AMRQ Amaroq Minerals Ltd

Amaroq presents Nalunaq 2024 Exploration Results

** Highly Encouraging Underground Exploration Results and Continued Expansion of Key Mineralized Veins **

TORONTO, ONTARIO – February 27, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to provide an update on the 2024 exploration results at Nalunaq, aimed at expanding the Mountain Block and Target Block Extension zone.

Highlights

• Total of 2,985 meters of surface core drilling completed from eleven drillholes on the Target Block Extension zone, alongside 374.5m of underground core drilling at the Mountain Block and 203 channel samples from the western outcrops of the Main Vein and 75 Veins.
• Underground drilling has provided valuable data on mineralisation continuity, with notable intersections of up to 47.6g/t Au over 1.72m, reinforcing the high-grade potential of the Mountain Block where mining activities are focused this year.
• Surface drilling identified gold-bearing structures, including an intersection of 22.7g/t Au over 0.5m, supporting further evaluation of the Target Block extension.
• Channel samples from the Main Vein (18.85g/t Au) and 75 Vein (6.63g/t Au) suggest mineralization may extend further west, though additional work is required to confirm continuity.
• Amaroq is integrating these findings within an upcoming Mineral Resource Estimate update (“MRE4”) to refine the deposit’s potential.
• The Company is strategically planning further underground and surface drilling programmes to continue assessing mineralization continuity and inform future mine planning.

James Gilbertson, VP Exploration for Amaroq, commented:

“Our 2024 exploration results continue to validate the geological model at Nalunaq, with underground drilling returning highly encouraging high-grade intersections, reinforcing confidence in the Mountain Block’s potential. In addition, our findings increasingly suggest that previous surface drilling may have under-reported gold grades, as evidenced by both underground drilling results and our high-grade variability study, and we look forward to providing the updated Mineral Resource Estimate expected at the end of this quarter. These insights will be instrumental as we refine our exploration and development approach. With further targeted drilling due to take place in 2025, we remain confident in our ability to define additional high-grade zones and optimise our production strategy.”

Overview of Exploration Programme

Following the successful 2023 exploration season and the initiation of underground rehabilitation and development at Nalunaq, Amaroq completed an ambitious 2024 exploration programme, further solidifying its commitment to unlocking the mine’s full potential. The 2024 campaign encompassed both surface and underground drilling, including:

• Underground Exploration:
  • Initiation of an underground drilling programme to support both resource growth and mine definition.
  • High-grade close-space variability studies to refine geological modelling.
• Surface Exploration:
  • A core drilling programme targeting the extension of the Target Block.
  • A mountain channel sampling programme focused on the western outcrop zones.

Underground Drilling – Mountain Block

Amaroq’s underground core drilling programme at Nalunaq is now well underway, managed by Amaroq and executed by Thyssen Schachbau. To date, seven drill holes have been completed, totalling 374.5m, with the first three holes fully logged and sampled. The programme has successfully targeted the up-dip continuity of the Mountain Block, yielding valuable insights into the form and extent of the Main Vein ahead of mining operations.

Core samples are collected and logged by the Amaroq mining team, with target intervals analysed on-site using the innovative detectORE™ system, developed by Portable PPB. This field-based technology allows for rapid gold assaying, significantly accelerating decision-making. Additionally, all samples undergo traditional fire assay testing at ALS Geochemistry to ensure comprehensive validation.

A total of 229.8m of underground drilling from five holes was completed in 2024, with a further 144.7m from two holes drilled in early 2025. The underground drill locations are detailed below:

2024/5 Underground Drill Locations

* logged, sampled and detectORE assays received

*Projection WGS 84 UTM zone 23N

Underground High-Grade Continuity Study

To better understand the high-grade distribution and continuity of the Main Vein, a targeted close-space channel sampling programme was conducted. Two high-grade sites, Target Block 600W and Target Block 570W, were selected for this study. Using diamond saw techniques, samples were collected and submitted to ALS Geochemistry for fire assay and screen fire assay analysis.

