Mr. Eldur Olafsson reports

TOTAL VOTING RIGHTS AND EXERCISE OF STOCK OPTIONS

The TSX Venture Exchange has approved the amendments to the $22.4-million (U.S.) in convertible notes due 2027.

Following the announcement on Oct. 4, 2024, and the consent of the TSX-V, the 33,629,068 principal conversion shares, 1,293,356 interest conversion shares and 3,307,502 commitment fee conversion shares have been admitted to trading on the Alternative Investment Market. The shares will be admitted to trade on the TSX-V and Nasdaq Iceland's main market in due course.

Separately, an employee has exercised options, and as a result of the exercise, 11,090 shares have been issued.

Therefore, following the conversion and exercise of options, Amaroq's share capital consists of 365,659,743 common shares of no par value as at Oct. 14, 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.

About Amaroq Minerals Ltd.

Amaroq's 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 is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.