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28/02/2024
Mining News

Amaroq hits new 52-wk high as it prepares for 2024 trial mining at Nalunaq mine in Greenland

Amaroq Minerals Ltd stock reached a new 52-week high on Monday as positive sentiment toward the Greenland-focused gold and strategic metals explorer continues to boost its share price.

By midday in Toronto, the company’s shares were up 7% at C$0.91, taking gains for the past year to 38%. Its London-listed shares were untraded due to a bank holiday in the UK.

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The company is preparing to close a debt financing of US$50.9 million by the end of August which is aimed at accelerating production and cash flow generation at its cornerstone Nalunaq gold development project.

The debt package comprises US$18.5 million in senior debt, US$22.4 million in convertible notes and a US$10 million cost overrun loan.

The financing, together with existing capital, is expected to enable the transition from the bulk sample stage to trial mining, processing and production of gold doré on site at Nalunaq in a staged approach, ahead of full-scale production.

In May, the company recently reported that it is “very well-funded” to bring Nalunaq on stream for trial mining in 2024.

It said it is also working on its application to list on Iceland’s Nasdaq Exchange main market.

 

Source: proactive

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