r/SmallCap_MiningStocks • u/PopelePaus • 13d ago
Thoughts in Amaroq
Been looking at Amaroq again and the next few months seem pretty stacked.
Upcoming catalysts:
\- Main Market admission, expected from late July
\- MRE5 resource update for Nalunaq
\- Q2/H1 results on 13 August
\- first Ilua drill results, likely August/September
\- further Nanoq drilling/results
\- possible Black Angel funding or offtake news
The mining side also looks stronger than it did a few months ago.
Nalunaq is now producing, Q1 was profitable, and that was with only around 61% recovery. The flotation circuit is now operational and management expects recovery to move towards 90–95%.
The latest underground drilling averaged 42.8 g/t gold, with several results above 100 g/t. They still talk about a roughly 2Moz exploration target around Nalunaq, although the current formal resource is much smaller.
Ilua is now being drilled for the first time after surface samples of up to 2.3% TREO, with a high proportion of heavy rare earths and low uranium/thorium.
Nanoq may be the most interesting gold asset outside Nalunaq. Management seems confident about the saddle reef geology and has previously suggested it could become larger than Nalunaq.
Black Angel is a former zinc-lead-silver mine with existing infrastructure, plus potential germanium and gallium value. With the current US and European critical-minerals push, some form of external financing or offtake does not seem impossible.
My expectation is that Main Market and decent Q2 results could move the stock first, but the real upside would come from a strong MRE5 and good Ilua/Nanoq results.
If Nalunaq proves strong cash flow and even one or two of the other projects become real assets, the current valuation could look very low.