Statement Regarding Press Speculation

TORONTO, ONTARIO - 11 February 2024 - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, notes the current press speculation regarding a possible equity fundraising and confirms it is in the process of taking indications of interest from investors with regards to a placing and subscription of new common shares (“Common Shares”) to raise proceeds of approximately £30.0 million (equivalent to approximately C$51.0 million or ISK5.2 billion) (the “Fundraising”) at a price of 74 pence (C$1.25, ISK127) per new Common Share (the “Placing Price”), with the proceeds being used to accelerate development and exploration activities with the focus to materially increase shareholder value and derisk the Company’s portfolio. To date, the Company has received indications of interest from investors in excess of £30.0 million at the Placing Price and the placing is underwritten partly by Landsbankinn (see below).

Further information regarding the Fundraising will be announced in due course.

Eldur Olafsson, CEO of Amaroq, commented:

“Following excellent results from last Summer’s activities, we are now investing to increase recoveries at Nalunaq and to accelerate our exploration plans across our strategic mineral acreage in Southern Greenland, bringing our programme forward by two years. By further de-risking the development of Nalunaq whilst also advancing exploration in both gold and strategic minerals, we believe we can deliver value for shareholders. In addition, the Company will now become net debt free.

“It is a very exciting time to be the largest acreage holder in Southern Greenland, an area which has become one of the last frontiers for Western governments and companies to secure scaled supply of the strategic minerals so desperately needed for the energy transition. Now the value that we have been building over the past eight years will be tested through further development and drilling to unlock the true potential of our land package.”

A proposed private placement of new depositary receipts representing new Common Shares (the “Icelandic Placing Shares”) with new and existing investors (the “Icelandic Placing”), at the Placing Price; and

A proposed private placement of new Common Shares (the “Canadian Subscription Shares”, together with the UK Placing Shares and the Icelandic Placing Shares, the “Fundraising Shares”) by certain existing institutional investors and directors of the Company at the Placing Price (the “Canadian Subscription”).

Net proceeds from the Fundraising are intended to be used to accelerate mining of the Target Block at the Company’s cornerstone Nalunaq gold project (“Nalunaq”) and other associated works to enable a smoother transition to nameplate capacity of 300 tonnes per day to the processing plant, installation of a flotation circuit and dry-stack tailings facility (“DSTF”) to increase recoveries, as well as provide funding to accelerate exploration during 2024 across the Company’s Vagar, Nanoq and Gardaq JV licences.

Stifel Nicolaus Europe Limited (“Stifel”) is acting as sole bookrunner and broker on the UK Placing. Stifel is also acting as the Company’s nominated adviser. The UK Placing will be conducted through an accelerated bookbuild process (the “Bookbuild”) to be conducted by Stifel and a further announcement will be made regarding the Bookbuild shortly.

Landsbankinn hf. (“Landsbankinn”) and Fossar fjárfestingarbanki hf. (“Fossar”) are acting as joint bookrunners on the Icelandic Placing and Landsbankinn is acting as underwriter.

In relation to the Icelandic Placing, Landsbankinn has agreed to underwrite the Fundraising by up to £10 million guaranteeing to the Company participation in the Fundraising in the maximum amount of £30 million, with the commitment to procure subscribers or itself subscribe for new Common Shares to be delivered as Depositary Receipts amounting to an amount equal to the difference between £20 million and £30 million, or its equivalent in ISK.

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Stifel Nicolaus Europe Limited (Joint Bookrunner, Nominated Adviser and Joint Broker)

Callum Stewart

Varun Talwar

Simon Mensley

Ashton Clanfield

Landsbankinn hf. (Joint Bookrunner and Underwriter)

Ellert Arnarson

Fossar Investment Bank hf. (Joint Bookrunner)

Þórður Ágúst Hlynsson

Þórunn Ólafsdóttir

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

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