Good morning, everyone, and welcome to the Amaroc Q2 and H1 2026 results presentation. My name is Edward Westropp, I'm the Corporate Development and Strategy Officer for Amaroc.

This morning will follow the usual course. Eldur will take you through the highlights for the period, operationally and strategically, and Ellert will take you through the financials, and then we'll follow up with some Q&A from the line.

If you have any questions, please follow the usual form on the webcast portal, and we'll endeavor to try and answer all your questions. Without further ado, let's thrust straight into it.

Eldur.

Thanks, Ed. Morning, everybody.

Thanks all for being here. I can see that there are a lot of viewers online and questions already coming in.

Now, to begin with, I just want to say how absolutely pleased we are with the results of the quarter. This has been mainly due to hard work of all of the individuals involved in terms of planning, people, getting the things done.

The results are that, we have done already 9,000 ounces for H1 this year, upper end of that guidance, 7 to 10. We continue to have much higher grade than we planned in the beginning of the year, approximately 20 g per tonne.

The revenue is now starting to pick up, at $56 million. Phase 2 is already in operation, and I'm pleased to be able to tell you that during all of June when we were commissioning, that commissioning went really well.

In July, we're reaching already near 90% recovery, and and Phase 1 and Phase 2 processing plant is operating literally [hinkata-honkata?] in in a way that we want to see it.

Part of that is that you've already seen that we have a new upside RCF on a better terms. This is a testament not only to the liquidity we have now to move other projects as well as increase our liquidity position, but it's also a testament of the financial strength of the company, which we'll go into in a few minutes with Ellert.

Now, we are running now the largest exploration and development program in the history of the company. We started exploration at [Ilua?]

in June, and we finished that via drilling three different areas in [Ilua?] rare earth element pegmatite zone, which we're very interested in in a larger rare earth play in in Greenland.

All in all, we're really, really pleased with the quarter. A lot of the work that you cannot see here on the highlights has also gone into making sure that we will deliver on our guidance this year, which we're confident on.

Again, I want to thank the team and everybody else for the hard work and effort so far. Post-period highlights.

We are in an active season, we kind of the first one to mention here is Nalunaq drilling. I will go into into more detail on the Nalunaq drilling in a minute, but what you're seeing here is that once we are underground and are able to utilize the underground infrastructure—I mean the tunnels—to drill into the deposit, this drilling is now on a 20-meter spacing.

This has never been drilled so dense ever. Out of the 27 holes, we could already see 23 of them with visible gold.

We're getting average grade of 42.8 g per tonne, which is absolutely fantastic. This drilling is to confirm when we are mining, we mine on the east and we mine on the west.

This is to confirm all of the eastern block, which is now the double the grade we anticipated originally. Absolute high-grade area.

These levels is from 800 to up to 860 and and constitutes about all of '26 and '27 into '28 of of of resources. Now, we had been focusing on those resources and brought in MRE 5, where we updated the resource statement alongside the main listing on 31st.

That did not take into account any of the underground drilling this year whatsoever. Now that we're drilling every month, defining more and more, the focus is to, on the one hand, increase the resources, but then also confirm the grade.

We've done more than 100 bags of flotation bags. We're already above approximately 90% recovery, a total recovery.

I'm really pleased to be able to tell the market that this is just going like clockwork, as I mentioned earlier, and we will be continuing operating the plant as is. Nanok and Minturn, we started drilling there.

Nanok is a gold area that we drilled last year. I will speak to that in more detail later on.

Minturn is a an IOCG, which is iron oxide copper gold deposit, high up in North Greenland, which we are now already drilling. As mentioned earlier, we went on the main market on the 31st of July.

This was an important milestone for the company. I want to emphasize that we have been working on the kind of how liquidity, how access to the company through the capital market is best secured.

When we were on three markets, we were distributing liquidity over three markets: Canada, AIM, and Iceland. We delisted from Canada to focus to get as much liquidity on one market, which we are now focused is to be on the London market.

Iceland has been is a is a has a strong investor base, is long-term investor base, but it is a more shallow market, all of our focus is now to increase and and build build up liquidity on the main market in London. This will was important date for us to get on 31st of July.

It's nicely in the middle of summer holiday here in Iceland, but this gives us the opportunity to be admitted to indexes prior to 1st of September, and we will focus on not only indexes in the FTSE or FTSE 250, but more importantly also in the gold junior index, like GDXJ, where we need to uphold a certain liquidity over a period of two quarters. In addition to that, we finalized the Gardaq JV funding that is with our funding partner GCAM, where we funded in total approximately $10 million, Canadian dollars, to fund both the the [Ilua?]

and Minturn drilling program. Now, I thought to take this opportunity here on after six months to give you a little bit of insight into our strategic objectives for what we are starting to name a three-mine focus for Amaroc, effectively to have three operating mines being built.

