Amaroq joint venture secures further funding

(Sharecast News) - Amaroq said on Monday that its Gardaq exploration joint venture has secured further funding to support its 2026/27 exploration programme, with partner GCAM committing CAD 4.7m and Amaroq investing CAD 1.8m in cash. The AIM-traded firm also agreed to subscribe for a further CAD 3.0m of shares within a year through the conversion of accrued overhead and administrative costs.

It said the funding will support exploration at the Ilua rare earth project, where drilling is underway, and the Minturn iron ore and IOCG project in northern Greenland.

Following the investment, Amaroq and GCAM will retain their existing 51% and 49% stakes in Gardaq respectively, with the company noting the transaction is considered fair and reasonable by its independent directors under AIM related-party rules.

At 1326 BST, shares in Amaroq were down 0.15% at 85.87p.

Reporting by Josh White for Sharecast.com.

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