Amaroq Ltd

Good morning everyone and welcome to the Amarok Q2 and H1 2026 results presentation. My name is Edward Westropp. I'm the Corporate Development Strategy Officer for Amarok 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 and then we'll follow up with some Q&A from the line. So if you have any questions please follow the usual form are on the webcast portal and will endeavour to try and answer all your questions. So, without further ado, let's thrust straight into it.

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. This has been mainly due to hard work of all of the individuals involved in terms of planning people getting the things done. And the results are that, you know, we have done already 9,000 ounces for H1 this year. 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 something to pick up, 56 million. Phase 2 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. In July, we're reaching already 90% recovery. and phase one and phase two processing plant is operating literally in a way that we want to see it. Part of that is that you've already seen that we have a new outside RCR on a better terms. This is a testament not only to the liquidity we have now to move other projects as well as increasing liquidity position, but it's also a testament of the financial strength of the company, which we'll go into in two minutes with Ellert. Now, we are running now the largest exploration and development program in the history of the company. We started the exploration at Iloa in June, and we finished that by drilling three different areas in Iloa's rare earth element, a , which we're very interested in, and a lot of rare earth play in Greenland. 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 on. 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 the first one to mention here is the malnut drilling. And I will go into more detail on the malnut 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. This has never been drilled so dense, ever. and our 27 hole, we could already see 23 million visible gold. We're getting average rate 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, so this is to confirm all the eastern block, which is now the top of the grade we anticipated originally, so our absolute high-grade area. This levels is from 800 to up to 860, Constitutes about all of 26 and 27 into 28 of resources. Now, we have been focusing on those resources, but in the MRE 5 where we updated the resource statement alongside the main listing on 31st, 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 break. We've done more than 100 bags of flotation bags. We're already at 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. And Nanook and Minton, we started drilling there, and Nanook is a gold area that we will drill last year. I will speak to that in more detail later on. And Minton is an IOCG, which is iron oxide copper gold, deposited high up in North Greenland, which we are now already drilling. I mentioned earlier we went on the main market on the 31st of July. This was an important milestone for the company. I want to emphasize that we have been working on the kind of how liquidity, how access to the company through the capital market is best secured. When we were on free market, we were distributed liquidity over free market. and Iceland. We delisted from Kamanda to focus to get as much liquidity on one market, which we are now focusing to create on the London market. Iceland has a strong investment base, a long-term investment 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. This was an important date for us to get on the 31st of July, and 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, and we will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the Gold Junior Interest, like TGSE, where we need to uphold a certain liquidity over a period of two quarters. In addition to that, we finalized the Carver TAV funding, that is, with our funding partner, GCAM, where we funded, in total, approximately $10 million, Canadian dollars, to fund both the Illua and Minton drilling program. 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 Anok. In fact, we have three operating mines being built. Now, each of these mines have the opportunity to grow in both resources and in production. Now, if we start with Naluna, Our focus point here is to focus on the 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 year. and we really started this undergrilling very late last year once we have established the infrastructure and underground drilling route. Underground drilling was never done in Malmö via a predecessor so we are doing that and we are learning a lot. We are learning structurally how the tip of the ore body keeps the hybrid pocket and, you know, but most of it is hybrid as you can see. So we are seeing much more understanding there. While we're doing this in the medium and long term target is that we're defining and building up exploration tunnels to go deeper and access more years of development or I should say production. We need to be able to drill out 28, 29, 30 and I'll show you that in a picture in the next slide. Furthermore, we are looking to do exploration tunnels into areas So it's a target block 75 and south block and it is in anticipation to start increasing production in Malmö. We need the mine to deliver that. On the mining end we are focused on reaching an infinite 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. 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 investment, what is key is to grow the resources, both research and resources, as well as growing and production. On the plant side, the short term is to reach that main plate capacity of 27 days or 300 ton 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. and what we've already started to do is to do studies on increasing the plant throughput to 450 ton per day and beyond and there are two ways to do that on the one hand is to install another mill next to the current mill as well as rotation cells 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 and many more. Thank you very much. 