Mr. Eldur Olafsson reports

AMAROQ PREPARES FOR LISTING ON NASDAQ MAIN MARKET IN ICELAND

Amaroq Minerals Ltd. has provided an update on its planned listing on the Nasdaq Main Market in Iceland.

Highlights:

• Amaroq is preparing to move its shares in Iceland from Nasdaq First North Growth Market Iceland (First North) to the Nasdaq Main Market in Iceland (Main Market). The transfer is expected to take place in the third week of September, 2023.
• A Main Market listing has the potential to make the company eligible for future inclusion in a number of Icelandic and international stock market indices.
• There is strong precedent for Icelandic institutional investors increasing their ownership of companies as a result of the move from First North to the Main Market.

A presentation providing further detail on the Main Market listing process and the rationale for the company's transfer is available on the company's website.

Eldur Olafsson, chief executive officer of Amaroq Minerals, commented:

"Moving our shares to Iceland's Main Market will place Amaroq in a very favourable position. Since listing on First North last year, we have benefitted from strong demand from the Icelandic market and believe the Main Market listing will further enhance this. I invite you to view the presentation on our website, which provides further detail on the process and fundamental analysis in relation to our move to the Main Market."

Overview

The company is progressing the application process to admit its shares to trading on the Main Market in Iceland. The company has submitted a draft prospectus to the financial supervisory authority (FSA) of the Central Bank of Iceland and, subject to the board's approval, plans to proceed with the formal request for admission. The final application for admission is subject to FSA approval of the prospectus and all Nasdaq Main Market requirements being satisfied. The company will not issue new share capital alongside the transfer to the Main Market.

The first day of trading will be agreed with Nasdaq Iceland at a later date and is expected to be in the third week of September. Trade in Amaroq shares on the Alternative Investment Market (AIM) and the TSX Venture Exchange will remain unaffected.

A Main Market listing has the potential to make the company eligible for future inclusion in a number of Icelandic and international stock market indices. These include the OMX Iceland All-Share Index immediately upon uplisting and the FTSE Global Total Cap and Global Micro Cap indices from June, 2024, subject to meeting certain inclusion criteria including in relation to trading volumes.

Moving from First North to the Main Market will also increase the visibility of Amaroq to Icelandic institutional shareholders, such as pension funds. Iceland has over 20 pension funds with around $53-billion (U.S.) in assets under management. Collectively, these pension funds hold around 50 per cent of the shares of all companies listed on the Main Market, making them a very important part of the investor universe in Iceland.

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 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.