Mr. Eldur Olafsson reports

GOLD PRODUCTION FOR YE 2025 AND AWARD OF IMPACT BENEFIT AGREEMENT ("IBA")

Year-end gold production from Amaroq Ltd.'s flagship Nalunaq gold mine has amounted to approximately 6,600 ounces, above the mid-point of the annual 6,000-to-7,000-ounce production range and prefinal refinery assessment.

Highlights:

• Year-end production of approximately 6,600 ounces, above the mid point of the 6,000-to-7,000-ounce guidance range;
• Mining and processing rates expected to continue to be consistent into the new year;
• Final IBA awarded for the Nalunaq gold mine;
• Production guidance and budget for 2026 will be announced in late February, 2026.

Eldur Olafsson, chief executive officer of Amaroq, commented: "In what has been a commissioning year for our Nalunaq mine in southern Greenland, I am very pleased to announce gold production came above the midpoint of the guidance range. Since completion of the shutdown in Q4 2025 and restart of operations, the processing unit and mining operations have performed well, in line with our expectations for phase 1 and with a target to increase the recovery factor up to approximately 90 per cent, once phase 2 is complete, in Q2 2026.

"We are very proud to have had the final impact benefit agreement for our Nalunaq mine approved; it is significant milestone, not only for Amaroq, but also demonstrates how a successful mining industry in Greenland is being developed. I would just like to take the opportunity to thank all of our team on the ground as well as our subcontractors who have worked tirelessly in the construction and commissioning at Nalunaq. I very much look forward to bringing the market more news as we progress into the new year and phase 2 commissioning."

About Amaroq Ltd.

Amaroq's principal business objective is the identification, acquisition, exploration and development of gold and strategic metal assets in Greenland. The company's flagship asset is the 100-per-cent-owned Nalunaq gold mine, currently in production and ramp-up, and supported by a growing pipeline of high-grade satellite gold targets across southern and western Greenland.

Amaroq also acquired a 100-per-cent interest in the Black Angel zinc-lead-silver project in western Greenland, historically one of Greenland's highest-grade base metal operations, where the company is advancing studies to evaluate the potential for future redevelopment as part of its emerging West Greenland Hub strategy.

Beyond gold and base metals, Amaroq controls a broad portfolio of strategic metal licences across southern Greenland, including advanced exploration projects at Stendalen (copper-nickel sulphides) and within the Sava belt, where the company is exploring for copper, nickel, rare earth elements and other critical minerals.

Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq AS, incorporated under the Greenland Companies Act.

Qualified person statement

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president, exploration, for Amaroq and a chartered geologist with the Geological Society of London, and as such a qualified person as defined by National Instrument 43-101.

Mr. Gilbertson has reviewed and approved the scientific and technical information contained in this news release. Specifically, Mr. Gilbertson has reviewed the sampling and analytical procedures described and considers the data to be reliable for the purpose of this disclosure.

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