REG-Commencement of 2025 Exploration Campaign

AmaroqAnnouncement

Mon 07:00

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Reykjavík, July 21, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.

(“Amaroq” or the “Company”)

Commencement of 2025 Exploration Campaign

TORONTO, ONTARIO – 21 July 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland:
AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on
unlocking Greenland’s mineral potential, is pleased to announce the
commencement of its 2025 exploration campaign.

Highlights
* Comprehensive, multi-rig drilling programme underway at the Nalunaq gold
mine, targeting continued resource expansion, with up to 3,500 metres of
surface drilling and near-continuous underground drilling planned.
* Major drill mobilisation at Nanoq, the analogous gold prospect east of
Nalunaq within the Nanortalik gold belt, with approximately 5,000 metres of
core drilling to advance towards a maiden Mineral Resource Estimate.
* Secondary aim of 2025 exploration campaign is to expand understanding across
existing and new satellite gold targets within the Nanortalik gold belt.
* Regional copper and nickel exploration programme commencing across South
Greenland and into new licences in the north of the country.
* Rare earth elements exploration advancing across the Gardar Igneous Province
of South Greenland.
* Initial reconnaissance of the newly acquired West Greenland Hub (Black Angel
and Kangerluarsuk licences) has commenced, with further technical and
logistical assessments scheduled ahead of a comprehensive exploration
programme in 2026.
James Gilbertson, VP Exploration for Amaroq, commented:

“The launch of our 2025 exploration campaign marks one of the most ambitious
and wide-ranging programmes in Amaroq’s history. With active drilling at our
flagship gold assets of Nalunaq and Nanoq, and regional work expanding our
understanding of the copper, nickel, and rare earth elements opportunities;
this season truly showcases the breadth of Greenland’s mineral potential. It
is incredibly exciting to see rigs and teams deployed from the southern
fjords, all the way to our newest projects in the north and across the West
Greenland Hub - a reflection of both our growing footprint and the
multi-commodity opportunity we’re pursuing.“

2025 Exploration Programme location, targets and detail

 Project / Region                Programme Type                              Details                                                                                                                                 
 West Greenland Hub              Project Review and Logistical Planning      Assessment of the technical and logistical requirements for both Black Angel and Kangerluarsuk project ahead of a 2026 field programme  
 Nalunaq Gold Project            Underground Drilling                        Near-continuous drilling targeting Mountain Block and Target Block resource and confidence growth.                                      
                                 Surface Core Drilling                       Up to 3,500 metres planned, focusing on Target Block and South Block Deeps.                                                             
 Nanoq Gold Project              Core Drilling                               ~5,000 metres planned across central zone; possible exploratory drilling in western extensions.                                         
                                 Site Infrastructure                         45-person camp established for onsite logging, sampling, and rapid programme adaptation.                                                
 Regional Copper Exploration     Reconnaissance and Target Definition        Surface sampling and mapping across the South Greenland Copper Belt.                                                                    
                                 Scout Drilling                              Contingent on results; initial drilling at selected high-priority copper targets.                                                       
 Nickel Exploration (Stendalen)  Ground Assessment and Mapping               Geological and structural mapping to refine drill targets for 2026.                                                                     
 Regional REE Exploration        Target Assessment                           Exploration of confirmed and new rare earth element targets across Gardar Province.                                                     
 Minturn IOCG Project            Licence Application & Reconnaissance Visit  Geochemical sampling and logistical planning ahead of a potential 2026 programme.                                                       

2025 Exploration Overview and Activity Plan

Gold Projects

Nalunaq gold mine
Following the announcement of the fourth Mineral Resource Estimate (MRE4) in
April 2025, (including a maiden Indicated Resource and increased total Mineral
Resources(1)), the exploration team has undertaken detailed planning to
incorporate these results into both ongoing operations and the 2025
exploration programme.

In consultation with Bara Consulting, Amaroq plans to conduct an integrated
programme of underground and surface exploration. Underground drilling will
proceed almost continuously, focusing on expanding both the scale and
confidence of the resource within the Mountain Block and Target Block areas.

