Mr. Eldur Olafsson reports

2026 PRODUCTION AND FINANCIAL GUIDANCE AND EXPLORATION UPDATE

Amaroq Ltd. has released its 2026 guidance and exploration outlook.

2026 gold production guidance range and performance metrics:

• Full-year 2026 gold production from Nalunaq is estimated to be between 25,000 and 35,000 ounces.
• The annual range is determined by feed grade and the start-up timing for Phase 2 flotation recovery in Q2 2026 and takes into account planned maintenance days as well as contingencies.
• Gold production and sales are expected to be back-end weighted in 2026 as flotation recoveries are fully introduced in the second half of 2026, with production in the first half of 2026 likely to be in the range of 7,000 to 10,000 ounces.
• Projected average recoveries for phase 1 gravity circuit of approximately 60 per cent, with total recoveries anticipated to increase up to 90 to 95 per cent upon successful commissioning of the phase 2 flotation circuit.
• The company anticipates feed grade to average between 14 and 15 grams per tonne gold, with fluctuations expected during the year as different sections of the Mountain Block orebody are mined.

2026 financial guidance:

• Targeting full-year cash cost of operations of $44-million (U.S.) to $47-million (U.S.) and all-in sustaining cost (AISC) of $69-million (U.S.) to $73-million (U.S.); investment in sustaining capital is mainly attributed to sustaining underground development and drilling, together with maintenance capital for plant and camp;
• Increased gold production in H2 2026 as well as an anticipated reduction in costs, driven by transition from contractor to owner-operator model, including drilling, processing plant and camp support functions; resulting in unit costs being lower in H2 2026 relative to H1 2026, with Q4 2026 AISC expected to be within a range of $1,250 (U.S.) to $1,450 (U.S.) per ounce and Q4 2026 production to be in the range of 10,000 to 12,000 ounces.
• A further approximately $14-million (U.S.) of Nalunaq non-sustaining capital investment is expected, largely associated with the completion of the processing plant construction and commissioning, investments in underground mining equipment and adding to existing camp facilities.

2026 exploration budget and high-level program:

• Comprehensive exploration program, focused on resource growth, predevelopment infrastructure and high-impact exploration, across the full breadth of the portfolio;
• Total planned exploration expenditure across the portfolio with a base case of $11-million (U.S.), with the ability to increase up to $29-million (U.S.) to accelerate exploration program subject to market conditions;
• West Greenland Hub and Black Angel -- the company plans to conduct the rehabilitation of all surface facilities and the updating of various technical feasibility studies targeting a phase 1 mining operation in 2028 and commence resource growth exploration programs toward future phase 2 mining operations;
• Nanoq -- Amaroq intends to initiate a phased resource development strategy in 2026; the first phase will focus on systematic drill testing of the Central zone with the objective of establishing the geological continuity and data density required to underpin a maiden mineral resource estimate; the company will in parallel look to improve surface logistics on site to facilitate further phased exploration in 2027 and beyond.
• Nalunaq -- the company intends to conduct parallel underground resource definition and exploration programs aimed at providing progressive resource replacement to the mining operation;
• Satellite gold targets -- regional exploration within the Nanortalik gold belt will continue to target Amaroq's next significant gold resource discovery;
• Minturn IOCG (iron oxide copper-gold) -- following the identification of a mineral system of significant scale, the company intends to conduct surface geophysical work and a scout drilling program to assess the scale of the mineralization and potential economics of the target;
• Ilua REE (rare earth element) -- Amaroq intends to mobilize a field team to the Nunarsuit licence to further delineate the scale of the REE-hosting pegmatite systems and to conduct initial scout drilling to understand depth potential and volumetrics;
• Stendalen -- following further assessment of geological and geophysical data, Amaroq will continue to develop additional drill sites targeting potential sulphide traps and is reviewing options to action on these during the coming season.

Eldur Olafsson, chief executive officer of Amaroq, commented: "With the Nalunaq gold mine now through the commissioning of phase 1 and running in steady-state operations, I am pleased to be announcing our 2026 full-year production guidance range of 25,000 to 35,000 ounces of gold. Within the current gold price environment and based on our cost and capital budgets for the year, we anticipate strong free cash flow from operations, supporting comprehensive exploration programs, as we seek to unlock the substantial value within our portfolio; from pure play exploration to predevelopment infrastructure and resource growth.

"As previously announced, we continue to engage in discussions with third parties in relation to the independent financing of our Suliaq support services and logistics business, which is a perfect example of how we are looking to leverage our platform to enable and support our mining operations as well as derisk the broader resource growth opportunity in Greenland.

"We have a very exciting opportunity set and are actively looking at ways to fast-track the various projects we are developing, in order to realize incremental net present value through accelerated execution. I believe this will be a theme in 2026: leveraging our scale, local expertise and people to drive value from our extensive acreage position and integrated platform."

Year-end unaudited balance sheet highlights:

• Year-end 2025 cash balance of $27.2-million and $8.9-million in undrawn credit facilities; cash balance includes $5.6-million of gold sales payment in transit but excludes $2.6-million of Gardaq liquidity at year-end;
• Inventory of $24.2-million;
• Total assets of $352.6-million;
• Total current liabilities of $62.8-million;
• Total non-current liabilities of $11.6-million;
• Net debt of $15.3-million; cash balance includes $5.6-million of gold sales payment in transit but excludes $2.6-million of Gardaq liquidity at year-end.

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 West Greenland.

Amaroq also holds a 100-per-cent interest in the Black Angel zinc-lead-silver project in West 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.