Senior Management Appointments and Conditional RSU Awards

TORONTO, ONTARIO – October 13, 2023 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across in Southern Greenland, is pleased to provide an update on senior management appointments.

Appointment of Executive Vice President

Joan Plant has been appointed Executive Vice President. Joan has 13 years of experience operating in Greenland, and has worked on the Nalunaq project since 2010. During this time, she has built a strong relationship with the Government of Greenland whilst successfully applying her in-depth knowledge and expertise covering all aspects of the mining licencing, governance and monitoring processes.

Joan has been a member of the Amaroq team since the Company’s inception in 2017, and has played an integral part in facilitating its growth. As VP ESG and Corporate Secretary she has driven the Company’s Sustainability initiatives in Greenland, and has assumed responsibility for community engagement and local programmes. Joan is a member of the Greenland Business Association Industry Committee for Mineral Exploration and Extraction 2022-2024.

Prior to this, Joan worked for 14 years in various positions at Barclays Bank, including becoming the Change Manager responsible for 13 sites, before moving to a Project Manager role at Barclays’ head office.

In her new role, Joan will be responsible for overseeing strategic initiatives, driving growth and development, and overseeing the group’s Sustainability programmes. She will play a pivotal role in guiding the Company's vision to create a Greenlandic legacy, and ensuring its continued success.

Appointment of Corporate Secretary

Anna Solotova, VP Corporate Legal, has been appointed Corporate Secretary following Joan’s appointment. She will assume responsibility for corporate governance oversight, compliance management, and ensuring the Company’s adherence to regulatory requirements in all jurisdictions where the Company is listed. Anna is a highly experienced corporate law and governance professional. Prior to joining Amaroq in 2022 Anna served as Corporate Secretary and head of Corporate governance team for Polyus Group, supporting the company on major stock exchanges. She is an Associate member of the Chartered Governance Institute.

Conditional Award under RSU Plan

On 13 October 2023 Amaroq Minerals made an award (the “Award”) under the RSU Plan as detailed below. The Award consists of a conditional right to receive value if the future performance targets, applicable to the Award, are met. Any value to which the participants are eligible in respect of the Award will be granted as Restricted Share Units (each an “RSU”), with each RSU entitling a participant to receive common shares in the Company. Each RSU will be granted under, and governed in accordance with, the rules of the Company's Restricted Share Unit Plan (the “RSU Plan”).

The RSU Plan was approved by the Company's shareholders at the AGM held on 15 June 2022. Full details of the RSU Plan are published on the Company's website at https://www.amaroqminerals.com/about/corporate-governance/

The details of the Award are as follows:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart

Varun Talwar

Simon Mensley

Ashton Clanfield

Panmure Gordon (UK) Limited (Joint Broker)

John Prior

Hugh Rich

Dougie Mcleod

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

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