At surface, the Company plans up to 3,500 metres of core drilling across the
lower Target Block and the South Block Deeps - an area interpreted as a
potential down-dip continuation of the Nalunaq Main Vein; looking to further
de-risk the 1.7 million ounce Exploration Target.

Nanoq
The 2024 Nanoq drilling campaign returned encouraging high-grade results.
Starting in late July 2025, Amaroq will conduct a comprehensive multi-rig
drilling programme in order to evaluate the scale of the resource opportunity
and advance towards defining a maiden Mineral Resource.

Equipment has been shipped from Denmark via Nalunaq, with arrival at the Nanoq
site expected during the second half of July 2025. The planned programme
includes approximately 5,000 metres of core drilling across the central zone,
with additional exploratory drilling possible along the western extension. A
45-person camp and supporting facilities will be established near the drill
sites, enabling core logging, cutting, and sampling on site. This approach
provides flexibility to adapt the drill plan in real time as results are
received.

Gold Satellite Projects

Field exploration and geological reconnaissance will be carried out across the
Vagar and Anoritooq licences, targeting both historical gold occurrences and
new prospects generated by Amaroq in previously unexplored areas. This work
will build on structural interpretations from earlier field campaigns and aims
to define targets with the potential to supply satellite feed to the Nalunaq
Gold Mine.

Gardaq A/S - Strategic Minerals Projects (51% ownership through Gardaq Joint
Venture)

Regional Copper Exploration
Advised by Dr. Steve Garwin, the team will advance copper focussed exploration
at Ukaleq and additional targets within the Johan Dahl Land licence areas.
This work will extend across the broader South Greenland Copper Belt, guided
by remote sensing datasets and results from previous exploration campaigns,
aiming to delineate epithermal or porphyry style mineralisation.

The programme retains flexibility to undertake scout drilling on one or more
targets during 2025, contingent upon positive early results.

Stendalen and Regional Nickel Exploration
Building on 2025 exploration activities and new geophysical interpretations,
Amaroq will carry out further ground assessments along with geological and
structural mapping. These efforts will refine current models and define robust
drill targets for 2026.

The team will also evaluate a series of regional copper-nickel sulphide
targets identified across the broader licence portfolio.

Regional Rare Earth Elements (“REE”) Exploration
Following the award of additional exploration licences focussed on REE
mineralisation, Amaroq plans to expand regional exploration across the Gardar
Igneous Province. Work will focus on assessing both confirmed and newly
identified REE targets, with the aim of establishing the resource potential
and scale of opportunity.

Minturn
Amaroq has applied for - and expects approval of - a new licence covering the
Minturn IOCG (iron ore, copper, gold) target in Inglefield Land, Northwest
Greenland. Upon confirmation, the Company intends to complete a reconnaissance
visit to evaluate logistical considerations and collect a comprehensive suite
of geochemical samples. These efforts will support detailed targeting and
planning for the 2026 exploration season.

West Greenland Hub
Amaroq have commenced a review of the historical data of the Company’s
recently acquired assets in West Greenland: the former producing zinc, lead,
silver mine at Black Angel, as well as the proximal Kangerluarsuk zinc/lead
project. The aim of the review is to define the resource growth potential and
re-development strategy for Black Angel. A reconnaissance visit to assess the
condition of the on-site facilities, which include accommodation for a
20+person camp, helicopter hangers, cable car equipment, deep water harbour
and mine infrastructure has taken place, with encouraging resource growth
potential seen at both the Glacier and Deep Ice zones. Further assessments and
planning will continue through the exploration season in preparation for a
comprehensive exploration programme in 2026.

Enquiries:
Amaroq Ltd.         
Eldur Olafsson, Executive Director and CEO         

Ed Westropp, Head of BD and Corporate Affairs
                        
+44 (0)7385 755711
ewe@amaroqminerals.com

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

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Nikhil Varghese
Freddie Wooding
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Harry Rees
+44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

Further Information:
About Amaroq

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 s 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.

Inside Information
This announcement does not contain inside information.

(1) Technical Report on the Updated Mineral Resource Estimate (MRE4) of the
Nalunaq Gold Mine, Greenland, Bara Consulting (UK) Ltd, Effective Date, 12 May
2025