Mr. Eldur Olafsson reports

APPOINTMENT OF CHIEF FINANCIAL OFFICER

Ellert Arnarson will be appointed as chief financial officer of Amaroq Minerals Ltd., with effect from August, 2024.

Mr. Arnarson joins Amaroq from Icelandic bank Landsbankinn, where he is currently head of corporate finance. Prior to this, he held senior positions at the Pension Fund of Commerce, Iceland's second-largest pension fund, and at Gamma Capital Management. With extensive experience in financial management and analysis, capital raising, and mergers and acquisitions, Mr. Arnarson has a demonstrated history of leading high-performing teams.

Mr. Arnarson holds a master's degree in financial economics and a bachelor's degree in mathematics from the University of Iceland.

Eldur Olafsson, chief executive officer of Amaroq Minerals, commented: "On behalf of the board, I am very pleased to welcome Ellert to the Amaroq team at a real inflection point for our business as we prepare to bring Nalunaq on stream in south Greenland. We have worked closely with Ellert as an adviser over the past two years, and his deep experience in the Icelandic market makes him an excellent addition to our specialist mining finance team."

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 company 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 and rare earths. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq AS, incorporated under the Greenland Public Companies Act.