Mr. Eldur Olafsson reports

GCAM JOINT VENTURE UPDATE

Further to the news release dated Oct. 19, 2022, Amaroq Minerals Ltd. continues to progress toward the closing of its previously announced joint venture transaction with GCAM LP, which the corporation expects to complete in line with the previously announced timetable.

The corporation has already satisfied several conditions needed to release the 18.0-million-pound-sterling subscription and the shareholders agreement between the corporation, Nalunaq A/S and GCAM LP from escrow, and for the GCAM transaction to become effective, including obtaining the conditional approval from the TSX Venture Exchange. Upon the resolution of the final regulatory and administrative matters as set out in the news release dated Oct. 19, 2022, the corporation expects to satisfy the remaining conditions needed to complete the GCAM transaction, which the corporation expects to complete by the end of first quarter 2023 as previously disclosed.

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 corporation'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, incorporated under the Greenland Public Companies Act.

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