Operational update

TORONTO, ONTARIO – 7 October 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to provide an update on operations at its flagship Nalunaq gold mine and on its 2025 exploration programme.

Highlights

Operations – continued sequential improvement and production running ahead of expectations

Commissioning of the processing plant and ramp-up of mining operations at Nalunaq, continued to deliver steady improvements through Q3 2025.

A double shift pattern was implemented at the processing plant ahead of schedule in the latter half of Q3 2025.

Gold production to 7th October 2025, has reached approximately 5000 oz, in line with the Company’s revised full-year 2025 production guidance.

The planned shutdown for commissioning activities is expected to commence in the third week of October 2025, with an estimated four-week duration. Once complete, the gravity circuit of the processing facility will be fully automated and major civil works completed, marking the completion of the majority of phase 1 works.

Phase 2 construction comprises the installation of the flotation circuit, including civil works, piping and electrical fitting, as well as equipment installation. The main elements of the building erection and civil engineering are already complete, with construction for the remainder of the work expected to take place inside the plant and restart in December 2025, after the shutdown and continue until the end of Q1 2026.

The Company remains on track to achieve nameplate throughput of 300 t/d by year-end 2025.

With gold production running ahead of expectations, updated year end 2025 production guidance will be published once the period of shutdown is confirmed, around the time of the Q3 2025 results on 14th November 2025.

Exploration – 2025 programme completed with resource upside identified and assay results underway

Surface drilling at Nalunaq’s South Deep Zone, ~250 m down-dip of the current Resource, has been completed providing growth potential. Results will feed into the next Mineral Resource Update, scheduled for Q1 2026.

Underground drilling at Nalunaq between the 725 and 790 levels has been completed, with continuous definition drilling programmes being planned from the 800 level upwards.

Both surface and underground campaigns are targeting the high-grade Main Vein and the parallel 75 Vein.

At Nanoq, the 4,804 m drilling programme was completed on schedule. Core is being logged and sampled for assay, with initial results expected during Q4 2025. Winterisation of the camp and equipment is underway, facilitating earlier start to a drilling programme next year.

Satellite gold exploration around Nalunaq, along with copper and critical metals programmes, has been completed, with assays pending.

The team has completed strategic site visits to the Black Angel and Kangerluarsuk projects, to assess logistics and development pathways, alongside a re-sampling programme. Market updates will follow in due course.

Eldur Olafsson, Chief Executive commented:

“I am pleased with the progress the team and our commissioning crews and contractors have delivered to date. We are ahead of schedule across all key workstreams, a clear testament to the strength and capability of Amaroq’s people. I look forward to providing a full update on operations and outlook at our Q3 2025 results on 14th November 2025.”

Amaroq 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

Freddie Wooding

Canaccord Genuity Limited (Corporate Broker)

James Asensio

Harry Rees

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Fergus Young