Amaroq Ltd.

Good morning, everyone. Welcome to the Q3 2025 results from Amarok. Thanks for joining. We'll follow the usual course for today, so manage what takes you through the presentation, and then we'll follow that with Q&A. First of all, from the line, moderated by Sean, and then I'll moderate the questions on the web. So thanks very much for joining. I'll hand over to Elder Oleson, the Chief Executive.

Thank you, Edward. Good morning, everybody. It's a pleasure to be with you here today after a very busy and successful quarter. I want to start the day off by giving you a snapshot of our operation, as we usually do on this quarter. We are very much focused on our mining development in Greenland, meaning now production, development, and exploration. To do that, we are in Greenland, and as you can see, Greenland needs a lot of services and energy to enable these businesses to be successful. And therefore, out of necessity, we have set up these businesses as well. We are mainly focused on two different regions in Greenland. We are in South Greenland, where you have Gold Belt, you have rare earth, known rare earth areas, and then you have copper and base metals. There we have the Nalnok mine. We have the Nalnok exploration development project, and then we have early state exploration in Baaref. In West Greenland, there we have the Black Angel past producing mine, and the intention is to bring that into production in the coming years. We have then the Kangalusrak exploration set X-PLAY, again, very similar to what we have in Nalnok. So you have a high-grade, development or producing assets supporting larger scale exploration assets. These two regions in Greenland are the most developed region in terms of mining. There is well known by the market, by the various participants, even though all of Greenland is obviously very prospective, but we managed to situate ourselves in these two regions with the most advanced asset to date. To give you highlights of the quarter, we had a very, very successful quarter. We produced in early October 5,000 ounces. We sold 2,636 ounces during the quarter. And year to date, we've sold 4,347 ounces on an average price of approximately 3,500 per ounce. The liquidity is very strong. The cash balance hit at 55 million. And mind you, after a very heavy CAPEC quarter. So we've been fast tracking development on the plant and various different things. Furthermore, this quarter is also very heavy on exploration. We do most of our exploration work within it. And we have finished all of that exploration to date. They come on budget. We finished all of the work that we wanted to do. The only thing that still remains and will be ongoing during winter is drilling in Nalanak, both on surface and underground. And we will be reporting on Nalanak exploration result in Q4, and we'll be reporting on Nanog in Q4, as well as some strategic mineral targets that we've been exploring. We commenced trading on the OTC within the quarter, which has been very good and gave us good access to the U.S. market. We invested in one of kind of a fully operating or moving from a contractor to a fully operating mining setup. This means that we acquired our own equipment, our own supplies. We've been over the past year hiring our own people. And so this will mean, yes, it has some cap is involved, but this will then mean a lower opus and more throughput going forward. And this has been going really, really well. And on that, we've seen, and you will hear that from John Plant later on, we've seen a very good operational uptake both in the plant, also in the mining, and then we have delivered our gold production this year. And as you see in the outlook this year, we have updated our annual outlook to be producing between 6,000 to 7,000 ounces by year end. I wanted to take this opportunity to give you a little bit of understanding on how our business model works and how we develop our assets using something that is called the , which is very well known in the mining industry. The Lausanne curve sets out where projects are on the development cycle, so if they're exploration assets versus development assets or a producing asset, and what is usually the multiple on PNAV during that process. As you can see, NALUNAC should have the highest multiple as it is in production, and that multiple should go higher and higher. What controls that multiple is grade, it's a jurisdiction, and it's the fact that if you can grow the resources while you're producing from it. So the good thing about both NALNAC and Black Angel, we have the opportunity due to the fact that it is high grade to start with resources of somewhere between like we did in NALNAC six to ten years, and then continue growing the resources. So that in itself gives a good value proposition for a master. The intention is then to utilize the management team and, more importantly, the cash flow to move nano-calculators and other exploration up this curve. So that gives a very good proposition to the investors. Now, the enabler of developing all of these things is the services and energy. In most countries around the world, you have services and energy. In Greenland, we have to build them ourselves. And so by doing that, we allow these projects to go off the development timeline and we allow them to do that at cost competitive. And what I want to say, the reason why we do it in this manner in Greenland is because Greenland is underexplored. And the hindrance in Greenland to explore has been it's remote and doesn't have a lot of people. And now with these two operations, we have all of these things and the service equipment. So this will allow us to move up this curve, in our opinion, relatively quickly. especially with the positive cash flow coming next year.

