Results of Fundraising

TORONTO, ONTARIO – 12 June 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce the successful completion of its significantly oversubscribed Fundraising as announced on 11 June 2025.

A total of 52,986,036 new common shares (the “Fundraising Shares”) have been conditionally placed with new and existing investors at a price of 85.0 pence (C$1.57, ISK 144 at the closing exchange rate on 10 June 2025) per new common share (the “Placing Price”), raising gross proceeds of approximately £45.0 million (C$83.2 million, ISK 7.6 billion). The net proceeds of the Fundraising will be used to support the ongoing commissioning and production expansion at Nalunaq, complete technical studies in relation to production expansion at Nalunaq, create a new hub in West Greenland, accelerate and deepen exploration drilling and the preparation of technical studies of the assets and provide additional balance sheet strength and working capital flexibility to the Company.

The Fundraising Shares will represent approximately 11.7 per cent. of the Company’s enlarged share capital following completion of the Fundraising. It is currently expected that Admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025.

Approximately 90% of the demand for the Fundraising was secured from a broad range of institutional investors from the UK, USA and mainland Europe.

Panmure Liberum Limited acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord Genuity Limited (together, the “UK Joint Bookrunners”) who also acted as joint bookrunner and joint broker on the UK Placing.

Landsbankinn hf. and Acro verðbréf hf. (the “Icelandic Joint Bookrunners”) acted as joint bookrunners on the Icelandic Placing.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company's Fundraising announcement dated 11 June 2025.

Eldur Olafsson, CEO of Amaroq, commented:

“We are pleased to announce the results of this successful, significantly oversubscribed fundraise, which received considerable interest from a broad spectrum of investors around the world. I would like to welcome new investors to Amaroq and to thank existing shareholders for their strong support. With the clear backing from the market for our strategy, we remain focused on unlocking Greenland’s significant resource potential and look forward to updating shareholders on our operational progress at Nalunaq, our newly established West Greenland Hub and across the wider portfolio.”

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, Joint Bookrunner and Corporate Broker)

Scott Mathieson

Nikhil Varghese

Freddie Wooding

Rauf Munir

Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker)

James Asensio

Harry Rees

George Grainger

Sam Lucas (ECM)

Darren Furby (ECM)

Landsbankinn hf. (Joint Bookrunner)

Björn Hákonarson

Sigurður Kári Tryggvason

Acro verðbréf hf. (Joint Bookrunner)

Hannes Árdal

Þorbjörn Atli Sveinsson

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young

Application for Admission

Applications will be made for admission of the Fundraising Shares to trading on (a) AIM; (b) Icelandic Exchange; and (c) the TSX-V, with listing subject to the conditional approval of the TSX-V and the Company satisfying all of the requirements of the TSX-V. It is currently expected that admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 30 June 2025, on the Icelandic Exchange at 9.30 a.m. UTC on 30 June 2025 and on the TSX-V at 9:30 a.m. ET on 30 June 2025 (or in each case such other date as may be agreed between the Company, the Icelandic Joint Bookrunners and the UK Joint Bookrunners).

The Fundraising Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing common shares of the Company, including the right to receive all dividends and other distributions thereafter declared, made or paid on the enlarged share capital from admission.

Total Voting Rights

Following the admission of the Icelandic Placing Shares, the UK Placing Shares and the Subscription Shares, Amaroq’s total issued share capital will consist of 454,106,653 common shares of no par value. Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules or the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings.

End Note: Conversions based on FX rates of GBP:ISK of 169.90 and GBP:C$ of 1.8484 as at 10 June 2025.