Amaroq has doubled its revolving credit facility to $70 million from $35 million, whilst reducing funding costs and extending maturity to 1 May 2028. The amended facility was arranged with Landsbankinn and Gunvor Group, with Gunvor securing gold offtake rights for the Nalunaq mine. The facility carries a 7.50% margin over SOFR, stepping down based on last twelve months EBITDA milestones: 6.25% above CAD 25 million, 5.00% above CAD 50 million, and 4.50% above CAD 70 million. An origination fee of $385,000 (0.55% of commitments) applies. The facility is secured by property mortgages, share pledges, bank account pledges and a licence transfer agreement. CFO Ellert Arnarson said the enhanced capacity strengthens working capital for exploration and Phase 2 construction at Nalunaq.

Gunvor Group Ltd announced a management-led buyout, with the management team acquiring full ownership from majority owner Torbjorn Tornqvist. Gary Pedersen, head of Americas since 2024, is appointed as the new CEO. The transaction aims to introduce new governance and structural changes for long-term growth in the U.S., Europe, and Asia. Pedersen will operate between Houston and Geneva during the transition. Additional board and executive changes are anticipated.

Gunvor Group has invested in Artemis Technologies to support nonhydrocarbon maritime solutions. This follows a £33 million ($45 million) UK Government grant to the Artemis-led Belfast Maritime Consortium for zero-emission ferries, bringing total project investment to £60 million ($75 million). The investment will aid the development of the Artemis eFoilerTM, an electric hydrofoiling system, reducing fuel costs by 90% and emissions to zero for vessels carrying up to 350 passengers.