Thanks, Alder. In Q3, we had sales of 2,636 ounces for gross proceeds of 12.8 million, with average price per ounce of $3,568. In comparison, gross revenue in Q2 amounted to 3.4 million. Subtracting cost of sales results in 5.9 million in gross profit, and subtracting G&A results in 1.7 million in operating profit. Q3 is always our most busiest month when it comes to exploration, and this year was no exception. Total expenditure this quarter was 5.5 million, but most of it was incurred at the NANOC campaign, that is 4.4 million out of the 5.5. where we drilled roughly 5,000 meters this year. And at the end of the reporting period, approximately 60% of the core had been logged and sampled with results pending in Q4. After incorporating other income and expenses, the company recorded a net loss of 5.3 million for the period, a big improvement from the $14 million loss in the prior year when, of course, no revenue was generated. Now, the key balance sheet movements in Q3 consistent with prior periods was a 21.1 million increase in capital assets to 221.9 million at quarter end. And this was obviously driven by the Nylon Act project. primarily reflecting ongoing construction at our 300 ton per day processing facilities by the mine. Supplies inventory and escrow account is more or less in line with the last quarter, but we are seeing continued increase in metals inventory, which stands at 11 million at quarter end, compared to 9.2 million at the end of Q2. This represents our gold contained in ore stockpiles and tailings as well, as well as gold in circuit, associated with processed but not yet smelted material in the processing plant. Now prepaid, worth mentioning, they increased by 3.6 million between quarters, and this is mainly due to operational spares and supplies being stocked up for winter and down payments on mining equipment that we are acquiring as we transition from contractor-operated mining to owner-operated mining, which we will discuss in more detail later in the presentation. Change in loan payable, you can see there in Q3, which is our RCF facility, is due to accrued interest, no drawdowns or payments made on the facility in the quarter. And including cash balance of 55.3 million at quarter end, total assets amount to 339 million, and very healthy 79% equity ratio. Now the last four lines on the slide are connected to our investment in the GARDEC joint venture. Exploration activities continued there in Q3 and the cash balance sits at 2.8 million at quarter end compared to 3.6 million at the end of Q2. Amarok's receivable balance from GARDEC increased and amounted to 8.4 million at quarter end. And as a reminder, this receivable represents allocated G&A costs to manage the joint venture and this will be converted to shares in GARDAQ in 2026. On liquidity and cash movements, at the end of the quarter our cash balances are sitting at 55.3 million as mentioned before. Adding undrawn credit facilities of 8.9 million and subtracting payables of 18.8 results in 45.4 million in liquidity compared to 75.1 million at the end of Q2. And this reflects our main cash flow movements in the quarter in relation to the NALMAC project, a total of 23.9 million in cash outlay in the quarter. This is mainly attributable to additions in capital assets of 20.2 million. as well as increase in prepaids that was mentioned before, as well as metals inventory. And additions to capital assets represents cash outlay, not only due to construction, but also mine development, as well as capitalized cap costs.

Thank you, Alex. Good morning, everyone. My name is Joanne Palm, I'm interim COO. Achieving stability within the team at Nalanax has meant we've seen steady improvements in operations. enabling us to deliver consistent gold production. I was delighted this culminated in us reaching the year-end guidance of approximately 5,000 ounces ahead of time in October. I'm pleased to report that the planned shutdown of the plant has ended with all phase one activities successfully completed as planned and on time. We have restarted operations and we now expect 2025 full year gold production to be 6,000 to 7,000 ounces. The transition to becoming owner-operators has gone exceptionally well, with our highly competent team already demonstrating a positive approach to achieving operational efficiency and cost savings. We have also invested in our own mining fleet. Our investment in improving infrastructure at Nananac has of course resulted in high upfront capex, but will reduce our opex going forward and ensure we protect the operational stability we are now achieving. We will continue to focus on the optimisation to enhance operational efficiency and performance to ensure we can maximise gold production and cash wares in 2026. Finally, exploration has had an excellent season and we look forward to updating the market on the results that are still to come from the NANOC and NANONAP programmes as well as those from the wider portfolio. In addition, they will continue to be worked on over the winter to define and increase resources at Malamax. We have been in positive negotiations with the government and the local municipality to finalise our impact benefit agreement and we are on track to have this and the final mine plan approved and in place by the end of this year. I could not be more proud of what our teams have achieved during this period. This is just to remind everyone of NALAMAX key metrics. I'm very pleased lost time injuries are low, especially given the significant amount of man hours. We are working on a new mineral resource estimate, aiming to move some resources from the inferred to the indicated category. Please focus on the fact that we have considerable exploration potential, so the company will be looking to increase resources year on year.

