REG-Nanoq drilling results confirm significant gold copper mineralisation

AmaroqAnnouncement

Wed 07:00

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Reykjavík, Dec. 10, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Nanoq drilling results confirm significant gold copper
mineralisation

**Consistent grade within multiple stacked zones and identification of
identical, parallel structures**
–
**Intersections up to 187.4 g/t Au over 1.5m(1) and up to 1.1% Cu over
0.5m(2) at shallow depths**
–
**Webcast presentation hosted at 14.00GMT, details contained in the release**

TORONTO, ONTARIO – 10 December 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 results from its 2025 exploration programme at the Nanoq gold project in
South Greenland, on the eastern flank of the Nanortalik gold belt, which also
contains the Amaroq operated Nalunaq gold mine.

James Gilbertson, VP Exploration of Amaroq, commented:
“I am extremely pleased to announce the results from the 2025 Nanoq drilling
programme. The outcomes have exceeded our pre-drill expectations and provide
us with strong confidence in Nanoq’s potential to host a material gold
deposit.
        
“Our aim for the 2025 programme was to build on the encouraging results from
previous exploration efforts at Nanoq, enabling a robust understanding of the
geological model and subsurface at this outcropping prospect, ahead of
larger-scale resource drilling. Not only did we achieve this, but we also
succeeded in confirming Nanoq’s significant gold-hosting potential,
including shallow high-grade intersections, such as 187.4 g/t Au over 1.5m and
19.6 g/t Au over 4.9m, as well as broad zones of mineralisation approaching
9.0m in thickness. The confidence gained from these results, will enable us to
fast-track resource drilling, with the target of a maiden resource in the near
term, accelerating our planned development pathway for Nanoq.

“Further to this, our current drilling only covers a portion of the
interpreted system. Our results suggest that mineralisation remains open at
depth, along strike, and within a number of parallel structures to the west.
With shallow, stacked mineralised zones and strong grades, we believe Nanoq
could represent a much larger gold system than currently defined.”

Highlights
* 4,807mof diamond drilling completed across 27 holes, successfully testing
~600m of strike length within the Nanoq Central Zone with mineralised
intervals averaging approximately 3.3m thickness at a grade of 9.98g/t(3) Au
at vertical depth of up to 70m.
* 63% of holes intersected mineralisation including up to 187.4 g/t Au over
1.5m and 19.6 g/t Au over 4.9m, all at shallow depths; despite the programme
being designed primarily to advance subsurface geological understanding.
* Core drilling suggests the presence of thick intersections of up to 3.83g/t
Au over 9.0m and 6.7g/t Au over 7.39m, in both folded quartz veins and
surrounding host rocks, creating significant upside potential and large
minable packages; with only the top ~70m depths tested.
 * Detailed mapping has extended the interpreted strike of the Central Zone to
1.5 km (impeded by retreating ice-cap) and identified, previously
unrecognised, repeat mineralised structures, with high surface grades of up to
9.5 g/t Au.
* Results also continue to confirm that significant copper is present in the
system, with up to 0.56% Cu over 2.46m and assay grades of up to 1.12% Cu over
0.5m.
* High-grade gold is now confirmed in multiple structural settings, including
saddle-reef style fold hinges and vertically extensive fault zones,
highlighting multiple pathways for future resource growth.
* Results provide a strong technical basis for a significantly expanded
follow-up drilling programme in 2026, supported by existing camp
infrastructure, drill pads and winterised equipment all in place, coupled with
Amaroq’s strong liquidity position.
* These results strengthen our geological interpretation and compare
favourably with early-stage drilling outcomes from well-known orogenic gold
systems, reinforcing our confidence in the scale and continuity of the
mineralised structures.
* We are exploring infrastructure solutions, including a short 3km access road
from site to a potential harbour, that would allow us to move material
efficiently, facilitating a potential bulk sample.
A short online presentation will be held this afternoon at 14:00 GMT to
discuss the results. To register, please use the following link:
https://edge.media-server.com/mmc/p/7as3dbnv

References to the accompanying presentation on Nanoq 2025 results as well as a
PDF version of this release are available on our website at the link below:
https://www.amaroqminerals.com/investors/presentations/

Further a video introduction to the project, the geology and drilling results
can also be accessed on our website on the following link:
https://www.amaroqminerals.com/investors/videos/

Background to the Nanoq Gold Project
These results confirm the Nanoq Project as one of Amaroq’s most significant
emerging gold discoveries in South Greenland. First identified in the 1990s
but never systematically explored, Nanoq hosts a large zone of gold-bearing
quartz veining within a folded sequence of volcanic and sedimentary rocks,
geological features commonly associated with significant orogenic gold
deposits worldwide.