Now, each of these mines have the opportunity to grow in both resources and in production. Now, if we start with Nalunaq, our focus point there is to have is to have is to focus on a four different sections.

On the geology side, our short-term focus, as I mentioned earlier, is to drill underground as close to where we are mining to establish what we call reserves. This will give us better opportunity to guide next year and the following year.

We really started this underground drilling very late last year, once we have established the infrastructure and underground drill rig. Underground drilling was never done in Nalunaq by our predecessors, we are doing that, and we're learning a lot.

We're learning structurally how the dip of the orebody keeps the higher-grade pocket and, well, most of it is high grade, as you can see. We are we're seeing much more understanding there.

While we're doing this, in the medium- and long-term target is that we're defining and building up exploration tunnels to go deeper and access more years of development or or as I should say, production, meaning to be able to drill out '28, '29, '30. I will show you that in a picture in the next slide.

Furthermore, we are looking to do exploration tunnels into areas such as the Target Block, 75 Vein, and South Block, and this is in anticipation to start increasing production in Nalunaq, we need the mine to deliver that. On the mining end, we are focused on reaching a nameplate capacity.

That is all about getting the development meters per day into a systematic approach, to have the people, equipment, maintenance program, and so on all in good shape, and this is progressing really well. In medium, long term, we will then push more development meters and more throughput to be able to access new ore zone and to drill out more resources.

For our investors, what is key is to grow the resources, both reserves and resources, as well as grow in production. On the plant side, the short-term is to reach that nameplate capacity of 27 days of 300 tonne per day.

Medium and long term, call it next year, on an annual basis, we want to be producing 100,000 tonnes of ore through that plant. What we've already started to do is to do studies on increasing the plant throughput to 450 tonne per day and beyond.

There are two ways to do that. On the one hand is to install another mill next to the current mill, as well as flotation cells.

We're also looking into what is called an optical ore sorting technology, which will allow us to sort the ore as goes through the plant to only take that ore rather than any waste material or, effectively, bring a more high-grade ore through it, which will have the same effect. On the permitting side in Nalunaq, we are all permits are in place for our current operation.

For the medium, long term, we are looking to build up more efficiency around dry stack tailings facility, put that in place, as well as increase throughput and so on. Overall, this is has given us this kind of strategic objectives you see here in front of you has given us a game plan for the next two mines which we are going to take on.

Nalunaq here. Here you can see kind of key areas that we are developing.

I want to draw your attention to the green bit on the on the slide there. You can see where you have numbers 792 all the way to 874.

This is what we have already drilled, and this is where the drilling results are coming from, which we reported on in the middle of July. We are currently starting to drill on the other side to the west, where you see 810 exploration drift, and the start starts for that drilling.

That will drill from the same 790 all the way to 875. This will constitute roughly for all of '26, '27, and into '28, and we will have secured that.

Mind you, that area there on the east, or close to where you see the number 792 to 870, this is where we had an average grade of 42 g per tonne. Then you see below there Mineral Resources Zone.

That's the Target Block. Over time, we will start putting exploration drifts underneath there and start drilling that.

Now, the exploration 810 exploration drift, as you can see, it goes directly under the area. We are at We're mining at 800 level right now.

The mountain goes all the way to 1,350, and this outcrop, we've been sampling this here all the way to the top of the mountain. These are years' worth of production, as well as we have 75 Vein above the main vein there.

This exploration drift, every 100 meters, we are then be able to drill. After we've done exploration drift for 100 meters, which we're expecting to be have done before end of the year, we can then start drilling into the area in '28, '29, and '30.

Now, we have a new mine, based on an old mine, called Mârmorilik. Mârmorilik, or previously known as Black Angel, is something we've been evaluating now for this whole year.

We have hired WSP, which is a world-known engineering firm, to do a updated mineral resource estimate and preliminary economic assessment on the current resource and any potential future resource for the Mârmorilik area. We On the geological side, we currently have already 4.4 million tonnes.

Now, previous operators, they looked to develop a mine directly where the old Black Angel mine was, where you take out the high-grade pillars and you mine that for maybe two years. This would have been equivalent of maybe up to a 1 million tonnes.

However, there are 4.4 million tonnes. We have changed this around to focus on the whole Mârmorilik area.

When the glaciers have been retreating, there's a lot of resources coming to surface, and we already have known resources who were drilled in six different areas, and there are a lot more areas coming to surface. The scale there is much, much, much larger.

Now, the idea here is that we will do a string of We will follow the tunnels we have and follow each of these resources to develop a mining activity on the on the 4.4 or up to a 5 or even larger, and then grow the resources through it in the redevelopment area of the mine. On the mining front, we're very much focused on the same mining rate that Boliden and Tact mined from the mine previously.

