Update to Fundraising Settlement

TORONTO, ONTARIO – 16 December 2024 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, today announces that due to a slight delay in the receipt of funds from one subscriber, the closing of its Fundraising, settlement and admission of the 32,034,664 common shares of the Company in relation to the UK Placing, Icelandic Placing and Canadian Subscription, as detailed in the announcements on the 3 and 4 December 2024, is now expected to occur on 17 December 2024.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company’s Fundraising announcement dated 3 December 2024.

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Panmure Liberum Limited (Nominated Adviser, Joint Bookrunner and Corporate Broker)

Scott Mathieson

Nikhil Varghese

Kieron Hodgson

Josh Moss

Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker)

James Asensio

Harry Rees

George Grainger

Landsbankinn hf. (Joint Bookrunner and Underwriter)

Björn Hákonarson

Sigurður Kári Tryggvason

Acro verðbréf hf. (Joint Bookrunner)

Hannes Árdal

Þorbjörn Atli Sveinsson

Fossar Investment Bank hf. (Joint Bookrunner)

Steingrímur Arnar Finnsson

Kristín Alexandra Gísladóttir

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young