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.

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, which continues to be driven primarily by continued investment in Nylonac, i.e., the processing plant, mine development, and infrastructure, as well as higher inventory levels. 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 Amarok's receivable from Gardak into equity in Gardak 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 Landsbanken and Dunvor. And we've now drawn down on 57 million of the 70 million facilities. The increase in current liabilities primarily reflects different revenue relating to a shipment in progress at period end for which partial payments have 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, which stands at 69%, which gives us substantial financial flexibility moving forward. And Cardax cash balance, as I told you from 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 six and a half million to fund the current field season. In the first half of 2026 operating activities generated 20.4 million of cash flow and many more. We also have a very strong operating cash flow compared to the first half of 2025 where operating activities consumed 13.4 million of cash. And that's a swing 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. And even with that working capital investment, we continue to generate strong operating cash flow. In the first half of the year we continued in an investment mode with 44 million invested during the period, primarily in the ongoing construction and optimization of the Nalmec 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 floatation circuit which has been mentioned here before. Financing cash in close of 30 million for factory expanded facility agreements. 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. And 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. and with that I'll hand it back over to Ellert.

Thank you, Olafsson. Yes, Anna, I think just to kind of give you a quick outlook of the next few new sets here. As you can see, now is in that mode where we are delivering a lot more tonnage 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 and as you can see from how the financial changes in terms of liquidity and all this, this is really exciting for the company and in plan where we are. For Marmarillic we have a new approach here on an old mine which is using the strength of Armrock how we want to approach things. and we look forward to update you on the progress of the Mineral Resource Estimate and the Preliminary Economic Assessment for that project. For Cadillac, we're drilling really high impactful iron oxide copper-gold deposits in Minter and then the rare earths, magma types that we're drilling in Ilua have already been drilled and we look forward to update the market on that. These are both assets which we are going for. and all of our other partners. So, we are very, very pleased to be here today. We are very, very pleased to be here today. One of few or the only icebreaker available to the North Atlantic effectively used to be owned by the Danish Navy. And we're 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 in operating in various different regions in Greenland. On Nanook, the research 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 Nanook one, subject to the results on the SDS mass sample study. So there's a lot coming into the market in the next few months. We'll continue after the on production. We are on guidance. And I'm really pleased to be in a position where we are delivering quarter by quarter.

Thanks, Ellert. Thanks very much. 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. Can you provide some additional detail about your exploration plans that Nano can explain the potential value of this asset? And I think you've just been through the plan strip, but can you elaborate a little bit on the potential value of it for us?

Yeah. Okay. This is us. We are obviously guided by the process we have to take in terms of mineral resource assessment and then we have to undergone through our EU compliant calls of preliminary economic assessment and BFS and so on. But with that in mind, I'm going to try to paint the picture how we see things. What we do know is that the center of home So in total, sorry let me start again, in total we have outcropping raining or structures on surface more than six kilometers. We have effectively drilled 600 of those six kilometers. Of that 600 meters, we only drilled down to 70 meters depth on an 80 to 120 meter spacing. So this year we are drilling in between that. to understand the geometry of ORPOD-B. Once you understand the geometry of ORPOD-B, 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 camps and helicopters 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. So for us to be able to build a road and many more. When you have an output of more than one and a half meter on surface, or 600 meters, we can literally scrape that resource off from surface, put it into small containers, 20 foot containers, put it on our silver replica ship, and ship it over to Nalne and bring it over. We're doing the same thing with the concentrate, by the way, in Nalne. So we're used to these operational capabilities in Greenland. By doing that then the discount on that NPV of that potential resource will be lowered and it will do two things. It will allow us to drill it quicker and it will also start generating additional ores towards Nalunag while we're growing this opportunity.

Thanks Ola. Next question is regards to the main market listing and share price reaction since. I'll take that. 31st of 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've got from shareholders and potential future shareholders has been very positive. The 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 uplist 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 Nanomag?

We have always been confident in the grade in Nanomag. Now, when we first built this mine, we did not build this on the basis of having a full preliminary PFS, called a preliminary feasibility study. A 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. 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 it for drilling horses. Thank you very much. We are also sampling that outcrop of main vein from 800 level all the way to 350 level so 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, and we've got some brave Australians. That's Army personnel to do that for us this year.

To a very peaceable. There's a couple of questions on ASIC, but all in sustaining costs, and I think we'll punch them into one, Ellert, which is how you maintain or lower the ASIC, and what is the current ASIC that we're running at?

Yes, on ASIC, It's a few factors as we 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 wrap-up phase, we've utilized contractors across areas such as drilling, construction, and also certain operational activities. And over time, we expect to bring more of those in-house. That should improve cost and control. We also see benefits from greater purchasing power across the group, particularly through Zuliaq, our services venture, and that would allow us to consolidate procurement and achieve better pricing on key consumables and services. And yeah, that is mostly it, but basically we continue 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. And for the first half of the year, just going by the numbers, AC 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 for us.

