Mr. Eldur Olafsson reports

AWARD OF STOCK OPTIONS & BLOCK LISTING APPLICATION

Amaroq Minerals Ltd. on July 24, 2023, granted an on-hire incentive stock option award to a new employee.

The option award gives the employee the right to acquire up to 19,480 common shares under the company's stock option plan. The option has an exercise price of 77 cents per share and will vest on Oct. 24, 2023. The option will expire if it remains unexercised five years from the date of the award.

Block listing application

As a result of the option award, Amaroq has made an application to the London Stock Exchange for a block listing of securities in respect of the 19,480 common share to be admitted to trading on AIM, with admission expected to become effective on or around Aug. 10, 2023.

The new common shares are being reserved and will be issued as required in order to cover the future exercise of the options. When issued, the new common shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the company.

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.