Amaroq Gains 6% as Nalunaq Hits Gold Production Target Early
Amaroq says its Nalunaq mine produced in the third quarter the gold it had guided for the fourth, keeping full-year guidance in view as the stock prepares to join the FTSE 250 tomorrow.
Amaroq Minerals (LON: AMRQ) shares jumped about 6% yesterday after the Greenland-focused gold miner said its Nalunaq mine had produced the output it guided for the fourth quarter a quarter early. The company reiterated its full-year production guidance.
The shares closed yesterday, Tuesday, at 124.5p, up 5.96% from 117.5p on Monday. Volume was heavy, with 4.63m shares traded against 636,015 on Monday. Today’s session is still running, and at 12:22 the stock was slightly lower at 123.5p, down 0.80%.
Amaroq owns and operates Nalunaq in southern Greenland. It said on Tuesday that the mine produced about 12 koz (thousand troy ounces) of gold in the third quarter, the quantity it had guided for the fourth.
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Output over the first nine months of 2026 now stands at about 21 koz, and full-year guidance of 25 to 35 koz was reiterated. That is about 84% of the 25 koz bottom of the range. About 4 koz more would reach the low end and about 14 koz more the top, so the fourth quarter still has work to do. Management credited enhanced recoveries from the flotation recovery circuit, commissioned earlier in the summer.
Chief executive Eldur Olafsson said: “We remain confident in delivering on our full-year production guidance range and look forward to building on this momentum through the remainder of the year.”
Amaroq Minerals (AMRQ) daily close, pence, July–October 2026. Shares jumped on 6 October 2026, the day of a production update, ahead of the stock’s entry to the FTSE 250 on 8 October.
Index provider FTSE Russell said on Monday that Amaroq would be added to the FTSE 250 and removed from the FTSE SmallCap index, effective tomorrow. It replaces Senior plc, which is deleted subject to court sanction of its cash takeover by Zeus UK Bidco.
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Olafsson said the move would open the company to more index-tracking funds, with an effect on liquidity, meaning how easily the shares trade. That is management’s view rather than a measured flow of buying.
this clearly validates our strategy of moving our listing from AIM to the Main Market of the London Stock Exchange and will open us up to inclusion in further index tracking funds and the commensurate impact on liquidity of indexation.
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