Surface Core Drilling – Target Block Extension

Following the identification of high-grade material beyond the last western stope in the Target Block during the 2023 field season, Amaroq successfully completed a surface exploratory core drilling programme to assess the Target Block Extension zone potential. This was conducted from two newly constructed mountain platforms allowing access to the extension zone, a 775m long strike from the last stope to the western Main Vein outcrop.

In total 2,985m of core drilling was completed from eleven drillholes as detailed in the below table. All samples were submitted to ALS Geochemistry, Ireland for multi-element and fire assay.

2024 Surface Drill Locations

*Projection WGS 84 UTM zone 23N

Mountain Grab Sampling

Building on previous exploration success, Amaroq expanded its mountain grab sampling programme in 2024 to target both the Main Vein and 75 Vein outcrops. The aim was to confirm the continuation of high-grade corridors to the west, presenting additional resource growth opportunities.

A total of 203 channel samples were collected, analysed at Nalunaq, and sent to ALS Geochemistry for further multi-element and fire assay testing.

Initial Review of Exploration Results

Underground Drilling

Amaroq’s first underground drilling campaign at Nalunaq has been highly successful, confirming mineralisation continuity and delivering multiple intersections of visible gold. Notable results include intersections up to 47.6g/t Au over 1.72m, reaffirming the high-grade nature of the Mountain Block.

Sampled Intersections from the 2024 Underground Drilling Programme

* True thickness calculated using Main Vein intersection angles recorded during geological logging and from 3D modelling in Leapfrog Geo software.

These results, initially assessed using detectORE™, are currently undergoing additional fire assay confirmation at ALS Geochemistry in Ireland.

Underground High Grade Continuity Study

The close-space sampling programme has provided invaluable data on the high-grade variability within the Main Vein, offering insight into why small-diameter surface drilling may sometimes underrepresent gold grades. These findings will directly inform the next Mineral Resource Estimate (MRE4).

Sample results from the High Grade Continuity Study

Surface Drilling

The 2024 drilling campaign was completed during the summer of 2024 before being reviewed, logged, sampled and samples prepared on site. Initial results suggested the continuity of key gold-bearing veins, further supporting Amaroq’s geological model of Nalunaq. The results are still under review, and while vein thickness and consistency were below initial expectations, these variations may be attributed to the significant step-out distance of this year's drilling from the last stope.

Despite this, high grades were intersected including 22.7g/t Au over 0.5m in hole NAL2403 illustrating that the high-grade nature of the Main Vein and 75 Vein continue into the Target Block Extension.

Moving forward, Amaroq will prioritize targeted underground drilling in areas immediately beyond the last stope to refine mineralization continuity and assess high-grade extensions more precisely.

Sampled Intersections from 2024 Drilling Programme

* True thickness calculated using Main Vein intersection angles recorded during geological logging and from 3D modelling in Leapfrog Geo software.

Mountain Grab Sampling

203 channel samples were taken from the outcropping vein systems on the western side of Nalunaq mountain targeting where both the Mountain Block and Target Block high grade plunges are expected to crop out. Results from these samples include 18.85g/t Au in the Main Vein outcrop and 6.63g/t Au in the 75 Vein.

A focused strategy is now being developed to better understand the structural controls and refine geological targeting, particularly in the Target Block (TB) Extension zone. While this zone requires further assessment, the Company remains optimistic about its potential and will prioritize targeted underground drilling to enhance confidence in the zone.

2025 Exploration and Development Strategy

Amaroq remains committed to maximizing the value of Nalunaq. Insights from the 2024 exploration programme will directly inform the upcoming MRE4, reinforcing the Company’s long-term growth strategy.

For 2025, Amaroq is reviewing a structured exploration and development plan, focusing on:

• Targeted underground drilling to enhance confidence in high-grade zones.
• Expanded surface exploration to unlock additional resource growth potential.
• Continued geological modelling improvements to refine mining strategies and optimize resource extraction.

