Annual Report and Notice of Meeting

TORONTO, ONTARIO – May 17, 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, announces that it has posted its Annual Report and Financial Statements for the year ended December 31, 2023 and Notice of Annual and Special General Meeting of Shareholders (“Meeting”) and Management Information Circular to shareholders.

The Meeting will be held remotely on Friday, June 14, 2024, at 10:00 a.m. (Toronto time). Registered shareholders and duly appointed proxyholders will be able to participate, vote and submit questions at the virtual meeting. Instructions on how to join the virtual meeting are set out in the Notice of Meeting.

Among the resolutions, shareholders will be asked to consider the Company’s continuation from a corporation organized under the Canada Business Corporations Act (the “CBCA”) to a corporation organized under the Business Corporations Act (Ontario) (the “OBCA”) and to authorize the Board of directors of the Company to set the number of directors.

The proposed resolution is driven Amaroq’s need to attract and appoint directors with a broad range of skills and experience relevant to its business. Under the CBCA, at least 25% of the directors of the Company must be resident Canadians. The OBCA does not impose a director residency requirement. In order to provide the Company with greater flexibility to attract and nominate the most suitable candidates for directors from a global talent pool, the Board believes that it is in the Company’s best interest to continue into Ontario.

The transition is subject to certain regulatory approvals.

Seven of the eight persons nominated by the Board for election as directors are currently Directors of the Company. Sander A.J.R. Grieve, a Bennett Jones LLP partner, is nominated for election to the Board to fulfil the director residency requirement, applicable as of the date of the AGM. His appointment is conditional on due diligence carried out by the Company’s Nominated Advisor Stifel Nicolaus Europe Limited. In accordance with prior agreement, Sander A.J.R. Grieve will step down once the proposed continuance from the Canada Business Corporations Act to the Business Corporations Act (Ontario) is finalized.

In addition to the above, shareholders will be voting:

to receive and consider the financial statements of the Corporation for the financial year ended December 31, 2023 together with the report of the auditors thereon;

re-appoint BDO Canada LLP as the auditor of the Corporation for the ensuing year

to consider the amended Company’s stock option plan and restricted share unit plan.

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

For Company updates:

Follow @Amaroq_minerals on X (Formerly known as Twitter)

Follow Amaroq Minerals Inc. on LinkedIn