This was about 700,000 tonnes on an annual basis. We're doing all LiDAR scanning of the old, previous mine workings, pillars, tunnels, and we are working towards a new mineral resource estimate and and and PEA, preliminary economic assessment.

On the processing plant, we're leveraging of the previously operated plant that was on-site, which produced 60% flotation concentrate, 60% zinc, lead, silver, and obviously germanium and gallium. We have previously had metallurgical test work and and a lot of data on the ore, which is very clean and good ore.

Effectively, this is also leveraging of what we've already done. On the permitting side, we'll follow the same permit process with Nalunaq: same camp, same redevelopment of tunnels, same roads, same dry stack tailings, everything the same, which is going to work really well for us.

We are really hopeful and know that this would be a very good project. This is most likely a redevelopment time of three years.

Obviously, we will update the market on an updated MRE and a PEA this year, and we feel that this will be a very value-creative for the company. Here you can see on the Mârmorilik side how it looked: Mârmorilik camp, this is where the old processing plant, where the current camp is, where the harbor is, where all of the infrastructure already is.

What they did previously was to build a cable car from this area 800 m high up to that what you see, pillar resources. We don't want to do that, because we've never operated a cable car.

What we're going to do is that we're going to go back to our own strategy. We're going to redevelop the N2 ore tunnel, which is a 9-km tunnel from the Mârmorilik camp to the N2 orebody.

This is I was in this tunnel very recently. These tunnels are in good shape, we'll redevelop them.

We will then come to surface through a new portal and build a road for approximately 5 to 7 km, going first to the Ark Zone, which is an orebody of 500,000 tonnes, then to the Glacier Zone, which is 1.7 million tonnes. Then we will go to the area where you see the new portal, and from there, we will go to Deep Ice Zone, where you already have 7 meters over 40% zinc, lead, silver, and the old Black Angel mine.

We'll turn this completely around, do something we feel very comfortable about doing: redeveloping tunnels, doing roads, and actually accessing all of the 4.4 million-tonne orebody. What is important there, in each of this spot here, you are probably missing 10 other spots of outcrop which has not been, and we are now doing sampling of all of these different areas that are outcropping.

Each of this area, the outcrop has only been drilled maybe down to 100 meters. Nothing has been drilled at strike, where the outcrop is then extending, or at depth.

This is, again, another Nalunaq, where we start with a resource and we grow the resource while the redevelopment area is, to increase the the the economic value for for the company. Really interesting and exciting exciting project that we're taking on here.

Last but not least, it's Nanoq. Nanoq, you can think of that as, obviously, our main focus there to if we go back a second, we drilled 4.5 km last year after drilling two holes the the year before that.

We got this unbelievable thickness of 9 meters, very high grade, on-surface, and only down to 70 m depth. We are doing similar program this year to drill both infill and step-out drilling to hopefully declare our initial maiden mineral resource.

Now, once that is in place, we then can assess how we could potentially mine this to begin with. The mining will be open-pit, a small open-pit on surface, most likely.

We have to be guided by the the the drilling, as well as underground mining once we develop that. Now, what is important that we're already assessing how we could have a a simple harbor and a road or a track towards the the deposit, which is only 1.5 km.

What will that that will give us is the opportunity to start shipping out what we call a bulk sample, where we don't have to process that on-site, but we can actually move that to Nalunaq. Now, not all ore is amenable to any kind of a processing plant, and we don't know that yet if the Nanoq ore will be amenable to the Nalunaq processing plant.

We are doing studies now on the outcrop on the ore in Nanoq to see if the ore can be used or processed in the Nalunaq plant. If it can be, it will be a huge impact for us, because you can imagine we don't then have to build in the beginning a processing plant in Nanoq.

We only have to set up a camp, road, and and some mining equipment, which we feel very comfortable doing. Just want to remind you, it's about 70, 80% of our costs in Nalunaq was to build that plant.

That is the biggest impact on a cost structure for a project like this. With Nanoq, you can see how we can grow the the knowledge of the resource and a scale of the resource by setting a road and harbor in place.

It will eliminate the helicopter, it will allow us to have a camp that will extend the season, and we can potentially start generating cash flow on this asset. Here you can see the distances from Nanoq over to Nalunaq.

I want to What is important here is that in mining, there's nothing better than bringing material onto a sea. Trucking or handling on trucking or trains and so on is something that is complex and expensive.

Being able to bring this on sea and being so close to shore is very, very beneficial. Nanoq is certainly in a different location to to Nalunaq in terms of weather, in terms of ice, and so on.

