Mr. Eldur Olafsson reports

1ST QUARTER FINANCIAL RESULTS AND OUTLINE OF 2023 WORKPLAN

Amaroq Minerals Ltd. has provided its Q1 2023 financial results and outlined its current workplan for 2023.

Q1 2023 corporate highlights:

• Debt financing non-binding term sheets for a $66.8-million ($49.5-million (U.S.)) senior secured financing package signed on March 28, 2023;
• Gold business working capital of $46.7-million as of March 31, 2023 ($49.5-million as of Dec. 31, 2022), which together with the debt financing, would represent available liquidity of $113.5-million as the company approaches the trial mining stage at Nalunaq;
• ACAM joint venture completed. ACAM, through its affiliate company GCAM LP, has invested an initial amount of $30.4-million (18.0 million pounds sterling) under a subscription and shareholders' agreement in return for 490,000 ordinary shares in the subsidiary representing 49 per cent. Transaction completed and funds released on April 13, 2023;
• Strategic minerals has available liquidity of $30.4-million as the company embarks on the first year of the three-year exploration program;
• Announced intention to list on Iceland's Nasdaq Exchange main market, with listing preparation under way.

Q1 2023 operational highlights

• Nalunaq: Environmental impact assessment (EIA) for Nalunaq approved for translation into Greenlandic and Danish ahead of the public consultation meetings later this year. Execution of development progressing with letters of intent (LOIs) signed with Halyard and Thyssen Schachtbau and acquisition of underground mining equipment under way.
• Nanoq: Completion of 407.65-square-kilometre high-resolution heliborne geophysical survey across the Nanoq, Siku and Jokum's Shear gold projects with the aim of defining geological models to direct future drilling campaigns.
• Vagar Ridge: Two thousand twenty-two results provide further evidence of intrusion-related gold potential and the presence of orogenic gold mineralization with some geological similarities with the Nalunaq deposit, enabling the team to leverage previous experience.
• Kobberminebugt: Two thousand twenty-two results confirm copper mineralization to be skarn related with potential for significant tonnages at depth or along strike opening up the potential for numerous similar bodies across more than 40 km of granite contact zone.
• North Sava: Completed a 5,100 line-km aerial survey, the results of which are being processed and will be published in the second half of 2023.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"We enter the second quarter of the year very well-funded, and with a busy program of exploration to add incremental resource to the company and to bring Nalunaq on stream on time and on budget such that we can meet trial mining in 2024. At the same time, our plans for a main market listing in Iceland move forward. I would like to thank the entire team for their dedication and hard work as we grow the company at pace."

2023 exploration and development workplan

Gold projects

Nalunaq

In preparation for the 2023 field season and enabled by the debt financing, Amaroq is finalizing mine design and schedule for the up-dip portion of the Mountain block, thus laying the groundwork for a trial mining area. In order to realize this the Nalunaq project team is working on:

• Site preparation -- June to August, the site will undergo logistical planning, detailed engineering design, procurement and mobilization of equipment and project teams in preparation for underground development as well as construction of associated infrastructure.
• Mine preparation -- August to January, following the mobilization of equipment and personnel, the existing developments in the Mountain block will be reopened and rehabilitated with all required mining services installed.
• Trial mine operation -- January, 2024, onward, Amaroq intends to commence a new operation within the Mountain block with trial mining and ore production feeding an initial stage (gravity circuit) trial processing facility constructed on the valley floor.

In addition to this and to facilitate progressive resource growth in this trial mining area, the company is conducting a program of mountain drilling in the trial mining area and farther up-dip.

Nanoq

• The 2022 season saw the completion of a 407.65 square km high-resolution heliborne geophysical survey across the Nanoq, Siku and Jokum's Shear gold projects with the aim of defining geological models to direct future drilling campaigns.
• These results have highlighted a number of additional targets which will be assessed during field investigations in 2023 as well as site preparation ahead of initial drilling in 2024.

Vagar Ridge

• While Amaroq will focus its efforts on the development of the Nalunaq deposit during 2023, Amaroq will aim to construct a robust geological and mineralization model to inform future exploration at Vagar. Ground preparation and drill readiness preparations will also occur ahead of the 2024 season.