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 recorded on the middle of July. We are currently starting to drill on the other side to the west, where you see a 10-expiration grid, and it starts And that will build from the same 790 all the way to 875. This will constitute roughly for all of 26, 27 and into 28, and we will have to secure that. Mind you, that area there on the east or close to where you see the number 792 to 875, this is where we have an average rate of 42 gram per ton. Then you see below the mineral resources shown, that's the target board. Over time, we will start putting exploration drift underneath there and start drilling that. Now, the exploration, 810 exploration drift, as you can see, goes directly under the area. We are mining at 800 level right now. The mountain goes all the way to 1350, and this outcrop we've been sampling this year all the way to the top of the mountain. These are years worth of production, as well as you have 70-byte fire rain above the main rain there. So, this exploration drill, every 100 meters, we are then be able to drill. And so, after we've done exploration drill for 100 meters, which we're expecting to be, have done before end of the year, we can then start drilling into the area in 28, 29, and 30, 30-thirty. We have a new mine based on an old mine called Marmorelli. Marmorelli, or previously known as Black Angel, is something we've been evaluating now for this whole year. And we have hired WSP, which is a world-known engineering firm, to do an updated mineral resource estimate. Thank you very much. up to 1 million tons. However, there are 4.4 million tons. We have changed it around to focus on the whole Marmarillic area. When the glaciers have been retreating, there's a lot of resources coming to surface, and we already have known resources that 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. Now, the idea here is that we will do a string of, we will follow Thank you very much. Thank you. We're doing all the ETA scanning of the old previous mine work in three-wheel tunnels, and we're working towards a new mineral resource estimate and PEA, an economic assessment. On the pro-string plant, we're leveraging of a previously operated plant that was on site, which produced 60% flotation conservation, 50% zinc-lead silver, and obviously germanium and gallium. and we have, previously, a metabolic catheter and a lot of data on the ore which is very clean and good ore. Effectively, this is also leveraging of what we've already done. On the permit design, we'll follow the same permit process with Nalumar, same can, same redevelopment of tunnels, same roads, same dry stock tailings, 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. This is most likely a redevelopment time of three years, but obviously we will update the market on our update on MRE and PEA this year. And we feel that this will be a very, very creative company. Here you can see on the Marmaris side, Marmorelli Camp, this is where the old processing plant, where the current camp is, where the harbour is, where all of the infrastructure already is, and what they did previously was to build a cable car from this area, 800m high, up to what you see, pillar resources. We don't want to do that, because we've never operated a cable car. So what we're going to do is that we're going to go back to our own strategy. We are going to redevelop the N2O tunnel, which is a 9km tunnel from the Lammarille camp to the N2O 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 5-7km. 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 DeFi Zone, where you already have seven meters over 40% in lead silver, and the old black into mine. 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 billion tonne ore per day. What is important here, in each of these spots here, you are probably missing 10 other spots of outcrop, 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 metres. Nothing has been drilled that bright where the outcrop is then extending or at that So this is again another NAMOC 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 process that we're taking on here. Last but not least, it's NAMOC. NAMOC, you can think of that as Obviously our main focus there, if we go back a second, we drilled 4.5 km 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 of infill and step-out drilling to hopefully declare Our initial main mineral resource. Now, 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. Now, what is important that we are already assessing how we put up a simple harbour and a road or a track, Thank you very much to see if the ore can be used or processed in the Nalmark plant. If it can be, it would be a huge impact for us, because you can imagine we don't then have to build in the beginning a processing plant in Nalmark. We only have to set up our camp, roads, and few mining equipment, which we feel very comfortable doing. I just want to remind you, it's about 70-80% of our cost in Nalmark was to build that plant, and it's a big impact on the cost structure of a project like this. So, with Nanoc, you can see how we can grow the knowledge of the region and the scale of the research by setting a road and harbour 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 for human subsets. Here you can see the distances from Nanoc over to Malunag. What is important here is that in mining, there's nothing faster than bringing material onto a sea. 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. NALOG is certainly in a different location to NALOG in terms of weather, in terms of ice and so on. But overall, and the same thing applies with Marmaris, but overall Zulia, 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 course. Looking at the income statement, we can see the transformation in the business between years. Revenue reached $56.2 million in the first half, compared with just $3.4 million in the same period last year. Reflecting the successful ramp-up of Marlonac and sales of 8,610 ounces, at an average realized hold price of $4,696 per ounce. In Q2 alone, we generated 37.3 million of revenue from 5,640 ounces sold. G&A costs increased, as expected, as we continued to build the organization and progressed the main market listing in Q2, which carries with it some one-off costs. While expiration spent increased as the 2026 yield season commenced. And that revenue growth is now translating into profitability, The H1 gross profit was 34.9 million compared with a small gross loss in the prior year period while operating profit increased to 15.1 million and that income reached 13.6 million. An improvement of almost 24 million compared to H1 2025.