Miscellaneous

Update on Market-making Agreements and Related Party Transaction

TORONTO, ONTARIO – September 27, 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 the engagement of Landsbankinn hf. (reg. No. 471008-0280, Reykjastræti 6, 101 Reykjavík, Iceland) pursuant to the terms of a market-making agreement entered into on October 05, 2023, has been terminated. Landsbankinn remains the Company’s lead broker in Iceland and adviser for Corporate Finance, Debt Financing and M&A.

The engagement of Fossar Investment Bank hf. (reg. no. 660907-0250, Armuli 3, 108 Reykjavik, Iceland) made pursuant to the terms of a market making agreement entered into on October 05, 2023 for the market-making services limited to Amaroq's Icelandic depositary receipts listed on the Nasdaq Iceland, remains in effect.

New Lease Agreement with Klettar Investments ehf.

Amaroq Minerals Ltd. also announces that on 27 September, 2024 it has entered into a new lease agreement with the company Klettar Investments ehf. (”Klettar”) for the rental of its existing office premises in Reykjavik, Iceland.

Klettar is a related party of Amaroq as it is a company controlled by Sigurbjorn Thorkelsson, Non-Executive Director. The lease is for the fixed term effective on September 1, 2024, and terminating on August 31, 2025. The Company will pay a monthly rent of 850.000 ISK (US$ 6,150).

The lease agreement constitutes a related party transaction in accordance with AIM Rule 13. The Independent Directors, being the Amaroq Directors other than Sigurbjorn Thorkelsson, having consulted with the Company’s Nominated Adviser, consider the terms of the lease agreement to be fair and reasonable insofar as the Company's shareholders are concerned.

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 Liberum (UK) Limited (Joint Broker)

Scott Mathieson

Kieron Hodgson

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young

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