Reykjavik, November 19, 2025 (GLOBE NEWSWIRE) —
LLC Amarok.
(“Amarok” or “Company”)
Improved Debt Financing Agreement
TORONTO, ONTARIO – November 19, 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mining corporation dedicated to unlocking Greenland's mineral potential, is pleased to announce a fourteen month extension and improved profitability of its debt financing package with Landsbankinn hf. (“Landsbankinn”), as announced on December 30, 2024.
Ellert Arnarson, CFO of Amaroq, commented::
“We are very pleased to have amended our debt financing agreement with Landsbankinn, extending the maturity date from December 2026 to February 2028 and the possibility of improving the overall terms to 4.5% plus SOFR, thereby increasing Amaroq's financial flexibility.
“The Nalunaq project in South Greenland is well advanced in its commissioning and is beginning to generate revenues, which will improve the profitability of our financial system and reduce operating costs. We also continue to seek additional financing opportunities, including with offtakers and credit agencies, to further support the company's growth and strengthen the balance sheet.”
Agreement details:
The company has a revolving credit line with Landsbankinn for a total amount of US$35.245 million. It is divided into three tranches: A, B and C (together the “Credit Facility”).
- Loan A for $18.5 million and Loan B for $10.245 million, which are fully disbursed, with a margin of 9.5% per annum, which decreases to 7.5% after the opening of Loan C.
- Credit C in the amount of US$6.5 million with a margin of 7.5% per annum, available once the Company's cumulative EBITDA for the preceding three-month period exceeds C$6 million.
The Company and Landsbankinn have reached an amended agreement under the Credit Facility, pursuant to which:
- The loan term has been extended by 14 months, from December 1, 2026 to February 1, 2028.
- Additional margin reductions have been introduced based on EBITDA for the last twelve months:
- 6.25% if LTM EBITDA exceeds C$25 million,
- 5.00% if LTM EBITDA exceeds C$50 million,
- 4.50% if LTM EBITDA exceeds C$70 million.
The amendment provides for a fee of 0.7% of the total liabilities ($245,000) that was capitalized through Line of Credit B. The Line of Credit continues to be secured by a combination of mortgages on real estate and operating equipment, pledges of shares of subsidiaries, pledges of bank accounts and a license assignment agreement.
Requests:
LLC Amarok.
Ellert Arnarson, CFO
[email protected]
Ed Westropp, Head of Development and Corporate Relations
+44 (0)7385 755711
[email protected]
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
[email protected]
Panmure Liberum Limited (appointed advisor and corporate broker)
Scott Matheson
Freddie Wooding
+44 (0) 20 7886 2500
Canaccord Genuity Limited (corporate broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000
Camarco (Financial PR)
Billy Clegg
Alfie Kent
Fergus Young
+44 (0) 20 3757 4980
Additional information:
About Amarok
Amaroq's primary business objectives are to identify, acquire, explore and develop gold and strategic metals deposits in South Greenland. The Company's main asset is its 100% interest in the Nalunak gold mine. The Company has a portfolio of gold and strategic metals assets in South Greenland, covering two prominent gold belts in the region, as well as advanced exploration projects in Stendalen and the Sava Copper Belt for strategic metals exploration such as copper, nickel, rare earth elements and other minerals. Amaroq continues to operate under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, a company incorporated under the Greenland Companies Act.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Inside Information
This announcement does not contain inside information.
