REG-Successful 2025 Nalunaq gold mine drilling programme - 1,840 g/t of gold over 0.5m in Mountain Block derisks near-term production and expansion of the Main Vein at depth

AmaroqAnnouncement

Thu 07:00

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Reykjavík, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Successful 2025 Nalunaq gold mine drilling programme - 1,840 g/t of gold over
0.5m(1) in Mountain Block derisks near-term production and expansion of the
Main Vein at depth

TORONTO, ONTARIO – 04 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
results from the 2025 resource and exploration drilling at the Nalunaq gold
mine, as well as an update to exploration activities.

James Gilbertson, VP Exploration of Amaroq, commented:
“I am very pleased to announce the 2025 exploration results at Nalunaq,
which as well as confirming additional high-grade intersections, continue to
strengthen our understanding of the depositб derisking near-term production
and providing the geological confidence required to continue sustained mining
activities. The confirmation of the Main Vein extension down-dip is also a key
step in refining our exploration model and highlights the potential for
further expansion beyond the areas drilled to date.

“These results further validate Amaroq’s strategy to target gold expansion
within our portfolio and reinforce our belief in the long-term resource growth
potential at Nalunaq. Our 2025 exploration campaign included targets across
the identified southern Greenland gold belt which also contains the Nanoq
project, on which we will be reporting results before the end of the year.”

Highlights from the successful 2025 exploration programme

Core Drilling
* 2,127m of underground resource conversion drilling successfully completed
within Nalunaq, including significant intersections of gold up to 1,840 g/t Au
over 0.5 m(2).
* 62% of this drilling intersected mineralised Main Vein with a weighted
average grade of 87.6g/t Au, verifying higher grades than the resource model
predicted
* These results considerably derisk near term production and provides
additional confidence in the high-grade nature of the Mountain Block - the
site of current Nalunaq mining operations.
* 4,166.5m of surface drilling has discovered that the Main Vein structure
extends approximately 700m down-dip of previously mined areas, into the
targeted South Deeps area.
* Although grades from the initial four holes are lower than in Mountain
Block, the newly confirmed Main Vein down-dip extension represents significant
additional future upside potential, beyond the Company’s previously reported
Exploration Target(3).
* All 2025 drilling results will be incorporated into an updated geological
model ahead of the planned Mineral Resource Estimate update (“MRE5”) in Q1
2026, which will allow for resource conversion from the Inferred to Indicated
categories where relevant.
Ongoing exploration activities
* Underground exploration of the development levels into the western areas is
continuing, evaluating potential further extensions of the Mountain Block
mineral corridor.
 * Surface drilling programme expanded to follow up on the Main Vein down-dip
extension and to connect this area back toward the existing Mineral Resource.
The accompanying presentation on the Nalunaq 2025 exploration results, as well
as the PDF version of this release, are available on our website at the link
below: https://www.amaroqminerals.com/investors/presentations/

Background to the Exploration Strategy at the Nalunaq Mine

Nalunaq is an underground gold mine where mineralisation (hosted in the Main
Vein) occurs in four key zones, known as the Mountain, Target, South and
Valley Blocks. Mining is currently active in the Mountain Block, while Amaroq
is evaluating opportunities for resource growth across the other blocks and in
additional target areas such as South Deeps and the Welcome Block.

Nalunaq is characterised by high grades that are variably distributed over
short distances (the “nugget effect”). As a result, past surface drilling
often understated the gold content later confirmed by underground development
and mining. Over recent years, Amaroq’s technical team has strengthened its
understanding of the deposit through detailed geological work, including the
development of the bespoke Dolerite Dyke Model, which has improved the
effectiveness of drilling targeting from surface, looking
to counterbalance the “nugget effect”, in order to achieve more
consistent drilling results.

Amaroq uses a three-stage approach to build confidence in the Nalunaq deposit.
Surface drilling is used to locate the Main Vein structure, further surface
and underground infill drilling provides the closer-spaced information needed
for mine planning, and tunnelling on the vein allows the Company to compare
drill results with the gold actually mined. In this way the Company has
established a current Mineral Resource of 158 koz (151.5Kt @ 32.4g/t Au)
Indicated and 326 koz (348Kt @ 29.2g/t Au) Inferred(4) and has outlined a
further Exploration Target of ~ between 600,000 tonnes and 2.3 million tonnes
at between 10–30 g/t Au, in areas that remain underexplored. In parallel
with ongoing mining, and with the increased understanding of the
mineralisation characteristics, Amaroq is advancing both underground and
surface drilling to improve the ability to exploit the high-grade areas near
existing workings and to test the broader potential for resource growth across
the Nalunaq deposit over and above the current Exploration target(5).

