REG-West Greenland Hub - Germanium, Gallium and Other Strategic Minerals Confirmed at West Greenland Hub

AmaroqAnnouncement

11/11/2025 07:00

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Reykjavík, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

West Greenland Hub Update

**Re-assay confirms high grade mineralisation of zinc, lead and silver and
newly identified high grade strategic critical minerals; germanium, gallium
and cadmium at Black Angel mine**

**Fulfilment of all CP’s pursuant to the acquisition of the Black Angel
mine**

TORONTO, ONTARIO – 11 November 2025 – Amaroq (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
re-assayed bulk samples from the Black Angel mine, as well as the fulfilment
of all conditions precedent (“CPs”) in relation to the previously
announced acquisition of the Black Angel mine.

Highlights
* Re-assayed bulk sample material from within the Black Angel deposit confirms
the high-grade nature of the mineralisation, averaging 24.6% zinc, 28.1% lead
and 295 g/t silver.
* Commercial levels of germanium (44 ppm) and gallium (21 ppm) and cadmium
(1,328 ppm) also identified; adding significant value to the future project
from these critical minerals(1), two of which are on the EU and US Government
critical mineral list.
* Under preliminary mass-balance assumptions, these results suggest commercial
concentrate grades of 102 ppm Ge, 48.5 ppm Ga and 3,040 ppm Cd, may be
achievable in a future zinc concentrate.
* All CPs in relation to the acquisition of the Black Angel mine completed and
final approval from the Government of Greenland on the acquisition of the
Kangerluarsuk licences expected in Q4 2025, jointly referred to as the West
Greenland Hub.
* The acquisitions enhance Amaroq’s pipeline of development projects and
support its strategy to establish a long-term presence across Greenland’s
principal mineral belts, with Black Angel confirmed as Amaroq’s next mine
development project.
* Amaroq is pleased to confirm the West Greenland Hub will be 100% owned by
Amaroq, separate from the Gardaq JV (Amaroq 51%), which will continue to focus
on early-stage exploration activities
* The Company also confirms that Black Angel will be advanced as a standalone
mining development project and new hub for the Company.
Next Steps 
* At Black Angel, site reviews have been completed to define camp and facility
upgrade requirements and to plan geophysical surveys ahead of the 2026 field
season, which will target growth of the current Mineral Resource of 3.2Mt @
8.8% Zn and 3.0% Pb Indicated and 0.5Mt @ 4.73% Zn and 2.2% Pb Inferred(2)
prior to commencing technical studies and mine development assessments.
* Initial work is expected to concentrate on the Deep Ice body, where high
grade was confirmed from historical drilling of 6.9 m @ 13.1% Zn and 19.5%
Pb%(3).
A video overview of the West Greenland Hub and its significance is available
here: https://youtu.be/iqvWERKrClQ

References to the accompanying presentation on West Greenland Hub can be
accessed on the website by clicking the link below:
https://www.amaroqminerals.com/investors/presentations/

Eldur Olafsson, CEO of Amaroq, commented:
“I am very pleased to announce the exciting assay results from Black Angel,
which confirm not only the impressive zinc, lead and silver grades within the
existing resource, but also highlight the presence of high levels of
germanium, gallium and cadmium, which we had not expected based on historical
data available. China currently holds significant controls on global gallium
and germanium supply chains, accounting for around 98% of gallium and around
68% of germanium production, according to the United States Geological Survey.
In light of the current global supply constraints for critical metals such as
germanium and gallium, both vital to AI, defence, renewable energy and
advanced technology applications - finding these elements in a mine which has
the ability to restart relatively quickly, underscores the strategic
importance of Amaroq’s expanding portfolio to Western supply chains.
Together, these results reinforce the strong potential of the Black Angel mine
as Amaroq’s next development project in Greenland.

“The development of Black Angel will follow the same proven approach that we
successfully implemented at Nalunaq, where we inherited a high-grade resource
supported by existing infrastructure and advanced it systematically toward
production.

