Amaroq Ltd. (LON, Nasdaq Iceland: AMRQ; OTCQX: AMRQF) produced 12,000 ounces of gold during the third quarter of 2026, demonstrating a significant increase in output from its Nalunaq mine in southern Greenland.
Gold production for the first nine months of the year reached approximately 21,000 ounces.
The company has maintained its 2026 production guidance of 25,000 to 35,000 ounces.
That means Amaroq needs to produce approximately 4,000 ounces in Q4 to reach the bottom of guidance and 14,000 ounces to reach the top end.
Management highlighted that the roughly 12,000-ounce quarterly production level had originally been targeted for Q4 2026, meaning Nalunaq achieved that milestone one quarter earlier than planned.
Chief executive Eldur Olafsson attributed the improvement partly to increasing operational consistency and stronger gold recoveries following commissioning of the flotation recovery circuit earlier in the summer.
The production update provides further evidence of Nalunaq’s progression since mining operations began, although investors will now be watching whether the higher Q3 production rate can be sustained through the final quarter.
Amaroq also confirmed that it will be included in the FTSE 250 Index from market open on 8 October 2026.
The inclusion follows the company’s move from AIM to the Main Market of the London Stock Exchange.
FTSE 250 membership potentially increases Amaroq’s exposure to institutional investors and index-tracking funds, which may improve trading liquidity as portfolios benchmarked against the index adjust their holdings.
Index inclusion itself does not change the underlying economics of Nalunaq, but it can materially broaden the company’s potential shareholder base.
For investors, the update therefore delivers two separate positives: Nalunaq has reached its targeted 12,000-ounce quarterly production level ahead of schedule, while FTSE 250 inclusion significantly raises Amaroq’s profile within the UK equity market.
The main operational test is now whether Amaroq can sustain improved recoveries and production through Q4 and finish comfortably within its 25,000-35,000-ounce full-year guidance range.
Investor takeaway: Amaroq produced approximately 12,000 ounces of gold from Nalunaq during Q3, reaching a production level originally targeted for Q4 one quarter early. Nine-month production now stands at around 21,000 ounces, leaving 4,000-14,000 ounces required in Q4 to achieve its unchanged 25,000-35,000-ounce full-year guidance. The company will also enter the FTSE 250 on 8 October, potentially broadening institutional and index-fund ownership.
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