Mr. Eldur Olafsson reports

AMAROQ MINERALS LTD. ANNOUNCES RESULTS OF FUNDRAISING

Amaroq Minerals Ltd. has completed its proposed fundraising as announced on Oct. 19, 2022.

A total of 85,714,285 new common shares have been conditionally placed with new and existing institutional investors at a price of 35 pence (54 cents at the closing exchange rate on Oct. 19, 2022) per new common share, raising gross proceeds of 30 million pounds sterling ($47-million). Out of the total fundraising shares, a total of 53,734,633 Icelandic depositary receipts were conditionally placed as part of the Icelandic placing.

The total fundraising shares represent approximately 33 per cent of the company's enlarged share capital after the completion of the fundraising.

The placing price represents a 2.78-per-cent discount to the closing price on Oct. 19, 2022, on the AIM (Alternative Investment Market), being the last practicable closing price prior to the announcement of the fundraising.

Stifel Nicolaus Europe Ltd. acted as sole bookrunner, nominated adviser and broker on the United Kingdom placing and Panmure Gordon (U.K.) Ltd. acted as manager and broker in relation to the U.K. placing.

Arion Banki hf (Arion Bank) and Landsbankinn hf acted as joint bookrunners and underwriters on the Icelandic placing.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"I am delighted to announce the results of the fundraising, which will prove transformational for Amaroq as we bring our cornerstone Nalunaq project towards production. I would like to welcome our new investors, as well as thank all existing shareholders for their continued support, and I look forward to providing further updates as we continue to drive growth across our exciting precious and strategic materials portfolio."

Application for admission

Application will be made to the London Stock Exchange for the Icelandic placing shares to be admitted to trading on AIM. Application will also be made to the TSX Venture Exchange for admission of the Icelandic placing shares to trading on the TSX-V, with listing subject to the approval of the TSX-V and the company satisfying all of the requirements of the TSX-V, and to the Icelandic exchange for the admission of the Icelandic depository receipts. It is currently expected that admission of the Icelandic placing shares to the TSX-V will occur at 9:30 a.m. ET on Nov. 1, 2022, and admission of the Icelandic placing shares to trading on AIM will occur at 8 a.m. GMT on Nov. 1, 2022 (or, in each case, such other date as may be agreed between the company and the United Kingdom banks).

It is expected that the Icelandic listing will become effective and that dealings in the Icelandic depository receipts will commence on the Icelandic exchange at 9:30 a.m. GMT on Nov. 1, 2022 (or such other date as may be agreed between the company and the United Kingdom banks), subject to obtaining the necessary approvals from the TSX-V.

Application will be made to the London Stock Exchange for the U.K. placing shares and the Canadian subscription shares to be admitted to trading on AIM and to the TSX-V for the U.K. placing shares and the Canadian subscription shares to be admitted to trading on the TSX-V, with listing subject to the approval of the TSX-V and the company satisfying all of the requirements of the TSX-V. It is currently expected that admission will become effective and that dealings in the U.K. placing shares and Canadian subscription shares will commence on AIM, at 8 a.m. GMT on Nov. 2, 2022, and on the TSX-V at 9:30 a.m. ET on Nov. 2, 2022 (or, in each case, such other date as may be agreed between the company and the U.K. banks).

The fundraising shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing common shares of the company, including the right to receive all dividends and other distributions thereafter declared, made or paid on the enlarged share capital from admission.

Total voting rights

Following the admission of the Icelandic placing shares, the U.K. placing shares and the Canadian subscription shares, Amaroq's total issued share capital will consist of 263,073,022 common shares of no par value. Given the company does not hold any common shares in treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the company under the disclosure guidance and transparency rules.

Director participation

Certain directors have participated in the Canadian subscription, acquiring a total of 4,972,871 new common shares, representing gross proceeds of 1.74 million pounds sterling ($2.7-million).

We seek Safe Harbor.