single blast because, A, we do not lose any grade in that process, and B, we can actually still get such a high grade through the plant that it makes more sense for us. That is a typical example of trade-off between mining rates and grades.

Eldur Olafsson: That slows you in production because you have to do 2 blasts, but you get more higher grades out by doing that. In an area where we are to the east, in this high-grade area of 40, 50, 60 gram per ton, we have now started to do a single blast because, A, we do not lose any grade in that process, and B, we can actually still get such a high grade through the plant that it makes more sense for us. That is a typical example of trade-off between mining rates and grades.

Speaker #1: In an area where we are to the east, in this high-grade area of 40, 50, 60 grams per ton, we have now started to do a single glass because, A, we don't lose any grades in that process.

Speaker #1: And, B, we can actually still get such a high grade through the plant that it makes more sense for us. So, that may become—that's a kind of a typical example of the trade-off between mining rates and grades.

Speaker #2: Thanks, Hilda. A quick one here. Black Angel, West Greenland Hub, and now Marmorelli—is that a bit confusing for investors?

Ed Westropp: Thanks, Oddar. A quick one here. Black Angel, West Greenland Hub, and now Maarmorilik. Is that a bit confusing for investors?

Ed Westropp: Thanks, Eldur. A quick one here. Black Angel, West Greenland Hub, and now Maarmorilik. Is that a bit confusing for investors?

Speaker #1: Possibly. Fair enough. But I think what we have to think of is the following: in South Greenland, we run the South Greenland Hub. What we mean by that is that we leverage off the operation in Nalunaq, which is a producing operation.

Eldur Ólafsson: Possibly. Fair enough. I think what we have to think of is the following. In South Greenland, we run a South Greenland Hub. What we mean by that is that we leverage off the operation in Nalunaq, which is a producing operation. I say this with greatest respect to any other operator in Greenland. If you do not have an operating facility, it means you do not have warehouse, you do not have equipment shop, you do not have any of the things you need to have to be able to understand how to build things in Greenland. So that is our South Greenland Hub. Around Black Angel, which is our next producing mine, we have West Greenland Hub. Okay, so why are we changing the name from Black Angel to Maarmorilik? First and foremost, we are not only mining Black Angel, we are mining the whole Maarmorilik area. Maarmorilik means marble.

Eldur Olafsson: Possibly. Fair enough. I think what we have to think of is the following. In South Greenland, we run a South Greenland Hub. What we mean by that is that we leverage off the operation in Nalunaq, which is a producing operation. I say this with greatest respect to any other operator in Greenland. If you do not have an operating facility, it means you do not have warehouse, you do not have equipment shop, you do not have any of the things you need to have to be able to understand how to build things in Greenland. So that is our South Greenland Hub. Around Black Angel, which is our next producing mine, we have West Greenland Hub. Okay, so why are we changing the name from Black Angel to Maarmorilik? First and foremost, we are not only mining Black Angel, we are mining the whole Maarmorilik area. Maarmorilik means marble.

Speaker #1: And I say this with the greatest respect to any other operator in Greenland. If you don't have an operating facility, it means you don't have a warehouse, you don't have an equipment shop, you don't have any of the things you need to have to be able to understand how to build things in Greenland.

Speaker #1: So that's our South Greenland Hub. Around Black Angel, which is our next producing mine, we have the West Greenland Hub, okay? So why are we changing the name from Black Angel to Marmorelli?

Speaker #1: First and foremost, we are not only mining Black Angel. We are mining the whole Marmorelli area. Marmorelli means marble. This is an old—this is a big marble area in the region.

Eldur Ólafsson: This is a big Maarmorilik area in the area. It also goes into explaining to people that we are building a Greenlandic legacy, and therefore our mines are going to be in Greenlandic names from Nalunaq, Maarmorilik, and Nanoq.

Eldur Olafsson: This is a big Maarmorilik area in the area. It also goes into explaining to people that we are building a Greenlandic legacy, and therefore our mines are going to be in Greenlandic names from Nalunaq, Maarmorilik, and Nanoq.

Speaker #1: It also goes into explaining to people that we are building a Greenlandic legacy, and therefore our mines are going to have Greenlandic names, from Nalunaq, Marmorellit, and Nalunaq.

