Mr. Eldur Olafsson reports

2023 FULL YEAR FINANCIAL RESULTS

Amaroq Minerals Ltd. has released its Q4 and 2023 financials and provide an update on its planned operational activities for 2024. All dollar amounts are expressed in Canadian dollars unless otherwise noted.

A remote presentation for sell-side analysts and investors will be held remotely at 14:00 GMT today, followed by an opportunity to ask questions.

Analysts and investors who wish to participate in the webcast are requested to register via the link here: https://brrmedia.news/AMRQ_FY23

Eldur Olafsson, CEO of Amaroq, commented:

"Following our successful Fundraising in February 2024, we have increased the scope of the Nalunaq gold project development to account for accelerating the transition of the process plant to nameplate capacity of 300 tonnes per day.

"We experienced some operational and procurement delays towards the end of 2023 due to adverse weather conditions, which continued into the start of 2024. This situation has now significantly improved and we are making good operational progress.

"Greenland offers significant potential for improving the security of supply of raw materials for Europe. We are particularly encouraged by recent developments following the recent signing of two new collaboration agreements to strengthen the EU-Greenland Partnership and the opening of a new EU office in Nuuk. 2024 is a crucial year for Amaroq as we focus on bringing Nalunaq into production, whilst accelerating exploration activities across our wider precious and strategic metals portfolio. We look forward to providing further updates on the Nalunaq development program at a planned Capital Markets event in early Summer."

FY 2023 Corporate Highlights

• Amaroq group liquidity of C$78.2 million (cash (gold and strategic minerals businesses) loan and overrun facility) as of December 31, 2023
• Gold business working capital of C$37.6 million as of December 31, 2023 (C$59 million as at September 30, 2023)
• Strategic minerals business available liquidity of C$18.7 million as of December 31 (C$22.5 million as at September 30, 2023)
• Successful transfer of Icelandic listing to Iceland Nasdaq Main Market in 2023 and admission to the OMX Iceland 15 Index, effective in January 2024
• Completion of most successful drilling program at Nalunaq to date and discovery of new 75 vein, underpinning potential for faster resource growth
• Awarded two additional licences in South Greenland, increasing the corporation's total licence holding to 9,785.56 km2, making it the largest licence holder any mining company in Greenland
• Geological interpretation and advanced data science at the Nanoq target have expanded its potential size and have indicated a 25km corridor linking it to the Jokum's Shear project
• Promising results from 2023 Strategic Minerals exploration program, with significant new nickel-copper discovery at Stendalen
• Post-period, in February 2024, the company completed a Fundraising, raising net proceeds of approximately $75 million, to accelerate mining of the Target Block at the Nalunaq and associated works to enable a smoother transition of the process plant to nameplate capacity of 300 tonnes of ore processed per day.
• Amaroq achieved score of "Good" by Icelandic ratings agency Reitun it their first ESG assessment of the company. Amaroq was placed it in category B3, with a score of 68 points. The rating is based on the company's performance in environmental, social and governance (ESG) matters.

Q4 2023 Operational Highlights

• Contracting and Procurement: At the end of Q4 2023, 80% of the key contracts for the processing plant were concluded and procurement was 80% completed. Thyssen Schachtbau GMBH is contracted on the underground development and mining while Halyard Inc. is the engineering consultant in the staged construction of the processing plant
• Engineering: Process plant engineering was 77% complete at the end of Q4 2023 based on the updated project scope
• Construction: Two wings were added to the camp, increasing the accommodation capacity by 60 beds. The overall construction status of the processing plant was 16% at the end of Q4 2023 based on the updated project scope and 23% as at the end of February 2024
• Mining: Mine rehabilitation works were continued in Q4 2023. This work lays the foundation for safe and efficient trial mining to commence at the end of Q1 2024 or early Q2 2024
• Nalunaq Exploration: New underground samples beyond the historically mined areas of Target Block, Nalunaq's largest historic mining block, confirmed continuation of high-grade mineralization into modelled extension area with grades of up to 48.3g/t Au over 1m. Additional intersections of the newly discovered 75 Vein provide further confidence in its thickness and continuity
• Strategic Minerals: Provisional results from Sava 2023 Drilling program further indicate the existence of a new 120km long copper district in South Greenland. The Stendalen Drilling program in 2023 resulted in a significant new Ni-Cu discovery at the Stendalen Project.

