Mr. Eldur Olafsson reports

UPDATED NALUNAQ NI-43-101 TECHNICAL REPORT FILED ON SEDAR

The updated National Instrument 43-101 report pertaining to Amaroq Minerals Ltd.'s Nalunaq project has been filed on the company's SEDAR profile.

The technical report details the updated mineral resource estimate (MRE) for its flagship Nalunaq gold project, prepared by SRK Consulting (U.K.) Ltd. This update, termed MRE3, was announced on Sept. 6, 2022, and is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (May, 2014).

The updated MRE is summarized in the attached table.

Highlights:

• Total inferred mineral resource of 355,000 tonnes of 28.0 grams per tonne gold for 320,000 ounces gold, reported according to CIM Definition Standards by SRK;
• This constitutes a 30-per-cent increase in contained gold compared with the previous estimate reported in June, 2020, and a 50-per-cent increase in average grade;
• The Nalunaq project now sits within the top 2 per cent in terms of global reported gold resource grades;
• Due to the high-grade nature of the Nalunaq deposit, it is relatively insensitive to cut-off grade and remains robust at a range of gold prices.

Qualified person statement

The mineral resource estimate was prepared by Dr. Lucy Roberts, MAusIMM(CP), principal consultant (resource geology), SRK Consulting, an independent qualified person in accordance with the requirements of National Instrument 43-101. Dr. Roberts has approved the disclosure herein.

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president, exploration, for Amaroq, a chartered geologist with the Geological Society of London and, as such, a qualified person as defined by National Instrument 43-101.

Use of a standard

The resource information included within this announcement is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (May 2014) as required by CIM Definition Standards.

About Amaroq Minerals Ltd.

Amaroq's 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 7,866.85 square kilometres, the largest mineral portfolio in southern Greenland covering the two known gold belts in the region. Amaroq 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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