Mr. James Gilbertson reports

HIGH-GRADE EXTENSION OF TARGET BLOCK CONFIRMED AT NALUNAQ

Amaroq Minerals Ltd. has released additional exploration results from within the Nalunaq mine following its 2023 exploration program.

James Gilbertson, vice-president of exploration, commented: "A thorough underground exploration program, guided by our dolerite dike model, has once again enabled our team to identify further resource and mining potential at Nalunaq. These channel results highlight the continuity of the high grade at the Target block beyond the last historic stopes. This significantly derisks a designed underground rehabilitation and exploration program aimed at advancing additional development faces, which should help the company to progress towards its target production rate of 300 tonnes per day and increase the overall contained resource.

"In addition, further sample results now confirm the significant extent of the newly discovered 75 vein, now with a total extension similar to that of the Main vein. This body is now known to extend above all mining blocks with grades of up to 256 grams per tonne gold over 0.5 metre above the Mountain block, 22.59 g/t Au over 0.59 m above the Target block, 175 g/t Au over 0.51 m above the South block and 15.5 g/t Au over 1.45 m above the Valley block. These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a mineral resource for this vein in the near future."

Overview:

• Results have been received from underground channel sampling across three levels within the Target block, historically the highest-grade region of the mine.
• Sampling was aimed at corroborating previously unreported historical channel samples that suggested the continuation of the Target block into extension areas.
• Results confirm the high-grade nature of the Target block extending into previously unmined areas, with grades of up to 48.3 g/t Au over one m.
• Following these results, Amaroq intends to commence underground drilling aimed at developing a second mining face at Nalunaq with a potential strike extension of up to 775 m.
• Additional samples further confirm the continuity of the newly discovered 75 vein, with grades of up to 256 g/t Au over 0.5 m reported in the 2023 Nalunaq drilling campaign.
• Amaroq intends to further expand the sampling of core from historical drill holes in 2024 to aid the geological modelling of the 75 vein.

Underground exploration

During an underground exploration program guided by Amaroq's dolerite dike model at Nalunaq during 2023, the Amaroq team recognized that the Main vein appeared to extend beyond the last stope within the western areas of the Target block. This area was formerly the highest-grade region of the Nalunaq mine. This strongly suggested that the mineralization previously mined within this block extended well beyond the last stopes and into virgin ground. The potential extension from these last stopes to the Main vein outcrop to the west is around 775 m.

Historical development and sampling in these areas appear not to have fully appreciated.

Sampling proceeded with the use of a twin-blade diamond channel cutter, with samples taken as full Main vein widths on the side walls alongside historical chip channel samples. Samples were fully documented and submitted to ALS Geochemistry for sample preparation on site and chemical assaying in Ireland.

The results from this channel sampling program corroborate the inefficient historical chip channel samples and confirm that the Main vein beyond the last stope is high grade mineralized with new assays of up to 48.3 g/t Au over one m. This knowledge, coupled with the visual mapping of a strong program, would provide sufficient confidence to allow for the mine design and scheduling in the Target block extension as the second development face at Nalunaq.

Additional 75 vein sampling

Following the discovery of the new mineralized vein, 75 metres stratigraphically above the Main vein from the 2023 drilling (the 75 vein, reported Oct. 11, 2023), the Amaroq team reassessed the remaining core from this program as well as a number of historical drill holes that potentially had intersected the 75 vein, but had not been fully recognized. The results of this now conclude that five of the six 2024 drill holes intersected this body and that now a total of 46 75 vein intersects have been recognized. In addition to this, approximately 100 more intersections require review and sampling -- this will be conducted during 2024.

The 75 vein is now the most-continuous mineralized body at Nalunaq after the Main vein, with a similar overall strike extent. Amaroq's intention is to continue the relogging and identification of additional 75 vein intersects during 2024, facilitating the robust modelling of this vein, which will in turn allow for mineral resource estimation in areas that contain sufficient drill density.

The 75 vein now also constitutes a potential mine development area toward developing additional mine faces allowing the company to build toward its target production rate of 300 tonnes per day.

Background -- the Nalunaq orebody

The Main vein at Nalunaq is a laterally extensive, shallowly dipping, gold-bearing quartz vein with an average thickness of 70 centimetres. The vein hosts variable high gold grades of up to 5,240 g/t, with the mineralization separated into high-grade zones of up to 5,240 g/t and low-grade zones, both of which are controlled by the intersection of structures which Amaroq has defined in its dolerite dike geological model.

This vein was mined between 2004 and 2013, and produced approximately 360,000 ounces of gold. Amaroq is exploring for an exploration target of up to two million ounces of gold across the Main vein and veins in the footwall and hangingwall, as announced on Sept. 16, 2020. Following a mineral resource estimate update published on Sept. 6, 2022, the project hosts a CIM-compliant (Canadian Institute of Mining, Metallurgy and Petroleum) inferred mineral resource of 355,000 tonnes at 28 g/t Au, with 320,000 ounces of gold.

The mine area is separated into five coherent zones -- termed the Mountain, Target, South, Valley and Welcome blocks -- that constitute the highest-grade areas of the Main vein. Three of these blocks have experienced some historical mining, with the company concentrating its efforts in expanding resources up and down dip of these areas as well as developing previously unrecognized blocks.

The 2022 exploration program involved further core drilling, underground assessments, surface channel sampling and drone photogrammetry concentrated on the Valley and Mountain blocks.

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 metallic 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 Canadian Institute of Mining, Metallurgy and Petroleum 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 persons

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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