Amaroq began work at Nanoq to test its potential to form a second high-grade
gold source to complement production from Nalunaq. Early sampling and scout
drilling in 2024, indicated high grades at shallow depths, suggesting that the
system could be both meaningful in scale and economically attractive.

Although Nanoq lies within the same Nanortalik Gold Belt as the Nalunaq mine,
it is emerging as a geologically distinct system. Nalunaq’s gold is largely
confined to a single, narrow high-grade vein mined via underground methods,
whereas Nanoq hosts multiple gold-bearing veins across different rock units
with significantly greater combined thickness near surface. This difference in
geometry and mineralisation style suggests that Nanoq may follow a different
development path, potentially starting with open-pit mine access, underscoring
its potential as a standalone project in Amaroq’s pipeline.

Summary of 2025 Exploration Results
Between July and October 2025, Amaroq conducted the first comprehensive
exploration campaign at Nanoq since 1997, including the project’s first
major drill programme.

Because Nanoq had never been properly mapped or modelled, the 2025 programme
focussed on building a strong geological foundation: understanding the
structures that control gold mineralisation, how the veins are arranged, and
where additional high-grade zones may occur. This work is essential in modern
mineral exploration, as it enables future drilling to target gold zones
efficiently and cost-effectively.

Mobilisation and construction of the 45-person exploration camp were completed
in July 2025, followed by detailed geological mapping in early August and
drilling from mid-August to late September 2025. The programme was completed
ahead of schedule and within budget.

With the latest results confirming both the geological model and the presence
of further gold mineralisation, Nanoq is now positioned as a high-potential
growth asset within Amaroq’s expanding gold portfolio.

The Company is now evaluating the steps required to collect a bulk sample for
early metallurgical testing, with a view to assessing how this material may
perform within the existing Nalunaq processing flowsheet. Given Nanoq’s
proximity to the coastline, the Company sees a clear pathway for short-haul
transport and ship-based transfer of material to Nalunaq. As part of this, the
Company are exploring infrastructure solutions, including a short 3km access
road from the drill sites to a potential harbour site, that would allow us to
move material efficiently.

Geological Mapping
Mapping was carried out by consultants Warren Pratt and Luca Smeraglia
(Specialised Geological Mapping Ltd), alongside Amaroq geologists, taking
advantage of near-continuous outcrop exposure across the project.

Gold-bearing quartz veins are hosted within a folded volcano-sedimentary
sequence. These veins occur across multiple rock types within this package,
with tourmaline-bearing black mudstones acting as a preferential host
lithology. Mineralisation is concentrated in fold hinges, forming nested
saddle-reef structures, as well as in steeply dipping sheared fold limbs and
fault zones, where veins commonly display boudinage textures. Veins appear to
exploit competency and ductility contrasts between lithologies, a
characteristic feature of many orogenic gold systems.

Following the completion of this geological interpretation, Amaroq undertook
additional prospecting to the south and west of the Central Zone to test
predicted strike extensions and the presence of repeat structures identified
in earlier geophysical models. This work successfully confirmed a further 500m
of gold-anomalous structure immediately south of the drilled area, extending
the total interpreted strike length of the Central Zone to approximately
1,500m, with indications that the system may continue beneath the ice cap.

In parallel, prospecting 500m west of the Central Zone led to the discovery of
a continuous ~1km long quartz-vein system, now designated the ‘West 1’
Zone. Importantly, this structure is hosted within the same folded
volcano-sedimentary sequence and black-mudstone contact that controls
mineralisation in the Central Zone, demonstrating the presence of repeated,
structurally analogous mineralised units across the Nanoq area. Surface
sampling from West 1 returned values of up to 9.5(4) g/t Au, confirming the
zone as a high-priority target for follow-up drilling.

Drilling and Interpretation
Drilling data has reinforced the geological model and has been integrated with
surface mapping, geochemistry and structural observations to build a refined
3D geological and mineralisation model. This will continue to be developed
with external consultants to support effective targeting for the 2026 drill
programme and provide the basis for a potential maiden Mineral Resource
estimate.

