Mr. Eldur Olafsson reports

FORMATION OF STRATEGIC SERVICES JV COMPANY AND INVESTMENT BY JV PARTNER

Amaroq Minerals Ltd. has signed a non-binding heads of terms with JLE Group Ltd., a large, privately owned United Kingdom-based family office mainly focused on the construction industry, to establish a special-purpose vehicle (SPV) and create a joint venture (JV) company to be called Suliaq A/S, dedicated to the provision of essential services, supplies and supporting assets to Greenland's growing mining sector.

Subject to negotiation of the final terms of the JV, JLE will invest 4.0 million pounds sterling (circa $7.46-million (Canadian)), by way of an equity contribution in exchange for a 10-per-cent shareholding in Suliaq, with Amaroq holding the remaining 90 per cent. JLE has the option to increase its investment up to a total of 12.0 million pounds sterling, structured in additional tranches of 4.0 million pounds sterling, which will result in proportional increases in JLE's equity stake in Suliaq.

Highlights:

• Suliaq will be a new SPV established to support Amaroq's operations and the broader mining sector in Greenland, by providing essential assets, services and supplies. Initially formed as a wholly owned subsidiary of Amaroq, Suliaq will, upon closing, be owned 90 pepr cent by Amaroq and 10 per cent by JLE.
• The business's core areas of focus will be mining services, maritime, logistics, infrastructure, consumables and supporting exploration activities. Four million pounds sterling of investment to be primarily allocated for the acquisition of assets for immediate use by Amaroq, which will be available for rent to other operators in Greenland in the medium term.
• Assets to be acquired include heliportable drill rigs, a helicopter, utility vehicles, an icebreaker, a barge and tugboat, mining equipment (underground drills, loaders, trucks etc.), and non-mining equipment (light mobile equipment, loaders for process plants etc.). In addition, the initial investment will cover miscellaneous start-up costs, administrative expenses and working capital.
• While Amaroq retains majority ownership, Suliaq will operate with its own board of directors and governance framework to ensure transparency and independence in decision-making, ensuring that all assets, supplies and services are provided to Amaroq and other potential customers at fair market value. Suliaq is structured to function as a stand-alone commercial enterprise with independent oversight.

Eldur Olafsson, chief executive officer, Amaroq, commented: "With exploration spend in the region increasing dramatically over the past five years, and with the growing interest in Greenland's emerging mining, energy and infrastructure sectors, Amaroq is uniquely placed to facilitate the provision of essential services within this growth market. With the support of a JV partner of the calibre of JLE, I am confident that we will be able to significantly derisk activities and create substantial value, not just for our own shareholders but also for Greenland and its people."

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.

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