Greenland miner Amaroq soars on report of US gov’t investment

Amaroq’s principal asset is the Nalunaq gold mine. Credit: Amaroq Minerals

Greenland miner Amaroq’s (AIM, TSXV: AMRQ) shares surged on Thursday after reports came out that the company had held talks with the US government about investing in its mining projects in the Arctic island.

In an interview with CNBC, Amaroq chief executive Eldur Olafsson said discussions have been held with US government bodies about potential investment opportunities, which may include “offtake agreements, infrastructure support and credit lines.”

The report comes amid intensified efforts by the Trump administration to “buy” the Danish territory that boasts a vast endowment of untapped resources. According to government data, Greenland holds as many as 40 minerals that the US government considers to be “critical” to its national and economic security.

Toronto-based Amaroq currently operates the Nalunaq gold mine in southern Greenland, a historic site that it brought back into production in late 2024. It also has several other gold and critical minerals assets across the island, such as the Black Angel zinc-lead-silver project in the west, historically one of Greenland’s highest-grade base metal operations.

The company is currently said to hold the largest portfolio of mineral exploration licenses in Greenland. As a result, it has attracted strong demand from investors on both sides of the Atlantic in an oversubscribed funding round, and has also received funding interest from state-backed agencies in the US and Europe.

With respect to potential investments in these projects, a US State Department spokesperson told CNBC that “the United States is eager to build lasting commercial relationships that benefit Americans and the people of Greenland.”

Greenland urges US, Europe to invest in its critical minerals, or China will

Following the CNBC report, shares of Amaroq rose more than a quarter to a near 52-week high of C$2.61 in Toronto, taking its market capitalization to over C$1.1 billion ($800 million).

On the same day, the Canadian miner also released its annual production results, showing that gold output from Nalunaq amounted to 6,600 oz, which is above the mid-point of its annual guidance range. The gold mine is currently in the production ramp-up phase, having only entered production for over a year after sitting idle for more than a decade.