Mr. James Gilbertson reports

DISCOVERY OF RARE EARTH ELEMENTS IN SOUTH GREENLAND, IN SURFACE GRAB SAMPLES

Amaroq Ltd. has identified initial conventional REE-bearing (rare earth element) mineralization within its Nunarsuit mineral licence area in southern Greenland. The Ilua pegmatite zone on the Nunarsuit licence represents Amaroq's first confirmed high-grade REE occurrence and marks a significant step into the REE and critical minerals space for the company.

Highlights:

• REE mineralization with high grades of up to 2.31 per cent total rare earth oxide (TREO) confirmed at Ilua pegmatite zone within the Nunarsuit licence;
• Located in southern Greenland's Gardar igneous province, which the European Commission's Joint Research Centre believes hosts up to 20 per cent of global REE resources and also contains known major REE deposits, such as Kvanefjeld and Tanbreez;
• REE assay results average 27 per cent heavy REE and 73 per cent light REE, with 21 per cent comprising the key magnet metals neodymium, praseodymium, dysprosium and terbium; initial fieldwork indicates a broad REE-bearing pegmatite system that warrant further evaluation;
• The outcrop is several metres wide and strikes approximately five kilometres; furthermore, it is possible there are multiple parallel structures, which the company intends to assess during the 2026 exploration season;
• The pegmatite systems are believed to be predominantly hosted within monazite mineralogy that may offer simpler, conventional REE processing compared with more complicated minerology observed elsewhere in southern Greenland; further, the average received assays are below the current government uranium threshold;
• Amaroq's technical team will complete further assessments with a view to conducting a scout drilling campaign as early as spring 2026 in order to test the volumetrics of the prospect;
• The Nunarsuit licence is within the Amaroq-operated Gardaq ApS joint venture and further results from Amaroq's 2025 non-gold exploration campaign will follow in due course.

James Gilbertson, vice-president, exploration, of Amaroq, commented: "The confirmation of high-grade REEs on our licence area is very good news and we are extremely encouraged by these initial results, which marks the first entry of Amaroq into the REE space in Greenland. The fact that the REE mineralization appears to be hosted in low uranium, traditional minerology is particularly encouraging; Amaroq believe that the host is likely to be a well-understood rare earth ore mineral monazite that typically lends itself to conventional extraction and processing techniques.

"This potential discovery builds on our expertise in defining resources and mine development in the region while diversifying into critical minerals at a time of rising global demand for these resources. Our team is looking forward to unlocking the full value of this potential discovery with further work and scout drilling in 2026, and we are optimistic that Nunarsuit's rare earth potential could add significant shareholder value alongside our existing projects."

Early-stage identification of REE-bearing pegmatite mineralization considered of strategic interest.

The identification of REE mineralization at Nunarsuit comes as Amaroq expands its exploration focus beyond gold. The Ilua pegmatite zone, situated in the western part of the Gardar province, was a high-priority target during the 2025 field season. Geological teams conducting reconnaissance mapping and sampling at Ilua noted zones of coarse-grained pegmatite, enriched in unusual accessory minerals. Subsequent analysis confirmed elevated rare earth element signatures, associated with phosphate minerals. Monazite, a reddish-brown rare earth phosphate, often visible in pegmatitic granites, has previously been identified in outcrop, indicating it as the likely host of the REE enrichment. These results are encouraging for Amaroq as it broadens the company's commodity exposure into the critical metals sphere at a time of surging global interest in secure rare earth supplies.

Importantly, the Nunarsuit intrusive complex (which measures roughly 16 kilometres by 27 kilometres in area) had seen little historical exploration for rare earths despite geological reports highlighting its prospective nature. Academic studies have documented that monazite and REE-rich apatite are common in the Nunarsuit pegmatites, corroborating Amaroq's field observations.

Next steps and 2026 work program

Following these results, Amaroq's technical team will assess the Ilua pegmatite zone REE prospect while planning for scout drilling as part of the 2026 exploration program. The immediate next steps involve detailed data collection and analysis to determine the scope and economic potential of the mineralization.

Detailed sampling: A systematic sampling campaign will be designed to quantify the grade and distribution of REEs across the pegmatite outcrops. This will likely include channel sampling of exposed pegmatite bodies and targeted grab samples of mineralized zones for assay. The aim is to establish average TREO grades and identify any high-grade lenses within the broader pegmatite.

Mineralogical studies: Comprehensive mineralogical and petrographic analyses are being planned on collected samples. Understanding the exact mineral hosts of the REEs (confirmation of monazite and presence of any accompanying minerals such as allanite, xenotime or bastnasite) will be crucial. The results will guide preliminary metallurgical test work to evaluate how the REEs can be extracted.

Geophysics and mapping: The company will assess what ground geophysical surveys could be used to investigate the subsurface continuation of the pegmatite zone. Techniques such as magnetics and radiometrics (gamma-ray spectroscopy) could be employed as monazite typically has a thorium signature that a spectrometer can detect. Additionally, detailed geological mapping around the zone would aim to trace the full extent of the pegmatite swarm and any related structures or alteration halos.

