Mr. James Gilbertson reports

HIGH-GRADE IRON AND COPPER/GOLD POTENTIAL CONFIRMED AT MINTURN PROSPECT

Amaroq Ltd. has released significant exploration results from the 2025 field campaign at its Minturn prospect, north of the U.S. Pituffik space base in northwestern Greenland. Indications suggest Minturn is a large-scale, mineralized system, with extensive iron oxide alteration and brecciation, similar to other well-known iron oxide copper-gold (IOCG) deposits. These results highlight Minturn's significant potential as a new IOCG discovery, in a frontier region of Greenland.

James Gilbertson, vice-president, exploration, of Amaroq, commented: "These initial results from Minturn demonstrate that Greenland has the geological ingredients to host truly elephant-scale mineral systems. The identification of what appears to be a Kiruna-style IOCG project, underpinned by extensive iron oxide alteration and very high iron grades at surface, represents a significant strategic step for Amaroq and its joint venture company, Gardaq. Additionally, the scale of the system and the presence of magnetic and electromagnetic anomalies, point to the potential for copper and gold mineralization within a broader IOCG framework. We are now in active planning for a 2026 program of scout drilling, detailed mapping and ground geophysics to properly test the scale, geometry and economic potential of this emerging system."

Highlights:

• Amaroq believe that Minturn represents a highly strategic opportunity, in which the discovery of a Kiruna-type IOCG system in this region would be of international significance, reinforcing Greenland's prospectivity for large critical mineral deposits, beyond gold and adding a new dimension to Amaroq's growth pipeline.
• Reprocessing and reinterpretation of historic geophysical data sets have resulted in an improved geological model, revealing a significant mineralized system over a large, linear 80-kilometre zone.
• High-grade iron assays from surface samples returned iron grades up to 69.5 per cent Fe. These exceptional grades (66 to 69 per cent Fe in multiple samples) underscore the presence of a significant iron oxide core within the system.
• The extensive iron-oxide-rich alteration discovered is calibrated to a significant magnetic anomaly, indicative of a large and robust IOCG-style system over an approximately nine-kilometre trend.
• Minturn represents the opportunity for direct shipping ore (DSO) for direct reduced iron (DRI) products (less than 2 per cent SiO2 (silicon dioxide), less than 1 per cent Al2O3 (aluminum oxide), less than 0.2 per cent titanium and approximately 0.06 per cent phosphorus), due to acceptable levels of other potential deleterious elements -- enabling quicker commercialization.
• Soil sampling across the magnetic anomaly and a parallel electromagnetic (EM) anomaly suggest the potential for copper and gold within a broader IOCG deposit model.
• Geophysical and geochemical indicators are being evaluated to target potential copper-gold-enriched centres in future work.
• Based on these encouraging results, Amaroq is designing an aggressive follow-up campaign for 2026 that may include scout drilling, detailed mapping and ground geophysical surveys to delineate the extent of the mineralized system.

Background to the Minturn project

The Minturn project in northwestern Greenland, north of the U.S. space base at Pituffik, is a key addition to Amaroq's growing strategic minerals portfolio, within its strategic joint venture company, Gardaq, reflecting the company's drive to unlock Greenland's mineral potential beyond gold. Minturn was first investigated by government-owned NunaMinerals in 2010, when an extensive magnetic anomaly (approximately 80 kilometres long) was identified in the Inglefield Land region. NunaMinerals collected surface float samples of massive magnetite that averaged about 62.4 per cent Fe -- high iron grades. At the time, this occurrence was interpreted as a vanadium-rich titanomagnetite (iron) system, essentially an iron deposit with high iron (and accessory titanium and vanadium) values, rather than a potential copper-gold target.

Amaroq's team revisited the historical data and applied modern processing and interpretation techniques to the geophysical surveys. This reanalysis revealed that the earlier data may have been misunderstood, indicating a much larger and more complex mineralized system than initially thought. The new geological model suggests that Minturn is likely a Kiruna-style iron oxide copper-gold (IOCG) system, characterized by extensive iron oxide alteration and brecciation -- features typical of IOCG deposits. Kiruna-style IOCG systems are known for hosting large-scale, high-grade, multicommodity deposits; globally, IOCG orebodies can span from tens of millions up to billions of tonnes, often containing significant copper and gold, alongside the iron mineralization. This promising reinterpretation of Minturn's geology, supported by the updated geophysical models, directly triggered Amaroq's 2025 field program to confirm the IOCG potential at Minturn. It aligns with Amaroq's broader strategy of expanding into critical and strategic commodities in Greenland, beyond its traditional gold focus.

Summary of 2025 exploration results

During the 2025 summer exploration campaign, Amaroq conducted detailed geological mapping, rock sampling and geophysical surveys across the Minturn target area. These efforts identified a large mineralized system marked by magnetite-rich breccia and intense iron oxide alteration extending for roughly nine kilometres along the main magnetic trend. This is a significant strike length, indicating a robust iron oxide system. The style of alteration and brecciation observed in outcrop is consistent with an IOCG environment, reinforcing the reinterpretation of Minturn as a potential Kiruna-type IOCG target.