Speaker #2: Thanks, Hilda. That's clear. Ella, one for you here: Has management considered capitalizing exploration and evaluation expenses instead of expensing them in the period they occur?

Ed Westropp: Thanks, Oddar. That is clear. Ellert, one for you here. Has management considered to capitalize exploration and evaluation expenses instead of expensing them in the period they occur?

Ed Westropp: Thanks, Eldur. That is clear. Ellert, one for you here. Has management considered to capitalize exploration and evaluation expenses instead of expensing them in the period they occur?

Speaker #3: Yeah, that's a good question, and we've considered that—and continue to consider it—for sure. We regularly review the appropriate accounting treatment of these expenditures and obviously assess it against the accounting standards and alongside our auditor.

Ellert Arnarson: Well, that is a good question, and we have considered and continue to consider that for sure. We regularly review the appropriate accounting treatment of these expenditures and obviously assess it against the accounting standards and alongside our auditor. There is no change in our current approach at this time, but it remains under ongoing review as our assets progress, especially more mature exploration and development projects such as Nanoq and Maarmorilik.

Speaker #3: There's no change in our current approach at this time, but it remains under ongoing review as our assets progress, especially more mature expiration and development projects such as Nalmac and Marmorelli.

Speaker #2: Thanks. So, Ella, again, I'm going to pull two or three questions into one here on Nalmac. The metallurgical testing that SGS is doing—one, can you explain a little bit about what that exactly is?

Ed Westropp: Thanks. Ellert, again, I am going to pull two or three questions into one here on Nanoq. The metallurgical testing that SGS is doing. One, can you explain a little bit about what that exactly is? And two, in your best estimate, what do you think the risks are of it not being able to be processed at Nanoq?

Speaker #2: And two, in your best estimate, what do you think the risks are of it not being able to be processed at Nalmac?

Speaker #1: So what it is, is actually we take a fairly large example from the outcrop in Nalmac, and we run it through a pilot plant, or a very small pilot plant, in these SGS facilities where we separate the gold from the material that the gold sits within.

Eldur Ólafsson: What it is, effectively, we take a fairly large core sample from the outcrop in Nanoq, and we run it through a pilot plant or a very small pilot plant in these SGS facilities, where we separate the gold from the material that the gold sits within. By separating it, we see what equipment will work for it and how amenable the equipment in Nanoq would theoretically work for it. I do not want to give a percentage. We will have to wait for that, but I think those results will be imminently coming out to the market.

Eldur Olafsson: What it is, effectively, we take a fairly large core sample from the outcrop in Nanoq, and we run it through a pilot plant or a very small pilot plant in these SGS facilities, where we separate the gold from the material that the gold sits within. By separating it, we see what equipment will work for it and how amenable the equipment in Nanoq would theoretically work for it. I do not want to give a percentage. We will have to wait for that, but I think those results will be imminently coming out to the market.

Speaker #1: And by separating it, we see what equipment will work for it and how amenable the equipment in Nalmac would theoretically be for it. I don't want to give a percentage.

Speaker #1: We'll have to wait for that, but I think those results will be coming to the market imminently.

Speaker #2: Thanks, Ella. The next question is from David Craigen. For those investors who participated in the last equity raise, Amaroq's share price was up 26%.

Ed Westropp: Thanks, Oddar. The next question is from David Cragan. For those investors who participated in the last equity raise, Amaroq share price, whilst it is up 26%, has lagged physical gold, which is up 29%, but underperformed the Gold Explorers ETF. How committed are you to ensuring that shareholders from the last fundraise in June 2025 get their due return before any subsequent equity raise occurs to fund future development?

Ed Westropp: Thanks, Eldur. The next question is from David Cragan. For those investors who participated in the last equity raise, Amaroq share price, whilst it is up 26%, has lagged physical gold, which is up 29%, but underperformed the Gold Explorers ETF. How committed are you to ensuring that shareholders from the last fundraise in June 2025 get their due return before any subsequent equity raise occurs to fund future development?

Speaker #2: It has lagged physical gold, which is up 29%, but it's also underperformed the gold explorers ETF. How committed are you to ensuring that shareholders from the last fundraise, on June 25, get their due return before any subsequent equity raise occurs to fund future development?

