08:46:39 EDT Wed 09 Jul 2025
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Amaroq completes 45-million-British-pound financing

2025-06-12 09:45 ET - News Release

Mr. Eldur Olafsson reports

RESULTS OF FUNDRAISING

Amaroq Minerals Ltd. has successfully completed its significantly oversubscribed fundraising as announced on June 11, 2025.

A total of 52,986,036 new common shares have been conditionally placed with new and existing investors at a price of 85.0 pence ($1.57; 144 Swedish kronor at the closing exchange rate on June 10, 2025) per new common share, raising gross proceeds of approximately 45.0 million British pounds ($83.2-million; 7.6 billion Icelandic kronur). The net proceeds of the fundraising will be used to support the continuing commissioning and production expansion at Nalunaq, complete technical studies in relation to production expansion at Nalunaq, create a new hub in West Greenland, accelerate and deepen exploration drilling and the preparation of technical studies of the assets, and provide additional balance sheet strength and working capital flexibility to the company.

The fundraising shares will represent approximately 11.7 per cent. of the company's enlarged share capital following completion of the fundraising. It is currently expected that admission will become effective, and that dealings in the fundraising shares will commence on the AIM (Alternative Investment Market) at 8 a.m. GMT on June 30, 2025, on the Icelandic Exchange at 9:30 a.m. UTC on June 30, 2025, and on the Toronto Stock Exchange at 9:30 a.m. ET on June 30, 2025.

Approximately 90 per cent of the demand for the fundraising was secured from a broad range of institutional investors from the United Kingdom, the United States and mainland Europe.

Panmure Liberum Ltd. acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord Genuity Ltd., which also acted as joint bookrunner and joint broker on the U.K. placing.

Landsbankinn hf and Acro vertbref hf acted as joint bookrunners on the Icelandic placing.

Eldur Olafsson, chief executive officer of Amaroq, commented: "We are pleased to announce the results of this successful, significantly oversubscribed fundraise, which received considerable interest from a broad spectrum of investors around the world. I would like to welcome new investors to Amaroq and to thank existing shareholders for their strong support. With the clear backing from the market for our strategy, we remain focused on unlocking Greenland's significant resource potential and look forward to updating shareholders on our operational progress at Nalunaq, our newly established West Greenland hub and across the wider portfolio."

We seek Safe Harbor.

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