“The completion of this transaction establishes the West Greenland Hub as
Amaroq’s second mining province and a cornerstone for our broader growth
strategy. In addition to hosting the Black Angel and Kangerluarsuk projects,
the Hub will serve as a logistical base for our servicing company, Suliaq,
which will provide equipment and operational support to the growing mining and
exploration sector across West Greenland. We look forward to advancing the
West Greenland Hub as a new centre of mining activity in Greenland.”

The West Greenland Hub – Amaroq’s next mining district in Greenland

The creation of the “West Greenland Hub”; centred on high-grade base and
critical metals, comprising the past-producing Black Angel and the adjacent
Kangerluarsuk exploration licences expands Amaroq’s footprint beyond its
South Greenland gold and critical metal assets and diversifies its commodity
exposure into zinc, lead, silver, and the recently identified, high value
associated critical minerals. The West Greenland Hub is envisaged as
Greenland’s next mining district, as well as serving as a western logistics
centre for Amaroq’s wholly owned Suliaq services and logistics subsidiary,
given the established infrastructure already in place at Black Angel
(including port facilities and camps). Suliaq provides essential equipment,
supplies, and support to Greenland’s growing mining sector, and providing it
with a base at Black Angel will enable streamlined exploration and development
activities in the area, facilitating the creation of a new mining district.
Overall, the Hub acquisition underpins Amaroq’s vision of building a
full-cycle mining company in Greenland, aiming to create long-term shareholder
value while cementing Amaroq’s position as a key player in Greenland’s
mining industry.

Black Angel 
The Black Angel mine is a famous Greenlandic deposit, renowned for its very
high grades of zinc, lead, and silver. The deposit was first discovered in the
1930s and then developed by Cominco (under Greenex A/S). Between 1973 and 1990
it was operated by Cominco (now part of Teck) and later Boliden, producing
circa 11.2 million tonnes of ore at roughly 12.6% Zn, 4.1% Pb and 29 g/t
Ag(4), making it Greenland’s most productive base metal mine of that era.
During this operation, ore was mined via a room and pillar operation with
crushed material transported via cable car to a flotation plant at the camp
site, to produce a pre concentrate with final flotation and refining conducted
off-site. It is reported that two concentrates were made, a zinc concentrate
containing ~59.4% Zn with a 93.9% recovery and a lead concentrate containing
~61.1% Pb at a 95% recovery. Silver was also recovered at a rate of 89.9% into
the lead concentrate.(5)

Today, Black Angel holds an estimated Mineral Resource of 3.2Mt @ 8.8% Zn and
3.0% Pb Indicated and 0.5Mt @ 4.73% Zn and 2.2% Pb Inferred(6), indicating
significant remaining mineralisation. Recent re-assays of historical core have
also revealed noteworthy concentrations of critical by-product metals such as
germanium, gallium and cadmium, considerably enhancing the strategic value of
the deposit. Amaroq’s development plan for Black Angel draws clear parallels
to its approach at the Nalunaq gold mine, another brownfield project
successfully being brought back into production. The Company intends to
leverage Black Angel’s extensive in-situ infrastructure (including
underground workings, a 20+ person camp, aerial tramway and deep-water port)
to fast-track redevelopment. A comprehensive data review and site
reconnaissance in 2025, confirmed significant resource upside in zones
adjacent to past workings; reinforcing the potential for a near-term restart.
By applying the “Nalunaq model” of refurbishment and phased production,
Amaroq aims to transform Black Angel into a modern operation again,
capitalising on its high-grade nature while managing risk through existing
infrastructure and experience. This strategy is expected to shorten the
timeline to first concentrate production and mirrors the company’s core
philosophy of revitalising proven assets with fresh investment and expertise.

Bulk sample re-assaying results

Amaroq have conducted a programme of re-assaying of a historical bulk sample,
taken by the previous owner, from the Angel and Cover deposits. The result of
these are as follows:

          Zn (%)  Pb (%)  Cu (%)  Ag (g/t)  Ge (ppm)  Ga (ppm)  Cd (ppm)  
 Min      1.13    0.045   0.015   6.00      4.8       1.5       198       
 Max      66.1    82      1.53    827       93.7      59.4      3500      
 Average  24.6    28.1    0.4     295.0     44.4      21.2      1328.2    

These sample provide confidence in the high-grade nature of the deposits in
terms of zinc, lead and silver. However, it also suggests potentially
commercial grades of germanium, gallium and cadmium as by-products. Assuming
all these metals would report to a future zinc concentrate of ~85% sphalerite
suggests concentrate grades in the order of 102 ppm Ge, 48.5 ppm Ga and 3,040
ppm Cd may be achievable in future saleable zinc concentrates. All these
grades are considered potentially commercially significant(7).

