Mr. Renato Corvello reports

AMAPA MINERALS ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING

Amapa Minerals Holdings Inc. has completed its initial public offering of 127,272,728 common shares of the company at a price of $1.10 per common share, for gross proceeds of $140-million.

The common shares are listed on the Toronto Stock Exchange under the symbol AMAP.

The offering was managed by a syndicate of underwriters, including Canaccord Genuity and BMO Capital Markets, as joint lead bookrunners, Banco BTG Pactual SA -- Cayman branch -- as joint bookrunner and Banco Bradesco BBI SA as co-manager.

The company has granted to the underwriters an overallotment option to purchase up to an additional 19,090,909 common shares at a price of $1.10 per common share for additional gross proceeds of up to $21-million if the overallotment option is exercised in full. The overallotment option can be exercised, in whole or in part, in the sole discretion of the underwriters, for a period of 30 days from the closing date of the offering.

The offering was completed pursuant to the company's supplemented PREP prospectus dated July 23, 2026, filed with the securities regulators in each of the provinces and territories of Canada, a copy of which is available under the company's profile on SEDAR+.

About Amapa Minerals Holdings Inc.

Amapa Minerals is a gold mining company with its principal asset being the Amapa project, which is situated within the prolific Guiana Shield in northern Brazil. The Amapa project is a past-producing open-pit gold operation that has historically sold more than 1.5 million ounces of gold between 2005 and 2021.

Early warning disclosure

Starboard Asset Ltda.

Immediately prior to the closing of the offering, Starboard, through Classe Roca Magma Multiestrategia Responsabilidade Ltda. do SSF IV Coinvestimento I Fundo de Investimento em Participacoes, owned or controlled 156,992,500 common shares and 55,946,250 warrants, representing the right to purchase a total of 55,946,250 common shares, representing approximately 70.86 per cent of the issued and outstanding common shares on a non-diluted basis and 76.73 per cent of the issued and outstanding common shares on a partially diluted basis (assuming the exercise of all of FIP Roca Magma's warrants). Immediately prior to closing, Classe A Multiestrategia Responsabilidade Ltda. do Starboard Special Situations IV Fundo de Investimento em Participacoes did not own any common shares. In connection with the offering, Starboard, through SSF IV, acquired ownership or control of 37,127,909 common shares, representing approximately 10.64 per cent of the issued and outstanding common shares on a non-diluted basis. Following the closing of the offering, Starboard, through FIP Roca Magma and SSF IV, owns or controls 194,120,409 common shares, representing approximately 55.65 per cent of the issued and outstanding common shares on a non-diluted basis and 61.78 per cent of the issued and outstanding common shares on a partially diluted basis (assuming the exercise of all of FIP Roca Magma's warrants).

Starboard and its joint actors hold their common shares for investment purposes. Depending on various factors, including, without limitation, market conditions, general economic and industry conditions, and the company's business and financial condition, Starboard and its joint actors may take such actions with respect to its investment in the company as they deem appropriate, including, without limitation, acquiring additional securities of the company, or selling or otherwise disposing of securities of the company from time to time, in each case subject to applicable laws and the terms of the investor rights agreement and the lock-up agreements, each as described in the prospectus.

We seek Safe Harbor.