Rankings Commodities & uranium Amaroq
Amaroq
66
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Valuation vs resource and history−17
- Margin−5
- Execution and scale−4
Strengths
- Grade and resource+2
- Operational breakthrough+1
- Non-dilutive funding+1
How the score is built
From 100 to 66, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.29 USD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +17%
- P/E (trailing)
- 179.4
- Forward P/E
- 16.7
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−9 of −30
- −5MarginRevenue was C$79.8m TTM with net profit of only C$5.0m (ROE 1.8%). AISC was $34.1m for 8,985 oz in H1 2026, about $3,800/oz, and recovery only 63%.
- −4Execution and scaleAnnual guidance of 25–35 koz requires 16–26 koz in H2 vs 9 koz in H1, i.e. a heavily back-end-loaded plan. At 25–35 koz a year it is one small mine; the rest (Black Angel, Nanoq, Gardaq) is studies and drilling.
Price
Today's multiples against the company's own history and its peers. · 1 finding−17 of −35
- −17Valuation vs resource and historyAn EV of about $764m (market value about £545m) equals about $1,500/oz of Nalunaq's just over 500 koz resource. P/B is 3.5 vs 2.8–3.4 in 2024–25, trailing P/E 216 and forward P/E 20, even at a record gold price (about C$6,950/oz sold in Q2). No published NPV found to measure against.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −4Funding and debtCash was C$28.5m vs C$86.5m of debt at 30/6 (net debt about C$58m), and FCF was −C$84m TTM. The company depends on a new $70m revolving credit facility (Landsbankinn and Gunvor) and has growth capex for Nalunaq, Nanoq and Black Angel ahead of it.
- −4DilutionThe share count has risen 22% in a year, 30% in 2025 and 21% in 2024. In June 2025, 53m new shares were placed at 85p (£45m).
- −3A single asset in the ArcticAll earnings come from Nalunaq in South Greenland, and the company itself cites weather-dependent shipping and logistics as a risk. An operational stoppage hits the whole group.
- −1Greenland mining policyIn June 2026 Greenland refused to extend ETM's licence for Kvanefjeld, and the resources minister has hinted that the restrictions could be widened. Gold is not directly affected, but licence risk in Greenland is real.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Grade and resourceThe updated resource from July 2026 is over 500 koz at 30.35 g/t, one of the highest gold grades in the world, and the indicated resource rose 10.6%.
- +1Operational breakthroughNet profit was C$11.1m in Q2, and the flotation circuit was commissioned in June, so recovery is expected to rise to 90–95%.
- +1Non-dilutive fundingThe credit facility was doubled from $35m to 70m in April 2026 with Landsbankinn and Gunvor.
Caveats
What the score does not capture, or where the data is weak.
The company is now called Amaroq Ltd. (formerly Amaroq Minerals, renamed July 2025). It voluntarily delisted from TSX Venture on 19/3/2026 and has been on the LSE Main Market since 31/7/2026 (before that AIM); it is also listed on Nasdaq Iceland and OTCQX. stockanalysis has no statistics page for London (quote/lon/AMRQ/statistics = 404), and the TSXV page is inactive with a price from March. The OTC line (AMRQF, USD) is therefore used as path and currency. The Nordnet API does not find Amaroq (nor AMRQF). Accounts are in CAD, and figures in the findings are in C$ unless $ is stated. There are no analysts on stockanalysis, although several brokers cover the stock. No published NPV or feasibility study for Nalunaq has been found (not fully verified). Insider trading and the terms of the Gardaq JV (GCAM) have not been examined.
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