REG-Improved debt financing agreement

AmaroqAnnouncement

19/11/2025 07:00

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Reykjavík, Nov. 19, 2025 (GLOBE NEWSWIRE) --

Amaroq Ltd.
(“Amaroq” or the “Company”)

Improved debt financing agreement

TORONTO, ONTARIO – 19 November 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 a
fourteen month extension and improved margins of its debt financing package
with Landsbankinn hf. (“Landsbankinn”), as announced 30 December 2024.

Ellert Arnarson, Amaroq CFO, commented:
“We are very pleased to have executed an amendment to our debt financing
agreement with Landsbankinn, extending the maturity from December 2026 to
February 2028 and the potential to improve overall terms to 4.5% plus SOFR,
thereby enhancing Amaroq’s financial flexibility.

“The Nalunaq project in South Greenland is well advanced in its
commissioning and beginning to generate revenues, which will unlock the
improved margins on our financing facility and lower operating costs. We also
continue to pursue additional financing opportunities, including with
offtakers and credit agencies, to further support the Company’s growth and
balance sheet strength.”

Details of the agreement:

The Company has a revolving credit facility with Landsbankinn, for a total
commitment of US $35.245 million. This is spread across three tranches, A, B &
C (together the “Facility”).
* US$18.5 million facility A and US$10.245 million facility B, which are
fully drawn, with a margin of 9.5% per annum, reducing to 7.5% once facility C
has become available.
* US$6.5 million facility C with a margin of 7.5% per annum, available once
the Company’s cumulative EBITDA over the preceding three-month period
exceeds CAD 6 million.
The Company and Landsbankinn have reached an amended agreement for the
Facility, whereby:
* Facility term is extended by 14 months, from 1 December 2026 to 1 February
2028.
* Additional margin step-downs introduced, based on last twelve months EBITDA:
* 6.25% if LTM EBITDA exceeds CAD 25 million,
* 5.00% if LTM EBITDA exceeds CAD 50 million,
* 4.50% if LTM EBITDA exceeds CAD 70 million.
The amendment carries a 0.7% fee of total commitments (US$245,000), which has
been capitalised through facility B. The Facility remains secured by a
combination of property and operational equipment mortgages, share pledges
over subsidiaries, bank account pledges, and a license transfer agreement.

Enquiries:
Amaroq Ltd.         
Ellert Arnarson, CFO
ea@amaroqminerals.com         

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 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 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.

Inside Information

This announcement does not contain inside information