Thank you very much, Joan. It's Ed Westrock here, the head of BD. I just thought it would be worth double-clicking into the Web Screening Hub quickly. We announced earlier in the week that we're pleased to see that all the CPs are done for the Black Angel acquisition and the Caglioste acquisition is finalising as well. At the same time, we also re-assayed some of the stockpiles. We thought it was prudent to do so because the type of mineralisation at Black Angel can host some other minerals and so we re-assayed that there to see what else was in there. We had a hunch that there was some germanium and gallium and we were really pleased to see that that came through in levels that are deemed commercial. We were also very pleased to see the grades coming through on the zinc, lead and silver and indeed the silver grade was very good. Really encouraging around that. Clearly they add quite an interesting strategic and commercial angle to the West Greenland hub and Black Angel Restart with the EU, US and UK interest, growing interest in crystal minerals. Clearly this is something that we're going to be playing on and we're going to try and take advantage of in the future. So you'll hear more about this as we go forward, but clearly very positive to begin with. So I'll hand over to Eldon. He'll take you through the outlook for the remainder of the year.

Right. Thank you, Ed. Right. So to sum up, our updated guidance on 5,000 ounces was already achieved in early October. We're extremely pleased about that to see how the team and the commissioning has gone really, really well and gives us a very good – Very good wind in the back to re-rate as an operator, as a producing company. We're also pleased to see that in the construction of phase one, it's complete. An operation has restarted on time, on budget, and we're now getting into wet commissioning. The management expects then year-end production to between 6,000 to 7,000 ounces, which is higher than our revised guidance. Now, with phase one finished, the intention is ongoing work on phase two has been happening. So we only have $6.5 million Canadian dollar of capital left in phase two. And the plan is to have that operational by end of Q1, 2026. This means phase one is giving us recovery of gold between 50 to 70%, depending on grade. And this will then move us from recovery from then 50 to 90 or 70 to 90 or above 90. This will increase cash flow significantly with the same amount of ore that we put to the plant. Now, one of the most exciting exploration results are still yet to come. Our biggest program in exploration this year was nano. We drilled 5,000 meters there. We're waiting for the core to reach the assay facility and the assay will then be with the market in two cores in Q4. And in Nalunag as well, we have been doing underground drilling. That means we drill from underground in the current area that we are mining or above the current area that we are currently mining in the mountain block. This is both to define reserve but also to see larger resources there. But on surface, something that market is maybe not as much aware of, we have also been drilling in the south block. So we went 300, 250 meters below the current mine working. to extend the resource in that direction as well, or that is the aim, I should say. And we are currently drilling that. We drilled about eight holes already, and we can be drilling that during winter as well. So that is something that we are very excited about. Now, given the strong financial position of the company, with no net debt, the project pipeline we have to grow value, and the fact that we will have positive cash flow next year, This sets us up for a very, very strong quarter, but more importantly, a very strong year in 2026, which we are very excited about. On that basis, I want to give gratitude to the whole team, board, stakeholders, the service provider in Amarok. They have done an unbelievable and amazing job in a difficult jurisdiction. I want to also give a gratitude to all of our operational team and to make all of the work done in such a seamless way in a place like Greenland, which is by far not easy to operate in, but it's getting easier and easier for us every quarter. Thank you.

Thank you. Thank you. Thank you. Thank you. Questions? On your telephone, I'll wait for your name. Please show your questions. Please press 1-1-1. Thanks very much, Sharon.

Yeah, we have some questions for the line actually, so I'll just take those and we'll go through them if that's okay. So I think the first question is in regards to the EU and the UK government, US government interest in Greenland and the resources and regarding future grants and financing. I think it's probably one for you. Is there anything that you, any information that you'd like to be able to provide on that subject matter?

