Amaroq Minerals has secured C$9.5 million in committed funding for Gardaq A/S, its Greenland strategic-metals joint venture with GCAM LP, providing additional financial support for exploration activities across its rare earth and iron-oxide-copper-gold projects. The funding package was announced on 13 July by the company, which is listed on AIM and Nasdaq Iceland, and maintains Amaroq’s majority ownership of the joint venture.
Joint venture receives new funding commitment
Under the agreement, GCAM LP will subscribe for additional shares in Gardaq through a C$4.7 million cash investment. Amaroq will contribute C$1.8 million in cash and has committed to provide a further C$3 million within one year by converting accumulated overhead and administrative costs into equity.
The transaction provides C$6.5 million in immediate cash funding, while the additional C$3 million will be contributed through the conversion of previously accumulated costs rather than as new cash. Together, the commitments represent C$9.5 million in total support for the joint venture. Following completion of the transaction, Amaroq will retain a 51% interest in Gardaq, with GCAM holding the remaining 49%.
Funding supports Greenland exploration programme
The new capital will be used to finance Gardaq’s 2026–2027 exploration programme, with activities focused primarily on the Ilua rare earth project, where drilling is already in progress. Exploration funding will also support work at the Minturn project in northern Greenland, which has been identified as a potential large-scale iron ore and iron oxide-copper-gold (IOCG) system.
The financing enables Gardaq to continue advancing its strategic-metals exploration portfolio while Amaroq separately progresses development of its Nalunaq gold operation. The ownership structure also allows Amaroq to maintain its controlling interest in the joint venture while providing dedicated funding for exploration activities.
Exploration programme remains at an early development stage
The committed financing is intended to support mineral exploration rather than mine construction or project development. Neither the Ilua nor the Minturn project has yet established a mineral resource estimate, feasibility study, processing route or construction budget. Future project advancement will depend on exploration results, including drilling outcomes, mineralogical characteristics and the evaluation of potential mineral concentration and separation processes.
Portion of commitment reflects converted costs
Of the total funding package, C$3 million will be provided through the conversion of accumulated overhead and general administrative expenses into equity. As a result, this portion of the transaction represents costs already incurred or accumulated rather than additional cash available for exploration activities. The immediate cash contribution available to support exploration totals C$6.5 million, with the balance represented by the deferred equity conversion.
Transaction approved under AIM related-party rules
The agreement has been classified as a related-party transaction under AIM rules because GCAM LP is already a substantial shareholder in Gardaq. Following consultation with the company’s nominated adviser, Amaroq’s directors concluded that the terms of the transaction are fair and reasonable for shareholders.
