Amaroq Raises £45 Million to Accelerate Greenland Expansion

Published: Jun 13, 2025 18:21

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On June 12th, Amaroq Minerals announced it has raised £45 million in an oversubscribed equity offering to fund its strategic expansion in Greenland. The proceeds will support production growth at the Nalunaq gold mine, the establishment of a western operations hub, and the acquisition of the Black Angel lead-zinc-silver project for $10 million.

The offering, priced at 85 pence per share, resulted in the issuance of nearly 53 million new shares—approximately 11.7% of the company’s share capital. Around 90% of the capital was raised from institutional investors across the UK, US, and Europe. Denmark’s EIFO fund subscribed for £11.3 million, becoming one of Amaroq’s top three shareholders.

Amaroq aims to build a full-cycle mining enterprise in Greenland, with growing interests in copper, nickel, rare earths, lead, zinc, and silver. Upon completion of the planned acquisition, the company will become the largest mineral licence holder in Greenland, controlling a total of 7,501 km².

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