Mr. Eldur Olafsson reports

DIRECTOR/PDMR SHAREHOLDING - NOTIFICATION OF TRANSACTIONS OF DIRECTORS/PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES (PDMRS), AND AWARD OF STOCK OPTIONS

On July 13, 2022, Amaroq Minerals Ltd. was informed that Livermore Partners LLC, a company in which David Neuhauser, non-executive director of Amaroq Minerals, is managing director, acquired a total of 35,700 common shares of no par value in the company. This brings Livermore Partners' total holding to 12,016,410 shares, or 6.78 per cent of the capital in the company.

Award of stock options

Amaroq Minerals has granted 39,062 stock option awards to an employee under the corporation's stock option plan.

The options have an exercise price of 64 cents per share, vested immediately on the date of grant, and will expire if they remain unexercised five years from the date of the award.

About Amaroq Minerals Ltd.

Amaroq Minerals' principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in Greenland. The company's principal asset is a 100-per-cent interest in the Nalunaq project, an advanced-exploration-stage property with an exploitation licence including the previously operating Nalunaq gold mine. The corporation has a portfolio of gold and strategic metal assets covering 7,615.85 square kilometres, the largest mineral portfolio in southern Greenland covering the two known gold belts in the region. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq AS, incorporated under the Greenland Public Companies Act.

We seek Safe Harbor.