Drilling Programmes
Exploration drilling activities at Nalunaq in 2025, comprised both underground
and surface diamond drilling. The underground programme continued to focus on
resource definition and conversion within the Mountain Block, while surface
drilling targeted growth potential at depth, specifically testing for down-dip
and under-cover extensions of the Main Vein system. Together, these programmes
are designed to progressively derisk near-term mining operations while opening
up new areas for long-term resource growth.

Underground Resource Definition and Conversion Drilling
A total of 2,126.9 metres from 29 underground holes were completed as part of
the 2025 resource definition and conversion programme in the Mountain Block.
Drilling was focused on enhancing confidence in existing development areas
ahead of near-term mining, assisting in the conversion of Inferred resources
to the Indicated category, and providing improved definition of high-grade
domains within the Main Vein.

While the programme was primarily targeted at the Main Vein, several
drillholes were extended to intersect the 75 Vein, enabling the Company to
build an improved understanding of this secondary structure ahead of future
dedicated drilling.

Drilling was executed in fan patterns from established underground drill bays,
providing broad coverage of the Mountain Block. Results continue to
demonstrate that the eastern portion of the block remains the most predictable
and highest grade. However, this year’s programme also highlights increasing
potential towards the west, suggesting that the mineralised envelope may be
more extensive than previously defined.

All 2025 drilling, together with underground face and channel samples, will be
incorporated into an updated geological model ahead of the next Mineral
Resource Estimate (“MRE5”), planned for Q1 2026.

Surface Resource Expansion Drilling
A surface drilling programme was initiated from the Nalunaq valley floor
during the summer of 2025, consisting of seven scout holes designed to test
the position and extent of the Main Vein under glacial and talus cover. These
initial holes targeted the structure at depths approximately 700 metres
down-dip from the historical mine working, significantly outside previously
tested areas.

Results from the first four drillholes confirmed the presence of the Main Vein
hosting structure at the predicted stratigraphic and structural level. This
confirmation provides compelling evidence that the Main Vein continues
significantly farther down-dip and under cover than previously modelled.

Importantly, this new extension potential is in addition to the Company’s
previously reported Exploration Target(6), underscoring significant potential
for further growth at Nalunaq beyond existing exploration scenarios.

Following these encouraging results, the surface drilling programme has been
expanded by approximately 5,700m and is now progressing up-dip toward the
mine. The objective is to define the continuity, geometry, and grade potential
as well as defined potential high-grade corridors to support targeted resource
drilling in 2026.
The drilling also intersected the basal fault as predicted, confirming its
location and supporting the interpretation that it represents a key control on
Main Vein displacement. This information will be integrated into broader
district-scale geological models, including consideration of the newly
identified adjacent mineralisation at Napasorsuaq (3.58 g/t Au and 0.54% Cu;
as announced on 28 October 2025).

Ongoing Exploration Activities

Results up to and including holes NAL-UG-2027 (underground) and NALS-2504
(surface) are included in this release. Drilling will continue through the
winter season, focusing on both resource conversion and further surface
testing to derisk mine planning and expand the known mineralised envelope.

In addition to drilling, Amaroq has been advancing a westward exploration
drive on level 768, aimed at assessing the potential to broaden the Mountain
Block mineral corridor. This integrated strategy; combining in-mine resource
definition, resource conversion, and systematic exploration; is central to
unlocking the full long-term potential of the Nalunaq deposit.

Drilling Details

Table 1: 2025 Underground Drill Location

 Hole ID       X       Y        Z    Azimuth  Dip  Total Depth (m)  
 NAL-UG-2501*  508350  6691604  732  215      55   65.7             
 NAL-UG-2502*  508349  6691604  731  240      50   79               
 NAL-UG-2503   508350  6691603  731  171      48   50.4             
 NAL-UG-2504   508349  6691603  732  250      65   89               
 NAL-UG-2505   508290  6691553  739  177      73   49.3             
 NAL-UG-2506   508290  6691553  738  176      40   37.5             
 NAL-UG-2507   508236  6691563  764  185      0    70.5             
 NAL-UG-2508   508236  6691563  764  175      -10  85.3             
 NAL-UG-2509   508236  6691563  764  150      -12  71.5             
 NAL-UG-2510   508236  6691563  764  140      0    137.4            
 NAL-UG-2511   508236  6691563  764  160      25   158.5            
 NAL-UG-2512   508236  6691563  764  190      20   50.3             
 NAL-UG-2513   508236  6691563  764  215      35   48.5             
 NAL-UG-2514   508236  6691563  764  145      60   35.6             
 NAL-UG-2515   508236  6691563  764  220      20   69.1             
 NAL-UG-2516   508236  6691563  764  190      45   40.6             
 NAL-UG-2516A  508236  6691563  764  150      31   137              
 NAL-UG-2517   508236  6691563  764  225      80   45               
 NAL-UG-2517A  508236  6691563  764  200      13   60.7             
 NAL-UG-2518   508197  6691603  788  90       82   34               
 NAL-UG-2519   508197  6691603  788  160      72   61               
 NAL-UG-2520   508197  6691603  788  165      30   20.2             
 NAL-UG-2521   508205  6691600  790  130      35   139              
 NAL-UG-2522   508208  6691601  789  110      25   54               
 NAL-UG-2523   508204  6691600  792  130      50   129.5            
 NAL-UG-2524   508202  6691599  788  193      10   77.3             
 NAL-UG-2525   508197  6691603  788  165      15   62               
 NAL-UG-2526   508202  6691600  788  182      13   65               
 NAL-UG-2527   508201  6691599  788  199      7    104              

