SMALL CAP MOVERS: Greenland miner Amaroq will get renewed publicity

US President Donald Trump’s fixation on Greenland appears to have sharpened investor interest in the Arctic island, and has helped to shine a light on the previously unheralded mine developer Amaroq.

The shares have advanced 31 per cent over the past month and are up 70 per cent over the last six months.

Trump’s expansionist rhetoric around the Danish autonomous territory is framed in terms of national security, with references to Russia, China and control of key trade routes. 

Most rational observers, however, see it as a grab for mineral resources, particularly rare earths and other materials critical to technology supply chains.

Amaroq is sitting on something rather different from the assets currently capturing international attention. 

An update on Wednesday showed that its Minturn prospect, in Greenland’s northwest, contains high-grade iron mineralisation and also points to possible upside in copper and gold.

Trump’s attempt to buy Greenland has sharpened investor interest in the island

This supports the company’s view that the area could host an oxide copper gold system. 

The AIM-listed miner said surface samples returned iron grades of up to 69.5 per cent across roughly nine kilometres of magnetite-rich alteration, with several results between 66 per cent and 69 per cent iron at surface.

That qualifies as direct shipping grade, meaning the material could be exported without processing or the need for costly treatment steps. 

The company added that the scale of the system, together with widespread iron oxide alteration and brecciation, is consistent with a Kiruna-style iron oxide copper gold deposit, similar to globally significant examples found in Sweden, Chile and the US.

The shares ended the week 4 per cent higher, valuing Amaroq at about £27 million, a level that suggests investors may believe there is more to come.

Turning to the wider market, the AIM All-Share finished the week up 2.2 per cent at 820, territory last seen in May 2023. It comfortably outperformed the FTSE 100, which fell 0.75 per cent over the same five trading days.

The renewed optimism has prompted a flurry of fundraisings, a trend that is likely to continue if confidence holds. 

Predator Oil & Gas led the way with a £4.5 million placing, followed by Strategic Minerals at £4 million and CloudBreak Discovery at £1.85 million, underlining appetite for natural resources exposure among new and existing investors.

Genetics specialist GENinCode, which outlined plans to raise up to £4 million, suggests small-cap backers may also be starting to broaden their horizons, pointing to a wider reassessment of undervalued opportunities on AIM.

There will inevitably be complaints about discounted placings and dilution, but the fact remains that AIM appears to be open for business for the first time in almost three years, doing what it is meant to do by providing capital to entrepreneurial companies.

The week’s biggest riser was Kitwave, which jumped 33 per cent after agreeing to be taken private in a deal valuing the business at £251 million. The biggest loser was GENinCode, which fell 44 per cent following its cash call. That may yet prove to be short-term pain for long-term gain as the company deploys fresh capital into commercial scale-up.

Finally, EnergyPathways ended the week 14 per cent higher and is up 21 per cent over the past month. The group is developing the Marram Energy Storage Hub, known as MESH, which has taken on fresh relevance after new figures showed Britain wasted a record amount of wind energy in 2025.

A report by energy news service Montel revealed that 10 terawatt hours of wind power were curtailed last year, enough to supply every home in London for a year. Without large-scale storage, such waste is set to increase.

Located off the Lancashire coast, MESH would store up to 20 terawatt hours of energy, equivalent to about 7 per cent of UK annual electricity demand. The system combines natural gas, compressed air and hydrogen to deliver long-duration, dispatchable power.

EnergyPathways is working with Siemens Energy, Wood Group, Costain and KBR. A final investment decision is expected once permits and financing are secured, with construction of the first phase potentially beginning in 2028.

The project comes as curtailment costs continue to rise. Ofgem has approved £90 billion of grid upgrades, but these will take at least five years to complete. Without more storage, curtailment charges could reach £10 billion a year by 2030, according to Octopus Energy.

EnergyPathways estimates the first phase of MESH will cost about £200 million, roughly a tenth of the projected cost of upgrading Centrica’s Rough gas storage site.

The Montel report underlines what the company sees as a clear gap in the UK energy system. Without storage, renewable power will continue to be wasted, and MESH is one of the few projects in development with the scale to change that.

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