Mr. Ed Westropp reports

NOTICE TO HOLDERS OF ICELANDIC DEPOSITORY RECEIPTS CONFIRMATION OF EFFECTIVE DATE FOR CONVERSION OF ICELANDIC DEPOSITORY RECEIPTS (IDRS) INTO DEPOSITARY INTERESTS (DIS)

Further to Amaroq Ltd.'s announcement dated Oct. 21, 2025, regarding the simplification and streamlining of Amaroq's securities under a single ISIN (international securities identification number), Amaroq has hereby confirmed the effective date for the automatic conversion of Icelandic depository receipts (IDRs) (ISIN: IS0000034569) into depositary interests (DIs) (ISIN: CA02311U1030):

Effective date:  Nov. 11, 2025

On the effective date:

• IDRs issued by Arion Banki hf will be removed from investor accounts in Iceland.
• An equivalent number of DIs (ISIN: CA02311U1030) will be automatically credited to the same accounts.

Trading of Amaroq DIs on Nasdaq Iceland will commence under the ISIN CA02311U1030 and ticker symbol AMRQ, denominated in Icelandic kronur.

The conversion will occur automatically, and no action is required from shareholders. As depositary interests replicate direct shareholding, the change is a technical adjustment only, with no impact on underlying shares or investor rights.

Temporary suspension of cross-border conversions

To facilitate the technical completion of this process, cross-border conversions between the Canadian and Icelandic markets will be temporarily suspended on Nov. 5 -- five business days prior to the effective date.

During this period, no new transfers or conversions of shares between the two markets will be processed. Normal cross-border conversion functionality will resume immediately following completion of the conversion on the effective date.

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.