First Underground Mining Blast at Nalunaq

TORONTO, ONTARIO – April 4, 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce that the successful first underground mining blast at Nalunaq was initiated on Saturday, March 30, 2024 at the 720m level.

The first underground blast, undertaken within trial mining activities, represents a key step towards full commissioning of the Nalunaq mine and unlocking the mine’s potential to fund exploration and drive growth across the Company’s portfolio in South Greenland.

Eldur Olafsson, CEO of Amaroq Minerals, commented:

“I would like to congratulate the team on site at Nalunaq who, working alongside our contractor Thyssen Schachtbau, have reached a milestone moment. Work at Nalunaq is progressing to schedule, with rehabilitation works now complete as we prepare to commence trial mining between 100 and 150tpd from Mountain Block."

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)

Callum Stewart

Varun Talwar

Simon Mensley

Ashton Clanfield

Panmure Gordon (UK) Limited (Joint Broker)

Hugh Rich

Dougie Mcleod

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

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