Speaker #1: It's a very good question. I think our last of these things, and we management here, are equally frustrated with the performance. There are various bits and pieces that have impacted this.

Eldur Ólafsson: It is a very good question. I think our lack of these things, and management here is equally frustrated with performance. There are various bits and pieces that have impacted this. On one hand, since the last equity raise we did, we have had a very difficult market here in Iceland. The market in Iceland is small. It means that the impact of other companies impact us, and which has not been in line with that. We can see that directly from the selling pressure we would experience in the company for the past year, and especially since June, from the mutual funds here in Iceland. The market in Iceland is important to us. It has been very supportive. It has long-term investors who will continue to be here, but these are the things that have an impact.

Eldur Olafsson: It is a very good question. I think our lack of these things, and management here is equally frustrated with performance. There are various bits and pieces that have impacted this. On one hand, since the last equity raise we did, we have had a very difficult market here in Iceland. The market in Iceland is small. It means that the impact of other companies impact us, and which has not been in line with that. We can see that directly from the selling pressure we would experience in the company for the past year, and especially since June, from the mutual funds here in Iceland. The market in Iceland is important to us. It has been very supportive. It has long-term investors who will continue to be here, but these are the things that have an impact.

Speaker #1: On the one hand, since the last equity raise we did, we've had a very difficult market here in Iceland. The market here in Iceland is small.

Speaker #1: It means that the impact of other companies impacts us, and which has not been in line with that. We can see that directly from the selling pressure we have been experiencing in the company for the past year, and now, especially since June, from the mutual funds here in Iceland.

Speaker #1: Now, the market in Iceland is important to us. It has been very supportive. It has long-term investors who will continue to be here. But these are the things that have an impact.

Speaker #1: The second thing that has been a big issue for us is being listed on three markets. We got some criticism for de-listing from Canada.

Eldur Ólafsson: Second thing that has been a big issue for us is to be listed on three markets. We got some criticism for delisting from Canada. Short-term kind of a thinking was that this could have an impact us around the time when there was interest from US. That was not the case. It was an incorrect statement because the reason why we are not following the junior gold producers or, GDXJ, is because our liquidity was distributed over three markets, and we need one market to ideally have a liquidity over a certain amount to actually be eligible for the indices that follow this market. We then have focused on being on the main markets. There have been an issue only being on the A market in London. It has hindrance for example, US investors to participate in London.

Eldur Olafsson: Second thing that has been a big issue for us is to be listed on three markets. We got some criticism for delisting from Canada. Short-term kind of a thinking was that this could have an impact us around the time when there was interest from US. That was not the case. It was an incorrect statement because the reason why we are not following the junior gold producers or, GDXJ, is because our liquidity was distributed over three markets, and we need one market to ideally have a liquidity over a certain amount to actually be eligible for the indices that follow this market. We then have focused on being on the main markets. There have been an issue only being on the A market in London. It has hindrance for example, US investors to participate in London.

Speaker #1: The short-term kind of thinking was that this could have had an impact on us around the time when there was interest from the US, but that was not the case.

Speaker #1: That was incorrect. The reason why we're not following the junior gold producers or TGS is because our liquidity was distributed over three markets.

Speaker #1: And we need one market to ideally have liquidity over a certain amount to actually be eligible for the indices that follow these markets.

Speaker #1: Now, we have focused on being on the main markets. There has been an issue with only being on the main market in London. It has been a hindrance for, for example, US investors to participate in London. There is an issue with the market-making mechanism in the main market that has an impact on their willingness to invest in the market.

Eldur Ólafsson: There is an issue on the market-making mechanism in the A market that has an impact on their willingness to invest in the market. Overall, with the plumbing of the company and how we set up the company, we have a very good free flow. There is no single large shareholder. Most of the 90% of the shareholder group is long-only. Therefore, being on the main market with more than 80%, I think, 80% of the investors on the main market in metals in London are international investors. Being indexed is important for funds such as Danish pension funds and Icelandic pension funds. All of these things that we have been doing has been to actually give us the opportunity to, A, follow the market better.

