Mr. Eldur Olafsson reports

CONDITIONAL AWARDS UNDER RSU PLAN AND AWARD OF STOCK OPTIONS

On Dec. 30, 2022, Amaroq Minerals Ltd. made an award to directors and employees of Amaroq Minerals as listed below. The award consists of a conditional right to receive value if the future performance targets, applicable to the award, are met. Any value to which the participants are eligible in respect of the award will be granted as restricted share units, with each RSU entitling a participant to receive common shares in the company. Each RSU will be granted under, and governed in accordance with, the rules of the company's restricted share unit plan.

The RSU plan was approved by the company's shareholders at the annual general meeting held on June 16, 2022. Full details of the RSU plan were set out in the company's notice of annual and special meeting of shareholders and management information circular (available on the company's website).

The details of the award are as noted herein.

Dealing notification forms of each PDMR (person discharging managerial responsibilities) provided in accordance with Article 19 of the EU Market Abuse Regulation 596/2014 can be found below.

Award of stock options

Amaroq Minerals also announces that it has granted incentive stock option awards to employees and a consultant of Amaroq Minerals to acquire an aggregate of 1.33 million common shares under the company's stock option plan.

The options have an exercise price of 70 cents per share, vested immediately on the date of grant and will expire if they remain unexercised five years from the date of the award.

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 7,615.85 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.

We seek Safe Harbor.