Iceland Capital Markets Day and Corporate Update

TORONTO, ONTARIO – 13 June 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, reminds investors that it will hold a Capital Markets Day on Thursday, June 13th, from 14:00 pm to 16:00 pm GMT (10:00 am to 12:00 pm EDT and 15:00 pm to 17:00 pm BST). The event will be held at Landsbankinn‘s headquarters at Reykjastræti 6 and the doors will open at 13:30 pm, with a reception to be held after the event.

The presentation will be broadcast live to enable remote access via the following link: https://streymi.landsbankinn.is/

For those joining via the webcast, please submit any questions over email to amaroq@camarco.co.uk

A recording will be available following the event.

Operational update:

Development activities at the Nalunaq project are progressing well with trial mining expected to commence at Mountain Block in H2 2024 and Target Block in H1 2025;

Initial mining rate target of 40-60 t/d, ramping up to 130-150 t/d at each block during H2 2025;

First gold pour expected during Q4 2024;

Plant recoveries are expected to increase from commencement of production to target levels of 90-94% by the end of 2025;

Remaining cash outlay for gravity and flotation plant:

Gravity - C$25-30m in Q3 2024;

Flotation – C$2.5m in Q4 2024 and C$6m in H1 2025;

Broader South Greenland exploration programme continues to target strategic minerals and rare earths under well-funded Gardaq JV;

Amaroq to enhance local procurement options:

Development of local supplier offering within Greenland with the establishment of ServiceCo to reduce supply chain risk and increase transparency;

Strategy to transition towards clean energy sources:

Harnessing renewable energy sources in Greenland and develop renewable energy infrastructure to power operations and local communities.

Eldur Olafsson, Amaroq CEO, commented:

"The Amaroq management team and I are pleased to present our plans for bringing Nalunaq into production, accompanied by our broader gold and strategic minerals programme within Greenland. I look forward to providing more detail during our event later today.”

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)

Hugh Rich

Dougie Mcleod

Scott Mathieson

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

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