Overall, and the same thing applies with Mârmorilik, but overall, Sullissivik, our service company, which we'll mention earlier, will have the ability to give us access to any area that we want to operate in. Sorry, I want to hand over to Ellert here to run through the financials of the quarter.

Thank you, Eldur. Looking at the income statement, you can see the transformation in the business between years.

Revenue reached $56.2 million in the first half, compared with just $3.4 million in the same period last year, reflecting the successful ramp-up of Nalunaq and sales of 8,610 ounces at an average realized gold price of $4,696 per ounce. In Q2 alone, we generated $37.3 million of revenue from 5,640 ounces sold.

G&A costs increased, as expected, as we continue to build the organization and progress the main market listing in Q2, which carries with it some one-off costs, while exploration spend increased as the 2026 field season commenced. That revenue growth is now translating into profitability.

H1 gross profit was $34.9 million, compared with a small gross loss in the prior year period, while operating profit increased to $15.1 million, and net income reached $13.6 million, an improvement of almost $24 million compared to H1 2025. Can we get the balance sheet up there, please?

There we are. On the balance sheet, total assets increased from $354 million at year-end to $426 million at the end of June, which is and continues to be driven primarily by continued investment in Nalunaq, i.e., the processing plant, mine development, and infrastructure, as well as higher inventory levels.

Inventory increased to $38.8 million, including $24.4 million of metal inventory, reflecting higher production levels as operations continue to ramp up. The shift you see there from current assets to investment in the joint venture reflects the conversion of Amaroc's receivable from Gardaq into equity in Gardaq in accordance with the existing management agreement, which has since been renewed.

On the liabilities side, the increase in loan balances reflects the expanded revolving credit facility completed in Q2 with Landsbankinn and Gunvor. We've now drawn down on $57 million of the $70 million facility.

The increase in current liabilities primarily reflects deferred revenue relating to a shipment in progress at period-end, for which partial payments had already been received and which was subsequently delivered and sold in full in July. Even after the investment program we've been conducting over the last 18 months, we've continued to retain a strong equity ratio, which stands at 69%, which gives us substantial financial flexibility moving forward.

Gardaq's cash balance as at 30th of June was quite low, as you can see, but that was recorded just prior to the recapitalization after quarter-end and announced in July, which included an injection of approximately $6.5 million to fund the current field season. In the first half of 2026, operating activities generated $20.4 million of cash flow, compared to the first half of 2025 where operating activities consumed $13.4 million of cash.

That's a swing over of $33 million and represents a significant milestone for us. The main operational cash flow adjustments relate to the buildup of inventory as production increased, offset by the deferred revenue.

Even with that working capital investment, we continued to generate strong operating cash flow. In the first half of the year, we've continued in investment mode, with $44 million invested during the period, primarily in the ongoing construction and optimization of the Nalunaq processing plant, investment in mining equipment as we took over mining operations from our contractor in the beginning of this year, and the completion of the flotation circuit, which has been mentioned here before.

Financing cash inflows of $30 million reflect the expanded facility agreement. As a result, from a liquidity perspective, we ended the period with $28.5 million of cash and access to a further $18.5 million of undrawn facilities.

Together, that represents approximately $47 million of available liquidity at quarter-end, which provides a strong base to continue executing on operational and growth plans. With that, I'll hand back over to Eldur.

Thank you, Ellert. Yes, and I think just to kind of give you a quick outlook of next few steps here.

As you can see, Nalunaq now is in that mode where we are delivering a lot more tonnage on a higher grade, and we continue the ramp-up effectively right now because we're running on a 90% recovery already, which is really exciting for the company. As you can see from how the financials are changing in terms of liquidity and others, this is really exciting for the company and in plan where we are.

On Mârmorilik, we have a new approach here on an old mine, which is using the strength of Amaroc how we want to approach things. We look forward to update you on the progress of the mineral resource estimates and the preliminary economic assessment for that project.

For Gardaq, we're drilling really high-impactful iron oxide copper gold deposit in Minturn, and then the rare earth pegmatites that we're drilling in [Ilua?] have already been drilled, and we look forward to update the market on that.

These are both assets which we are going for drilling and assessment of something that could potentially be very, very large. That's what the purpose of Gardaq is for.

In Sullissivik, we did continue develop our asset register in Sullissivik, as Ellert mentioned. We have mining equipment and various different sorts of equipment for the organization.

In the end of June, we acquired one of few or the only icebreaker available to the North Atlantic. Effectively, used to be owned by the Danish Navy.

We're very pleased because we've been looking at that acquisition for the past, I want to say, 50 years. This will seriously strengthen our capability in operating in various different regions in Greenland.

On Nanoq, the resource drilling is underway with a focus on maiden resource, as well as then setting up the company for a bulk sample which will then hopefully become available for the Nalunaq plant, subject to the results on the SGS MET sample study. There's a lot coming into the market in the next few months.

