Greenland miner Amaroq (AIM, TSXV: AMRQ) surged on Thursday after reports came out that the company has held talks with the U.S. government about investing in its mining projects on the Arctic island.
In an interview with CNBC, Amaroq CEO Eldur Olafsson said discussions have been held with U.S. 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 U.S. government considers to be “critical” to its national and economic security. But many mining analysts caution on being overly optimistic of its prospects.
The Toronto-based Amaroq currently operates the Nalunaq gold mine in southern Greenland, a historical site that it brought back into production in late 2024. In addition, 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.
Large portfolio
As of now, the company is 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 U.S. 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.”
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.
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.