Eldur Olafsson: There is an issue on the market-making mechanism in the A market that has an impact on their willingness to invest in the market. Overall, with the plumbing of the company and how we set up the company, we have a very good free flow. There is no single large shareholder. Most of the 90% of the shareholder group is long-only. Therefore, being on the main market with more than 80%, I think, 80% of the investors on the main market in metals in London are international investors. Being indexed is important for funds such as Danish pension funds and Icelandic pension funds. All of these things that we have been doing has been to actually give us the opportunity to, A, follow the market better.

Speaker #1: So overall, the plumbing of the company and how we set up the company—we have a very good free float. There is no single large shareholder.

Speaker #1: Most of the 90% of the shareholding group is long-only, and so therefore, being on the Main Market with more than 80—I think 80%—of the investors on the Main Market in metals in London are international investors.

Speaker #1: And being indexed is important for funds such as Danish pension funds and Icelandic pension funds, and so on. And so all of these things that we've been doing have been to actually give us the opportunity to, A, follow the market better.

Speaker #1: Now, the management focus is to deliver poster by poster, and we've been doing that continuously ever since this time last year. We are very pleased with the progress so far.

Eldur Ólafsson: Now, the management focus is to deliver quarter by quarter, and we have been doing that now, continuously now, ever since this time last year. We were very pleased with the progress so far. The hope is with the right, call it plumbing, as well as us delivering quarter by quarter, we will be able to deliver a lot more value. As for, because the question entails an equity raise, and I get this question over and over again. We will deliver value by delivering what we can control. We have available opportunity to go not only to equity market, but also to other markets such as bond markets, to develop other products within our portfolio, as well as we have cash flow from our current activities.

Eldur Olafsson: Now, the management focus is to deliver quarter by quarter, and we have been doing that now, continuously now, ever since this time last year. We were very pleased with the progress so far. The hope is with the right, call it plumbing, as well as us delivering quarter by quarter, we will be able to deliver a lot more value. As for, because the question entails an equity raise, and I get this question over and over again. We will deliver value by delivering what we can control. We have available opportunity to go not only to equity market, but also to other markets such as bond markets, to develop other products within our portfolio, as well as we have cash flow from our current activities.

Speaker #1: And so the hope is, with the right—call it plumbing—as well as us delivering poster by poster, we will be able to deliver a lot more value.

Speaker #1: As for the question, because the question entails an equity raise—and I get this question over and over again—we will deliver value by delivering what we can control.

Speaker #1: We have available opportunity to go not only to equity markets but also to other markets, such as bond markets and so on, to develop other projects within our portfolio, as well as we have cash flow from our current activities.

Speaker #1: That said, we will always reserve the right to use equity markets either to fast-track our progress or to bring the right set of investors to the company.

Eldur Ólafsson: Saying that, we will always reserve the right to use the equity market either to fast-track our progress or to bring the right set of investors to the company. But we have no intention to do so at the current levels of the company.

Eldur Olafsson: Saying that, we will always reserve the right to use the equity market either to fast-track our progress or to bring the right set of investors to the company. But we have no intention to do so at the current levels of the company.

Speaker #1: But we have no intention to do so at the current level of the company.

Speaker #2: Thanks, Ella. Just a couple more questions. One: how big is the germanium and gallium resource and opportunity? And how are we going to commercialize it?

Ed Westropp: Thanks, Eldur. Just a couple more questions. One, how big is the germanium and gallium resource an opportunity, and how are we going to commercialize it?

Speaker #1: It is a big source of revenue. So, the first thing I want to say is that with the zinc-lead-silver concentrate, they have been, over a period of time, as we understand it, mostly controlled by what the smelters are willing to accept.

Eldur Ólafsson: It is a big source of revenue. The first thing I want to say is that with the zinc-lead-silver concentrate, they have been, over a period of time, as we understand it, mostly controlled by what the smelters are willing to accept. Luckily for the Maarmorilik ore, it is a very clean ore, which is known to both European smelters as well as North American smelters since it was previously operated. Germanium and gallium was something that the smelters would commercialize themselves and was not part of payabilities previously. There is a change in the industry right now where miners have much more control of what they want to get out of each of these revenue streams, and we will be leveraging as much as possible on that.

