Amaroq Ltd

Good morning, everyone. Welcome to the Amarok Q2 2025 financial operational results. We'll follow the normal course today. Elle Dollison, the chief executive, will take you through some highlights and then some operational detail. The CFO will take you through some of the financial highlights and then Elle will finish off with a summary. We'll then head to Q&A. If you have any questions, please use the Q&A tab. on the screen there and I will, I'll read those out and we can deal with them point by point thereafter. So thanks again for joining. I'll hand over to you, Alfred, to start proceedings. Thank you very much, Ed.

It's a pleasure being with you here on this relatively good summer day here in Iceland. And I hope you had some good holidays already finished. I want to take your attention to the first slide, which is Amarok Minerals today. What we have been working on creating within Amarok is effectively an integrated infrastructure and line developing company. And we need to do that to make sure we can unlock the potential in Greenwood. Our companies and business stars are a gold business, which we own 100% called Nal-Nak AS. We then own Garda, 51% of Garda, which is a strategic mineral company. We then own Zulia, which we just formed and we speak about later, which is a servicing entity, which acquires critical equipment and consumable to be able to conduct work in mining and infrastructure in Greenland. And the last but not least, we are about to form Emek, which is a renewable energy company mainly focused on hydro. And as you know, Hydro has a great potential within all Greenland. By doing this, we can leverage the management of Amarok in things like permitting, governmental relation, engineering, and various other aspects of things to give investors a exposure on Greenland in the main industry that are important. And we are solely focused on Greenland, and we'll be focusing on developing these opportunities until the end of this year and obviously into next year as well. On main things in the Q2 highlights, our continuation of the trial mining and ongoing construction of the plant has been progressing well. We had our first gold export and made a revenue of 3.4 million by the end of Q2. As previously told, we were ramping up more slowly in the beginning of the year. But what we're seeing already right now is that the gold being produced over just the past few weeks is increasing a lot. And we're really happy about that. And the stability of the operation is very, very good. We also got certificated through a single mine origin gold, meaning our gold from Greenland can be bought with the understanding of how it's being produced, what are the sustainability characters of it, etc. And our initial gold for jewelry purposes will be sold only in Greenland, but we will then look together with the government to increase that exposure elsewhere. As I mentioned earlier, the sequential improvement of processing rate during the quarter and actually post-quarter in July and August have been very good and gives us a good confidence that by the end of the year, we should reach all 300 tons per day, which sets us off for a full year of production next year. We successfully completed and oversubscribed an upside equity ratio of 45 million sterling. Approximately 36 international investors participated in this fundraise. It strengthened, obviously, the balance sheet and our working capital, but more importantly, it also gave us a strong backing by US and European as well as Icelandic investors. We acquired the past producing mine in the West Greenland hub called Black Angel, as well as the high impactful license called Kangaloosa. This gives us the opportunity to continue developing our critical mineral business, which we intend to do exactly the same model as we've now done with gold. So you start with a past producing mine, you bring that through a bulk sample and into production, you use that foundation to further explore in the region to look for elephant or world class deposit. Last but not least, we've incorporated our joint venture company, which is our servicing company called Zuliek. And we signed a third party with a third party investor to be a joint venture party in that. This is highly important in Greenland. Greenland, as you can imagine, is a very large country. It does not have a lot of people in there. Therefore, services are not abundant. We understand exactly what services we want and what we need. And we also understand the services that other parties in Greenland will need. And due to the fact that we are ahead of the curve with all of other developers in Greenland, this both gives us the opportunity to service it, but also to access potentially other projects within Greenland and do that in conjunction with others. I'm going to hand over now to Alec to walk through our financials and we'll come back to operations.

Thanks, Ander. Before diving into the balance sheet, worth mentioning, as Ander mentioned, before we had our first exports and recorded our first revenues in Q2 of 3.4 million. At the cost of sales, G&A and other expenses, the operating loss for the quarter is 4.9 million. Next quarter, we'll discuss these numbers in more detail, by which time you'll have a quarter-on-quarter comparison The main movements on our balance sheet in Q2, as before, are related to an increase in capital assets of 17.3 million to 200.8 million at quarter end, which is attributable to the Nalunak project, as we continue to capitalize site costs in the quarter, and will continue to do so until the plant reaches commercial production. Prepaid supplies inventory and escrow is more or less in line with last quarter end, But we are seeing a continued increase in metals inventory, which stands at 9.2 million at quarter end, compared to 7.8 million at the end of Q1. This represents our gold contained in ore stockpiles outside the mine and processing plant, as well as gold in circuits associated with processed but not yet smelted material. And on the bottom, you can see the associated cash flow movements, which represent the main quarter-on-quarter variance in capital assets and metals inventory. Worth mentioning as well is cash inflow due to finalizing the equity capital raise, as mentioned earlier, in Q2, with net proceeds of 81.2 million, which you will see reflected in our cash balance in the next slide. On liquidity and assets, at the end of the quarter, our cash balances are sitting at 86 million. And in the quarter, we made a drawdown on our revolving credit facilities, resulting in 10.7 million of net proceeds, decreasing our undrawn facilities to 9.7 million. Subtracting payables of 19.8 million results in 75.1 million in liquidity. compared to 23.4 million at the end of Q1. This liquidity position is on the back of a very healthy balance sheet with 342 million in total assets and 80% equity ratio. And the last four lines on the slide are connected to our investment in the GuardDAC joint venture. Gardak's cash balance sits at 3.6 million at quarter end compared to 4.4 million at the end of Q1. Amarok's receivable balance from Gardak increased and amounted to 7.7 million at quarter end. As a reminder, this represents allocated G&A costs to manage the joint venture, which will be converted to shares in Gardak in 2026. Activity has now been picking up in Gardak in Q2. where the focus has been on initiating exploration activities after finalizing all planning and scheduling. More on that later in the presentation. Back over to you, Elders.