Mr. Eldur Olafsson reports

UPDATE ON MARKET MAKING ARRANGEMENTS

Amaroq Minerals Ltd. has signed an amendment to its existing market-making agreement with Arion Bank hf, originally dated Jan. 24, 2025.

The amendment introduces a two-part structure for daily bid and ask quotes, requiring Arion Bank to submit quotes for a minimum of 50,000 depository receipts. Under the updated terms:

• For 45,000 depository receipts (Part A), the bid-ask spread is determined with reference to the tick size table as current at any given time, so that the spread will be as close as possible to 1.50 per cent, but never less than 1.45 per cent.
• The bid-ask spread for 5,000 depository receipts (Part B) shall be determined with reference to the tick size table of the trading venue as current at any given time, so that the spread will never be higher than 1.50 per cent.

Arion Bank shall be permitted to submit bids and asks in both Part A and Part B with a lower spread than stated above, for example due to conditions created by the tick size table. If the price change of the depository receipts within a single trading day exceeds 5 per cent, Arion Bank is permitted to double the aforementioned spread, and, if the price change per share exceeds 10 per cent, Arion Bank is permitted to triple the aforementioned spread.

Arion Bank is not obligated to submit new quotes until quotes in both Part A and Part B have been accepted or cancelled by Arion Bank in full.

All other provisions of the market-making agreement remain unchanged.

The company also announces that its market-making agreement with Fossar fjarfestingabanki hf (ID No. 660907-2050), dated Oct. 5, 2023, has been terminated, effective May 7, 2025.

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 A/S, incorporated under the Greenland Companies Act.