Eldur Olafsson: It is a big source of revenue. The first thing I want to say is that with the zinc-lead-silver concentrate, they have been, over a period of time, as we understand it, mostly controlled by what the smelters are willing to accept. Luckily for the Maarmorilik ore, it is a very clean ore, which is known to both European smelters as well as North American smelters since it was previously operated. Germanium and gallium was something that the smelters would commercialize themselves and was not part of payabilities previously. There is a change in the industry right now where miners have much more control of what they want to get out of each of these revenue streams, and we will be leveraging as much as possible on that.

Speaker #1: Luckily for the Marmorilik ore, it is a very clean ore, which is known to both European smelters as well as North American smelters, since it was previously operated.

Speaker #1: Germanium and gallium were something that the smelters would commercialize themselves and were not part of payabilities previously. There is a change in the industry right now, with miners having much more control over what they want to get out of each of these revenue streams.

Speaker #1: And we will be leveraging as much as possible on that. Germanium and gallium are a fair bit of part of the revenue, even though the main revenue streams are zinc, lead, and zinc, lead.

Eldur Ólafsson: Germanium and gallium are a fair bit of part of the revenue, even though the main revenue streams are zinc, lead and zinc and lead. We will do our utmost to get that revenue stream directly to the company in as much quantity as we can.

Eldur Olafsson: Germanium and gallium are a fair bit of part of the revenue, even though the main revenue streams are zinc, lead and zinc and lead. We will do our utmost to get that revenue stream directly to the company in as much quantity as we can.

Speaker #1: And we will do our utmost to get that revenue stream directly to the company in as much quantity as we can.

Speaker #2: Thanks, Ella. I think it's worth just reiterating that the initial assays from the stockpiles gave quite a high level for germanium and gallium—germanium over 100 and 20 parts per million, and similar for gallium—which are quite high.

Ed Westropp: Thanks, Eldur. I think it is worth just reiterating, the initial assays from the stockpiles gave quite a high level for germanium, gallium, with germanium at over 120 parts per million and similar for gallium, which are quite high. We will be doing further assaying and testing at Maarmorilik this year, as Eldur alluded to. So we should get a little bit more data around the germanium going forward. But from what we see at the moment from the stockpiles and from what we have assayed, there is very good grade there, as you would expect from Greenland. Okay, last question. Can you tell us something on how you are going to use the icebreaker? Is it going to be mainly for Amaroq? Are you going to use it for third parties? How are you going to use it for Amaroq?

Speaker #2: We will be doing further assaying and testing at Marmorilik this year, as Ella alluded to. So we should get a little bit more data around the germanium and gallium going forward.

Speaker #2: But from what we see at the moment, from the stockpiles and from what we've assayed, there's very good grade there, as you'd expect from Greenland.

Speaker #2: Okay, last question. Can you tell us something about how you're going to use the icebreaker? Is it going to be mainly for Amaroq? Are you going to use it for third parties?

Speaker #2: And how are you going to use it for Amaroq?

Speaker #1: Yeah, so the intention with the full-as-a-service company—currently, we own it 100%. The intention is to bring in third-party investors to be able to service all mining operators in Greenland.

Eldur Ólafsson: Yeah. The intention with it is truly a service company. Currently, we own it 100%. The intention is to bring third-party investors to be able to service all mining operators in Greenland. The biggest challenge this year for exploration in Greenland has been availability of equipment. We knew this would be coming, and we said this to the market over and over again. That is because in the past years, maybe two, up to a billion USD has been raised for mining projects and oil and gas projects in Greenland. So any helicopter availability, people on the helicopter, logistics of goods and so on is now very restricted. Luckily, we saw this coming, so we have had a lease on a supply ship. We have acquired an icebreaker. But to give you example, Minturn, our project there, we were four weeks behind schedule.

Eldur Olafsson: Yeah. The intention with it is truly a service company. Currently, we own it 100%. The intention is to bring third-party investors to be able to service all mining operators in Greenland. The biggest challenge this year for exploration in Greenland has been availability of equipment. We knew this would be coming, and we said this to the market over and over again. That is because in the past years, maybe two, up to a billion USD has been raised for mining projects and oil and gas projects in Greenland. So any helicopter availability, people on the helicopter, logistics of goods and so on is now very restricted. Luckily, we saw this coming, so we have had a lease on a supply ship. We have acquired an icebreaker. But to give you example, Minturn, our project there, we were four weeks behind schedule.

