Amaroq commissions flotation recovery circuit at Nalunaq

(Sharecast News) - Amaroq said on Thursday that it had completed and commissioned the flotation recovery circuit at its Nalunaq gold mine in Greenland, marking the completion of phase two at the project.

The AIM-traded mine developer said final construction and commissioning of the flotation circuit had been completed on schedule and in line with guidance.

It said the processing plant was now operating at design specification, with the gravity recovery and flotation recovery circuits working together.

First gold concentrate has been produced and bagged, alongside the company's existing regular dore gold bar pours.

Amaroq said overall gold recovery was expected to increase from a range of 50% to 70% under the gravity-only circuit to around 90% to 95% following commissioning of the flotation circuit, materially increasing gold production from the same ore feed.

Gold-bearing tailings grading around six grams per tonne, which had previously been transported back to the mine since first pour in November 2024, will now be gradually reintroduced to the processing plant to recover additional contained gold.

The company reiterated its 2026 gold production guidance of 25,000 to 35,000 ounces and confirmed first-half production was expected to be between 7,000 and 10,000 ounces.

Chief executive officer Eldur Olafsson said the completion of the phase two flotation circuit was a significant milestone for Nalunaq.

"It is important to note this significant milestone, which enables us to increase expected gold recoveries from ~61%, achieved in the first quarter of the year, ramping up to ~90 to 95% for the remainder of the year," he said.

Olafsson said the milestone increased confidence in Amaroq's annual guidance range, which had been contingent on the timing of the successful start-up of flotation recovery.

At 1124 BST, shares in Amaroq were up 2.63% at 85.19p.

Reporting by Josh White for Sharecast.com.

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