You can't hear you. Yes. So we have been in dialogue with representative from all of these governments about various different opportunities to support the growth in Greenland. Currently, what we've seen in the marketplace and the general investors have seen that there are incentives that the U.S. and European Union, as well as Denmark, has been putting in place. The most evident part of that is obviously the participation in the last half of the race of Eifel, the sovereign country of Denmark, as well as and US investors within Amarok on the equity side. But what is also being offered and provided are export credit financing. There are talks about tax incentives from, for UK investors to participate in Greenlandic companies, et cetera, et cetera. So we see a lot of interest, and we are highly involved as the only developer and operator in Greenland to date. There are plenty of opportunities in Greenland that can see value from that, being in rare earth base metals or precious metals. But we very much are in those discussions and we'll continue the discussion to help provide minerals from stable geostation like Greenland into the U.S.

and European market. The next one is in regards to goal production guidance for 2026, and I'll take that. We will be providing guidance in a sort of budget and guidance announcement in February, where we'll talk through production guidance for the year. We'll talk about CAPEX budgets and OPEX budgets and things. So we're not providing that now. Clearly we've given an updated guidance for the year end this year of 7,000 ounces, and we'll come out in February and give guidance for 2026 for the year. The next question is in regards to Black Angel. Please expand on the scale of investment required for Black Angel, expected timelines to bring back in production and assumptions on payback period for the investment.

Yeah, it's a good question. I mean we are operating under what we call your compliant code and or 43-101 which means that any statement in regards to feasibility will have to be done on the basis of us finalizing resource estimates, feasibility studies, et cetera, et cetera. So that is the work next year we intend to do in Black Angel, as well as drilling, as well as bringing some of the infrastructure into shape. The process then in 27 and 28 is then to target on further resource growth prepare the mine to take out a bulk sample, effectively a large sample, which we can then ship out to Europe and sell with the zinc, lead, silver, germanium, and gallium. And for reference for people, you can see when we were, did a bulk sample and a mine contract with when we started the mine in that was a two-year contract of roughly $40 million Canadian dollars. The drilling programs we are conducting every year, they range from $5 to $10 million to give people kind of an idea. And the beauty in Black Angel is that majority of these such as harpers, cable car, and a camp is already there. So those are our investments that we don't have to put in place like we had to do in Nalina. Now, the commercial viability is as such that while you grow the resources and you take a door on a high-grade resource, we know that that will be fairly successful. And the key is here that the funding opportunity now that we have germanium, gallium, and cadmium also in the world will be even greater for the company.

Thanks, Elda. Next question is in regards to, we recently announced that we were issuing single mine origin gold, currently restricted to Greenland, and the question being when do they anticipate being able to make this available to non-residents? We expect this to be the case in Q1 next year or early 2026. At the moment, as part of our licence commitment, we needed to provide sole access to the gold to Greenland residents to begin with. So that will be there. Aldo, maybe one for you here. When are we expecting to increase throughput of Nanolac to 450 tons per day?

I would say that the goal here is that the mill can process 300 tons by end of this year, and we make sure that the mine and the mill reach the same level of production. With the full year guidance, the plan is when we have phase one and phase two fully operational, then we will be operating on 300-some per day. We will be doing that for a full year for sure for the first year. The general lead time on a new mill, to give you an idea, is about a year. So if we make an acquisition or a down payment on an additional mill, it will take us at least a year, which kind of works well in our timeline. We would want to be operating them in a second block, either the south block or the 75 lane at the time. So that also takes us time to develop into those blocks as well. So I would say from 27 onward is the period of time we could be in that position. So it's a lead time on the mill and lead time on developing into the next block, which we will be focusing on next summer to put in place. And then you will have to give us the time that it takes to bring all of this stuff on place, so you would at least give us another year to get that in place. I should say, though, most of the design and concept design of increasing to 450 has been done. The current crushing cycle has the availability for 450, as well as there is room both for a second mill and flotation within the plant.

Thanks, Eldar. The next question is in regards to the potential cash flows from 999 next year. How much profit per full year do you expect Amarok Goldmine to make when it's fully operational?

I think, as you said earlier, we will be doing a guidance in February and we kind of, we need to, you need to allow us to wait for that. But I think what we have given an idea to the market is that almost 300 tons a day with a 90% recovery where you're operating somewhere between 12 to 16 gram per ton that generates on an annual basis in around 40,000 to 50,000 ounces. So that's on an annualized basis. We told the market that our all-in cost is going to be in around five to six million U.S. dollars, which is based on the overall cost, which is based on the fact that we also now have blocking some other opportunities. So that gives you an OPEX for a year and CAPEX, or all in cost for a year. It gives you an idea of throughput. It gives you an idea on grade. So this can be very, very cost-reported operation, and that is the aim for next year. Also, just to further support the four development projects we are going to be investing in next year, and it's in our current plans to date.

Joan, maybe one for you here. Why has the impact benefit agreement taken so much longer than indicated to obtain?

