Amaroq–US investment talks: project and offtake implications for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Greenland-focused miner Amaroq Minerals’ shares jumped over 25% to C$2.61 in Toronto, valuing the company above C$1.1 billion, after CEO Eldur Olafsson confirmed talks with US government bodies on potential offtake agreements, infrastructure support and credit lines for its Arctic projects. Amaroq operates the restarted Nalunaq gold mine in southern Greenland, which produced 6,600 oz in 2025 during ramp-up, and holds the Black Angel zinc-lead-silver project plus the island’s largest exploration licence portfolio. The US State Department signalled interest in “lasting commercial relationships” as state-backed agencies in the US and Europe circle Amaroq’s critical minerals assets.
Technical Brief
- Nalunaq was restarted in late 2024 after being idle for more than a decade.
- Annual 2025 output of 6,600 oz exceeded the mid‑point of Amaroq’s published guidance range.
- Black Angel in western Greenland is a historic high‑grade zinc‑lead‑silver operation now within Amaroq’s portfolio.
- Amaroq is reported to hold Greenland’s largest single portfolio of mineral exploration licences by area.
- An oversubscribed equity funding round drew investors from both North America and Europe.
- US State Department comments framed potential deals as “lasting commercial relationships” with Greenland, not short‑term offtake only.
- State‑backed funding interest is coming from both US and European agencies, indicating multi‑jurisdictional strategic backing.
- Greenland hosts about 40 minerals on the US critical minerals list, intensifying geopolitical competition for offtake.
Our Take
With Greenland hosting 40 minerals on the US critical list, Amaroq’s Nalunaq and Black Angel positions effectively give Washington a single-operator focal point in the Arctic, which is rare in our mining database where critical mineral exposure is usually spread across multiple jurisdictions.
The offtake-linked US State Department involvement signals that Amaroq’s C$1.1 billion valuation is now being underpinned as much by strategic security logic as by gold cash flow, which could influence how lenders and traders such as Mercuria structure future funding lines for Greenland projects.
Among the 202 keyword-matched pieces on critical minerals and gold, very few involve Arctic Europe assets, so Amaroq’s Greenland portfolio stands out as one of the limited cases where Western security policy, Arctic logistics and precious/base metals development intersect in a single story.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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