Mr. Eldur Olafsson reports

MISCELLANEOUS

Amaroq Minerals Ltd.'s engagement of Landsbankinn hf (registration No. 471008-0280, Reykjastrati 6, 101 Reykjavik, Iceland), pursuant to the terms of a market-making agreement entered into on Oct. 5, 2023, has been terminated. Landsbankinn remains the company's lead broker in Iceland and adviser for corporate finance, debt financing, and mergers and acquisitions.

The engagement of Fossar Investment Bank hf (registration No. 660907-0250, Armuli 3, 108 Reykjavik, Iceland), made pursuant to the terms of a market-making agreement entered into on Oct. 5, 2023, for the market-making services limited to Amaroq's Icelandic depositary receipts listed on the Nasdaq Iceland, remains in effect.

New lease agreement with Klettar Investments ehf

Amaroq also announces that on Sept. 27, 2024, it entered into a new lease agreement with the company Klettar for the rental of its existing office premises in Reykjavik, Iceland.

Klettar is a related party of Amaroq as it is a company controlled by Sigurbjorn Thorkelsson, a non-executive director. The lease is for the fixed term effective on Sept. 1, 2024, and terminating on Aug. 31, 2025. The company will pay a monthly rent of 850,000 Iceland kronor ($6,150 (U.S.)).

The lease agreement constitutes a related-party transaction in accordance with Alternative Investment Market Rule 13. The independent directors, being the Amaroq directors other than Mr. Thorkelsson, having consulted with the company's nominated adviser, consider the terms of the lease agreement to be fair and reasonable insofar as the company's shareholders are concerned.

About Amaroq Minerals Ltd.

Amaroq's principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in South 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 South 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 is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.