Intersected mineralised widths range from 0.5m up to 9.0m, demonstrating that
gold occurs in both narrow veins and broad zones. The presence of coarse gold
indicates a high “nugget effect” in the deposit, meaning that individual
assay grades can be highly variable. However, mineralisation was consistently
encountered across these multi-metre intercepts (up to 9.0m thick), which is
very encouraging. Importantly, mineralisation occurs predominantly at shallow
depths and in stacked (nested) structures, supporting the view that the Nanoq
gold system may be amenable to open-pit mining. At the same time, deeper
extensions are apparent in the saddle-reef fold hinges and vertically
extensive shear zones, leaving significant room for further expansion.

Core were also assayed for multielement, particularly copper which was
recorded historically and during the 2024 scout drilling. From these assays,
while no direct correlation between gold and copper is so far evident, a
number of intersections of over 0.3% copper were intersected and up to 0.5m at
1.12% Cu.

This year’s exploration has significantly advanced Amaroq’s understanding
of Nanoq’s geology and the controls on gold mineralisation, building a
strong foundation for future resource drilling.

Environmental and Metallurgical Studies

Initial environmental baseline surveys were launched to collect data required
for future feasibility and permitting studies.

A series of small (~100kg) bulk metallurgical samples were collected from both
surface outcrop and drill core. Amaroq is now engaging with SGS to conduct the
first phase of metallurgical test work. This work will assess potential
recovery characteristics and processing behaviour, including how Nanoq
material might perform within the Nalunaq processing flowsheet as a possible
future supplemental ore source.

Drilling Details
Drilling was carried out using three Amaroq-owned rigs operated by Energold
Drilling, working from the Nanoq exploration base located approximately 130km
northeast of Nalunaq

Table 1: 2025 Nanoq Core Drilling Coordinates

 Hole ID  X       Y        Z    Azimuth  Dip  Total Depth (m)  
 NAN2501  597848  6774564  429  125      42   220.5            
 NAN2502  597911  6774617  416  130      42   220.8            
 NAN2503  597983  6774662  402  126      41   180.5            
 NAN2504  597848  6774564  429  130      62   260              
 NAN2505  597911  6774617  416  132      63   250.2            
 NAN2506  597983  6774662  402  127      61   210.7            
 NAN2507  597957  6774580  421  132      45   126              
 NAN2508  597794  6774505  445  135      39   255.8            
 NAN2509  597957  6774580  421  129      67   80               
 NAN2510  597854  6774457  437  133      40   120.8            
 NAN2511  597746  6774440  451  133      39   246.1            
 NAN2512  597794  6774505  445  132      57   270.1            
 NAN2513  597854  6774457  437  127      64   80.2             
 NAN2514  597691  6774385  457  132      40   241.7            
 NAN2515  597791  6774402  447  136      42   141.8            
 NAN2516  597746  6774440  451  138      62   262.5            
 NAN2517  597691  6774385  457  139      58   267.1            
 NAN2518  597738  6774346  451  134      45   139              
 NAN2519  597791  6774402  447  131      65   82.2             
 NAN2520  597738  6774346  451  138      72   80               
 NAN2521  597607  6774242  454  132      45   102              
 NAN2522  597977  6774511  435  310      43   251.3            
 NAN2523  597607  6774242  454  127      64   82.1             
 NAN2524  597925  6774454  437  309      42   251.5            
 NAN2525  597912  6774507  430  133      44   60               
 NAN2526  597925  6774454  437  308      60   162              
 NAN2527  597922  6774453  436  307      57   162              

