Mr. Eldur Olafsson reports

STATEMENT REGARDING PRESS SPECULATION

Amaroq Minerals Ltd. has noted the current press speculation regarding a possible equity fundraising, and confirms it is in the process of taking indications of interest from investors with regard to a placing and subscription of new common shares to raise proceeds of approximately 30.0 million pounds sterling (equivalent to approximately $51.0-million (Canadian) or 5.2 billion Icelandic kronur) at a price of 74 pence ($1.25 (Canadian) or 127 Icelandic kronur) per new common share, with the proceeds being used to accelerate development and exploration activities, with the focus to materially increase shareholder value and derisk the company's portfolio. To date, the company has received indications of interest from investors in excess of 30.0 million pounds sterling at the placing price, and the placing is underwritten partly by Landsbankinn hf (see below).

Further information regarding the fundraising will be announced in due course.

Eldur Olafsson, chief executive officer of Amaroq, commented: "Following excellent results from last summer's activities, we are now investing to increase recoveries at Nalunaq and to accelerate our exploration plans across our strategic mineral acreage in southern Greenland, bringing our program forward by two years. By further derisking the development of Nalunaq whilst also advancing exploration in both gold and strategic minerals, we believe we can deliver value for shareholders. In addition, the company will now become net debt free.

"It is a very exciting time to be the largest acreage holder in southern Greenland, an area which has become one of the last frontiers for western governments and companies, to secure scaled supply of the strategic minerals so desperately needed for the energy transition. Now the value that we have been building over the past eight years will be tested through further development and drilling to unlock the true potential of our land package."

Further details:

• The approximately 30.0-million-pound-sterling fundraising is intended to consist of:
  • A proposed placing of new common shares (the United Kingdom placing shares) with new and existing institutional investors at the placing price.
  • A proposed private placement of new depositary receipts representing new common shares (the Icelandic placing shares) with new and existing investors at the placing price.
  • A proposed private placement of new common shares (the Canadian subscription shares) by certain existing institutional investors and directors of the company at the placing price.
• Net proceeds from the fundraising are intended to be used to accelerate mining of the target block at the company's cornerstone Nalunaq gold project and other associated works to enable a smoother transition to nameplate capacity of 300 tonnes per day to the processing plant, the flotation circuit and the dry-stack tailings facility to increase recoveries, as well as provide financing to accelerate exploration during 2024 across the company's Vagar, Nanoq and Gardaq joint venture licences.
• Stifel Nicolaus Europe Ltd. is acting as sole bookrunner and broker on the U.K. placing. Stifel is also acting as the company's nominated adviser. The U.K. placing will be conducted through an accelerated bookbuild process to be conducted by Stifel, and a further announcement will be made regarding the bookbuild shortly.
• Landsbankinn and Fossar fjarfestingarbanki hf are acting as joint bookrunners on the Icelandic placing, and Landsbankinn is acting as underwriter.
• In relation to the Icelandic placing, Landsbankinn has agreed to underwrite the fundraising by up to 10 million pounds sterling guaranteeing to the company participation in the fundraising in the maximum amount of 30 million pounds sterling, with the commitment to procure subscribers or itself subscribe for new common shares to be delivered as depositary receipts amounting to an amount equal to the difference between 20 million pounds sterling and 30 million pounds sterling, or its equivalent in Iceland kronur.

We seek Safe Harbor.