Thanks, Elliot. Next, again, a bunch of questions together. We've been asked this a couple of times. The U.S. continues to make noise about Greenland. Have we had any interest from U.S. investors or U.S. government investors more specifically in Amaral?

Yeah, so I think I would expect all serious mining companies in Greenland would have had dialogue or discussion with one or multiple U.S. agencies. Thank you very much.

On that, when do we expect a maiden mineral resource?

So what we're hoping is that we will have a maiden mineral resource on the back of this year's drilling. And back of this year's drilling is based on, you know, we are drilling, we started drilling fairly The reason why I can't answer you if this is going to be October or if this is going to be January has a lot to do with logistics. And what we are trying to tell the market here, and this goes back into Zuljak, why Zuljak is so important and will be mentioned, is that to have full control of cost and execution in Greenland, we need to control the logistics, and the logistics 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 Zuljag, and we are obviously pursuing that financing around Zuljag to have that in place. As for the mineral resources, I am very confident there will be a mineral resource on Namo. It is all determined on how much drilling you need to do, and we have to remember the geometry of Orkut 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 incident relief that we will have our initial maintenance resource this year.

Thanks, Eldert. Again, there's 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 the midsummer. What are we seeing as the most sort of bearable in our cost base at the moment and has it been impacted by any of the geopolitics or inflationary pressures you've seen?

No, I mean diesel prices have been marginally higher than we budgeted for the year whereas usage has been lower so you know actually trending according to the plan on diesel costs, so as of yet has not affected us.

Right, got it. So an operational one here, and again there's two very similar ones which we're not sure are together, which is when will you start construction of the second bore mill and what will this take production to? And can you also talk about the technology around optical bore sorting and the cost of that?

Yeah, so There are certain things that will be, but when we go into the investment decision of increasing the front trooper, we need to know that there will be ore that is available to get to that 450 ton per day. So we have, the mine needs to be ahead of the processing. Now, it's also a fact that it takes time to design and acquire a ball mill with lead times, etc., etc., etc. So when the investment decision is being taken on this, what we have to see is that we need to have a clear idea that either Nanderlake has in the short term the potential to grow the resource production. Oh, sorry, the production growth. That is more than one mining plant, so more than only mountain crops. So it would have to be 75 or target crop as an example. or we could then be looking towards getting nanook ore available in nanook. 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. And then we also have space in the building to have location itself. If we were to bring in optical ore sorting, it would be a lower cost option. but what we have now done is that we shipped out ore to a company who does obstacle ore sorting to test our ore to see if it's amenable. So there is an opportunity to do ore sorting, there is an opportunity to increase the throughput with a plant by adding the mill or potentially both. In addition to this it's important also we have dry stagnating facilities because we cannot fill the mine Thank you very much.

There's a quick question here on the single line origin status of NALNAC 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 line origin certification portal to retail. At the moment, it's only for Greenland. 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. 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. It's all set up to do it on a platform with pricing etc. already in place so in terms of facilities there we just need to get confirmation from the Greenland government we can sell it outside of Greenland. Next question is on I'll read it out to you. Please can you confirm current mining or processing rates? Are you at 300 ton per day level? And for H2, what are you expecting in terms of grade and mining processing rates, given the higher grades you've had in H1? Is there a trade-off between mining rates and grade?

Yeah, so start from the first question. Yes, when we operate the plant, we operate it on a 300 ton per day. So what we do is we estimate a certain amount of day per month up until Q4, and we've already The highest throughput, so to think of it, you run it on a 300 km a day for, say, for 23 days a month. Or to be in a full run rate, you would do it for 27 days a month. We don't run the plant for 240, because it's not an optimal throughput. So we are running it at a 300 km a 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. and the plant is just operating brilliantly at the moment as set aside. You're right on the grades and throughput. So, 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 decide to stop our ore ahead of running the flotation concentration in June. 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, so we would reach our ounces target for sure. Secondly, on your throughput, for example, when we develop the sills, we've been doing double-plasting in the sills. That means you first blast the waste, and then you blast the ore. That slows you in production, because you do two blasts, but you get more high grades out by doing that. 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 blast. because a we don't lose any grade in that process and b we can actually still get such a high grade to the plant that it makes more sense for us. So that may become that's a kind of a typical example of trade-off between mining rates and grades.

Thanks Ola. A quick one here. Black Angel, West Greenland Harbour and now Marmaray. Is that a bit confusing for investments?

