Mr. Eldur Olafsson reports

OPERATIONAL UPDATE

Amaroq Ltd. has provided an update on operations at its flagship Nalunaq gold mine and on its 2025 exploration program.

Highlights:

• Operations -- continued sequential improvement and production running ahead of expectations:
  • Commissioning of the processing plant and ramp-up of mining operations at Nalunaq continued to deliver steady improvements through Q3 2025.
  • A double-shift pattern was implemented at the processing plant ahead of schedule in the latter half of Q3 2025.
  • Gold production to Oct. 7, 2025, has reached approximately 5,000 ounces, in line with the company's revised full-year 2025 production guidance.
  • The planned shutdown for commissioning activities is expected to commence in the third week of October, 2025, with an estimated four-week duration. Once complete, the gravity circuit of the processing facility will be fully automated and major civil works will be completed, marking the completion of the majority of phase 1 works.
  • Phase 2 construction comprises the installation of the flotation circuit, including civil works, piping and electrical fitting, as well as equipment installation. The main elements of the building erection and civil engineering are already complete, with construction for the remainder of the work expected to take place inside the plant and restart in December, 2025, after the shutdown and continue until the end of Q1 2026.
  • The company remains on track to achieve nameplate throughput of 300 tonnes per day by year-end 2025.
  • With gold production running ahead of expectations, updated year-end 2025 production guidance will be published once the period of shutdown is confirmed, around the time of the Q3 2025 results on Nov. 14, 2025.
• Exploration -- 2025 program completed with resource upside identified and assay results under way:
  • Surface drilling at Nalunaq's South Deep zone, approximately 250 metres down-dip of the current resource, has been completed providing growth potential. Results will feed into the next mineral resource update, scheduled for Q1 2026.
  • Underground drilling at Nalunaq between the 725 and 790 levels has been completed, with continuous definition drilling programs being planned from the 800 level upward.
  • Both surface and underground campaigns are targeting the high-grade Main vein and the parallel 75 vein.
  • At Nanoq, the 4,804-metre drilling program was completed on schedule. Core is being logged and sampled for assay, with initial results expected during Q4 2025. Winterization of the camp and equipment is under way, facilitating earlier start to a drilling program next year.
  • Satellite gold exploration around Nalunaq, along with copper and critical metals programs, has been completed, with assays pending.
  • The team has completed strategic site visits to the Black Angel and Kangerluarsuk projects to assess logistics and development pathways, alongside a resampling program. Market updates will follow in due course.

Eldur Olafsson, chief executive, commented: "I am pleased with the progress the team and our commissioning crews and contractors have delivered to date. We are ahead of schedule across all key workstreams, a clear testament to the strength and capability of Amaroq's people. I look forward to providing a full update on operations and outlook at our Q3 2025 results on Nov. 14, 2025."

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.

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.