Why Amaroq (TSXV:AMRQ) Is Up 5.7% After Beating Nalunaq Gold Production Guidance For 2025

• In January 2026, Amaroq Ltd. reported that its Nalunaq gold mine produced about 6.6 koz of gold for 2025, exceeding the midpoint of its 6 koz–7 koz guidance range on a pre-final refinery basis.
• This production result highlights solid operational execution at Amaroq’s flagship asset, which may influence how investors view the company’s project potential.
• With Amaroq slightly beating its Nalunaq production guidance, we’ll now explore what this means for the company’s broader investment narrative.

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What Is Amaroq's Investment Narrative?

To own Amaroq, you really have to believe that Nalunaq can move from an early-stage producer into a consistent, cash-generating gold mine, while a pipeline of Greenland exploration targets like Nanoq and Nunarsuit gradually adds optionality. The recent 6.6 koz Nalunaq result, slightly above the guidance midpoint, supports the operational side of that story and helps underpin near-term catalysts around updated resources and the path to profitability. That said, the beat looks modest against the backdrop of ongoing net losses, limited cash runway and a debt facility that still depends on reaching EBITDA milestones, so it does not fundamentally change the key risks. With the share price already up strongly in recent months, the production news may reinforce confidence but is unlikely on its own to resolve concerns about funding, dilution and execution.

However, one short-term funding risk in particular is something investors should not ignore. Amaroq's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Four Simply Wall St Community fair value views for Amaroq span from about CA$1.69 to CA$16.85, underscoring how far apart expectations sit. Set that against the recent production beat and ongoing losses, and you can see why opinions on Amaroq’s execution risk and funding needs differ so widely.

Explore 4 other fair value estimates on Amaroq - why the stock might be worth over 6x more than the current price!

Build Your Own Amaroq Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Amaroq research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Amaroq research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Amaroq's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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