Mr. Eldur Olafsson reports

RELATED PARTY TRANSACTION

Amaroq Minerals Ltd. has provided an update to its Nasdaq Main Market listing process in Iceland.

On March 28, 2023, the company announced that it was undergoing preparatory work in relation to the admission, which will consist of a transfer of its depositary receipts from the Nasdaq First North Growth Market to the regulated Nasdaq Main Market in Iceland.

Today the company announces that, in addition to engaging Landsbankinn hf as project manager and adviser on the admission, the company has engaged Fossar Investment Bank hf to assist in introducing Amaroq to investors, organizing investor meetings, and advising and analyzing the potential effects the admission has on the liquidity and formation of the share price of the corporation.

Fossar is a related party of Amaroq as it is a company in which Sigurbjorn Thorkelsson, non-executive director, is chairman of the board and indirectly controls over 30 per cent of the capital. Amaroq has agreed to pay Fossar 15,000 pounds sterling ($25,000 (Canadian)) and Amaroq will be responsible for any ancillary expenses on the planned engagement. The engagement will end upon the completion of admission.

The engagement with Fossar constitutes a related party transaction in accordance with Alternative Investment Market Rule 13. The independent directors, being the Amaroq directors other than Mr. Thorkelsson, having consulted with the company's nominated adviser, are confident that the terms of the engagement with the related party are fair and reasonable insofar as the company's shareholders are concerned.

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.