Speaker #1: The biggest challenge this year for exploration in Greenland has been the availability of equipment. We knew this would be coming, and we said this to the market over and over again.

Speaker #1: And that is because in the past year, maybe two, up to a billion dollars has been raised for mining projects and oil and gas projects in Greenland.

Speaker #1: So any helicopter availability, people on the helicopter, logistics of goods, and so on is now very restricted. Luckily, we saw this coming, so we've had a lease on a supply ship.

Speaker #1: We have a lease. We've acquired the icebreaker. But to give you an example, at Mintern, our project there, we were four weeks behind schedule. We're drilling now, and we're pleased to be there.

Eldur Ólafsson: We are drilling now and we are pleased to be there. But on the one hand, it was not to do with weather alone. It had to do with when we could procure things and when we could be making sure it would be in Greenland. It had to do with the fact that when we were bringing the helicopter up from South Greenland all the way up to North Greenland. We needed maintenance personnel, there were weather delays, etcetera. If we would have icebreaker this year, we would have sailed with the helicopter and our drill rig all the way to the asset. We would have controlled completely the timeline, that is, and reduce the cost of the program and executed more during the program.

Eldur Olafsson: We are drilling now and we are pleased to be there. But on the one hand, it was not to do with weather alone. It had to do with when we could procure things and when we could be making sure it would be in Greenland. It had to do with the fact that when we were bringing the helicopter up from South Greenland all the way up to North Greenland. We needed maintenance personnel, there were weather delays, etcetera. If we would have icebreaker this year, we would have sailed with the helicopter and our drill rig all the way to the asset. We would have controlled completely the timeline, that is, and reduce the cost of the program and executed more during the program.

Speaker #1: But on the one hand, there was nothing to do with weather or being alone. It had to do with when we could procure things and when we could make sure it would be in Greenland.

Speaker #1: It had to do with the fact that when we were bringing the helicopter up from Air Greenland and sending the helicopter all the way up to North Greenland, we needed maintenance personnel.

Speaker #1: There were weather delays, etc., etc. If we had icebreakers this year, we would have sailed with the helicopter and/or geolocated all the way to the asset.

Speaker #1: We would have completely controlled the timeline. That is a reduced cost of the program, and we would have executed more during the program. On top of that, when we are operating Amaroq, having an icebreaker that can go in and out gives security and operational certainty for our operations, as well as what we experience in Alunak every year during pack ice season, where we have difficulty bringing in goods and services to and from.

Eldur Ólafsson: On top of that, when we will be operating Nalunaq, having an icebreaker that can go in and out gives security and operational security for our operation, as well as we experience in Nalunaq every year, pack ice season, where we have difficulties bringing goods and services to and from. So this is an essential feature for as exploration and from a risk mitigation. We are in discussion with governmental agency of using this ship for other purposes than mining as well as other mining operators in Greenland as well.

Eldur Olafsson: On top of that, when we will be operating Nalunaq, having an icebreaker that can go in and out gives security and operational security for our operation, as well as we experience in Nalunaq every year, pack ice season, where we have difficulties bringing goods and services to and from. So this is an essential feature for as exploration and from a risk mitigation. We are in discussion with governmental agency of using this ship for other purposes than mining as well as other mining operators in Greenland as well.

Speaker #1: So this is an essential feature for us, both as an exploration and from a risk mitigation perspective. We are in discussion with governmental agencies about using this ship for purposes other than mining, as well as with other mining operators in Greenland as well.

Speaker #2: Thanks, Ella. And thank you all for listening. That concludes our webcast this morning. If you have any further questions or need more detail, please don't hesitate to drop me a line.

Ed Westropp: Thanks, Eldur and Ellert, and thank you all for listening. That concludes our webcast this morning. If you have any further questions or need more detail, please do not hesitate to drop me a line, and I can see if I can get back to you on them there. So thanks very much for listening and have a good day.

Speaker #2: And I can see if I can get back to you on that. So, thanks very much for listening, and have a good day.

Speaker #1: Thank you.

Eldur Ólafsson: Thank you.

Eldur Olafsson: Thank you.

[Company Representative] (Amaroq): Thank you.