Amaroq, GCAM Commit Investment for Exploration at Ilua Rare Earth Project in Greenland

04:19 AM EDT, 07/13/2026 (MT Newswires) -- Independent mine development company Amaroq (AMRQ.L) and GCAM agreed to invest CA$9.5 million into their Gardaq joint venture to finance the 2026/27 exploration program in Greenland, according to a Monday release. The capital will target the Ilua rare earth project, currently under drilling, and the Minturn iron ore and IOCG project in northern Greenland. Under the subscription agreement, GCAM will inject CA$4.7 million, and Amaroq will contribute CA$1.8 million in cash plus a further CA$3 million by June 22, 2027, which will be satisfied through the conversion of accrued overhead and general and administrative costs. GCAM and Amaroq will continue to retain their respective 49% and 51% interests in Gardaq.