Mr. Eldur Olafsson reports

AMAROQ ANNOUNCES MARKET-MAKING ARRANGEMENTS WITH ARION BANKI AND LANDSBANKINN

Amaroq Minerals Ltd. has engaged Arion banki hf (Arion Bank) and Landsbankinn hf to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts listed on the Nasdaq First North Growth Market in Iceland.

In accordance with the requirements of Policy 3.4, Investor Relations, Promotional and Market-Making Activities, of the TSX Venture Exchange, Amaroq hereby provides the following information regarding the service providers.

Arion Bank

The engagement of Arion Bank was made pursuant to the terms of a market-making agreement entered into between Amaroq and Arion Bank on Oct. 31, 2022. Arion Bank, registration No. 581008-0150, Borgartun 19, 105, Reykjavik, Iceland, holds a full banking licence under the Act on Financial Undertakings, No. 161/2002, and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland. In accordance with the terms of the market-making agreement, Arion Bank shall be paid 3.75 million Icelandic kronur per quarter or a percentage of that amount for shorter periods, with such payment being settled at the end of each quarter. The market-making agreement is open ended and is in force from Oct. 30, 2022. The market-making agreement may be terminated at any time by either party upon providing a 14-day prior written notice or by mutual agreement.

Landsbankinn

The engagement of Landsbankinn was made pursuant to the terms of a market-making agreement entered into between Amaroq and Landsbankinn on Oct. 25, 2022. Landsbankinn, registration No. 471008-0280, Austurstrati 11, 155, Reykjavik, Iceland, holds a full banking licence under the Act on Financial Undertakings, No. 161/2002, and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland. In accordance with the terms of the market-making agreement, Landsbankinn shall be paid 1.5 million Icelandic kronur per quarter or a proportionally lower amount for shorter periods, with such payment being settled on the 15th day of the month immediately following the end of each quarter. The agreement is valid until Nov. 1, 2023, unless terminated by either party upon providing a seven-day prior written notice.

Amaroq confirms that the market-making services provided by Arion Bank and Landsbankinn are limited to the depositary receipts listed on the Nasdaq First North. Any market-making activities in Canada will be conducted using a registered broker in compliance with Policy 3.4 of the exchange, IIROC's (Investment Industry Regulatory Organization of Canada) universal market integrity rules and policies, and other relevant policies.

Neither marking-making agreement entered into with Arion Bank or Landsbankinn contains any performance factors, and neither Arion Bank nor Landsbankinn will receive any common shares or options as compensation. Further, Arion Bank, Landsbankinn and Amaroq are unrelated and unaffiliated entities, and, as of the date hereof, Arion Bank holds 4,835,408 common shares of Amaroq and Landsbankinn holds 563,175 common shares, representing approximately 1.84 per cent and 0.21 per cent, respectively, of the issued and outstanding common shares on a non-diluted basis.

About Amaroq Minerals Ltd.

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-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 AS, incorporated under the Greenland Public Companies Act.

We seek Safe Harbor.