Mr. Eldur Olafsson reports

TOTAL VOTING RIGHTS, PDMR NOTIFICATION AND STOCK OPTION AWARDS

Following the exercise of options, Amaroq Minerals Ltd.'s share capital consists of 327,418,727 common shares of no par value each as at June 3, 2024, each with voting rights. 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.

Amaroq Minerals has granted incentive stock option awards to employees to acquire up to 11,450 common shares at a price of $1.31 and up to 11,538 common shares at a price of $1.30 under the company's stock option plan.

Further to the company's announcement on March 11, 2024, Jaco Crouse has stepped down as chief financial officer and as a director of the company. The company is well advanced in the process to appoint a new chief financial officer. Until such appointment is finalized, the functions of interim chief financial officer will be performed by Anna Mkrtchyan, vice-president, finance, of Amaroq. The company will provide an update to the market in due course.

About Amaroq Minerals Ltd.

Amaroq Minerals' principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in southern Greenland. The company's principal asset is a 100-per-cent interest in the past-producing Nalunaq gold mine, which is due to go into production toward the end of 2024. The corporation has a portfolio of gold and strategic metal assets in southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava copper belt exploring for strategic metals such as copper, nickel, rare earths and other minerals. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq AS, incorporated under the Greenland Public Companies Act.