Amaroq reassays Black Angel bulk samples, Greenland

Amaroq Ltd. [AMRQ, TSX-V, NASDAQ Iceland: AMRQ; OTCQX: AMRQF] released results from reassayed bulk samples from the Black Angel mine in Greenland as well as fulfilled all conditions precedent (CPs) in relation to the previously announced acquisition of the Black Angel mine.

Highlights: Reassayed bulk sample material from within the Black Angel deposit confirms the high-grade nature of the mineralization, averaging 24.6% zinc, 28.1% lead and 295 g/t silver.

Commercial levels of germanium (44 parts per million), gallium (21 ppm) and cadmium (1,328 ppm) have also been identified, adding significant value to the future project from these critical minerals, two of which are on the European Union and U.S. government critical mineral lists.

Under preliminary mass-balance assumptions, these results suggest commercial concentrate grades of 102 ppm germanium, 48.5 ppm gallium and 3,040 ppm cadmium, may be achievable in a future zinc concentrate.

All CPs in relation to the acquisition of the Black Angel mine completed and final approval from the government of Greenland on the acquisition of the Kangerluarsuk licences expected in Q4 2025, jointly referred to as the West Greenland Hub.

The acquisitions enhance Amaroq’s pipeline of development projects and support its strategy to establish a long-term presence across Greenland’s principal mineral belts, with Black Angel confirmed as Amaroq’s next mine development project.

Amaroq is pleased to confirm the West Greenland Hub will be 100%-owned by Amaroq, separate from the Gardaq joint venture (Amaroq: 51%), which will continue to focus on early-stage exploration activities.

The company also confirms that Black Angel will be advanced as a stand-alone mining development project and new hub for the company.

At Black Angel, site reviews have been completed to define camp and facility upgrade requirements and to plan geophysical surveys ahead of the 2026 field season, which will target growth of the current mineral resource of 3.2 million tonnes at 8.8% zinc and 3% lead Indicated and 500,000 tonnes at 4.73% zinc and 2.2% lead Inferred prior to commencing technical studies and mine development assessments.

Initial work is expected to concentrate on the Deep Ice body, where high grade was confirmed from historical drilling of 6.9 metres at 13.1% zinc and 19.5% lead.

Eldur Olafsson, CEO, commented: “I am very pleased to announce the exciting assay results from Black Angel, which confirm not only the impressive zinc, lead and silver grades within the existing resource, but also highlight the presence of high levels of germanium, gallium and cadmium, which we had not expected based on historical data available. China currently holds significant controls on global gallium and germanium supply chains, accounting for around 98% of gallium and around 68% of germanium production, according to the United States Geological Survey.

“In light of the current global supply constraints for critical metals such as germanium and gallium, both vital to AI [artificial intelligence], defence, renewable energy and advanced technology applications, finding these elements in a mine which has the ability to restart relatively quickly underscores the strategic importance of Amaroq’s expanding portfolio to Western supply chains. Together, these results reinforce the strong potential of the Black Angel mine as Amaroq’s next development project in Greenland.

“The development of Black Angel will follow the same proven approach that we successfully implemented at Nalunaq, where we inherited a high-grade resource supported by existing infrastructure and advanced it systematically toward production.

“The completion of this transaction establishes the West Greenland Hub as Amaroq’s second mining province and a cornerstone for our broader growth strategy. In addition to hosting the Black Angel and Kangerluarsuk projects, the hub will serve as a logistical base for our servicing company, Suliaq, which will provide equipment and operational support to the growing mining and exploration sector across West Greenland. We look forward to advancing the West Greenland Hub as a new centre of mining activity in Greenland.”

The creation of the West Greenland Hub, centred on high-grade base and critical metals, comprising the past-producing Black Angel and the adjacent Kangerluarsuk exploration licences, expands Amaroq’s footprint beyond its southern Greenland gold and critical metal assets and diversifies its commodity exposure into zinc, lead, silver and the recently identified, high-value associated critical minerals.

The West Greenland Hub is envisaged as Greenland’s next mining district as well as serving as a western logistics centre for Amaroq’s wholly owned Suliaq services and logistics subsidiary, given the established infrastructure already in place at Black Angel (including port facilities and camps).

Suliaq provides essential equipment, supplies and support to Greenland’s growing mining sector, and providing it with a base at Black Angel will enable streamlined exploration and development activities in the area, facilitating the creation of a new mining district. Overall, the hub acquisition underpins Amaroq’s vision of building a full-cycle mining company in Greenland.

The Black Angel mine is a famous Greenlandic deposit, renowned for its very high grades of zinc, lead and silver. The deposit was first discovered in the 1930s and then developed by Cominco (under Greenex AS). Between 1973 and 1990, it was operated by Cominco (now part of Teck) and later Boliden, producing around 11.2 million tonnes of ore at roughly 12.6% zinc, 4.1% lead and 29 g/t silver, making it Greenland’s most productive base metal mine of that era.