Strategic minerals projects (Amaroq 51 per cent)

Sava

• The 2022 field season saw the completion of a two-drill-hole scout drilling program across two target areas along with associated mapping and sampling across the licence.
• Amaroq has proposed a 2023 season incorporating further scout drilling on at least two separate iron-oxide-copper-gold targets along with further ground exploration in the form of geological and alteration mapping guided by external IOCG specialists.

North Sava

• An airborne geophysical survey of approximately 5,100 line km was completed across the North Sava subarea targeting the continuation of the mineralization and mineral potential already identified at Sava.
• Results are currently being interpreted by the Amaroq geology team and external consultants with conclusions are expected to be announced in the second half of 2023.

Kobberminebugt licence

• Samples of the main Josva vein returned up to 11.6 per cent copper over 0.5 metre. Minor gold and silver grades were also reported.
• The 2023 fieldwork plan revolves around a detailed airborne geophysical survey across the whole licence area aimed at signaturing the mineralization at Josva and Lilian and using this as a proxy for further discoveries.

Saqqaa dike

• Amaroq is planning on conducting a targeted surface core drilling program into the potential strike extension of Saqqaa dike below the Nalunaq valley floor and previously signatured from ground geophysical surveys.
• The Saqqaa peridotite dike is known to host semi-massive and disseminated magmatic sulphide mineralization, with elevated concentrations of nickel (up to over 1 per cent), copper (up to 6 per cent in float samples) and platinum group elements (up to 10 grams per tonne palladium in channel samples).

Stendalen licence

• A detailed geophysical survey will be conducted across the Stendalen layered intrusion in order to assess its potential to host Ni sulphides at depth and on its flanks.
• The titanium/vanadium hosting intrusion will also undergo ground reconnaissance and initial stratigraphic drilling to signature this mineralization as well as assess the Ni sulphide hosting potential.
• The Paatusoq syenite intrusion will be visited and sampled in 2023, with the main objectives being to follow up on historic radiometric anomalies and identify areas of mineralization. Drone surveys may be carried out to improve geological maps of the intrusion.
• A virtually unexplored layered gabbro intrusion in contact with the Paatusoq syenites may also be visited and assessed for its similarities to the Stendalen gabbro intrusion.

Amaroq financial results

The selected financial data in the "Financial results" table are extracted from the financial statements for the three months ended March 31, 2023.

                           FINANCIAL RESULTS

                                          Three months ended March 31,
                                                  2023           2022
        
Exploration and evaluation expenses         $1,181,653     $1,010,330    
General and administrative                   2,577,035      2,988,769    
Net (loss) and comprehensive (loss)          3,376,893      4,135,498    
Basic and diluted (loss) per common share        (0.01)         (0.02)       

Iceland investor event

Amaroq will be holding a capital markets day for the Icelandic market at the new headquarters of Landsbankinn at Reykjastrati 6, 101 Reykjavik, from 9 a.m. to 11 a.m. Iceland time on Friday, June 2, 2023.

Amaroq's board and senior management will provide an overview of the company's strategy and growth plans, in addition to an update on plans for the company's main market listing in Iceland. Attendees will have the opportunity to address questions to the management team.

The event will be broadcast live to enable remote access to the meeting. Please register for the webcast on-line.

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 A/S, incorporated under the Greenland Public Companies Act.

            CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

                                                         Three months 
                                                       ended March 31,
                                                  2023           2022

Expenses                                                                                                          
Exploration and evaluation expenses         $1,181,653     $1,010,330
General and administrative                   2,577,035      2,988,769   
(Loss) on disposal of capital assets            37,791              -   
Foreign exchange loss (gain)                  (197,004)       147,188       
Operating (loss)                             3,599,475      4,146,287   
Other expenses (income)                       
Interest income                               (231,319)       (20,325) 
Finance costs                                    8,737          9,536         
Net (loss) and comprehensive (loss)         (3,376,893)    (4,135,498) 
Basic and diluted (loss) per common share        (0.01)         (0.02) 

We seek Safe Harbor.