Mr. Eldur Olafsson reports

AMAROQ SIGNS MOU WITH ABD SOLUTIONS

Amaroq Minerals Ltd. has signed a memorandum of understanding (MOU) with ABD Solutions, a business within AB Dynamics PLC, to investigate the potential for the introduction of vehicle autonomy systems for various mining vehicles at the Nalunaq site in Greenland.

Highlights

• ABD Solutions (ABDS) and its affiliated companies have over 35 years' experience in the control and automation of vehicles using driving robots and control systems. With a mission to accelerate the transition to autonomy, it offers specialised vehicle agnostic driverless automation solutions capable of working across a wide range of off-highway environments.
• Amaroq Minerals is currently planning a pilot mining and processing operation at its Nalunaq project in Greenland, the aim of which is prove the continuity of the mineralization and provide input to a feasibility study and detailed engineering which would provide the design basis for a subsequent full scale mine.
• Amaroq intends to work closely with ABD during this process to enable ABD to adapt its existing driverless automated vehicle management solutions to the specific environmental and vehicular requirements of the Nalunaq site. The MOU sets out the principal terms and conditions on, and subject to which, Amaroq Minerals is willing to enter detailed discussions regarding this process.
• The long-term goal of the MOU is to provide a framework for ABD to deliver the support, software and hardware solutions needed for the company to operate a diverse range of automation equipment and retrofittable mining vehicles on the Nalunaq site in Greenland. These vehicles would be operated automatically and supervised from a central control room, therefore improving safety and streamlining the mining process, both operationally and financially.

Amaroq's strategy prior to beginning the next stage of redevelopment at Nalunaq is to explore innovative technologies so as to operate in the most sustainable way as well as to leverage existing mine infrastructure. ABD's mission is to accelerate the transition to autonomy by providing retrofit solutions that enable the automation of conventional vehicle fleets rapidly and cost-effectively.

Eldur Olafsson, chief executive officer of AEX Gold, commented:

"We are delighted to announce our planned partnership with ABD Solutions a well-regarded automation company with substantial experience working with organizations to accelerate the transition to autonomy. We are focused on ensuring that we seek out and deploy innovative technology across Nalunaq, and, going forward, the rest of the assets within our extensive licence area, as we believe that this will allow us to introduce new skill sets to the work force in Greenland, and to operate safely, efficiently and sustainably. The team look forward to working closely with ABDS and utilise their considerable knowledge throughout the Nalunaq development process."

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 A/S, incorporated under the Greenland Public Companies Act.

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