Mr. Eldur Olafsson reports

Q3 2023 FINANCIAL RESULTS

Amaroq Minerals Ltd. has released its Q3 2023 financial results.

Q3 2023 corporate highlights:

• Amaroq group liquidity of $115-million (cash (gold and strategic minerals businesses), convert, loan and overrun facility);
• Gold business working capital of $59-million as of Sept. 30, 2023 ($41-million as at June 30, 2023);
• The strategic minerals business has available liquidity of $22.5-million ($29.3-million as at June 30, 2023);
• Closing of $50.9-million (U.S.) senior secured debt financing package, enabling the staged transition production at the Nalunaq gold project;
• Amaroq successfully completed the transfer of its Icelandic listing from Nasdaq First North Growth Market to the Nasdaq Main Market in September, 2023;
• Completion of most successful drilling program at Nalunaq to date, underpinning potential for faster resource growth in Nalunaq;
• Significant expansion of mineral licence holding in south Greenland following the award of two additional mineral exploration licences.

Q3 2023 operational highlights:

• Contracting: At the end of Q3 2023, contracting for the processing plant, infrastructure and construction, as well as underground mine rehabilitation and mining, was 75 per cent complete.
• Engineering: Processing plant engineering was 63 per cent complete at the end of Q3 2023, accounting for some additional scope and optimization procedures within the core engineering work streams.
• Construction: Process plant pad construction neared completion. The Nalunaq camp expansion and upgrade was well under way with the assembly of an additional 30-person, winterized accommodation block completed. Components for the processing plant are arriving to site on schedule.
• Mining: Procurement of all required equipment and machinery for mine rehabilitation was completed. Mine rehabilitation works commenced in October, 2023.
• Nalunaq exploration: The 1,735-metre resource drilling program at the Mountain block extension was completed. This included the highest-ever grade of a main vein intercept at 182 grams per tonne (g/t) gold (Au) over 0.69 metre. Drilling confirmed the existence of the parallel 75 vein in the hangingwall, with grades of up to 256 g/t Au over 0.5 metre.
• Strategic minerals: Amaroq completed the scout drilling program across two targets at the Sava copper belt and commenced the Stendalen stratigraphic drilling.

Nalunaq project KPIs (key performance indicators):

• 33,684 total hours worked during Q3 2023;
• Daily average of 32 people working on site at Nalunaq over the period;
• Zero lost-time injuries in year to date 2023;
• Committed to ensuring local representation among the work force, with the ratio of Greenlandic personnel at Nalunaq standing at 59 per cent in year to date 2023;
• A further update on progress at Nalunaq will be provided later in 2023.

Q4 2023 outlook:

• Permitting: The public consultation for the environmental impact assessment (EIA) and social impact assessment (SIA) for Nalunaq is expected to take place in Q4 2023.
• Contracting: Key contracting processes are expected to be 100 per cent completed following signing of the EPCM contract by the end of Q4 2023.
• Engineering: Overall engineering for the processing plant is expected to be 85 per cent complete by the end of Q4 2023.
• Construction: The company is targeting 50-per-cent overall completion by the end of Q4 2023, with construction of the processing plant's main building to commence in Q4 2023.
• Mine rehabilitation: The rehabilitation of the Nalunaq mine access portals is expected to be complete at the 300 level and 450 level, alongside rehabilitation of the access ramp for 720 level in Q4 2023.
• Support infrastructure: The expansion and upgrade of the 50-person Nalunaq base camp to an 88-person camp are expected to be completed by the end of 2023.
• Nalunaq exploration: Further results from two additional sampled intersections at the 75 vein are expected in Q4 2023.
• Strategic minerals: Results from the Sava drilling program and initial results from the Stendalen stratigraphic drilling are expected in Q4 2023 or Q1 2024.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"We continue to make solid progress with our development work plan to bring Nalunaq into production successfully and sustainably. Postperiod and following the finalization of two key services contracts, we commenced mine rehabilitation activities at the project and I look forward to providing a fuller update on Nalunaq later this year.

"We remain focused on exploration across our strategic minerals targets, and, during the quarter, we completed a scout drilling program across two key targets across the Sava copper belt and commenced a stratigraphic drilling program at the Stendalen nickel-copper target, with results expected in Q4."

Update on Q3 2023 operational work plan

Nalunaq development work plan

Nalunaq:

• Following the successful mobilization of equipment and personnel, mine rehabilitation works are set to commence at Nalunaq in Q4 2023, including the installation of all required mining services within the Mountain block, ahead of initial mining commencing next year.
• Following the finalization of key contracts and procurement of all major long lead items for the processing plant, the company plans to commence the construction of the processing plant main building in Q4 2023.
• The expansion and upgrade of the Nalunaq all-weather camp are expected to be completed by the end of 2023.
• The company intends to provide a further update on the Nalunaq project development program later in 2023.

Gold exploration projects

Nalunaq:

• Results from the completed Mountain block drilling recorded the company's highest-grade main vein intercept ever reported at 182 g/t Au over 0.69 metre during a program to explore the updip extension of the Mountain block.
• New discovery of several hangingwall veins intersected, including 256 g/t Au over 0.5 metre in the 75-metre vein, showing similar thickness to main vein, providing potential for further mineable 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.
• Further underground exploration is scheduled for Q4 2023 aimed at opening up a new high-grade mining extension from the target block, which is located next to the Mountain block.

Nanoq:

• ALS Goldspot conducted a full review of the 2022 geophysical survey results to further define existing and new gold targets, with further surface exploration and site preparation for initial drilling to take place in 2024.

Vagar Ridge:

• Amaroq continues to progress the construction of a robust geological and mineralization model to inform future exploration, including additional data collection and review and further geological mapping and sampling.

Strategic minerals projects (Amaroq, 51 per cent)

Sava copper belt (Sava/North Sava):

• Scout drilling across the two key targets in Sava, one assessing a copper-molybdenum porphyry-style and the other a copper-gold epithermal-style target, continued through the period and where completed with all core transported to Nalunaq for logging and sampling. Results expected during Q4 2023.
• The company additionally plans to conduct a gravity geophysical survey over the Sava licence area to ensure full coverage of the prospective copper belt.

Stendalen:

• Following the review and identification of a number of geophysical targets, a stratigraphic drilling program commenced at Stendalen during the quarter aimed at intersecting both potential platinum group metals and nickel-copper sulphide mineralization at depth.
• In order to realize this hole, a remote camp operation has been set up on the bay leading to Stendalen. Drilling of this hole is expected to be completed during Q4.

Kobberminebugt:

• Following the completion of a high-resolution MT survey over the entire licence, results are expected in Q4 2023.

Paatasoq:

• Following the reconnaissance exploration conducted over licence area to assess REE (rare earth element) and critical metal potential with the assistance of the University of St. Andrews, full results and interpretations are expected in Q4 2023.

Amaroq financial results

The selected financial data in the attached tables are extracted from the financial statements for the three months ended Sept. 30, 2023.

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, a development-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.

We seek Safe Harbor.