Canada gold miner Amaroq's Q1 revenue reaches C$ 18.9 mln, posts net profit

Overview

• Canada-based gold miner's Q1 revenue reached C$18.9 mln

• Q1 net profit of C$2.4 mln after prior-year loss; EPS at C$0.005

• Company reiterates FY2026 gold production guidance, expects output weighted to H2

Outlook

• Amaroq reiterates FY2026 gold production guidance of 25-35koz, with output weighted to H2 2026

• Company to commence 2026 exploration campaign in June at Ilua REE prospect

• Amaroq plans resource growth and drilling activities at Black Angel, Minturn, Nanoq and Stendalen in 2026

Result Drivers

• HIGHER FEED GRADE - Q1 average feed grade at Nalunaq was 19.9 g/t, above 2026 guidance of 14-15 g/t, supporting production

• PHASE 1 COMMISSIONING - Completion of Phase 1 commissioning enabled ramp-up of mining and milling rates through the quarter

• RECOVERIES IN LINE - Gold recoveries averaged 61%, matching planned recovery factor for Phase 1

Company press release: ID:nGNE9Dm2PG

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the gold peer group is "buy."

• Wall Street's median 12-month price target for Amaroq Ltd is GBp160.00, about 54.6% above its May 12 closing price of GBp103.50

• The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 39 three months ago

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