Amaroq Minerals: High-grade gold project in Greenland offers multiple value enhancement potential
With the Nalunaq project in southern Greenland, Amaroq Minerals has a clearly defined, high-grade gold resource and a large exploration portfolio with further upside.
🟡 Gold deposits (Nalunaq mine)
Indicated resource: approx. 157,600 ounces of gold
Inferred resource: approx. 326,300 ounces of gold
Total known resource: approx. 484,000 ounces of gold (≈ 15 tons)
Amaroq also has numerous other projects in South Greenland, including Vagar Ridge, Nanoq, Kobberminebugt, North Sava, Stendalen and Paatuqsoq.
These areas are already showing promising exploration success (e.g. high-grade gold indicators at Nanoq), but do not yet have officially quantified resources - they therefore represent additional exploration upside.
🟡 Economic potential of the 15 tons of gold
Gold price: approx. 122,450 €/kg
Theoretical gross revenue: approx. €1.84 billion
Typical mining costs (AISC):
approx. 57,000-70,000 €/kg, on average 65,000 €/kg
Total costs: approx. € 975 million
➡️ Estimated net profit after tax (~25 %):
approx. € 649 million
🟡 Possible enterprise value
Smaller producing gold mines are typically valued with EV/EBIT multiples of 5-8×:
Conservative (5×): approx. € 3.25 billion
Realistic (6×): approx. € 3.9 bn
Optimistic (8×): approx. € 5.2 billion
🟡 Comparison with the current valuation
Current market capitalization: approx. € 0.58 billion
Theoretical fair value: € 3.25-5.2 billion
➡️ This results in a theoretical upside potential of around 5-9× if the gold resources are successfully transferred to production.
✅ Summary
Amaroq Minerals combines a clearly defined gold resource, high exploration potential and a very low current enterprise value in relation to the potential economic return.
This makes the share highly attractive, but also risky, as approvals, technical implementation and cost control are crucial.
