Iceland Observer: Amaroq Hits Record High, SUND Advances Toward Close

MarketVector™ Iceland Global Index (MVISLG) Returns

1W: 3.54% 1M: 6.13% 1Y: 10.80% Inception (12/31/20): 50.00%

Corporate & Market News

Amaroq Shares Hit Record High

Shares of Amaroq Minerals reached a record 220 ISK after a 29% rally over the past month, supported by strong 2025 exploration results and higher gold prices. Management has also confirmed discussions with U.S. officials regarding potential investment or off-take arrangements tied to Greenland assets.

M&A / PE / VC

SUND Kicks Off Design and Pushes Toward Close

Wellness startup SUND has begun design and due diligence for its Brooklyn flagship, working with Colberg and Icelandic engineering firm Basalt, alongside New York–based consultants. Total project capital is $12.0M, with $7.7M committed and $0.5–0.8M in soft commitments from Icelandic investors. The company is targeting an end-of-February close, ahead of an onsite investor gathering on February 11.

FlyOver Iceland Sold to Foreign Buyer

Taiwan-based Brogent Technologies agreed to acquire FlyOver Attractions, the parent company of FlyOver Iceland. Management confirmed that operations in Reykjavík will continue unchanged under the new ownership.

Renewable Energy & Industry

Vestmannaeyjar Tunnel Secures New Funding

The long-planned Eyjagöng tunnel, intended to connect the Westman Islands to mainland Iceland, moved forward this week after a new capital increase. Key investors, including Íslandsbanki and major fishing companies, subscribed to newly issued shares, securing a significant portion of the project’s financing and supporting continued feasibility work and early development.

Iceland Joins Offshore Wind Cooperation Pact

At the North Sea Summit in Hamburg on January 26, Iceland joined seven other countries in committing to deeper cooperation on offshore renewable energy. The agreement focuses on offshore wind, hydrogen infrastructure, and integrated power grids, offering Iceland a pathway to leverage its wind potential while strengthening regional energy security.

Economic Indicators

Labor Market Softens Slightly

Iceland’s unemployment rate rose to 4.2% in December, up from roughly 3.7% a year earlier, with about 9,800 people unemployed. The employment rate stood at 76% of the working-age population, slightly lower year on year. Seasonally adjusted figures showed a modest decline from November, suggesting the labor market remains relatively tight despite the uptick in unemployment.

Tourism Traffic Staggers

International arrivals through Keflavík totaled 2.253 million in 2025, a 0.4% decline from 2024. Industry leaders cite reduced marketing and the collapse of low-cost carrier Play as headwinds. Off-peak demand remains weak, with early-2026 bookings trending softer.