Formation of Strategic Services JV Company and Investment by JV Partner

Investment of up to £12.0 million by Joint Venture Partner JLE Group Ltd.

TORONTO, ONTARIO – 28 May, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce that it has signed a non-binding heads of terms with JLE Group Ltd1 ("JLE"), a large, privately owned UK based family office mainly focused on the Construction Industry to establish a special purpose vehicle (the "SPV") and create a joint venture (the "JV") company to be called Suliaq A/S (“Suliaq”), dedicated to the provision of essential services, supplies and supporting assets to Greenland’s growing mining sector.

Subject to negotiation of the final terms of the JV, JLE will invest £4.0 million (circa C$7.46 million), by way of an equity contribution in exchange for a 10% shareholding in Suliaq, with Amaroq holding the remaining 90%. JLE has the option to increase its investment up to a total of £12.0 million, structured in additional tranches of £4.0 million, which will result in proportional increases in JLE’s equity stake in Suliaq.

Highlights:

Suliaq will be a new SPV established to support Amaroq’s operations and the broader mining sector in Greenland, by providing essential assets, services and supplies. Initially formed as a wholly owned subsidiary of Amaroq, Suliaq will, upon closing, be owned 90% by Amaroq and 10% by JLE.

The business’ core areas of focus will be mining services, maritime, logistics, infrastructure, consumables and supporting exploration activities.

£4.0 million of investment to be primarily allocated for the acquisition of assets for immediate use by Amaroq, which will be available for rent to other operators in Greenland in the medium term.

Assets to be acquired include heliportable drill rigs, a helicopter, utility vehicles, an icebreaker, a barge and tugboat, mining equipment (e.g., underground drills, loaders, trucks, etc.), and non-mining equipment (e.g., light mobile equipment, loaders for process plants, etc.). In addition, the initial investment will cover miscellaneous startup costs, administrative expenses, and working capital.

While Amaroq retains majority ownership, Suliaq will operate with its own board of directors and governance framework to ensure transparency and independence in decision-making, ensuring that all assets, supplies and services are provided to Amaroq and other potential customers at fair market value. Suliaq is structured to function as a standalone commercial enterprise with independent oversight.

Eldur Olafsson, Chief Executive Officer, Amaroq, commented “With exploration spend in the region increasing dramatically over the past five years, and with the growing interest in Greenland’s emerging mining, energy and infrastructure sectors, Amaroq is uniquely placed to facilitate the provision of essential services within this growth market. With the support of a JV partner of the calibre of JLE, I am confident that we will be able to significantly de-risk activities and create substantial value, not just for our own shareholders but also for Greenland and its people.”

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

Ed Westropp, Head of BD and Corporate Affairs

Eddie Wyvill, Corporate Development

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)

Scott Mathieson

Nikhil Varghese

Canaccord Genuity Limited (Corporate Broker)

James Asensio

Harry Rees

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young

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