Mr. Eldur Olafsson reports

AMAROQ AWARDED JOHAN DAHL LAND LICENCE AND POSITIVE INITIAL EXPLORATION RESULTS

Amaroq Minerals Ltd. has been awarded the Johan Dahl land licence (MEL 2025-17). This newly acquired licence expands Amaroq's footprint in the South Greenland copper belt, a region demonstrating high potential for copper-gold mineralization, complementing the company's existing portfolio in the area.

Highlights:

• The Johan Dahl land licence encompasses an area of 666.51 square kilometres, increasing Amaroq's total landholdings to 6,800.1 square kilometres.
• This significant expansion of the company's critical metal portfolio now sees Amaroq hold 3,147 square kilometres of the South Greenland copper belt through its Gardaq joint venture.
• Initial exploration at the newly defined Ukaleq target identified gold grades up to 12.3 grams per tonne gold and copper grades up to 5.1 per cent copper, hosted in quartz and copper sulphide veins.
• A further copper-gold anomalism covering an area extending up to 19 square kilometres has been identified, highlighting the broader exploration potential.
• Geochemical signatures suggest the presence of an intermediate-to-high-sulphidation epithermal system. Such systems are globally recognized for their copper, gold and silver potential.
• These findings are believed to be key structures, consistent with the geological framework of the South Greenland copper belt.

James Gilbertson, vice-president, exploration, for Amaroq, commented: "The award of the Johan Dahl land licence and the promising early exploration results reaffirm Amaroq's commitment to unlocking Greenland's critical mineral potential. The South Greenland copper belt is rapidly emerging as a significant exploration district, and our work at the Ukaleq target has already demonstrated its significant resource potential. We are excited to advance exploration efforts and build on these discoveries to position Amaroq as a leader in sustainable mineral development in Greenland."

Exploration summary

Prior to the final award of the Johan Dahl land licence, Amaroq conducted an intensive field program across the Ukaleq target area. Building on the company's geological expertise in the South Greenland copper belt, sampling of exposed quartz and copper sulphide veins returned highly encouraging assay results. These included gold grades up to 12.3 grams per tonne and copper grades reaching 5.1 per cent; this is indicative of a robust mineralizing system.

Broader reconnaissance efforts identified a 19-square-kilometre zone of copper-gold anomalism, supported by detailed geochemical analyses. The geochemical signature suggests a potential intermediate-to-high-sulphidation epithermal system, comparable with similar high-potential systems globally.

Strategic expansion in southern Greenland

The Johan Dahl land licence will be held under the company's Gardaq joint venture and represents a key addition to Amaroq's extensive portfolio in the South Greenland copper belt. This region is becoming increasingly recognized for its critical mineral resources, offering a unique opportunity for Amaroq to contribute to the global supply of essential metals while supporting Greenland's sustainable economic development.

Next steps

Amaroq intends to integrate the results from the 2024 exploration program into a broader exploration strategy for 2025. Planned activities include:

• Detailed geophysical surveys to refine initial drill targets across the Ukaleq target;
• Advanced geochemical sampling to further delineate high-grade zones within the 19-square-kilometre anomalous area;
• Regional exploration across the Johan Dahl land licence to identify additional mineralized systems.

Amaroq is committed to working in close collaboration with Greenland's government and communities to ensure a responsible development of the region's mineral resources.

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 Nalunaq gold mine. 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 AS, incorporated under the Greenland Companies Act.

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