Mr. Eldur Olafsson reports

AMAROQ ANNOUNCES CLOSING OF FUNDRAISING AND ISSUANCE AND ADMISSION OF UK PLACING AND CANADIAN SUBSCRIPTION SHARES

Further to its announcement on Oct. 31, 2022, Amaroq Minerals Ltd. has closed its fundraising, pursuant to which it has raised an aggregate of $17,364,068 through a placing of 18,493,925 common shares of the company pursuant to the United Kingdom placing and 13,485,727 common shares of the company pursuant to the Canadian subscription, which have been issued and admitted to trading on AIM (Alternative Investment Market) and the TSX Venture Exchange.

Stifel Nicolaus Europe Limited and Panmure Gordon (UK) Limited acted as agents in connection with the UK Placing. In consideration for their services, the agents received a cash commission equal to C$451,311 ( pounds sterling290,915).

Following the admission of the UK Placing and Canadian Subscription Shares, Amaroq's total issued share capital consists 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.

All Canadian Subscription Shares are subject to a four-month hold period, which will expire March 4, 2023. The Fundraising is subject to final acceptance of the TSXV.

Certain of the Directors and members of the Company's senior management team participated in the Canadian Subscription for an aggregate of 4,972,871 Canadian Subscription Shares for gross proceeds of C$2,700,131.63 (equivalent to approx. pounds sterling1.74 million or ISK 282.31 million) in aggregate. As such, the Canadian Subscription constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and within the meaning of Policy 5.9 of the TSXV rules.

Related party transactions require the Company to obtain a formal valuation and minority shareholder approval unless exemptions from these requirements are available under applicable Canadian securities laws. With respect to the Canadian Subscription, the Company is relying on the exemption from the formal valuation requirements in section 5.5(b) of MI 61-101 (as a result of the Common Shares being listed on the TSXV) and is relying on the exemption from minority approval requirements in section 5.7(1)(a) of MI 61-101, as the fair market value of the securities distributed to, and the consideration received from, interested parties does not exceed 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Canadian Subscription as participation of the insiders had not been confirmed at that time and the Company wished to close on an expedited basis for business reasons.

About Amaroq Minerals

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% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold and strategic metal assets covering 7,866.85km2, 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.

We seek Safe Harbor.