Mr. Eldur Olafsson reports

COMMENCEMENT OF 2025 EXPLORATION CAMPAIGN

Amaroq Ltd. has commenced its 2025 exploration campaign.

Highlights:

• Comprehensive, multirig drilling program under way at the Nalunaq gold mine, targeting continued resource expansion, with up to 3,500 metres of surface drilling and near-continuous underground drilling planned;
• Major drill mobilization at Nanoq, the analogous gold prospect east of Nalunaq within the Nanortalik gold belt, with approximately 5,000 metres of core drilling to advance toward a maiden mineral resource estimate;
• Secondary aim of 2025 exploration campaign is to expand understanding across existing and new satellite gold targets within the Nanortalik gold belt;
• Regional copper and nickel exploration program commencing across southern Greenland and into new licences in the north of the country;
• Rare earth elements exploration advancing across the Gardar igneous province of southern Greenland;
• Initial reconnaissance of the newly acquired West Greenland Hub (Black Angel and Kangerluarsuk licences) has commenced, with further technical and logistical assessments scheduled ahead of a comprehensive exploration program in 2026.

James Gilbertson, vice-president, exploration, for Amaroq, commented: "The launch of our 2025 exploration campaign marks one of the most ambitious and wide-ranging programs in Amaroq's history. With active drilling at our flagship gold assets of Nalunaq and Nanoq, and regional work expanding our understanding of the copper, nickel and rare earth elements opportunities, this season truly showcases the breadth of Greenland's mineral potential. It is incredibly exciting to see rigs and teams deployed from the southern fjords all the way to our newest projects in the north and across the West Greenland Hub -- a reflection of both our growing footprint and the multicommodity opportunity we're pursuing."

2025 exploration overview and activity plan

Gold projects

Nalunaq gold mine

Following the announcement of the fourth mineral resource estimate (MRE) in April, 2025 (including a maiden indicated resource and increased total mineral resources), the exploration team has undertaken detailed planning to incorporate these results into both continuing operations and the 2025 exploration program.

In consultation with Bara Consulting, Amaroq plans to conduct an integrated program of underground and surface exploration. Underground drilling will proceed almost continuously, focusing on expanding both the scale and confidence of the resource within the Mountain block and Target block areas.

At surface, the company plans up to 3,500 metres of core drilling across the lower Target block and the South Block Deeps -- an area interpreted as a potential downdip continuation of the Nalunaq main vein -- looking to further derisk the 1.7-million-ounce exploration target.

Nanoq

The 2024 Nanoq drilling campaign returned encouraging high-grade results. Starting in late July, 2025, Amaroq will conduct a comprehensive multirig drilling program in order to evaluate the scale of the resource opportunity and advance toward defining a maiden mineral resource.

Equipment has been shipped from Denmark through Nalunaq, with arrival at the Nanoq site expected during the second half of July, 2025. The planned program includes approximately 5,000 metres of core drilling across the central zone, with additional exploratory drilling possible along the western extension. A 45-person camp and supporting facilities will be established near the drill sites, enabling core logging, cutting and sampling on site. This approach provides flexibility to adapt the drill plan in real time as results are received.

Gold satellite projects

Field exploration and geological reconnaissance will be carried out across the Vagar and Anoritooq licences, targeting both historical gold occurrences and new prospects generated by Amaroq in previously unexplored areas. This work will build on structural interpretations from earlier field campaigns and aims to define targets with the potential to supply satellite feed to the Nalunaq gold mine.

Gardaq AS -- strategic minerals projects (51-per-cent ownership through Gardaq joint venture)

Regional copper exploration

Advised by Dr. Steve Garwin, the team will advance copper-focused exploration at Ukaleq and additional targets within the Johan Dahl Land licence areas. This work will extend across the broader southern Greenland copper belt, guided by remote sensing data sets and results from previous exploration campaigns, aiming to delineate epithermal- or porphyry-style mineralization.

The program retains flexibility to undertake scout drilling on one or more targets during 2025, contingent upon positive early results.

Stendalen and regional nickel exploration

Building on 2025 exploration activities and new geophysical interpretations, Amaroq will carry out further ground assessments, along with geological and structural mapping. These efforts will refine current models and define robust drill targets for 2026.

The team will also evaluate a series of regional copper-nickel sulphide targets identified across the broader licence portfolio.

Regional rare earth elements (REE) exploration

Following the award of additional exploration licences focused on REE mineralization, Amaroq plans to expand regional exploration across the Gardar igneous province. Work will focus on assessing both confirmed and newly identified REE targets, with the aim of establishing the resource potential and scale of opportunity.

Minturn

Amaroq has applied for -- and expects approval of -- a new licence covering the Minturn IOCG (iron ore, copper and gold) target in Inglefield Land in northwestern Greenland. Upon confirmation, the company intends to complete a reconnaissance visit to evaluate logistical considerations and collect a comprehensive suite of geochemical samples. These efforts will support detailed targeting and planning for the 2026 exploration season.

West Greenland Hub

Amaroq has commenced a review of the historical data of the company's recently acquired assets in western Greenland: the former producing zinc, lead, silver mine at Black Angel as well as the proximal Kangerluarsuk zinc/lead project. The aim of the review is to define the resource growth potential and redevelopment strategy for Black Angel. A reconnaissance visit to assess the condition of the on-site facilities, which include accommodation for a 20-plus-person camp, helicopter hangars, cable car equipment, deepwater harbour and mine infrastructure, has taken place, with encouraging resource growth potential seen at both the Glacier and Deep Ice zones. Further assessments and planning will continue through the exploration season in preparation for a comprehensive exploration program in 2026.

About Amaroq Ltd.

Amaroq's principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in southern Greenland. The company's principal asset is a 100-per-cent interest in the Nalunaq gold mine. The company has a portfolio of gold and strategic metal assets in southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava copper belt exploring for strategic metals such as copper, nickel, rare earths and other minerals. Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq AS, incorporated under the Greenland Companies Act.