Projection: WGS84 UTM zone 23N

* Previously reported as part of the Company’s February 27, 2025 release

Table 2: 2025 Surface Drill Location

 Hole ID      X         Y        Z         Azimuth  Dip  Total Depth (m)  
 NAL-S-2501   509644    6691328  243       0        90   501              
 NAL-S-2502   509644    6691328  243       350      70   497.5            
 NAL-S-2503   509716    6691126  255       0        90   509              
 NAL-S-2504   509716    6691126  255       300      75   518              
 NAL-S-2505*  509716    6691126  255       300      60   500              
 NAL-S-2506*  509748.2  6691529  263.8037  300      90   500              
 NAL-S-2507*  509748.2  6691529  263.8037  300      65   500              
 NAL-S-2508*  509470.3  6691391  238.1686  0        90   218              
 NAL-S-2509*  509470.3  6691391  238.1686  0        52   223              
 NAL-S-2510*  509470.3  6691391  238.1686  330      71   200              

Projection: WGS84 UTM zone 23N

* Results not yet available

Table 2: Significant Underground Intersections

 Hole ID       From (m)  To (m)  Interval (m)  Au (g/t)  Method             
 NAL-UG-2501   50.68     51.17   0.49          49.4      Screen Fire Assay  
 NAL-UG-2501   51.17     51.67   0.5           18.85     Fire Assay         
 NAL-UG-2501   54.4      54.9    0.5           17.15     Screen Fire Assay  
 NAL-UG-2502   66.37     66.9    0.53          33.3      Fire Assay         
 NAL-UG-2502   66.9      67.41   0.51          14.05     Fire Assay         
 NAL-UG-2502   67.41     67.91   0.5           61        Fire Assay         
 NAL-UG-2502   67.91     68.47   0.56          1.11      Fire Assay         
 NAL-UG-2503   40.54     41.04   0.5           41.3      Fire Assay         
 NAL-UG-2504   63.6      64.13   0.53          98.2      Screen Fire Assay  
 NAL-UG-2504   69.97     70.02   0.05          2.15      Fire Assay         
 NAL-UG-2505   24.8      25.3    0.5           1,840     Screen Fire Assay  
 NAL-UG-2505   27.4      27.9    0.5           2.18      Fire Assay         
 NAL-UG-2505   27.9      28.4    0.5           2.25      Fire Assay         
 NAL-UG-2506   23.5      24      0.5           8.38      Fire Assay         
 NAL-UG-2506   24.5      25      0.5           32.9      Fire Assay         
 NAL-UG-2506   25.5      26.22   0.72          6.81      Fire Assay         
 NAL-UG-2508   78.37     78.87   0.5           1.16      Fire Assay         
 NAL-UG-2510   39.58     40.16   0.58          3.87      Fire Assay         
 NAL-UG-2510   68        68.6    0.6           696       Aqua Regia         
 NAL-UG-2511   30        30.5    0.5           5.92      Fire Assay         
 NAL-UG-2511   74.5      75.4    0.9           1.88      Screen Fire Assay  
 NAL-UG-2512   35.75     36.25   0.5           42.2      Fire Assay         
 NAL-UG-2512   36.75     37.65   0.9           1.34      Fire Assay         
 NAL-UG-2516A  26.76     27.26   0.5           6.86      Aqua Regia         
 NAL-UG-2517   47.25     48.25   1             5.43      Aqua Regia         
 NAL-UG-2517   49.5      50      0.5           1.23      Aqua Regia         
 NAL-UG-2517A  50        51      1             1.74      Aqua Regia         
 NAL-UG-2517A  51        51.5    0.5           7.16      Aqua Regia         
 NAL-UG-2517A  52        52.5    0.5           1.35      Aqua Regia         
 NAL-UG-2519   51.05     51.55   0.5           92.9      Aqua Regia         
 NAL-UG-2521   39.68     40.22   0.54          75.5      Aqua Regia         
 NAL-UG-2522   40.22     41.12   0.9           1.07      Aqua Regia         
 NAL-UG-2523   40.55     41.05   0.5           32.8      Aqua Regia         
 NAL-UG-2525   49.5      50      0.5           9.4       Aqua Regia         