We'll continue updating you on production. We are on guidance, and I'm really pleased to be in a position where we are delivering quarter by quarter.

Over to you, Ed.

Thanks, Eldur. Thanks very much.

A busy time. We'll just take some questions from the line here.

We've got a few questions, and I'll just run through them as they come. Can you provide some additional detail about your exploration plans at Nanoq and explain the potential value of this asset?

I think you've just been through the plans for it, but can you elaborate a little bit on the potential value uplift for it?

Okay. This is this is us We're obviously guided by the process we have to take in terms of mineral resources and then we have to undergo through our NI compliant called preliminary economic assessment and DFS, and so on.

With that in mind, I'm I'm going to try to paint a picture how we see things. What we do know is that the central zone, so in total, sorry, let me start again.

In total, we have outcropping veining or structures on surface of more than 6 km. We have effectively drilled 600 of those 6 km.

Of that 600 meters, we only drilled down to 70 meters depth on a 80- to 120-meter spacing. This year, we're drilling in between that to understand the geometry of of the of the orebody.

Once you understand the geometry of the orebody, the grade, and these things, you can then are then in a position to declare resources. What is important to us is that when we're doing this drilling, this drilling is fairly expensive for us because we have to use camp and helicopter, and we're doing it in a short period of time.

A helicopter is maybe third of the total cost, and it also has an impact on how long you can operate. For us to be able to build a road towards that deposit, it serves two purposes: it allows us to drill this deeper, further, and on a lower cost over longer period every year.

That gives you, hence, to grow the resources quite extensively, quicker, which will have an impact on how the market will value this in terms of resources. The market will value these ounces higher, we expect, once we can produce revenue from these resources.

When we have an outcrop of what more than 1.5 meter on surface for 600 meters, we can definitely scrape that resource up from surface, put it into small container, 20-foot containers, put it on our silver Arctic ship and ship it over to Nalunaq and bring it over. We're doing the same thing with the concentrate, by the way, in Nalunaq.

We were used to these operational capabilities in in Greenland. By doing that, then the discount on that NPV of that initial resource will be lower, and it will do two things: it will allow us to drill it quicker, bigger, and it will also start generating additional ore towards Nalunaq while we're growing this option.

Thanks, Eldur. Next question is regards to the main market listing and share price reaction since.

I'll take that. Yeah, 31st of July confirmed the uplisting.

Obviously, an interesting time to do it in the middle of most people's summer holidays, but very, very pleased to have got it done at that time. The feedback we've got from shareholders and potential future shareholders has been very positive.

Share price reaction since then, we can't really comment on market reactions to that, but we clearly see it as a big potential value uplift for us and access to a much more liquid market and international investors, very pleased to have got that done. Another question here is on grade: The grade seems exceptionally high.

How confident are you that this grade is sustainable for future production at Nalunaq?

We have always been confident in the grade in Nalunaq. Now, when we started build this mine, we did not build this on the basis of having a full PFS, called a preliminary feasibility study.

Main reason for that is that to be able to drill it and define this orebody, you need to do underground drilling and you need to do drifting, which is a higher upfront cost. We took the focus of developing this mine on the back of a preliminary economic assessment, which means that you can only use inferred resources.

We studied previously how much a drilling grade became when it became a developing grade, and how much that developing grade became. We saw a core factor in the previous operated mine that wherever you were drilling, the grade usually was 60% higher.

We're not saying that will be the case going forward, but we estimated that would have the potential to be continuously in Nalunaq. What we're learning more now is about the whole structure, the definition of things, we very much are confident in the grade in the short term for one and a half, two years ahead of us.

With the exploration drive that we're putting in, we will see more and more drilling, which will deliver the same confidence, hopefully, to you in the market. We are also sampling that outcrop of main vein from 800 level all the way to 1,350 level, so that is basically like a drill hole, because we sampled the whole outcrop there on a meter-by-meter basis all the way to the top.

We've got some brave Australian ex-army personals to do that for us this year, very pleased about it.

Thanks, Eldur. There's a couple of questions on AISC, all-in sustaining costs, and I think we'll bunch them into one, Eldur, which is, how will you maintain or lower the AISC, and what is the current AISC that we're running at?

Over to you on that.

On AISC, it's a few factors as we mature into a steady-state operation. One of the biggest opportunities for us is to continue to reduce our reliance on contracted services.

During the ramp-up phase, we've utilized contractors across areas such as drilling, construction, and also certain operational activities. Over time, we expect to bring more of those in-house, and that should improve cost and control over operations.

We also see benefits from greater purchasing power across the group, particularly through Sullissivik, our services venture, and that will allow us to consolidate procurement and achieve better pricing on key consumables and services. That is mostly it.

