Mr. Eldur Olafsson reports

RESULTS OF FUNDRAISING

Amaroq Minerals Ltd. has successfully completed its significantly oversubscribed proposed fundraising as announced on Feb. 12, 2024.

A total of 62,724,758 new common shares have been conditionally placed with new and existing institutional investors at a price of 74 pence ($1.25, 127 Icelandic kronur (ISK)) at the closing exchange rate on Feb. 9, 2024) per new common share, raising net proceeds of approximately 44 million pounds sterling ($75-million, 7.6 billion ISK). Net proceeds raised in excess of the initially targeted 30 million pounds sterling will be used to further advance exploration at the company's Vagar and Nanoq licences and to finance an additional capital injection into its Gardaq joint venture.

The total fundraising shares represent approximately 19 per cent of the company's enlarged share capital after the completion of the fundraising.

The placing price represents a 5.7-per-cent premium to the closing price on Feb. 9, 2024, on AIM (Alternative Investment Market), being the last practicable closing price prior to the announcement of the fundraising.

Stifel Nicolaus Europe Ltd. acted as sole book runner and broker on the United Kingdom placing. Stifel is also acting as the company's nominated adviser.

Landsbankinn hf. and Fossar Investment Bank hf. acted as joint book runners on the Icelandic placing and Landsbankinn acted as underwriter.

Eldur Olafsson, chief executive officer of Amaroq, commented:

"I would like to thank all participating shareholders for their strong support shown in this financing. We were particularly pleased to note strong demand from the Scandinavian pension funds. The funds raised will enable us to accelerate mining at Nalunaq, whilst continuing to invest in our exploration portfolio in both gold and strategic minerals across South Greenland.

"We now have great confidence in delivering on our objectives at the Nalunaq mine, and in enhancing our potential to deliver value for shareholders and local communities within Greenland, and I look forward to providing an update on specific timings for the Nalunaq project later this year."

Application for admission

Applications will be made for admission of the fundraising shares to trading on (a) AIM; (b) Nasdaq Iceland's main market; and (c) the TSX Venture Exchange, with listing subject to the conditional approval of the TSX-V and the company satisfying all of the requirements of the TSX-V.

It is currently expected that admission will become effective, and that dealings in the fundraising shares will commence on AIM at 8 a.m. GMT on Feb. 23, 2024, on Nasdaq Iceland's main market at 9:30 a.m. GMT on Feb. 23, 2024, and on TSX-V at 9:30 a.m. ET on Feb. 23, 2024 (or, in each case, such other date as may be agreed by the company).

The fundraising shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing common shares of the company, including the right to receive all dividends and other distributions thereafter declared, made or paid on the enlarged share capital from admission.

Total voting rights

Following the admission of the Icelandic placing shares, the United Kingdom placing shares and the Canadian subscription shares, Amaroq's total issued share capital will consist of 326,455,446 common shares of no par value. Given the company does not hold any common shares in treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the company under the disclosure guidance and transparency rules of the Icelandic Act No. 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings.

Director participation and related-party transaction

Amaroq director, Sigurbjorn Thorkelsson, has participated in the Canadian subscription, acquiring a total of 2.7 million new common shares, representing gross proceeds of two million pounds sterling ($3.4-million, 343 million ISK) via Klettar LP (in which he is a sole beneficiary). The notification in the table entitled "Persons discharging managerial responsibilities (PDMR) disclosures" is made in accordance with the requirements of the U.K. Market Abuse Regulation.

Mr. Thorkelsson's participation via Klettar LP, by virtue of his position as a director in the company, is classified as a related-party of the company and his participation in the fundraising is considered a related-party transaction under Rule 13 of the AIM rules.

The independent directors consider, having consulted with Stifel, the company's nominated adviser, that the terms of the participation by Mr. Thorkelsson via Klettar LP is fair and reasonable, insofar as shareholders are concerned.

We seek Safe Harbor.