Mr. Eldur Olafsson reports

AMAROQ ANNOUNCES FIRST UNDERGROUND MINING BLAST AT NALUNAQ

Amaroq Minerals Ltd.'s successful first underground mining blast at Nalunaq was initiated on Saturday, March 30, 2024, at the 720-metre level.

The first underground blast, undertaken within trial mining activities, represents a key step towards full commissioning of the Nalunaq mine and unlocking the mine's potential to fund exploration and drive growth across the Company's portfolio in South Greenland. Eldur Olafsson, CEO of Amaroq Minerals, commented:

"I would like to congratulate the team on site at Nalunaq who, working alongside our contractor Thyssen Schachtbau, have reached a milestone moment. Work at Nalunaq is progressing to schedule, with rehabilitation works now complete as we prepare to commence trial mining between 100 and 150tpd from Mountain Block."

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, an advanced exploration 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. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.