Scout drilling: The company is assessing the option to deploy a rig to the project in early 2026 to provide data on the depth potential and potential zonation with the pegmatite system.

The outcomes of these next steps will inform a potentially more detailed drill program or bulk sampling campaign at Nunarsuit. Amaroq will take a disciplined approach, ensuring that all necessary data are in hand to design an effective drilling strategy, should the project advance to that stage.

Gardar province context and comparable discoveries

Southern Greenland's Gardar igneous province is renowned for its unique mid-Proterozoic alkaline intrusions, which have produced significant rare earth deposits. To the east of Nunarsuit lie the Ilimaussaq intrusive complexes, hosting deposits such as Kvanefjeld and Tanbreez. Kvanefjeld (Kuannersuit) hosts a measured and indicated mineral resources of 451 million tonnes at 1.14 per cent TREO, with a further 559 million tonnes at 1.1 per cent TREO in the inferred category, and is often cited as one of the largest undeveloped REE resources in the world. Tanbreez (Kringlerne), located only approximately 15 kilometres from Kvanefjeld, similarly boasts indicated mineral resource of 25.4 million tonnes at 0.37 per cent TREO and 1.37 per cent ZrO2 (zirconium dioxide) as well as 19.45 million tonnes at 0.39 per cent TREO and 1.42 per cent ZrO2 in the inferred category, with a total conceptual exploration target of over four billion tonnes (chiefly eudialyte-hosted light REEs, along with high zirconium), and was granted a mining licence in 2020. These deposits illustrating the significant REE endowment of the Gardar province have drawn international attention to southern Greenland as a strategic source of critical minerals.

Geologically, Amaroq's Nunarsuit complex shares the same magmatic lineage as Kvanefjeld and Tanbreez -- all are products of the Gardar rift-related magmatism approximately 1.13 billion years ago. The REE mineralization in these systems is typically associated with late-stage magmatic differentiates (pegmatites, aplites and hydrothermal phases) within the broader alkaline igneous complexes. At Kvanefjeld, the REEs occur largely in steenstrupine (a complex silicate mineral that also contains uranium and thorium) and in eudialyte-rich zones. At Tanbreez, REEs are chiefly hosted in eudialyte, a sodium-zirconium silicate mineral typical of peralkaline syenites. These exotic minerals testify to the highly evolved, agpaitic nature of the Ilimaussaq intrusions.

The Ilua pegmatite zone at Nunarsuit appears to represent a different style of mineralization -- more akin to granitic pegmatite-hosted REE systems. The presence of monazite (while this has not yet been confirmed as the key host mineral) suggests an LREE-dominated (light rare earth element) assemblage formed in a peraluminous to mildly alkaline granite-pegmatite environment. This similar geological foundation (a Gardar-age intrusion with late-stage pegmatites) to the known deposits, but with a different dominant mineralogy, could mean Nunarsuit hosts a complementary type of REE deposit within the province. Amaroq's exploration team is drawing on analogues from both classic granite pegmatite REE deposits and Gardar-style alkaline complexes as it interprets the Ilua findings. The company believes that the Gardar province's western extent, where Nunarsuit is located, has been underexplored for REEs and the Ilua pegmatite discovery may represent a previously underexplored part of the Gardar province.

Sampling and quality assurance/quality control disclosure

A series of rock-chip samples were collected from the southern areas of the Nunarsuit licence around 60.697464N and minus 48.004247E. Rock-chip samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, in Loughrea, Ireland, for analysis. Preparation scheme PREP-31BY was used on all samples. This involves crushing to 70 per cent under two millimetres, rotary split off one kilogram and pulverizing the split to better than 85 per cent passing 75 microns. Samples were then analyzed using 50-gram fire assay method Au-ICP22 and multielement method ME-MS61r, which uses a four-acid digestion (perchloric, nitric, hydrofluoric and hydrochloric acids) paired with ICP-MS and ICP-AES analysis for 60 elements, including REE. All samples were analyzed for silicon, titanium and zirconium using portable XRF (X-ray fluorescence) method pXRF-34. Four samples were analyzed using lithium borate fusion method ME-MS85 for overlimit grades of niobium, neodymium, yttrium and zirconium and method Zn-OG62 for overlimit grades of zinc.

Grab sample QA/QC procedures consisted of the systematic blanks and field duplicates at a rate of one in 20 or 5 per cent per QA/QC type. In addition, ALS inserted blanks and standards into the analytical process.

About Amaroq Ltd.

Amaroq's principal business objectives are the identification, acquisition, exploration and development of gold and strategic metal properties in 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.

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.

In terms of the mineral resource stated for Kvanefjeld and Tanbreez, the qualified person has been unable to verify the information and the information is not necessarily indicative to the mineralization on the property that is the subject of the disclosure.