Nalunaq Project KPIs

• 45,384 hours worked during Q4 2023. 107,184 total hours worked during FY 2023
• Daily average of 33 people working on site at Nalunaq in Q4 2023
• One Lost Time Injury (LTI) in 2023
• Amaroq remains committed to ensuring local representation among the workforce, with the ratio of Greenlandic personnel at Nalunaq standing at 61% for 2023

2024 Outlook

• Permitting: The public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq closed on 1st March 2024. The company is following the process agreed with the Government of Greenland to respond to the small number of comments received
• Engineering: Engineering for the processing plant is expected to be completed in Q2 2024
• Contracting and Procurement: The remaining contracts are expected to be concluded in Q2 2024. The only outstanding major contract is the installation of the processing plant components. The quotes of different bidders are currently being evaluated and the contract will then be awarded
• Construction: Placement of the process plant foundations is nearing completion. The erection of the steel structure of the process plant building is expected to commence in April 2024 and the installation of the mechanical and electrical process plant components is scheduled for the second half of 2024
• Mining: The rehabilitation of the ramp from the 300 level portal to the Mountain Block is nearing completion and will be followed by the development of a ramp extending higher up into the Mountain Block. Rehabilitation of the mine will progress based on the location of future planned mining activities. The company expects to mine first gold in 2024 and plans to provide a progress update with timings for guidance for the project at an investor event in June 2024. First production guidance for 2025 will be provided towards the end of 2024.
• Support Infrastructure: In 2024 additional containers will be added, which will allow Amaroq to accommodate in total up to 120 persons
• Nalunaq Exploration: Underground focused exploration will continue to target extension of the Mountain and Target Blocks as well as further delineating the newly discovered 75 Vein
• Strategic Minerals: Ni-Cu exploration will continue at the Stendalen discovery with an expanded drilling program targeting sulphide zone. Exploration at Target West will look to further expand the identified copper mineralization and assess high grade potential. Regional exploration will focus on additional copper targeting within the Copper belt, Ni-Cu sulphide target similar to Stendalen and rare earth element (REE) targeting at Nunarsuit

2024 Operational Workplan

Nalunaq Development Workplan

• Nalunaq
  • The main ramp will be developed from 720 level upwards into the Mountain Block. Starting from the ramp, crosscuts will be driven into the main vein at different levels and then drifts will be developed following the strike of the vein. At a later stage the ore between these ore drifts will be mined using the long-hole stoping method. Later in 2024, development and exploration drilling activities will be carried out in the Target Block in parallel to the aforementioned works. Rehabilitation of the mine will continue depending on the locations, where future mining activities are planned.

Gold Exploration Projects

• Nalunaq
  • Following the underground rehabilitation, exploration will now switch to underground drilling to target continued extensions of both the Mountain and Target Blocks while simultaneously targeting further intersections into the 75 vein.
• Nanoq
  • Following the expansion of the mineral potential at Nanoq in 2023, the company will construct facilities and finalize exploration plans allowing Amaroq the option to conduct a maiden core drilling program across the first target at Nanoq. In addition, ground studies will be conducted to further establish the additional targets generated by the geophysical and modelling work completed in 2023.
• Vagar and Surrounding Areas
  • Amaroq intends to conduct a target generation program across the Vagar licence, including Vagar Ridge and other priority areas in the local vicinity such as Eagle's Nest, aimed at delineating accessible high-grade material. Management believes that this material could constitute future high-grade feed to the Nalunaq plant as it develops and expands.

Strategic Minerals Projects (Amaroq 51%)

• Sava Copper Belt (Sava/North Sava)
  • Exploration at Target West will concentrate on further defining Unit 1, which hosts observed copper mineralization. Mapping, sampling and a limited drilling program will look to expand the footprint of Unit 1 and test for higher grade material at depth.
  • Target generation programs will continue across Sava, North Sava and the full extent of the Copper Belt assessing high priority porphyry and IOCG targets on the ground. The aim of this program will be to define new areas for scout drilling.
• Stendalen
  • Following the new Ni-Cu discovery made at Stendalen, Amaroq intends to mobilise three drill rigs and a semi-permanent camp to site to facilitate an expanded drilling program. Drilling will focus on intersecting further target areas at the base of the Stendalen intrusion including the interpreted Feeder Zone targeting massive sulphide mineralization.
  • The company plans to conduct further ground geophysics to provide further confidence to the overall extend and geometry of the intrusion and associated sulphide mineralization.
  • Leveraging off the data from this discovery, ground studies will also assess the potential for further target areas with Stendalen and more regionally.
• Kobberminebugt
  • Amaroq will continue to review the results of the detailed geophysical program conducted over the Kobberminebugt licence in 2023. Specific geophysical targets will be followed up in the field with detailed mapping and surface sampling ahead of defining more definitive targets for future scout drilling.
• Nunarsuit
  • Geophysical data collected during 2023 is currently being fully assessed and Amaroq aim to conduct a targeted field program on the licence during the summer of 2024. Initial targets will include specific geophysical anomalies as well as outcropping niobium bearing pegmatites.

Amaroq Financial Results

The following selected financial data is extracted from the Financial Statements for the three months ended December 31, 2023.

About Amaroq Minerals

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% interest in the Nalunaq Project, a development stage property with an exploitation license 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.

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

We seek Safe Harbor.