Amaroq Minerals
Gold Mining in Greenland
About the Company
Amaroq Minerals, originally founded as Alopex Gold Inc., is a mining company focused on the identification, acquisition, exploration, and development of gold and strategic minerals in Greenland. On February 22, 2017, Alopex Gold Inc. was founded by Eldur Olafsson and listed on the Toronto Stock Exchange. Olafsson has substantial experience in the geothermal and mining industries where he worked alongside SinopacGroup to build the largest geothermal district heating company in the world [1]. Additionally, during his time at Orka Energy, Olafsson worked in the acquisition and development of geothermal energy in both China and the Philippines. In May of 2017, Alopex Gold Inc. raised $2.5 million in a private placement deal after acquiring the Vagar License earlier that year [2]. Over the years, Amaroq Minerals has acquired numerous licenses and secured funding through private placement to become the largest license holder in Southern Greenland. In 2022, Alopex Gold underwent a complete corporate rebrand and changed its name to Amaroq Minerals to further reflect the company’s mission.
Today, Amaroq Minerals operates its headquarters in Toronto, Canada with additional offices in Iceland and Greenland. With a team of twenty-two employees, Amaroq Minerals’ current strategy involves leveraging existing infrastructure to redevelop the Nalunaq mine in Greenland as well as improve local communities through responsible mining practices [3]. Amaroq Minerals’ array of licenses grant the company 9,785.56 km2 in total land mass by the Government of Greenland, making the company the largest license mineral holder in Southern Greenland [4]. Most recently, in June of 2024, Amaroq Minerals secured approval from Greenland’s government in its Environmental Impact Assessment and the Social Impact Assessment for its Nalunaq gold project [5].
Looking forward, Amaroq Minerals proposed C$51 million in fundraising with intentions to accelerate its development and exploration initiatives [6]. An important milestone was reached in December 2024 when the first gold pour from Nalunaq took place and ramped-up to a steady state nameplate plant capacity of 260-300 tons per day of material between 12-16 g/t . Au is expected to take place in Q4 2025. As a result, the annual production should be around 50 thousand oz which at current prices translates to $140m revenue stream.
Manufacturing Footprint
Mineral exploration and production operations centered on the Nalunaq Gold Mine and exploration licenses across South Greenland.
Pipeline Depth
Growing portfolio of gold and strategic mineral projects, with active production at Nalunaq and additional exploration targets.
Strategic Partnerships
Investor support and collaborations advance responsible mining and infrastructure development in Greenland.
Sustainability
At the heart of Amaroq Minerals’ operations is sustainability and safety. In compliance with industry guidelines and environmental regulations, Amaroq Minerals is committed to reducing its environmental impact and remaining transparent with its current and future sustainability practices. As a part of developing these practices, Amaroq Minerals appointed ERM International Group Limited, one the largest advisory firms specializing in sustainability, to conduct a strategic review of the state of the company’s sustainable development. As a result, Amaroq Minerals has prioritized the following goals and initiatives to work in harmony with the environment and the safety of everyone involved in the company:
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Eliminate all accidents and potential hazards to reach Zero Harm in company operations.
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Contribute to the development of the communities in which the company operates.
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Make the environment an integral part of the decision-making process.
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Implement environmental targets such as limiting pollution, reducing water and power usage, limiting waste, and utilizing resources efficiently.
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Rehabilitate environments negatively affected by company operations and return them to natural state.
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Comply with all environmental regulations and submit annual performance report.
Environmental Policy: Furthermore, the Corporation recognizes that appropriate environmental management is essential to the proper conduct of its mining operations and activities. Accordingly, our goal is to minimize the environmental impacts of our projects and activities. The Corporation makes every effort to protect the environment against risks that may arise from its activities and encourages any action that contributes towards the responsible management of natural resources.
The Corporation is committed to working with stakeholders to promote actions that contribute to increased energy efficiencies, including monitoring and adopting management processes to reduce greenhouse gas emissions. This policy helps uphold our values and benefits all of the Corporation’s employees, suppliers, shareholders and the communities in which it operates. We recognize and encourage each employee to actively support this policy and take part in the implementation of the following guidelines:
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Make the environment an integral part of the management and decision-making process and incorporate environmental criteria into the design of projects, whether they be exploration activities, camp construction or access logistics or use of equipment by the Corporation or its contractors.
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Implement an effective environmental management system by establishing measurable targets for environmental practices, in particular a) limiting pollution, greenhouse gases and other emissions, b) encouraging the prudent use of water, power and other natural resources, c) limiting waste and disposing of waste in a responsible manner, d) reducing, reusing and recycling resources.
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Rehabilitate environments affected by our exploration operations, returning them, to the extent possible, to their natural or original state and ensure the long-term safety and stability of the land once our activities have ceased.
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Provide all employees with the tools, expertise and training needed to apply this policy and to motivate them to take responsibility for and comply with the environmental management system when performing their duties.
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Comply with applicable environmental regulations.
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Sensitize employees, contractors, and suppliers to comply with our environmental management system and to respect the spirit of this policy.
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Implement risk analysis programs as well as emergency measures plans.
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Develop mechanisms to monitor regulations and consult with stakeholders in order to remain apprised of environmental regulations that may affect operations.
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Submit an annual report on the Corporation’s environmental performance to the Corporate Governance Committee [7].
References
[1]. https://www.amaroqminerals.com/about/the-team/
[2]. https://www.amaroqminerals.com/about/history/
[3]. https://www.amaroqminerals.com/about/strategy/
[7]. https://www.amaroqminerals.com/responsibility/#environmental
How to Invest in Greenland
Currently, there is no direct way to invest in Greenland through traditional exchange-traded funds (ETFs) or publicly traded securities. However, certain companies are actively engaged in business operations within Greenland, offering investors a unique opportunity to gain exposure to the region's growing economic potential.
These companies are involved in sectors such as mining, energy, and infrastructure development, paving the way for future investment avenues. While direct investment in Greenland is limited, there are Icelandic companies that are already making significant strides in the region, giving you a chance to align your portfolio with their international expansion efforts.
Icelandic Companies in Greenland
Amaroq Minerals
MINING
Amaroq is one of the few companies actively exploring and developing gold projects in Greenland. Its work in South Greenland is a direct link between Greenland’s mineral potential and public markets.
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Eimskip
LOGISTICS
Eimskip moves cargo between Iceland and Greenland and plays a quiet but important role in keeping Greenland connected. Most goods going in and out of Greenland pass through networks like this.
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Icelandair Group
AVIATION
Icelandair operates flights between Iceland and Greenland, making travel and logistics possible in a part of the world where access really matters. Those routes support tourism, business travel, and cargo for the country.
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Landsvirkjun
ENERGY
Landsvirkjun has been exploring renewable energy solutions in Greenland, including hydropower and geothermal power. As Iceland’s leader in renewable energy, they are necessary as Greenland looks ahead.
Invest in Iceland
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