Thanks, Ed. I think the issue has been that the government have had other priorities that they were concentrating on. So we only received the text of the impact benefit agreement towards the end of September. But I've recently just received the final version. And so we are definitely on track to have that signed up by the end of the year.

Thanks, Joan. Next one is on expression spend for 2026. What is expected expression spend for 2026 and the rough split between the various projects given the successes from the 2025 program, albeit you haven't released the Nanonat results yet?

If I may or I'll let you step in here. So it's a very, very good point there that Nanonat results need to come in before we, but all in all, we are looking at, You can look at the exploration spent into mainly four categories. So it is early stage exploration. You know, given the results we had on Vagar on the satellite deposit, which were very, very good, you know, 38 gram per ton and copper seems to be in the Goldberg, which is very interesting and it's a new discovery. We have several of these outcrops that we want to target and ideally do a scout drilling to start doing the same in Anok. Ideally, we would like to then continue research drilling in , which we don't know, and as well as in . Then in Black Angel, as I mentioned earlier, it's upgrading of the camp and drilling there, as well as scout drilling in . All in all, this could be a scale of somewhere between 15 to 30 million Canadian dollars during there, but most of that capital is it would be, you know, spent towards the end of the year because that's when the payment dates are for these, like we have now in Q3, right? So that gives you an idea.

Thanks, Alder. The next one is something down in 27, 28. I would say the question is, is the dividend strategy still on the cards, albeit perhaps at 27, 28, 29? Yes. Next question is, now that Black Angel Mine is confirmed as a standalone development and with the critical minerals adding new commercial opportunities, how far are you assessing integrated service and hydro solutions, power processing, technical services, as a way to lower CapEx intensity across these projects and create more scalable development platforms?

Yeah, well, we set up Zuljek, our services company, and we are in a process to have a financial partner alongside us in that company. We have already acquired the equipment in there. We have finalized rental agreement between there and we've started to dialogue with many partners in Greenland about using the services. So we see that as an opportunity to do a cost plus agreement with us and other companies all on the same basis to lower generally services cost for all operators and more importantly how we can a service or lease equipment to the actual service industry in Greenland that does not have a policy to acquire some of this equipment. So this has been well advanced and we will be updating the market in due course. So for example, the mining equipment was acquired into Zulip, to give you an idea. In relation to our first hydropower project, the feasibility study of approximately one megawatt power project in Nalumak has been The timeline of the budget is also at the final stages, and equipment selection and lead times have also been selected. So we see that very much coming in construction mode in initial work in 26, but mainly 27, 28. I should say in Black Angel there are old plans to also have hydro facility in Black Angel, which was made by Boletin. So very much Black Angel has the same similarity in terms of power as we have in Alnac. This will lower our cost. It will give us more stability. It will lower our logistical cost. And most importantly, it will give us lower carbon footprint. Last but not least, you know, we are in discussion with about what happens then when the mine is finished if this power facility then they have a right to first refusal to acquire it, to use it for the local town. So this has a great benefit not only to our operation but to Greenland as well.

Thanks, Helge. So this is actually the last question we've got on the lines here. If you have a question, please add it now. It goes back to the all-in sustaining cost. You touched on it briefly earlier in terms of how that translates to cash flow, but could you just set out what you think the all-in sustaining cost will be when we're at full run rate?

Yeah, so the only thing I can deliver right now is to give you an idea of offer cost. And so if you're working off a If you're working off $5 million in terms of oil cost, then that's approximately $60 million annually. Then what is going to control that oil cost is how many ounces you make in a full year time. So if you're operating the plant as we have now on a full recovery basis, meaning 90% recovery for nine months, then obviously you will have lower ounces than you would have in a full year. So that gives you an idea. So if you do 50,000 ounces divided by 60 million or 40,000 or 30,000 based on the throughput and the food recovery, that is the key thing to deliver them. But this is high grade, so the all-in cost is our focus is to have that all-in cost as it should be low.

Thanks very much, Alder. Oh, we've just got one last question come in. Does Mr. Trump own any shares in the company? I'll take that. Not to the best of our knowledge, but he'd be very welcome if he wanted to come share with us. But that's probably something we can comment on. Anyway, thank you all for joining. I'll hand over to Elder just to close out the meeting.

Yes, thank you, Ed. And again, I just say this. We've been very glad, obviously, to see the amazing success by the team. We've been very fortunate by the support of the market as well. And, you know, both us, the market, the team on site will be beavering away into next year. And that will set us up for great success and continued success in our operations.

thank you this does conclude today's conference call thanks for participating you may now disconnect