Appointment of Chief Financial Officer

TORONTO, ONTARIO – July 5, 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 Mr Ellert Arnarson will be appointed as Chief Financial Officer (CFO) with effect from August 2024.

Mr Arnarson joins Amaroq from Icelandic bank Landsbankinn, where he is currently Head of Corporate Finance. Prior to this, he held senior positions at the Pension Fund of Commerce, Iceland’s second-largest pension fund, and at GAMMA Capital Management. With extensive experience in financial management and analysis, capital raising as well as mergers and acquisitions, Ellert has a demonstrated history of leading high-performing teams.

• Arnarson holds a Master’s Degree in Financial Economics and a Bachelor’s Degree in Mathematics from the University of Iceland.

Eldur Olafsson, CEO of Amaroq Minerals, commented:

"On behalf of the Board, I am very pleased to welcome Ellert to the Amaroq team at a real inflection point for our business as we prepare to bring Nalunaq on stream in South Greenland. We have worked closely with Ellert as an adviser over the past two years and his deep experience in the Icelandic market makes him an excellent addition to our specialist mining finance team."

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 Liberum (UK) Limited (Joint Broker)

Scott Mathieson

Kieron Hodgson

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

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