Basically, continuing to focus on owning and controlling or at least controlling critical equipment and logistics where it makes economic sense. The more control we have, the better positioned we are to control the cost.

For the first half of the year, just going by the numbers, AISC per ounce is in and around $4,000, but in Q2, it was down to $3,300. We should see it on kind of a full-year basis that continues to go down as the denominator increases on a fixed cost base, but for the year as a whole, using the mid-range of guidance, we should be at or around $2,400 per ounce.

Thanks, Ellert. Next, again, I'll bunch a couple of questions together.

We've been asked this a couple of times. The US continues to make noises about Greenland.

Have we had any interest from US investors or US government investors, more specifically in Amaroc?

I think I would expect all serious mining company in Greenland would have had dialogue or discussion with one or multiple US agencies. Any discussion about potential investment is confidential.

Thanks very much. On Nanoq, when do we expect a maiden mineral resource?

What we are hoping is that we will have a maiden mineral resource on the back of this year's drilling. Back of this year's drilling is based on we started drilling fairly recently, as we mentioned.

Once we have all the core, we need to ship the core out of Nanoq. We then need to ship that core over to Ireland for independent assay results.

The reason why I can't answer you if this is going to be October or this is going to be January has a lot to do with logistics. What we are trying to tell the market here, and this goes back into Sullissivik, why Sullissivik is so important, and what we've mentioned, is that to have full control of cost and the execution in Greenland, we need to control the logistics.

The logistics is very much dependent on equipment and making sure that your supply line delivers that. We are getting better and better at it, and we are getting more and more control around Sullissivik, and we are obviously pursuing that financing around Sullissivik to have that in place.

As for the mineral resource, I am very confident there will be a mineral resource on Nanoq. It is all determined on how much drilling you need to do.

We have to remember the geometry of orebody is into the ground and is in the 3D nature, it can take time to get there. We are very hopeful, with this infill drilling, that we will have our initial maiden resource this year.

Super. Thanks, Eldur.

Again, there's a couple of similar questions here which I'll pull together on costs and variability of costs. Previously, we said that we had diesel up to the mid-summer.

What are we seeing as the most sort of variable in our cost space at the moment, and has it been impacted by any of the geopolitics or inflationary pressures we've seen?

No, diesel prices have been marginally higher than we budgeted for the year, whereas usage has been lower. We're actually trending according to plan on diesel costs, it as of yet has not affected us.

Thanks, Ellert. An operational one here, and again there's two very similar ones which I'll ask together, which is, when will you start construction in second ball mill, and what will this take production to?

Can you also talk about the technology around optical ore sorting and the cost of

that? When we go into the investment decision of increasing the plant throughput, we need to know that there will be ore that is available to get to that 450 tonne per day.

The mine needs to be ahead of the processing. Now, it's also a fact that it takes time to design and acquire a ball mill.

There's lead times, et cetera, et cetera. When the investment decision is being taken on this, what we have to see is we need to have a clear idea that either Nalunaq has in the short term the potential to grow the production throughput, that is more than one mining fronts, more than only Mountain Block.

It would have to be 75 Vein or Target Block, as an example. Or we could then be looking towards getting Nanoq ore available in Nalunaq.

That controls that decision. Now, the decision on the actual ore sorting or the mill: when we designed the plant, we had space within the building to put the second 150-tonne mill, and then we also have space in the building to have flotation cells.

If we were to bring in optical ore sorting, it would be a lower cost option. What we have now done is that we shipped out ore to a company who does optical ore sorting to test our ore to see if it's amenable.

There is an opportunity to do ore sorting, there's an opportunity to increase the throughput with a plant by adding a mill, or potentially both. In addition to this, it's important also we have dry stack tailings facility, because we cannot fill the mine forever with tailings, and that is a process that we built into our environmental impact assessment and are now starting a permitting process for to set up next to the plant that side.

Thanks, Eldur. There's a quick question here on the single mine origin status of Nalunaq and when it will be sold outside of Greenland.

At the moment, just for everyone's background, we're able to sell our gold through the Single Mine Origin certification portal to retail. At the moment, it's only for Greenland, as that's part of our agreement with the Greenlandic government.

We're currently discussing with them when we can then open it up to the rest of the world, and we're hoping to have some more news on that before the end of the year so that it can then go on general sale. It's all set up to do it on a platform with pricing, etc.

already in place, in terms of facility, it's there. We just need to get confirmation with the Greenlandic government we can sell it outside of Greenland.

Next question, I'll read it out to you: Please, can you confirm current mining or processing rates? Are you at 300 tonne per day level?

For H2, what do you expect in terms of grade and mining/processing rates given the higher grades you've had in H1? Is there a trade-off between mining rates and grade?

