Mr. Eldur Olafsson reports

SENIOR MANAGEMENT APPOINTMENTS AND CONDITIONAL RSU AWARDS

Amaroq Minerals Ltd. has provided an update on senior management appointments.

Appointment of executive vice-president

Joan Plant has been appointed executive vice-president. Ms. Plant has 13 years of experience operating in Greenland, and has worked on the Nalunaq project since 2010. During this time, she has built a strong relationship with the government of Greenland whilst successfully applying her in-depth knowledge and expertise covering all aspects of the mining licensing, governance and monitoring processes.

Ms. Plan has been a member of the Amaroq team since the company's inception in 2017, and has played an integral part in facilitating its growth. As vice-president, ESG Ienvironmental, social, governance) and corporate secretary, she has driven the company's sustainability initiatives in Greenland, and has assumed responsibility for community engagement and local programs. Ms. Plan is a member of the Greenland Business Association Industry Committee for Mineral Exploration and Extraction 2022 to 2024.

Prior to this, Ms. Plan worked for 14 years in various positions at Barclays Bank, including becoming the change manager responsible for 13 sites, before moving to a project manager role at Barclays' head office.

In her new role, Ms. Plan will be responsible for overseeing strategic initiatives, driving growth and development, and overseeing the group's sustainability programs. She will play a pivotal role in guiding the company's vision to create a Greenlandic legacy, and ensuring its continued success.

Appointment of corporate secretary

Anna Solotova, vice-president, corporate legal, has been appointed corporate secretary following Ms. Plant's appointment. She will assume responsibility for corporate governance oversight, compliance management and ensuring the company's adherence to regulatory requirements in all jurisdictions where the company is listed. Ms. Solotova is a highly experienced corporate law and governance professional. Prior to joining Amaroq in 2022 Ms. Solotova served as corporate secretary and head of the corporate governance team for Polyus Group, supporting the company on major stock exchanges. She is an associate member of the Chartered Governance Institute.

Conditional award under RSU plan

On Oct. 13, 2023, Amaroq Minerals made an award under the restricted share unit plan as detailed below. The award consists of a conditional right to receive value if the future performance targets, applicable to the award, are met. Any value to which the participants are eligible in respect of the award will be granted as restricted share units, with each RSU entitling a participant to receive common shares in the company. Each RSU will be granted under, and governed in accordance with, the rules of the company's restricted share unit plan.

The RSU plan was approved by the company's shareholders at the annual general meeting held on June 15, 2022. Full details of the RSU plan are published on the company's website.

The details of the award are as follows:

• Award date: Oct. 13, 2023;
• Initial price: 55.2 cents;
• Hurdle rate: 10 per cent per annum above the initial price;
• Total pool: 10 per cent of the growth in value above the hurdle rate, not exceeding 10 per cent of the company's share capital. The number of shares will be determined at the measurement date;
• Participant proportion: Edward Wyvill, corporate development, 10 per cent;
• Performance period: Jan. 1, 2022, to Dec. 31, 2025 (inclusive);
• Normal measurement dates:
  • First measurement date: Dec. 31, 2023, 50 per cent vesting on the first anniversary of grant, with the remaining 50 per cent vesting on the third anniversary of grant;
  • Second measurement date: Dec. 31, 2024, 50 per cent vesting on the first anniversary of grant, with the remaining 50 per cent vesting on the second anniversary of grant;
  • Third measurement date: Dec. 31, 2025, vesting on the first anniversary of grant.

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. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.