09:06 AM EDT, 03/26/2024 (MT Newswires) -- Amaroq Minerals Ltd. ( AMRQF ) , an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, earlier on Tuesday reported a fourth-quarter net loss of $14.3 million, or $0.050 per share, wider than a loss of $4.4 million, or $0.020 per share, a year earlier.

Exploration and evaluation expenses for the quarter ended Dec. 31, 2023, were $879,326, down from $1.7 million a year earlier.

Amaroq said it is well-funded and on track to progress the development of Nalunaq in 2024.

Additionally, the company said the public consultation for the Environmental Impact Assessment and Social Impact Assessment for Nalunaq closed on March 1. The company is following the process agreed with the Government of Greenland to respond to the small number of comments received.

The engineering for the processing plant is expected to be completed in the second quarter. The remaining contracts are expected to be concluded in the second quarter.

Further, the placement of the process plant foundations is close to completion. The erection of the steel structure of the process plant building is expected to begin in April and the installation of the mechanical and electrical process plant components is scheduled for the second half of 2024.

Among other updates, the company said the Nalunaq underground focused exploration will continue to target the extension of the Mountain and Target Blocks as well as further delineating the newly discovered 75 Vein.