Amaroq Minerals Ltd on Wednesday said revenue and profit slumped in the third qaurter, but that its swung to profit for the first nine months.

The Greenland-focused mine development company reported that revenue fell to C$2.3 million in the third quarter of 2023, from C$5.6 million the year prior.

In the first nine months of the company posted a decline in revenue to C$5.7 million, from C$11.0 million a previously.

The firm said net loss widened to C$6.6 million, from C$7.0 million a year ago. In the first nine months, net income was C$13.4 million, swinging from a loss of C$17.5 million.

Chief Executive Eldur Olafsson said: ‘We continue to make solid progress with our development workplan to bring Nalunaq into production successfully and sustainably. Post period, and following the finalization of two key services contracts, we commenced mine rehabilitation activities at the project, and I look forward to providing a fuller update on Nalunaq later this year.

‘We remain focused on exploration across our strategic minerals targets, and during the quarter we completed a scout drilling programme across two key targets across the Sava Copper Belt and commenced a stratigraphic drilling programme at the Stendalen nickel-copper target, with results expected in Q4.’

Amaroq shares rose marginally to 58.02 pence each on Wednesday afternoon in London.

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