Possibly. Fair enough. But 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 operational in Nalumat, which is a producing operation. And I say this with greatest respect to any other operator in Greenland. If you don't have an operating facility, it means you don't have warehouse, you don't have 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. So that's our South Greenland Terp. Around Black Angel, which is our next producing mine, we have West Greenland Terp. Okay, so why are we changing the name from Black Angel to Marmorillic? First and foremost, we are not only mining Black Angel, we are mining the whole Marmorillic area. Marmorillic means marble. This is an old, this is a big marble 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 Nalumite, Marmarillic and Nanook. Thanks Eldur, that's clear.

One for you here, has Manuson considered to capitalize exploration and evaluation expenses instead of expensing them in the period they occur?

Yeah, yeah, that's a good question and we've We regularly review the appropriate accounting treatment of these expenditures and obviously assess it against the accounting standards and alongside our auditor. There's 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 TANOP and Marmarilli.

Again, I'm going to pull two or three questions into one here on NANOC. The methodological testing that SJS 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 NANOC?

So what it is, effectively, we take a fairly large bulk sample from the Alproven NANOC and We run it through a pilot plant or a small pilot plant in the SJS facilities where we separate the gold from the material that the gold sits within. And by separating it, we see what equipment will work for it and how amenable the equipment in Malnet would theoretically work for it. I don't want to give a percentage. We'll have to wait for that. But I think those results will be imminently coming out to the market.

The next question is from David Craigan. For those investors who participated in the last equity raise, Amarok share price was 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 fund raise, June 25, get their due return before any subsequent equity raise occurs to fund future developments?

This is a very good question. I think a lot of these things, and we, the management here is equally frustrated with the performance. There are various pieces that have impacted this. On the one hand, since the last act of the race we did, we've 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 we had nothing in line with that. And we can see that directly from the selling pressure we were experiencing in the company for the past year, not especially since June, from the mutuals on share investing. Now, the market investment 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. Second thing that has been a big issue for us is to be listed on three markets. So we got some criticism for delisting from Canada. Short-term kind of thinking was that, you know, this could have an impact on us around the time when there was interest from the U.S. But that was not the case. It was an incorrect statement because The reason why we're not following the junior gold producers or TGS 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 these markets. We then have focused on being on the main markets. It has been an issue only being on the in-market in London. It has hindrance for, for example, U.S. investors to participate in London. There is an issue on the market-making mechanisms in the market that has an impact on their willingness to invest in the market. So, overall, 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. And so therefore, being on the main market with more than 80, I think, 80% of the investors on the main market in McDonalds in London are international investors. And being indexed is important for funds such as Danish pension funds and authentic pension funds and so on. and so all of these things that we've been doing has been to actually give us the opportunity to do a follow the market better now the management focus is to deliver posture by posture and we've been doing that now continuously now ever since this time last year and we're very pleased with the progress so far and so the hope is with the right college planning as well as 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 and so on to develop other projects within our portfolio as well as we have cash flow from our current activities. Saying that, we will always reserve the right to use the equity market either to fast track our progress or to bring and the right set of investors to the company, but we have no intention to do so at the current levels of the company.

Thanks. Just a couple more questions. One, how big is the germanium and gallium resource and opportunity? And how are we going to commercialize that?

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. Luckily for the Marmorellic 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 pay abilities 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. The main inventories are a fair bit of part of the revenue, even though the main revenue streams are sink flat and sink and let. And we will do our utmost to get that revenue stream directed to the company in as much

Thank you. I think it's worth just reiterating, you know, the initial assays from the stockpiles gave quite a high level for germanium gallium, germanium at over 120 parts per million and similar for gallium, which are quite high. We will be doing further assaying and testing at Marmarillic this year, as I've alluded to, so we should get a little bit more data around the germanium gallium going forward. 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. Okay, last question. Can you tell us something on how you're going to use the icebreaker? Is it going to be mainly for Amarok? Are you going to use it for third parties? How are you going to use it for Amarok?

Yeah, so the intention with the Zulia as 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 is and a number of other people. Luckily, we saw this coming, so we've had a lease on a supply ship, we have a lease, we've acquired that, I forgot, but to give you an example, Minton, I brought it there, we were four weeks behind schedule. We're drilling now, and we're 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 greener, it had to do with the fact that when we were bringing the helicopter up from and Selma Kjellgaard all the way up to North Greenland. We needed maintenance personnel. There were weather delays, et cetera, et cetera. If we would have icebreaker this year, we would have sailed with the helicopter and all the way to the asset. We would have controlled completely the timeline, that is, and reduced the cost of the program and actually did more during the program. On top of that, when we will be operating now, Having an iceberg where they can go in and out gives security and operational security for our operation as well as we experience in Nalunag every year, takkai season, where we have difficulty bringing goods and services to and from. So this is an essential feature for exploration and for risk mitigation. We are in discussion with governmental agency of using the ship for other purposes than mining as well as other mining operators in Greenland as well.

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 don't hesitate to drop me a line and I can see if I can get back to them in there. So thanks very much for listening and have a good day. Thank you. You too.