Closing of Fundraising and Admission

Reykjavík, June 30, 2025 (GLOBE NEWSWIRE) -- Amaroq Minerals Ltd.

(“Amaroq” or the “Company”)

Closing of Fundraising and Admission

TORONTO, ONTARIO – 30 June 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland’s mineral potential, today announces further to its announcements on 11 and 12 June 2025, the closing of its fundraising pursuant to which it raised gross proceeds of approximately £45.0 million (C$83.2 million, ISK 7.6 billion) through a placing of 52,986,036 Fundraising Shares.

Following admission, 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 and the Icelandic Act No 20/2021 on Disclosure Obligations of Issuers and Notifications on Major Holdings.

The Fundraising Shares were distributed to purchasers outside of Canada pursuant to an exemption from the prospectus requirements in Canada available under OSC Rule 72-503 – Distributions Outside Canada and, accordingly, the Fundraising Shares issued to purchasers outside of Canada are not subject to a four-month hold period under applicable Canadian securities laws.

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.

Panmure Liberum acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord, who also acted as joint bookrunner and joint broker on the UK Placing. Landsbankinn and Acro acted as joint bookrunners on the Icelandic Placing. In consideration for their services, Panmure Liberum, Canaccord, Landsbankinn and Acro received a cash commission equal to C$2,076,706, consisting of (i) a total of C$1,514,106 (£819,144) to Panmure Liberum and Canaccord representing a 4.0% base commission, 1.0% discretionary commission and a variable settlement commission for the UK Placing, including a corporate finance fee of C$147,872 (£80,000) payable to Panmure Liberum and (ii) a total of C$562,600 to Landsbankinn, and Acro, representing a total of 4.1% commission for the Icelandic Placing.

The Fundraising is subject to final acceptance of the TSX-V.

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.

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

Canaccord Genuity Limited (Joint Bookrunner and Corporate Broker)

James Asensio

Harry Rees

George Grainger

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