During this operation, ore was mined through a room-and-pillar operation with crushed material transported through cable car to a flotation plant at the camp site to produce a preconcentrate with final flotation and refining conducted off site. It is reported that two concentrates were made: a zinc concentrate containing approximately 59.4% zinc with a 93.9% recovery and a lead concentrate containing approximately 61.1% lead at a 95% recovery. Silver was also recovered at a rate of 89.9% into the lead concentrate.

Today, Black Angel holds an estimated mineral resource of 3.2 million tonnes at 8.8% zinc and 3.0% lead indicated and 500,000 tonnes at 4.73% zinc and 2.2% lead inferred, indicating significant remaining mineralization. Recent reassays of historical core have also revealed noteworthy concentrations of critical byproduct metals such as germanium, gallium and cadmium, considerably enhancing the strategic value of the deposit.

Amaroq’s development plan for Black Angel draws clear parallels to its approach at the Nalunaq gold mine, another brownfield project successfully being brought back into production. The company intends to leverage Black Angel’s extensive in situ infrastructure (including underground workings, a 20-plus-person camp, an aerial tramway and a deepwater port) to fast-track redevelopment.

A comprehensive data review and site reconnaissance in 2025 confirmed significant resource upside in zones adjacent to past workings, reinforcing the potential for a near-term restart. By applying the Nalunaq model of refurbishment and phased production, Amaroq aims to transform Black Angel into a modern operation again, capitalizing on its high-grade nature while managing risk through existing infrastructure and experience. This strategy is expected to shorten the timeline to first concentrate production and mirrors the company’s core philosophy of revitalizing proven assets with fresh investment and expertise.

Amaroq have conducted a program of reassaying of a historical bulk sample, taken by the previous owner, from the Angel and Cover deposits. Results of average 24.6% zinc, 28.1% lead, 0.4% copper, 295.0 g/t silver, 44.4 ppm germanium and 21.2 ppm gallium.

These samples provide confidence in the high-grade nature of the deposits in terms of zinc, lead and silver. However, it also suggests potentially commercial grades of germanium, gallium and cadmium as byproducts. Assuming all these metals would report to a future zinc concentrate of approximately 85% sphalerite suggests concentrate grades in the order of 102 ppm germanium, 48.5 ppm gallium and 3,040 ppm cadmium may be achievable in future saleable zinc concentrates. All these grades are considered potentially commercially significant.

The Kangerluarsuk project represents a highly prospective exploration opportunity for Amaroq within the same geological belt as Black Angel. Located only around 12 km north of the Black Angel mine, Kangerluarsuk lies in the Paleoproterozoic Karrat group — the sedimentary formation that hosts Black Angel’s mineralization. The area contains widespread showings of zinc-lead-silver mineralization at surface, and historical sampling programs have yielded extreme high grades, returning up to approximately 45% zinc and 596 g/t silver (with high lead and copper values) in mineralized float and outcrops.

Prior operators, including Cominco, Rio Tinto and Bluejay Mining (now 80-Mile), conducted extensive geophysical and geochemical surveys, delineating multiple untested anomalies and high-grade channel sample sites (for example, 41% zinc over one metre).

Despite this demonstrated potential, Kangerluarsuk remains drill ready and undrilled to date, representing a compelling target for discovery. Amaroq plans to launch maiden drilling here as early as 2026, aiming to confirm subsurface continuity of the rich surface mineralization. Success at Kangerluarsuk could define a satellite deposit to feed the nearby Black Angel infrastructure, in line with Amaroq’s hub strategy. More broadly, advancing Kangerluarsuk aligns with the company’s vision of growing a portfolio of critical mineral assets in Greenland.

West Greenland Hub will remain 100%-owned by Amaroq.

Amaroq reported that the West Greenland Hub will remain part of the Amaroq portfolio and not within the subsidiary strategic metals focused Gardaq joint venture (in which Amaroq owns 51%), which will remain an exploration-only vehicle. Under the joint venture agreement with the other shareholder within Gardaq, they have a right of first refusal on non-gold opportunities within Greenland. However, the JV partners would like Gardaq AS to remain focused on high-impact exploration in Greenland for critical metals and minerals, an example of which is the announcement on Nov. 4, 2025, of the discovery of high-grade rare earth elements on the joint venture’s licence area.

Amaroq’s principal asset is a 100% interest in the Nalunaq gold mine. The company has a portfolio of gold and strategic metal assets in southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava copper belt exploring for strategic metals such as copper, nickel, rare earths and other minerals. Amaroq wholly owns Nalunaq AS, incorporated under the Greenland Companies Act.