Mr. Eldur Olafsson reports

CLOSING OF FUNDRAISING AND ADMISSION

Further to its announcements on June 11 and June 12, 2025, Amaroq Minerals Ltd. has closed its fundraising, pursuant to which it raised gross proceeds of approximately 45 million British pounds ($83.2-million, 7.6 billion Icelandic kronur) through a placing of 52,986,036 fundraising shares.

Following admission, Amaroq's total issued share capital will consist of 454,106,653 common shares of no par value. 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 under the disclosure guidance and transparency rules and the Icelandic Act No. 20/2021 on disclosure obligations of issuers and notifications on major holdings.

The fundraising shares were distributed to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503, Distributions Outside Canada and, accordingly, the fundraising shares issued to purchasers outside of Canada are not subject to a four-month hold period under applicable Canadian securities laws.

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.

Panmure Liberum acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord, which also acted as joint bookrunner and joint broker on the United Kingdom placing. Landsbankinn and Acro acted as joint bookrunners on the Icelandic placing. In consideration for their services, Panmure Liberum, Canaccord, Landsbankinn and Acro received a cash commission equal to $2,076,706, consisting of: (i) a total of $1,514,106 (819,144 British pounds) to Panmure Liberum and Canaccord, representing a 4.0-per-cent base commission, a 1.0-per-cent discretionary commission and a variable settlement commission for the U.K. placing, including a corporate finance fee of $147,872 (80,000 British pounds) payable to Panmure Liberum; and (ii) a total of $562,600 to Landsbankinn and Acro, representing a total of 4.1-per-cent commission for the Icelandic placing.

The fundraising is subject to final acceptance of the TSX Venture Exchange.

We seek Safe Harbor.