REG-High-Grade Iron and Copper/Gold Potential Confirmed at Minturn Prospect

AmaroqAnnouncement

21/01/2026 07:00

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Reykjavík, Jan. 21, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

High-Grade Iron and Copper/Gold Potential Confirmed at Minturn Prospect

** Grades of up to 69.5% iron across 9km strike of surface magnetite **
–
**Sampling suggests Copper Gold potential within parallel Electromagnetic (EM)
anomaly **

TORONTO, ONTARIO – 21 January 2026 – 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
significant exploration results from the 2025 field campaign at its Minturn
prospect, north of the US Pituffik Space Base in Northwest Greenland.
Indications suggest Minturn is a large-scale, mineralised system, with
extensive iron oxide alteration and brecciation, similar to other well-known
Iron Oxide Copper Gold (“IOCG”) deposits. These results highlight
Minturn’s significant potential as a new IOCG discovery, in a frontier
region of Greenland.

James Gilbertson, VP Exploration of Amaroq, commented:
“These initial results from Minturn demonstrate that Greenland has the
geological ingredients to host truly elephant-scale mineral systems. The
identification of what appears to be a Kiruna-style IOCG project, underpinned
by extensive iron oxide alteration and very high iron grades at surface,
represents a significant strategic step for Amaroq and its joint venture
company, Gardaq. Additionally, the scale of the system and the presence of
magnetic and electromagnetic anomalies, point to the potential for copper and
gold mineralisation within a broader IOCG framework. We are now in active
planning for a 2026 programme of scout drilling, detailed mapping and ground
geophysics, to properly test the scale, geometry and economic potential of
this emerging system.”

Highlights
* Amaroq believe that Minturn represents a highly strategic opportunity, in
which the discovery of a Kiruna-type IOCG system in this region would be of
international significance, reinforcing Greenland’s prospectivity for large
“critical mineral” deposits, beyond gold and adding a new dimension to
Amaroq’s growth pipeline.
* Reprocessing and reinterpretation of historic geophysical datasets, has
resulted in an improved geological model, revealing a significant mineralised
system over a large linear 80km zone.
* High-grade iron assays from surface samples, returned iron (Fe) grades up to
69.5% Fe. These exceptional grades (66–69% Fe in multiple samples),
underscore the presence of a significant iron-oxide core within the system.
* The extensive iron oxide-rich alteration discovered, is calibrated to a
significant magnetic anomaly, indicative of a large and robust IOCG-style
system over a ~9 km trend.
* Minturn represents the opportunity for Direct Shipping Ore (DSO) for Direct
Reduced Iron (DRI) products (<2% SiO2, <1% Al2O3, <0.2% Ti and ~0.06% P), due
to acceptable levels of other potential deleterious elements – enabling
quicker commercialisation.
* Soil sampling across the magnetic anomaly and a parallel Electromagnetic
(EM) anomaly, suggest the potential for copper and gold within a broader IOCG
deposit model.
* Geophysical and geochemical indicators are being evaluated, to target
potential Cu-Au enriched centres in future work.
* Based on these encouraging results, Amaroq is designing an aggressive
follow-up campaign for 2026, that may include scout drilling, detailed
mapping, and ground geophysical surveys to delineate the extent of the
mineralised system
The accompanying presentation on the Minturn results is available on our
website at the link below:
https://www.amaroqminerals.com/investors/presentations/

Background to the Minturn Project
The Minturn project in northwest Greenland, north of the US Space Base at
Pituffik, is a key addition to Amaroq’s growing strategic minerals
portfolio, within its strategic JV company Gardaq, reflecting the Company’s
drive to unlock Greenland’s mineral potential, beyond gold. Minturn was
first investigated by Government owned NunaMinerals in 2010, when an extensive
magnetic anomaly (~80 km long) was identified in the Inglefield Land region.
NunaMinerals collected surface float samples of massive magnetite that
averaged about 62.4% iron (Fe) – high iron grades. At the time, this
occurrence was interpreted as a vanadium-rich titanomagnetite (iron) system,
essentially an iron deposit with high Fe (and accessory titanium and vanadium)
values, rather than a potential copper-gold target.

Amaroq’s team revisited the historical data and applied modern processing
and interpretation techniques to the geophysical surveys. This re-analysis
revealed that the earlier data may have been misunderstood, indicating a much
larger and more complex mineralised system than initially thought. The new
geological model suggests that Minturn is likely a Kiruna-style Iron Oxide
Copper Gold (IOCG) system, characterised by extensive iron oxide alteration
and brecciation – features typical of IOCG deposits. Kiruna-style IOCG
systems are known for hosting large-scale, high-grade, multi-commodity
deposits; globally, IOCG ore bodies can span from tens of millions up to
billions of tonnes, often containing significant copper and gold, alongside
the iron mineralisation(1). This promising reinterpretation of Minturn’s
geology, supported by the updated geophysical models, directly triggered
Amaroq’s 2025 field programme to confirm the IOCG potential at Minturn. It
aligns with Amaroq’s broader strategy of expanding into critical and
strategic commodities in Greenland, beyond its traditional gold focus.

Summary of 2025 Exploration Results
During the 2025 summer exploration campaign, Amaroq conducted detailed
geological mapping, rock sampling, and geophysical surveys across the Minturn
target area. These efforts identified a large mineralised system marked by
magnetite-rich breccia and intense iron oxide alteration extending for roughly
9 km along the main magnetic trend. This is a significant strike length,
indicating a robust iron-oxide system. The style of alteration and brecciation
observed in outcrop is consistent with an IOCG environment, reinforcing the
reinterpretation of Minturn as a potential Kiruna-type IOCG target.

