Mr. Eldur Olafsson reports

BLOCK LISTING APPLICATION

Amaroq Minerals Ltd. has made an application to the London Stock Exchange for a block listing of securities in respect of 9,437,395 common shares to be admitted to trading on AIM (Alternative Investment Market), with admission expected to become effective on or around Nov. 24, 2022.

The new common shares are being reserved and will be issued as required in order to cover the future issue of common shares arising from the company's stock option plan dated May 1, 2017, as amended on June 16, 2022, relating to historic awards prior to Nov. 18, 2022.

When issued, the new common shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the company.

At present, 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.

Enquiries:

• Amaroq Minerals Ltd.:
  • Eldur Olafsson, director and chief executive officer:
    • 354-665-2003;
    • eo@amaroqminerals.com.
  • Eddie Wyvill, investor relations:
    • 44-077-1312-6727;
    • ew@amaroqminerals.com.
• Stifel Nicolaus Europe Ltd. (nominated adviser and broker):
  • Callum Stewart, Varun Talwar, Simon Mensley and Ashton Clanfield;
  • 44-020-7710-7600.
• Panmure Gordon (U.K.) Ltd. (joint broker):
  • John Prior, Hugh Rich and Dougie Mcleod;
  • 44-020-7886-2500.
• SI Capital Ltd. (joint broker):
  • Nick Emerson and Charlie Stephenson;
  • 44-014-8341-3500.
• Camarco (financial PR):
  • Billy Clegg, Elfie Kent and Charlie Dingwall;
  • 44-0-2037-57-4980.

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 Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.