Projection: WGS84 UTM zone 23N

Table 2: Significant Intersection Gold Intersections

 Hole ID  From (m)   To (m)  Interval (m)  Au (g/t)  Cu(%)    
 NAN2502  54.70      55.77   1.07          2.43      Pending  
 NAN2507  36.11      36.64   0.53          7.88      0.18     
 NAN2508  86.27      89.15   2.88          3.00      0.07     
          Including          0.74          11.50              
 NAN2510  30.00      39.00   9.00          3.83      0.08     
          Including          1.51          19.12              
 NAN2511  56.38      58.00   1.62          5.99      Pending  
 NAN2514  71.60      72.10   0.50          5.81      0.05     
 NAN2515  13.30      17.00   3.70          11.09     0.007    
          Including          1.15          33.80              
 NAN2516  76.55      78.20   1.65          1.71      0.04     
          Including          1.00          2.75               
 NAN2517  73.20      78.10   4.90          19.60     0.08     
          Including          0.79          82.60              
 NAN2520  14.20      18.52   4.32          1.28      0.05     
          Including          0.44          5.84               
 NAN2521  18.50      19.00   0.50          2.49      Pending  
 NAN2522  43.60      46.20   2.60          1.60      0.04     
 NAN2522  50.50      51.10   0.60          2.46      0.56     
 NAN2522  54.30      59.80   5.50          1.47      0.08     
 NAN2522  71.15      74.10   2.95          1.07      0.03     
 NAN2524  69.61      77.00   7.39          6.70      0.05     
          Including          1.28          34.16              
 NAN2525  9.32       10.82   1.50          187.38    0.14     
 NAN2525  30.20      36.00   5.80          9.37      0.11     
          Including          0.50          81.10              
 NAN2527  41.20      48.00   6.80          3.79      0.02     
          Including          0.50          40.50              

Intersection chosen to owner geology
# True thickness estimated to be 50-95% of apparent thickness

Table 3: Anomalous Intersection Copper Intersections

 Hole ID  From (m)  To (m)  Interval (m)  Cu (%)  
 NAN2402  12.05     12.55   0.5           0.33    
 NAN2524  53.93     54.46   0.53          0.40    
 NAN2524  54.46     55.66   1.2           0.36    
 NAN2522  50.5      51.1    0.6           0.56    
 NAN2522  59.3      59.8    0.5           0.51    
 NAN2522  91.8      92.3    0.5           1.12    
 NAN2517  167.48    168.1   0.62          0.36    
 NAN2516  167.9     168.5   0.6           0.74    
 NAN2506  20.4      21      0.6           0.65    
 NAN2503  24        24.5    0.5           0.70    
 NAN2503  24.5      25.5    1             0.62    
 NAN2503  25.5      26.3    0.8           0.52    
 NAN2503  25.5      26.3    0.8           0.55    
 NAN2502  52.84     53.8    0.96          0.33    

# True thickness estimated to be 50-95% of apparent thickness

Sampling and QAQC Disclosure

NQ drill core was cut in half using a diamond blade core saw. Core was
predominantly selectively sampled with some drillholes sampled in their
entirety. Cut-lines were consistently drawn 5 degrees below the orientation
line (if present), otherwise along the core foliation axis and the right-hand
side of the core was sampled. Samples were placed into thick polymer bags with
a unique numbered sample ticket. Most samples were sent directly to an
accredited laboratory, ALS Geochemistry in Loughrea, Ireland, for preparation
and analysis. Approximately 20% of the samples were prepared at ALS
Geochemistry's containerised preparation laboratory at Nalunaq mine, before
being packaged and shipped to ALS Loughrea for analysis. Samples taken from HQ
core (hole NAN2525 only) were quarter-core samples, with the remaining
three-quarters retained for reference and future metallurgical test work. Grab
samples were collected from outcrops using geological hammers and placed into
calico cotton sample bags with a numbered sample ticket.

Sample preparation scheme PREP-31BY was used on all samples. This involves
crushing to 70% under 2 mm, rotary splitting 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 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. Samples were also analysed using a multi-element ICP package
(ME-ICP61) and portable XRF method pXRF-34 for Si, Ti and Zr.

Amaroq's QA/QC program consists of the systematic insertion of three different
certified reference materials of known low, mid and high gold contents, coarse
blank material, and prep duplicates (coarse and pulp) at a rate of 1 in 20 or
5% per QA/QC type. In addition, ALS insert blanks and standards into the
analytical process. No QAQC issues were noted with the results reported
herein.

Surface Samples
A series of rock chip samples were collected from the across the Nanoq project
and specifically West 1. 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, 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 by 50 g fire assay with method
Au-AA26 which has a detection limit of 0.01 ppm Au.

Grab sample QAQC procedures consisted of the systematic 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 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) NAN2525 9.32-10.82m
(2) NAN2522 91.8-92.3m
(3) Weighted average of significant intersections from the 2025 drilling. Is
not a resource or economic average and does not reflect mineable grades or
widths
(4) Surface grab results are disclosed for the first time in this news
release. Sampling methodology and QA/QC procedures are provided in the
Sampling and QAQC Disclosure section below