2026 Nanoq Drilling Programme Completed and Initial Positive Metallurgical Test Work Results

1 October 2026 - Amaroq Ltd. (LSE and NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland's mineral potential, is pleased to announce the completion of its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland, alongside successful metallurgical test work results of Nanoq mineralisation, in relation to future processing at the Nalunaq facility. The Company has also commenced development of limited site infrastructure at Nanoq.

Highlights

2026 drilling completed: 4,728.9 metres of core drilling across 33 holes, focussed on infill drilling of the Central Zone, to support a planned maiden Mineral Resource Estimate, together with step-out drilling to the south and at the West 1 target.

Strong visual indications: Visible gold and copper sulphides, similar to that observed in 2024 and 2025, have been identified with approximately 88% of holes intersecting visible mineralisation. Assay results remain pending.

Positive metallurgical test-work: Test work undertaken by SGS Lakefield indicates that Nanoq mineralisation is amenable for processing at the Nalunaq facility. Overall total gold recoveries using the existing flow-sheet of approximately 97–99%.

Infrastructure development underway: Construction has commenced on the Nanoq beach landing facility and starter access track, improving access to the mineralised area, supporting potential bulk sampling and future resource drilling.

Eldur Ólafsson, CEO of Amaroq, commented:

“The completion of this year’s drilling at Nanoq marks another important step in advancing the project towards a maiden Mineral Resource Estimate. We have significantly increased the geological information across the Central Zone, while continuing to test the broader potential of the system to the south and at West 1.

“The metallurgical results are also very encouraging, demonstrating strong gold recoveries using a flowsheet consistent with that at Nalunaq. This supports our strategy of evaluating Nanoq as a future source of material for processing at Nalunaq. Together with the new infrastructure, these results provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028 and further resource and exploration drilling, as we continue to de-risk Nanoq’s full development potential.”

Assay results from the 2026 drilling programme will be released as they become available. The results will support continued geological modelling and evaluation of the potential for a maiden Mineral Resource Estimate at Nanoq.

About the Nanoq gold project

Nanoq is located in South Greenland, approximately 130km northeast of the Nalunaq gold mine, on the eastern flank of the Nanortalik Gold Belt. The project hosts multiple gold-bearing quartz vein systems within folded volcanic and sedimentary rocks and is being evaluated as a potential future high-grade gold source within Amaroq's South Greenland portfolio.

In 2025, Amaroq completed 4,807m of diamond drilling across 27 holes, testing approximately 600m of strike within the Central Zone. The programme returned shallow high-grade intersections, including 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m, as well as broader mineralised intervals up to 9.0m. Mapping extended the interpreted Central Zone strike to approximately 1.5km and identified the parallel West 1 Zone approximately 500m to the west.