Market-Making Arrangements with Arion bank

Amaroq Announces Market-Making Arrangements with Arion bank

TORONTO, ONTARIO – 24 January 2025 – 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, announces that it has engaged Arion bank hf. ("Arion Bank") to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts (the "Depositary Receipts") listed on the Main Market operated by Nasdaq Iceland hf.

In accordance with the requirements of Nordic Main Market Rulebook for Issuers of Shares as published by Nasdaq Iceland and effective 1 January 2024, Amaroq hereby provides the following information.

The engagement of Arion Bank was made pursuant to the terms of a market making agreement entered into between Amaroq and Arion Bank on January 24, 2025. Arion Bank, reg. no. 581008-0150, Borgartún 19, 105 Reykjavík, Iceland, holds a full banking license under the Act on Financial Undertakings, no. 161/2002 and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland.

Arion Bank shall post on each trading day buy- and sell quotes in the trading system of Nasdaq Iceland. Each bid and ask shall be for a minimum of 50,000 Depository Receipts at nominal value. The bid-ask spread shall be as close as possible to 1.50%, but never less than 1.45%.

The market-making agreement is open-ended and is in force from 24 January 2025.

Amaroq confirms that the market-making services provided by Arion Bank are limited to the Depositary Receipts listed on the Nasdaq Iceland. The marking-making agreement does not contain any performance factors, and Arion Bank will not receive any common shares or options as compensation.

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.

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Eddie Wyvill, Corporate Development

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)

Scott Mathieson

Nikhil Varghese

Josh Moss

Canaccord Genuity Limited (Corporate Broker)

James Asensio

Harry Rees

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young

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