01:23 PM EDT, 05/28/2025 (MT Newswires) -- Amaroq Minerals ( AMRQF ) , an independent mine development corporation focused on unlocking Greenland's mineral potential, was at last look up more than 2% on Wednesday after signing a non-binding heads of terms with JLE Group Ltd to establish a special purpose vehicle and create a joint venture company.

A statement noted that JLE Group Ltd is a large, privately owned UK based family office mainly focused on the construction industry, while the joint venture company will be called Suliaq A/S, dedicated to the provision of essential services, supplies and supporting assets to Greenland's growing mining sector

Subject to negotiation of the final terms of the JV, JLE will invest 4.0 million poundsd (circa C$7.46 million), by way of an equity contribution in exchange for a 10% shareholding in Suliaq, with Amaroq holding the remaining 90%. JLE has the option to increase its investment up to a total of 12.0 million pounds, structured in additional tranches of 4.0 million, which will result in proportional increases in JLE's equity stake in Suliaq.

"With exploration spend in the region increasing dramatically over the past five years, and with the growing interest in Greenland's emerging mining, energy and infrastructure sectors, Amaroq is uniquely placed to facilitate the provision of essential services within this growth market," said Amaroq Minerals' ( AMRQF ) Chief Executive Officer Eldur Olafsson,

The company's shares were last seen up $0.01, to $1.75, on the TSX Venture Exchange.

Price: 1.76, Change: +0.02, Percent Change: +1.15