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

Table 2: Anomalous Surface Dilling Intersections

 Hole ID     From (m)  To (m)  Interval (m)  Au (g/t)  
 NAL-S-2501  204.5     205     0.5           0.62      
 NAL-S-2501  205       205.6   0.6           0.53      
 NAL-S-2501  233.3     233.8   0.5           0.34      
 NAL-S-2501  426.55    427.45  0.9           0.35      
 NAL-S-2502  228.12    228.8   0.68          0.47      
 NAL-S-2503  395.4     395.9   0.5           0.9       
 NAL-S-2503  468.32    468.82  0.5           0.39      
 NAL-S-2503  501.15    501.65  0.5           0.45      
 NAL-S-2504  237.21    237.71  0.5           0.46      

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

Sampling and QAQC Disclosure

Underground Core Drilling
NQ drill core is whole core sampled across selected intervals. Samples were
placed into thick polymer bags with a unique numbered sample ticket. All
samples were prepared at ALS Geochemistry's containerised preparation
laboratory at Nalunaq mine, before being packaged and shipped to ALS Loughrea
for analysis. Later samples were also sent for assaying within the newly
commissioned onsite assaying facility.

Surface Core Drilling
NQ drill core was cut in half using a diamond blade core saw. Core was
selectively sampled and 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. All samples were prepared
at ALS Geochemistry's containerised preparation laboratory at Nalunaq mine,
before being packaged and shipped to ALS Loughrea for analysis.

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.

As for October 2025, Amaroq has commissioned an onsite Aqua Regia assaying
laboratory managed and administered by ALS Geochemistry. The sample
preparation of these samples is identical as with the fire or screen fire
assaying. Following this, the sample is digested in a mixture of 3 parts
hydrochloric acid and 1 part of nitric acid (aqua regia). This acid mixture
generates nascent chlorine and nitrosyl chloride, which will dissolve free
gold and gold compounds such as calaverite, AuTe2.

Samples must be finely pulverised to ensure that the gold particles are
liberated from the gangue and able to react with the acid. 

The dissolved gold is complexed and extracted into an organic solvent.
Finally, the gold is determined by flame AAS.

Amaroq's QA/QC programme consists of the systematic insertion of certified
reference materials of known gold content, coarse blanks, 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.

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 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.

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                            
 g         grams                           
 g/t       grams per tonne                 
 km        kilometres                      
 koz       thousand ounces                 
 m         meters                          
 MRE3      Mineral Resource Estimate 2022  
 MRE4      Mineral Resource Estimate 2024  
 oz        ounces                          
 t         tonnes                          
 t/m (3)   tonne per cubic meter           
 USD/ozAu  US Dollar per ounce of gold     



(1) From 24.8 to 25.3m in hole NAL-UG-2505
(2) From 24.8 to 25.3m in hole NAL-UG-2505
(3) Exploration target at Nalunaq of between 600,000 tonnes and 2.3 million
tonnes at between 10–30 g/t Au, based low density drilling and channel
sampling. The potential quantity and grade is conceptual in nature, that there
has been insufficient exploration to define a mineral resource and that it is
uncertain if further exploration will result in the target being delineated as
a mineral resource
(4) Technical Report on the Updated Mineral Resource Estimate (MRE4) of the
Nalunaq Gold Mine, Greenland; Bara Consulting (UK) Ltd, 19 May 2025
(5) Exploration target at Nalunaq of between 600,000 tonnes and 2.3 million
tonnes at between 10–30 g/t Au, based low density drilling and channel
sampling. The potential quantity and grade is conceptual in nature, that there
has been insufficient exploration to define a mineral resource and that it is
uncertain if further exploration will result in the target being delineated as
a mineral resource
(6) Exploration target at Nalunaq of between 600,000 tonnes and 2.3 million
tonnes at between 10–30 g/t Au, based low density drilling and channel
sampling. The potential quantity and grade is conceptual in nature, that there
has been insufficient exploration to define a mineral resource and that it is
uncertain if further exploration will result in the target being delineated as
a mineral resource