Stop on the first question. Yes, when we operate the plant, we operate it on a 300 tonne per day.

What we do is we estimate a certain amount of days per month up until Q4, and we've already reached higher throughput. Think of it, you run it on a 300 tonne per day for I'm going to say 23 days a month, or to be in a full run rate, you would do 27 days a month.

We don't run the plant on 240 because it's not our optimal throughput, we are running it at 300 tonne per day when we run the plant, okay? That throughput is increasing every month, and the throughput was really, really good for July, for example.

The plant is just operating brilliantly at the moment, as per design. You're right on the grades and throughput.

As an example, you will be able to see in H1 that we were running the same amount of tonnes in Q1 and Q2. There are several reasons for that.

One reason, the first one, is that during May, we decided to stockpile ore ahead of running the flotation concentrate in June. This is number one, we didn't have to rehandle as much ore in and out of the mine, and we could do this because we were experiencing much higher grade, we would reach our ounces target for sure.

Secondly, on your throughput, for example, when we developed the sills, we've been doing double blasting in the sills. That means you first blast the waste, and then you blast the ore.

That slows you in production, because you have to do two blasts, but you get more higher grades out by doing that. In an area where we are to the east, in this high-grade area of 40, 50, 60 g per tonne, we have now started to do a single blast, because, A, we don't lose any grade in that process, and, B, we can actually still get such a high grade through the plant that it makes more sense for us.

That's kind of a typical example of trade-off between mining rates and grades.

Thanks, Eldur. A quick one here: Black Angel, West Greenland Hub, and now Mârmorilik, is that a bit confusing for investors?

Possibly, fair enough, but I think what we have to think of is the following. In South Greenland, we run a South Greenland Hub.

What we mean by that is that we leverage off the operational in Nalunaq, which is a producing operation. I say this with greatest respect to any other operator in Greenland, if you don't have a operating facility, it means you don't have warehouse, you don't have equipment shop, you don't have any of the things you need to have to be able to understand how to build things in Greenland.

That's our South Greenland Hub. Around Black Angel, which is our next producing mine, we have West Greenland Hub.

Why are we changing the name from Black Angel to Mârmorilik? First and foremost, we are not only mining Black Angel, we are mining the whole Mârmorilik area.

Mârmorilik means marble. This is a big marble area in area.

It also goes into explaining to people that we are building a Greenlandic legacy, and therefore our mines are going to be in Greenlandic names, from Nalunaq, Mârmorilik, and Nanoq.

Thanks, Eldur. That's clear.

Ellert, one for you here: Has management considered to capitalize exploration and evaluation expenses instead of expensing them in the period they occur?

That's a good question, and we've considered and continue to consider that, for sure. We regularly review the appropriate accounting treatment of these expenditures, and obviously assess it against the accounting standards and alongside our auditor.

There's no change in our current approach at this time, but it remains under ongoing review as our assets progress, especially more mature exploration and development projects, such as Nanoq and Mârmorilik.

Thanks, Ellert. Again, I'm going to pull two or three questions into one here on Nanoq.

The metallurgical testing that SGS is doing: one, can you explain a little bit about what that exactly is; and, two, in your best estimate, what do you think the risks are of it not being able to be processed in Nalunaq?

What it is, effectively, we take a fairly large bulk sample from the outcrop in Nanoq, and we run it through a pilot plant or a small pilot plant in these SGS facilities, where we separate the gold from the material that the gold sits within. By separating it, we see what equipment will work for it and how amenable the equipment in Nalunaq would theoretically work for it.

I don't want to give a percentage, we'll have to wait for that, but I think those results will be imminently coming out to the market.

Thanks, Eldur. The next question is from David Craigan: For those investors who participated in the last equity raise, Amaroc share price, whilst it's up 26%, has lagged physical gold, which is up 29%, but underperformed the gold explorers ETF.

How committed are you to ensuring the shareholders from the last fundraise, in June '25, get their due return before any subsequent equity raise occurs to fund future developments?

It's a very good question. I think a lot of these things, and management here is equally frustrated with performance.

There are various bits and pieces that have impacted this. On the one hand, since the last equity raise we did, we've had a very difficult market here in Iceland.

The market in Iceland is small. It means that the impact of other companies impact us, and which has not been in line with that.

We can see that directly from the selling pressure we were experiencing in the company for the past year, and especially since June, from the mutual funds here in Iceland. Now, the market in Iceland is important to us.

It has been very supportive. It has long-term investors, we'll continue to be here.

These are the things that had an impact. Second thing that is and has been a big issue for us is to be listed on three markets.

We got some criticism for delisting from Canada. Short-term kind of thinking was that this could have had an impact us around the time when there was interest from US.

