Mr. Ed Westropp reports

NOTICE TO HOLDERS OF ICELANDIC DEPOSITORY RECEIPTS SIMPLIFICATION AND STREAMLINING OF AMAROQ'S SECURITIES UNDER A SINGLE ISIN

Amaroq Ltd.'s Icelandic depositary receipts (IDRs) (ISIN: IS0000034569), currently issued by Arion Banki hf, will be automatically converted into depositary interests (DIs). The DIs, issued by Computershare Investor Services PLC and affiliated into Nasdaq CSD Iceland through its link with CREST, will unify Amaroq's equity securities under a single ISIN (international securities identification number). This simplification streamlines cross-border settlement and administration while ensuring Icelandic investors continue trading on Nasdaq Iceland in Icelandic kronur, as before. As depositary interests replicate direct shareholding, the change is a technical adjustment only, with no impact on underlying shares or investor rights.

What is changing:

• The IDR program operated by Arion Banki will be discontinued.
• Instead of IDRs, investors will hold securities entitlements through DIs, which are dematerialized securities, representing Amaroq's Canadian common shares.
• DIs are a standard form of security in the United Kingdom that allows overseas shares to be held and trades to be settled through CREST. In Iceland, these DIs will be affiliated into Nasdaq CSD Iceland, so they appear and function in the same way as any other securities held in Icelandic custody.
• The change ensures that shareholder holdings in Iceland will now be under the same ISIN as the company's Canadian shares and DIs (CA02311U1030).
• On the effective date, IDRs (IS0000034569) will be removed from investor accounts in Nasdaq CSD Iceland, and an equivalent number of DI entitlements (CA02311U1030) will be automatically credited.

What is not changing:

• The underlying Canadian shares remain exactly the same.
• Shareholder rights and entitlements (dividends, voting and corporate actions) remain unaffected and will be processed through Nasdaq CSD Iceland.
• The company's AIM (Alternative Investment Market) listing remains unaffected, and trading will continue as usual.
• Trading on Nasdaq Iceland continues as before, in Icelandic kronur, with no interruption.
• Investors do not need to take any action -- the conversion will be automatic.

Effective date and further information

The conversion from IDRs to DIs will take effect following completion of the necessary operational arrangements. The company will announce the effective date and provide further practical details for investors once confirmed in co-ordination with all relevant parties, including Nasdaq CSD Iceland, Arion Banki and Computershare Investor Services.

For technical information or to prepare internal procedures ahead of the conversion, custodians may contact Nasdaq CSD Iceland at csd.iceland@nasdaq.com.

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.