Field sampling results were highly encouraging. Surface assay grades of iron
reached up to 69.5% Fe, with numerous rock samples in the 66–69% Fe range.
These high grades (approaching the purity of direct-shipping magnetite ore)
demonstrate the presence of a substantial high-grade magnetite core within the
system. In layman’s terms, much of the iron at Minturn is of very high
quality, which is unusual and underscores the project’s potential.
Importantly, preliminary analyses show low levels of impurities in these
iron-rich samples, which bodes well for any future iron product potential.

In addition to iron, Amaroq’s work uncovered evidence for copper and gold
upside at Minturn. Geophysical surveys detected a parallel electromagnetic
(EM) anomaly running alongside the main magnetite-rich zone. Follow-up soil
sampling and geochemical analyses over this EM target have returned anomalous
indications of copper (and pathfinder elements often associated with gold) in
the system. This suggests that, beyond the massive iron oxide zones, there
could be sulphide-rich sections bearing copper and possibly gold
mineralisation – a hallmark of IOCG-type deposits. In essence, the Minturn
prospect may host not only iron ore but also valuable copper-gold
mineralisation in close proximity, significantly enhancing its economic
potential under the IOCG model.

The scale and characteristics of the mineralisation observed at Minturn,
strongly support its classification as an IOCG-style system. An iron
oxide-dominated deposit of this size, with coincident copper-gold geophysical
anomalies, is precisely the kind of large, high-grade multi-commodity system
that a Kiruna-style IOCG deposit represents. These 2025 findings point to
Minturn emerging as a potentially significant new discovery for Greenland –
one that could rank in importance alongside some of the world’s sizable IOCG
systems if further exploration confirms copper and gold at depth.

Based on these positive results, Amaroq is moving quickly to advance the
project. The Company has planned a focused 2026 follow-up programme that will
include scout drilling, expanded detailed mapping, and ground geophysical
surveys across the Minturn trend. The initial drilling will test key targets
for copper and gold mineralisation indicated by the 2025 work, while mapping
and geophysics will help define the full extent and geometry of the system.
This next phase of exploration is aimed at evaluating Minturn’s copper-gold
potential and delineating the overall size and grade distribution of the
deposit. The upcoming programme will be an important step toward determining
if Minturn can be confirmed as a significant IOCG deposit and will further
position the project as a cornerstone of Amaroq’s strategy to develop
critical mineral resources in Greenland alongside its gold assets.

Sampling and QAQC Disclosure

Rock chip samples were collected at two main locations centred around
78.51228, -68.59944 and 78.49269, -69.00742 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, Loughrea, Ireland, for analysis. 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 using 50 g fire assay method PGM-MS24 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 analysed for Si, Ti
and Zr using portable-XRF method pXRF-34. Iron ore samples were assayed using
method ME-XRF21u. Iron ore samples are fused with a lithium borate fusion
containing an oxidising agent followed by XRF instrument analysis for major
rock forming elements and selected trace element concentrations. Results are
reported as un-normalised. Loss on ignition (LOI) was determined at 1000°C
using method OA-GRA05x.

Ionic leach soil samples were collected around 78.51228, -68.59944 with a
plastic shovel at a constant depth relative to the organic-soil interface
around the B-horizon. All samples were packaged and sent to an accredited
laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. Samples were
submitted double-bagged in plastic to prevent drying, and large rocks and
twigs removed by hand at the time of collection. The soil samples were
analysed using the Ionic Leach method ME-MS23, using a static sodium cyanide
leach with a highly sensitive ICP-MS finish. 

Enquiries:
Amaroq Ltd. C/O         
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
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 objective is the identification, acquisition,
exploration and development of gold and strategic metal assets in Greenland.
The Company’s flagship asset is the 100%-owned Nalunaq Gold Mine, currently
in production and ramp up, and supported by a growing pipeline of high-grade
satellite gold targets across South and West Greenland.

Amaroq also acquired a 100% interest in the Black Angel zinc-lead-silver
project in West Greenland, historically one of Greenland’s highest-grade
base metal operations, where the Company is advancing studies to evaluate the
potential for future redevelopment as part of its emerging West Greenland Hub
strategy.

Beyond gold and base metals, Amaroq controls a broad portfolio of strategic
metal licences across South Greenland, including advanced exploration projects
at Stendalen (copper-nickel sulphides) and within the Sava Belt, where the
Company is exploring for copper, nickel, rare earth elements and other
critical minerals.

Amaroq 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 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 and a Chartered Geologist
with the Geological Society of London, and as such a Qualified Person as
defined by NI 43-101.

Mr. Gilbertson has reviewed and approved the scientific and technical
information contained in this news release. Specifically, Mr Gilbertson has
reviewed the sampling and analytical procedures described and considers the
data to be reliable for the purpose of this disclosure.

Glossary

 Au   gold               
 Cu   Copper             
 g    grams              
 g/t  grams per tonne    
 ppm  Parts per million  
 km   kilometres         
 koz  thousand ounces    
 m    meters             
 oz   ounces             
 t    tonnes             



(1) Hitzman, M.W., Oreskes, N. & Einaudi, M.T. (1992). Geologic
characteristics and tectonic setting of Proterozoic iron oxide (Cu-U-Au-REE)
deposits. Precambrian Research. & Williams, P.J. et al. (2005). Iron oxide
copper-gold deposits: geology, space-time distribution, and possible modes of
origin. Economic Geology.

Attachment
*     Minturn Introduction 2026
(https://ml-eu.globenewswire.com/Resource/Download/37cccdc6-48d8-404c-a1d5-2f3bc76fb677)