Mr. Eldur Olafsson reports

AMAROQ ANNOUNCES MARKET-MAKING ARRANGEMENTS WITH ARION BANK

Amaroq Minerals Ltd. has engaged Arion Bank hf to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts listed on the Main Market operated by Nasdaq Iceland hf.

In accordance with the requirements of Policy 3.4 (Investor Relations, Promotional and Market-Making Activities) of the TSX Venture Exchange and Nordic Main Market Rulebook for Issuers of Shares as published by Nasdaq Iceland and effective Jan. 1, 2024, Amaroq hereby provides the following information regarding the service provider.

The engagement of Arion Bank was made pursuant to the terms of a market-making agreement entered into between Amaroq and Arion Bank on Jan. 24, 2025. Arion Bank holds a full banking licence under the Act on Financial Undertakings, and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland.

In accordance with the terms of the market-making agreement, Arion Bank shall be paid 3.85 million Icelandic kronur (approximately $39,000) per quarter or a percentage of that amount for shorter periods, with such payment being settled at the end of each quarter. Arion Bank is permitted to increase the fee at its discretion by sending notification to Amaroq at least 25 days before the start of the next quarter, and this increase will come into effect in the quarter after such notification was received. Arion Bank shall post on each trading day buy and sell quotes in the trading system of Nasdaq Iceland. Each bid and ask shall be for a minimum of 50,000 depository receipts at nominal value. The bid-ask spread shall be as close as possible to 1.50 per cent, but never less than 1.45 per cent.

The market-making agreement is open-ended and is in force from Jan. 24, 2025. The market-making agreement may be terminated at any time by either party upon providing a 14 days prior written notice.

Amaroq confirms that the market-making services provided by Arion Bank are limited to the depositary receipts listed on the Nasdaq Iceland. The marking-making agreement does not contain any performance factors, and Arion Bank will not receive any common shares or options as compensation.

Arion Bank and Amaroq are unrelated and unaffiliated entities, and Arion Bank holds 9,006,946 common shares of Amaroq, representing approximately 2.27 per cent of the issued and outstanding common shares.

The engagement of Fossar Investment Bank hf 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.

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