Mr. Eldur Olafsson reports

PERSON DISCHARGING MANAGERIAL FUNCTIONS

Amaroq Minerals Ltd. was informed that Eldur Olafsson, chief executive officer of Amaroq Minerals, acquired a total of 300,000 common shares of no par value in the company. This brings Mr. Olafsson's indirect total holding to 9,502,173 shares, 2.9 per cent of the capital in the company.

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, rare earths and other minerals. Amaroq Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.