That was not the case, it was an incorrect statement, because the reason why we're not following the junior gold producers or GDXJ is because our liquidity was distributed over three markets, and we need one market to ideally have a liquidity over a certain amount to actually be eligible for the indexes that follow this market. Now, we then have focused on being on the main market.

There have been an issue only being on the AIM market in London. It has hindrance for, for example, US investors to participate in London.

There is an issue on the market-making mechanisms in AIM market that has an impact on their willingness to invest in the market. Overall, with the plumbing of the company and how we set up the company, we have a very good free float.

There's no single large shareholder. Most of the 90% of the shareholder group is long only.

Therefore, being on the main market, with more than 80, I think 80% of the investors on the main market in metals in London are international investors, and being index is important for funds such as Danish pension funds and Icelandic pension funds, and so on. All of these things that we've been doing has been to actually give us the opportunity to, A, follow the market better.

Now, the management focus is to deliver quarter by quarter, and we've been doing that now continuously now ever since this time last year. We're very pleased with the progress so far, and so the hope is with the right, call it, plumbing, as well as us delivering quarter by quarter, we'll be able to deliver a lot more value.

Because the question entailed an equity raise, and I get this question over and over again, we will deliver value by delivering what we can control. We have available opportunity to go not only to equity market, but also to other markets, such as bond markets, and so on, to develop other projects within our portfolio, as well as we have cash flow from our current activities.

Saying that, we will always reserve the right to the use of equity market, either to fast-track our progress or to bring the right set of investors to the company. We have no intention to do so at the current levels of the company.

Thanks, Eldur. Just a couple more questions.

One, how big is the germanium and gallium resource and opportunity, and how are we going to commercialize that?

It is a big source of revenue. First thing I want to say is that with the zinc, lead, silver concentrate, they have been over a period of time, as we understand it, mostly controlled by what the smelters are willing to accept.

Luckily for the Mârmorilik ore, it is a very clean ore, which is known to both European smelters as well as North American smelter, since it was previously operated. Germanium and gallium was something that the smelters would commercialize themselves, and was not part of payabilities previously.

There is a change in the industry right now where miners have much more control of what they want to get out of each of these revenue streams, and we will be leveraging as much as possible on that. Germanium and gallium are a fair bit of part of the revenue, even though the main revenue streams are zinc and lead, and we will do our utmost to get that revenue stream directed to the company in as much quantities as we can.

Thanks, Eldur. I think it's worth just reiterating the initial assays from the stockpiles gave quite a high level for germanium and gallium, of germanium at over 120 parts per million and similar for gallium, which are quite high.

We will be doing further assaying and testing at Mârmorilik this year, as Eldur alluded to, we should get a little bit more data around the germanium and gallium going forward. From what we see at the moment from the stockpiles and from what we've assayed, there's very good grade there, as you'd expect from Greenland.

Last question: Can you tell us something on how you're going to use the icebreaker? Is it going to be mainly for Amaroc?

Are you going to use it for third parties? How are you going to use it for Amaroc?

The intention with the Sullissivik service company, currently we own it 100%, the intention is to bring third-party investors to be able to service all mining operators in Greenland. The biggest challenge this year for exploration in Greenland has been availability of equipment.

We knew this would be coming, and we said this to the market over and over again. That is because, in the past year, maybe two, up to a billion dollar has been raised for mining project and oil and gas projects in Greenland.

Any helicopter availability, people on the helicopter, logistics of goods, and so on, is now very restricted. Luckily, we saw this coming, we've had a lease on a supply ship, we've acquired a icebreaker.

To give you an example, Minturn, a project there, we were four weeks behind schedule. We're drilling now and we're pleased to be there.

On the one hand, it was not to do with weather alone, it had to do with when we could procure things and when we could be making sure it would be in Greenland. It had to do with the fact that when we were bringing the helicopter up from South Greenland and seismic helicopter all the way up to North Greenland, we needed maintenance personal, there were weather delays, et cetera, et cetera.

If we would have icebreaker this year, we would have sailed with the helicopter and all geological team all the way to the asset. We would have controlled completely the timeline, that is, and reduced the cost of the program, and executed more during the program.

On top of that, when we will be operating in Nanoq, having an icebreaker that can go in and out gives security and operational security for operation, as well as we experience in Nalunaq every year pack ice season where we have difficulties bringing in goods and services to and from. This is an essential feature for exploration and from a risk mitigation.

We are in discussion with governmental agency of using this ship for other purposes than mining, as well as other mining operators in Greenland as well.

Thanks, Eldur and Ellert. Thank you all for listening.

That concludes our webcast this morning. If you have any further questions or need more detail, please don't hesitate to drop me a line, and I can see if I can get back to you on any of there.

Thanks very much for listening, and have a good day.

Thank you.

Thank you.