Notice to holders of Icelandic Depository Receipts Confirmation of Effective Date for Conversion of Icelandic Depository Receipts (IDRs) into Depositary Interests (DIs)

Notice to holders of Icelandic Depository Receipts

Confirmation of Effective Date for Conversion of Icelandic Depository Receipts (IDRs) into Depositary Interests (DIs)

TORONTO, ONTARIO – 03 November 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, further to the Company’s announcement dated October 21, 2025 regarding the simplification and streamlining of Amaroq’s securities under a single ISIN, hereby confirms the effective date for the automatic conversion of Icelandic Depository Receipts (“IDRs”) (ISIN IS0000034569) into Depositary Interests (“DIs”) (ISIN CA02311U1030):

Effective Date: November 11, 2025

On the Effective Date:

IDRs issued by Arion Banki hf. will be removed from investor accounts in Iceland; and

an equivalent number of DIs (ISIN CA02311U1030) will be automatically credited to the same accounts.

Trading of Amaroq DIs on Nasdaq Iceland will commence under the ISIN CA02311U1030 and ticker symbol AMRQ, denominated in Icelandic króna (ISK).

The conversion will occur automatically, and no action is required from shareholders. As Depositary Interests replicate direct shareholding, the change is a technical adjustment only, with no impact on underlying shares or investor rights.

Temporary Suspension of Cross-Border Conversions

To facilitate the technical completion of this process, cross-border conversions between the Canadian and Icelandic markets will be temporarily suspended on 5 November - 5 business days prior to the effective date.

During this period, no new transfers or conversions of shares between the two markets will be processed. Normal cross-border conversion functionality will resume immediately following completion of the conversion on the effective date.

For technical information or to prepare internal procedures ahead of the conversion, custodians may contact Nasdaq CSD Iceland at csd.iceland@nasdaq.com.