Mr. Eldur Olafsson reports

NALUNAQ 2023 DRILLING RESULTS DELIVER RECORD GOLD GRADE RESULTS

Amaroq Minerals Ltd. has released the results of its 2023 exploration drilling program at Nalunaq.

Eldur Olafsson, chief executive officer of Amaroq, commented: "These are the highest-grade drill results at Nalunaq since we founded Amaroq Minerals in 2017. These results highlight the substantial upside potential to our development plans, and confirms the extension of the high-grade zone, which sits within our current mine plan and extends beyond.

"This year's drilling program at the Mountain Block extension, from two high-altitude mountain locations, is testament to the effective collaboration between the Amaroq technical team and our long-term contractors. Together, they have safely delivered these results from our high-quality targets in the timescale required to meet our seasonal objectives.

"This marks another step forward to meeting our internal objective of expanding our mineral resource at Nalunaq towards one million ounces and potentially beyond."

James Gilbertson, vice-president of exploration, commented: "We deliberately focused this year's Nalunaq exploration program on the Mountain Block, the planned area for our initial mining program due to commence in 2024. Our efforts will now turn to developing a further mining front at Nalunaq, with underground exploration and drill planning on the Target Block high-grade zone.

"In addition, these results have confirmed the presence of a potential orebody in the hangingwall, referred to now as the 75 vein, which adds upside to Nalunaq's prospectivity and mine life."

Overview:

• Recorded the company's highest-grade main vein intersection ever reported at 182 grams per tonne gold over 0.69 metre during a program to explore the up-dip extension of Mountain Block.
• Six drill holes successfully completed for 1,731.43 m from two high mountain platforms.
• All six drill holes intersected the main vein structure as predicted, with four confirming a significant extension of the high-grade mineralization in Mountain Block, the focus of the company's initial mining program scheduled to commence in 2024.
• Results provide invaluable information on the form and continuity of the main vein, critical for mine design and planning.
• New discovery of several hangingwall veins intersected, including 256 g/t Au over 0.5 m in the 75 vein, showing similar thickness to the main vein, providing potential for further minable bodies beyond the main vein.
• Amaroq further expects results from two additional sampled intersections at the 75 vein, which are currently being processed by the laboratory.
• New high-resolution drone imagery provides significant new structural data on the main vein and hangingwall vein continuity up dip that will guide 2024 drilling activities.
• Further underground exploration is scheduled for Q4 2023, aimed at opening up a new high-grade mining extension from Target Block, which is located next to Mountain Block.
• Drill results further confirm the Dolerite dike model method used to define high-grade regions in the main vein.

2023 drilling results

The 2023 program consisted of 1,731.43 m of diamond core drilling across six targeted mountain drill holes. The objective of this drill program was to test the continuation of the Mountain Block high-grade corridor, up dip from the zone the company is planning to initiate initial mining during 2024.

This targeted program, completed from two mountainside platforms constructed in very challenging locations, successfully intersected the main vein structure in all six drill holes. In addition, the presence of an extremely high-grade intersection (182 g/t Au over 0.69 m from NAL2305) and four intersections of economic and anomalous gold provide conclusive evidence of the significant extension of Mountain Block beyond which was previously modelled. This holds significance as Mountain Block is set to form the core of the company's future mining schedule following the initiation of the trial mining program in 2024.

Amaroq expects further results from two additional sampled intersections of the 75 vein, which are currently being processed by ALS Geochemistry, and will provide an update in due course.

As with previous programs, the drilling was completed using the company's structural Dolerite dike model, which has proved to be an effective targeting tool. A particular highlight was a 0.69 m intersection of the main vein with significant visible gold, which resulted in the highest grade ever intersected by the company (182 g/t Au over 0.69 m from NAL2305), breaking the previous record set during 2022 (116 g/t Au over 0.62 m from AEX2237).

In addition to the main vein, the company intersected a number of hangingwall veins that were reported on during drone imagery taken in 2022. These include 256 g/t Au over 0.5 m from NAL2305. From initial modelling, vein 75 (75 m stratigraphically above the main vein) may constitute a significant new mineralization target that could be accessed as mining and development on the main vein proceed up the mountain. A review of the historical data shows that NQ96, drilled in 2004, intersected a vein at this level which graded 22.59 g/t Au over 0.54 m, 450 metres away from this year's intersection in NAL2305. It is likely that the historical intersection is also related to the 75 vein.

2023 drone survey

Further to the drilling program, the company also completed detailed drone imagery across the north face of the mountain to supplement the 2022 drone survey. This will provide centimetre accuracy to future mineral resource wireframing and further illustrated the presence and continuity of the 75 vein. In the course of acquiring this imagery, a zone of structural thinning (pinching) of the main vein was observed, which was further corroborated by the results from the core drilling. This information could prove invaluable to future mine design and planning activities as the initial mining program progresses toward full-scale mining operations.

Further exploration and 2024 programs

In 2024, the company intends to conduct further underground exploration to assess the continuation of the Target Block high-grade zone, guided by the Dolerite dike model. This aims to provide evidence for the potential to significantly extend the resource in this area of the deposit and will feed into a planned surface drill program in 2024 similar to that conducted this year on Mountain Block. This exploration initiative holds the potential to open up a second underground mining target for the initial mining program.

Sampling and quality assurance/quality control disclosure

Drill core was cut in half, using a diamond blade core saw. Cut lines were consistently drawn along the core foliation axis, and the right-hand side of the core was sampled. All drill core samples were placed into thick polymer bags with a sample ticket. All samples were prepared at ALS Geochemistry's containerized preparation laboratory on site at Nalunaq, before being packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis.

Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70 per cent under two millimetres, rotary splitting off one kilogram and pulverizing the split to better than 85 per cent passing 75 micrometres. Samples were then analyzed by 50 g fire assay with method Au-AA26, which has a detection limit of 0.01 part per million Au. Samples containing visible gold and samples considered to be the main vein were assayed with screen metallics fire assay technique Au-SCR24, which has a detection limit of 0.05 ppm Au. This involves screening one kg of pulverized sample to 106 micrometres followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction.

Amaroq's quality assurance/quality control program consists of the systematic insertion of certified reference materials of known gold content, blanks and quarter core field duplicates at a rate of one in 20, or 5 per cent per quality assurance/quality control type. In addition, ALS inserts blanks and standards into the analytical process. The average sample mass was 2.08 kg.

All mineral resource estimates presented in this press release have been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definition standards on mineral resources and mineral reserves, National Instrument 43-101.

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 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 in southern Greenland covering the two known gold belts in the region.

Qualified person statement

The mineral resource estimate was prepared by Dr. Lucy Roberts, MAusIMM (CP), principal consultant (resource geology), SRK Consulting (U.K.) Ltd., an independent qualified person in accordance with the requirements of NI 43-101. Dr. Roberts has approved the disclosure herein.

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president of exploration for Amaroq Minerals, a chartered geologist with the Geological Society of London, a qualified person as defined by NI 43-101.

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