Mr. Eldur Olafsson reports

AMAROQ ANNOUNCES INITIAL CLOSING OF FUNDRAISING AND ISSUANCE AND ADMISSION OF ICELANDIC PLACING SHARES

Further to the announcements on Oct. 19 and Oct. 20, 2022, in relation to a total fundraising of 30 million pounds sterling ($47-million (Canadian) or 4.9 billion Icelandic kronur), Amaroq Minerals Ltd. (formerly AEX Gold) has completed an initial closing, raising $29,016,701.80 (Canadian) in Iceland through a placing of 53,734,633 common shares of the company, which have been issued and admitted to trading on the Alternative Investment Market and the TSX Venture Exchange.

The shares will be listed as depository receipts on the Nasdaq First North Growth Market in Iceland.

Nasdaq Iceland hf has approved the company's request for admission of IDRs to trading on First North Iceland under the symbol AMRQ. The ISIN number of the IDRs is IS0000034569. The company description can be found on the company's website.

A total of 53,734,633 IDRs will be admitted to trading, with each IDR having a nominal value of one Icelandic krona.

The first day of trading on First North Iceland is expected to be Nov. 1, 2022. Nasdaq will publish a market notice, at the latest, one day prior to the intended first day of trading on First North Iceland.

Arion Bank hf and Landsbankinn hf acted as agents in connection with the Icelandic fundraising. In consideration for their services, the agents received a cash commission equal to $1,668,318.03.

An application has been made for the admission of the remaining 31,979,652 common shares, consisting of the United Kingdom placing shares and the Canadian subscription shares, to the Alternative Investment Market and the TSX Venture Exchange, with admission expected on AIM at 8 a.m. Greenwich Mean Time and on TSX-V on Nov. 2, 2022.

Nasdaq First North Growth Market

Nasdaq First North is a registered SME growth market in accordance with the Directive on Markets in Financial Instruments (European Union 2014/65) as implemented in the national legislation of Denmark, Finland, Iceland and Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq First North are not subject to all the same rules as issuers on a regulated main market, as defined in EU legislation (as implemented in national law). Instead, they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in an issuer on Nasdaq First North may therefore be higher than investing in an issuer on the main market. All issuers with shares admitted to trading on Nasdaq First North have a certified adviser which monitors that the rules are followed. The respective Nasdaq exchange approves the application for admission to trading.

Certified adviser

Arion Bank, registration No. 581008-0150, Borgartun 19, 105 Reykjavik, which is a member of and has an agreement with Nasdaq Iceland hf, is the certified adviser for the company in its application and listing process on First North Iceland. Arion Bank holds a full banking licence under the Act on Financial Undertakings, No. 161/2002 and is regulated by the Icelandic Financial Supervisory Authority. The company has chosen to be fully exchange monitored after the Icelandic depositary receipts have been admitted to trading.

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.

We seek Safe Harbor.