Key Agreements in Preparation for Gold Production in Nalunaq

Preparation for Gold Production in Nalunaq

TORONTO, ONTARIO – November 15, 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 several significant agreements in connection with the expected start of gold production at Nalunaq. These agreements mark a significant step as the Company prepares for its first gold pour in Q4 2024.

Amaroq has entered into an offtake agreement with Auramet International, Inc. (“Auramet”), whereby Auramet will purchase all of the gold produced from Amaroq’s Nalunaq gold mine in South Greenland. Auramet also offers various financing facilities, such as pre-export finance, which could add to Amaroq’s financial flexibility to advance its operations.

In addition, Amaroq has secured an agreement with Metalor Technologies SA (“Metalor”), which specializes in the evaluation and refining of precious metals at its refinery located in Switzerland. Metalor will process all the doré alloy obtained from Nalunaq.

Ellert Arnarson, CFO of Amaroq, commented:

"We are pleased to have signed these important agreements with established partners in the industry, providing us with the necessary support and expertise to ensure the successful delivery and sale of gold produced from Nalunaq at competitive industry terms. Importantly, we are also committed to offering local people the opportunity to buy gold sourced from Nalunaq, and will be partnering with a UK refinery to enable us to do so. We look forward to a productive collaboration as we approach first gold and beyond."

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)

Scott Mathieson

Kieron Hodgson

Canaccord Genuity Limited (Corporate Broker)

James Asensio

Harry Rees

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young

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