08:07 AM EST, 11/28/2024 (MT Newswires) -- Amaroq Minerals ( AMRQF ) , which has gold and strategic mineral assets in Southern Greenland, was at last look up 0.5% in early afternoon UK trade at a 52-week high after saying on Thursday that it completed the first gold pour at its cornerstone Nalunaq gold mine in Greenland on Nov. 27.

Among highlights the company noted: on Nov. 26, the Government of Greenland approved the Phase 1 Commissioning of the Nalunaq plant, which has since been operated at its nameplate capacity; the first gold pour at Nalunaq took place on November 27, 2024, producing 1.2 kilograms (39 troy ounces) of gold after a 10-hour processing period; and the company said it will continue to optimize the processing plant during Phase 1 Commissioning and aims to conduct a gold pour on a weekly basis.

On next steps the company said: Phase 2 Commissioning, incorporating the flotation circuit, is due to complete in Q2 2025; it will "ramp-up to a steady state nameplate plant capacity" of 260-300 tonnes per day of material, between 12-16 g/t Au is expected to take place in Q4 2025; and an updated Mineral Resource Estimate (MRE4) for Nalunaq is expected to be published in Q1 2025.

Eldur Olafsson, CEO of Amaroq Minerals ( AMRQF ), said: "First Gold Pour at the Nalunaq mine signifies a major step on our journey, triggering initial cash flow generation. As Nalunaq transitions from being a cost center to a cash generator, our focus turns to resource, mine life extension and further exploration to unlock the full mineral potential of our Greenland portfolio."

AMRQ rose 0.5% in London on Thursday to 84.45 British Pounds.