With a proven track record of exploration success and an aggressive development strategy, Amaroq is well-positioned to accelerate Nalunaq’s transformation into a high-grade gold producer.

Sampling and QAQC Disclosure        

Surface Drilling

Drill core was cut in half using a diamond blade core saw. Cut lines were consistently drawn along the core foliation axis and the right-hand side of the core was sampled. All drill core samples were placed into thick polymer bags with a sample ticket. All samples were prepared at ALS Geochemistry’s containerised preparation laboratory on-site at Nalunaq, before being packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis.

Sample preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold and samples considered to be the Main Vein were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction.

Amaroq’s QA/QC program consists of the systematic insertion of certified reference materials of known gold content, blanks, and quarter core field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process. The average sample mass was 2.08 kg.

Underground Drilling

Underground drillholes core has undergone initial assaying on site managed and maintained by ALS Geochemistry. Analysis for gold following processing utilising the detectORETM method as commercially available with Portable PPB Pty Ltd (Portable PPB). The detectORETM utilised approximately 250g of material sieved (to passing 1mm) split from a 2 to 2.5kg prepared sample. The sieved sample is inserted into a plastic sample pouch along with 500ml of gold lixiviant (GLIX_20™) and a detectORE™ bar coded collector device. The sealed pouch was then tumbled for 12 hours in a detectORE™ sample mixer.

Following tumbling, the detectORE™ collector device was removed, rinsed in water and dried prior to reading with a detectORE Mode enabled pXRF. The entire work flow was run by ALS Geochemistry and managed through Portable PPB’s pLIMS™ software and in accordance with the instructions, including QAQC protocols

Channel Sampling

Underground Channel samples were cut with the use of a diamond cutting blade to provide clean sided channels. All collected channels were placed into thick polymer bags with a sample ticket. All samples were prepared at ALS Geochemistry’s containerised preparation laboratory on-site at Nalunaq, before being packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. As with drill the surface drill core, samples underwent preparation scheme PREP-31BY. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold and samples considered to be the Main Vein were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction.

The same QAQC procedures were also used for these channel samples consisting of the systematic insertion of certified reference materials of known gold content, blanks, and field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process.

Grab Sampling

Mountain grab samples were collected from outcrops through the use of geological picks and hammers. Where possible chip channel samples were collected across the width of the visible vein. Grab samples were packaged into thick polymer bags with a sample ticket and reviewed by the Company geological staff prior to submission.

All grab samples were prepared at ALS Geochemistry’s containerised preparation laboratory on-site at Nalunaq, before being packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. As with drill the surface drill core, samples underwent preparation scheme PREP-31BY. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns. Samples were then analysed by 50 g fire assay with method Au-AA26 which has a detection limit of 0.01 ppm Au. Samples containing visible gold and samples considered to be the Main Vein were assayed with screen-metallics fire assay technique Au-SCR24 which has a detection limit of 0.05 ppm Au. This involves screening 1 kg of pulverised sample to 106 microns followed by a gravimetric assay of the entire plus fraction and a duplicate 50 g AAS assay of the minus fraction.

Grab sample QAQC procedures consisted of the systematic insertion of certified reference materials of known gold content, blanks, and field duplicates at a rate of 1 in 20 or 5% per QA/QC type. In addition, ALS insert blanks and standards into the analytical process.

Enquiries:

Amaroq Minerals Ltd.Eldur Olafsson, Executive Director and CEO eo@amaroqminerals.com

Eddie Wyvill, Corporate Development+44 (0)7713 126727ew@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)Scott MathiesonNikhil Varghese+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)James AsensioHarry ReesTel: +44 (0) 20 7523 8000

Camarco (Financial PR)Billy CleggElfie KentFergus Young+44 (0) 20 3757 4980

For Corporation updates:Follow @Amaroq_Minerals on X (Formerly known as Twitter)Follow Amaroq Minerals Ltd. on LinkedIn

Further Information:

About Amaroq Minerals

Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% 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 Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events and the future growth of the Corporation's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under "Risk Factors" in the Final Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events. No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

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