Field sampling results were highly encouraging. Surface assay grades of iron reached up to 69.5 per cent Fe, with numerous rock samples in the range of 66 to 69 per cent Fe. These high grades (approaching the purity of direct-shipping magnetite ore) demonstrate the presence of a substantial high-grade magnetite core within the system. In layman terms, much of the iron at Minturn is of very high quality, which is unusual and underscores the project's potential. Importantly, preliminary analyses show low levels of impurities in these iron-rich samples, which bodes well for any future iron product potential.

In addition to iron, Amaroq's work uncovered evidence for copper and gold upside at Minturn. Geophysical surveys detected a parallel EM anomaly running alongside the main magnetite-rich zone. Follow-up soil sampling and geochemical analyses over this EM target have returned anomalous indications of copper (and pathfinder elements often associated with gold) in the system. This suggests that, beyond the massive iron oxide zones, there could be sulphide-rich sections bearing copper and possibly gold mineralization -- a hallmark of IOCG-type deposits. In essence, the Minturn prospect may host not only iron ore but also valuable copper-gold mineralization in close proximity, significantly enhancing its economic potential under the IOCG model.

The scale and characteristics of the mineralization observed at Minturn strongly support its classification as an IOCG-style system. An iron-oxide-dominated deposit of this size, with coincident copper-gold geophysical anomalies, is precisely the kind of large, high-grade multicommodity system that a Kiruna-style IOCG deposit represents. These 2025 findings point to Minturn emerging as a potentially significant new discovery for Greenland -- one that could rank in importance alongside some of the world's sizable IOCG systems if further exploration confirms copper and gold at depth.

Based on these positive results, Amaroq is moving quickly to advance the project. The company has planned a focused 2026 follow-up program that will include scout drilling, expanded detailed mapping and ground geophysical surveys across the Minturn trend. The initial drilling will test key targets for copper and gold mineralization indicated by the 2025 work while mapping and geophysics will help define the full extent and geometry of the system. This next phase of exploration is aimed at evaluating Minturn's copper-gold potential and delineating the overall size and grade distribution of the deposit. The coming program will be an important step toward determining if Minturn can be confirmed as a significant IOCG deposit and will further position the project as a cornerstone of Amaroq's strategy to develop critical mineral resources in Greenland alongside its gold assets.

Sampling and quality assurance/quality control disclosure

Rock-chip samples were collected at two main locations centred around 78.51228/minus 68.59944 and 78.49269/minus 69.00742 from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, in Loughrea, Ireland, for analysis. Preparation scheme PREP-31BY was used on all samples. This involves crushing to 70 per cent under two millimetres, rotary splitting off one kilogram and pulverizing the split to better than 85 per cent passing 75 microns. Samples were then analyzed using 50-gram fire assay method PGM-MS24 and multielement method ME-MS61r, which uses a four-acid digestion (perchloric, nitric, hydrofluoric and hydrochloric acids) paired with ICP-MS and ICP-AES analysis for 60 elements, including REEs (rare earth elements). All samples were analyzed for silicon, titanium and zirconium using portable XRF (X-ray fluorescence) method pXRF-34. Iron ore samples were assayed using method ME-XRF21u. Iron ore samples are fused with a lithium borate fusion containing an oxidizing agent followed by XRF instrument analysis for major rock-forming elements and selected trace element concentrations. Results are reported as unnormalized. Loss on ignition (LOI) was determined at 1,000 C using method OA-GRA05x.

Ionic leach soil samples were collected around 78.51228/minus 68.59944 with a plastic shovel at a constant depth relative to the organic-soil interface around the B horizon. All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, in Loughrea, Ireland, for analysis. Samples were submitted double bagged in plastic to prevent drying, and large rocks and twigs were removed by hand at the time of collection. The soil samples were analyzed using the ionic leach method ME-MS23, using a static sodium cyanide leach with a highly sensitive ICP-MS finish.

About Amaroq Ltd.

Amaroq's principal business objective is the identification, acquisition, exploration and development of gold and strategic metal assets in Greenland. The company's flagship asset is the 100-per-cent-owned Nalunaq gold mine, currently in production and ramp-up, and supported by a growing pipeline of high-grade satellite gold targets across southern and western Greenland.

Amaroq also acquired a 100-per-cent interest in the Black Angel zinc-lead-silver project in western Greenland, historically one of Greenland's highest-grade base metal operations, where the company is advancing studies to evaluate the potential for future redevelopment as part of its emerging West Greenland Hub strategy.

Beyond gold and base metals, Amaroq controls a broad portfolio of strategic metal licences across southern Greenland, including advanced exploration projects at Stendalen (copper-nickel sulphides) and within the Sava belt, where the company is exploring for copper, nickel, rare earth elements and other critical minerals.

Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq AS, incorporated under the Greenland Companies Act.

Qualified person statement

The technical information presented in this press release has been approved by James Gilbertson, CGeol, vice-president, exploration, for Amaroq and a chartered geologist with the Geological Society of London and as such a qualified person as defined by National Instrument 43-101.

Mr. Gilbertson has reviewed and approved the scientific and technical information contained in this news release. Specifically, Mr. Gilbertson has reviewed the sampling and analytical procedures described and considers the data to be reliable for the purpose of this disclosure.

We seek Safe Harbor.