Mr. Eldur Olafsson reports

MANAGEMENT INCREASING OWNERSHIP IN AMAROQ MINERALS AND RSU VESTING UPDATE

Amaroq Minerals Ltd. has noted increased share ownership by certain members of the Amaroq management team. Following the release made on Feb. 23, 2024, regarding the granting of an award to directors and employees in line with the company's restricted stock unit (RSU) plan, a total of 3,329,704 RSUs (representing 50 per cent of the award) have vested. These include allocations for persons discharging managerial responsibilities: Eldur Olafsson, director and chief executive officer; and Joan Plant, executive vice-president. The remaining 50 per cent of shares will vest on the third anniversary of the grant date.

Full details of the RSU plan are available on the company's website.

An application will be made for admission of the RSU shares to trading on the Alternative Investment Market (AIM), and it is currently expected that admission will become effective, and that dealings in the RSU shares will commence on AIM, at 8 a.m. on April 14, 2025. Following admission of the RSU shares, the company's total issued share capital will consist of 401,032,034 common shares of no par value each, and 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.

This brings Mr. Olafsson's total holdings to 12,027,551 shares, Mr. Plant's total holdings to 485,672 shares, Edward Westropp's total holdings to 2,049 shares and Ellert Arnarson's to 55,000 shares in 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 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 and 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 Companies Act.