Kangerluarsuk
The Kangerluarsuk project represents a highly prospective exploration
opportunity for Amaroq within the same geological belt as Black Angel. Located
only circa 12 km north of the Black Angel mine, Kangerluarsuk lies in the
Palaeoproterozoic Karrat Group – the sedimentary formation that hosts Black
Angel’s mineralisation. The area contains widespread showings of
zinc-lead-silver mineralisation at surface, and historical sampling programmes
have yielded extreme high grades, returning up to ~45% zinc and 596 g/t silver
(with high lead and copper values) in mineralised float and
outcrops(8)https://bio-protocol.org/exchange/minidetail?id=8524273&type=30.
Prior operators including Cominco, Rio Tinto and Bluejay Mining (now 80-Mile)
conducted extensive geophysical and geochemical surveys, delineating multiple
untested anomalies and high-grade channel sample sites (e.g. 41% Zn over 1
m)(9)https://www.investegate.co.uk/announcement/rns/80-mile--80m/kangerluarsuk-survey-programme/7314002.
Despite this demonstrated potential, Kangerluarsuk remains drill-ready and
undrilled to date, representing a compelling target for discovery. Amaroq
plans to launch maiden drilling here as early as 2026, aiming to confirm
subsurface continuity of the rich surface mineralisation. Success at
Kangerluarsuk could define a satellite deposit to feed the nearby Black Angel
infrastructure, in line with Amaroq’s hub strategy. More broadly, advancing
Kangerluarsuk aligns with the Company’s vision of growing a portfolio of
critical mineral assets in Greenland.

West Greenland Hub will remain 100% owned by Amaroq 
Amaroq is pleased to announce that the West Greenland Hub will remain part of
the Amaroq portfolio, and not within the subsidiary strategic metals focused
Gardaq JV, (in which Amaroq owns 51%) which will remain an exploration only
vehicle. Under the joint venture agreement with the other shareholder within
Gardaq, they have a right of first refusal on non-gold opportunities within
Greenland. However, the JV partners would like Gardaq A/S to remain focussed
on high impact exploration in Greenland for critical metals and minerals, an
example of which is the announcement on 4 November 2025 of the discovery of
high grade rare earth elements on the JV’s licence area.

Sampling and QAQC Disclosure 
A previous bulk sample taken from within the Angel and Cover deposits, stored
in Iceland, was provided to Amaroq as part of the acquisition. A series
representative subset samples from this were taken by Amaroq geologists. All
were collected and placed into calico cotton sample bags with a numbered
sample ticket.

All samples were securely packaged and dispatched under chain-of-custody to
ALS Geochemistry in Loughrea, Ireland – an ISO/IEC 17025 accredited
laboratory – for professional analysis.
Preparation scheme PREP-31BY was applied to every sample, involving crushing
the rock to 70% passing <2 mm, splitting out a 1 kg subsample with a rotary
splitter, and pulverizing that split to 85% passing 75 µm (200 mesh) to
ensure homogeneity. The pulverized pulps were then analysed using ALS’s
ore-grade ICP-AES methods. A multi-element analysis (ALS code ME-ICP81) was
undertaken for base metals, accompanied by dedicated high-grade assays for
lead (Pb-ICP81) and zinc (Zn-ICP81) to target those elements specifically.
These ICP81 methods employ a robust sodium peroxide fusion digestion on a 0.2
g sample, which acts as a powerful oxidizing flux to completely dissolve
resistant minerals (e.g. silicates and sulphides), followed by measurement of
the analytes with inductively coupled plasma atomic emission spectroscopy
(ICP-AES). This technique achieves near-total digestion and is suitable for
quantifying ore-grade concentrations of metals (capable of accurately
measuring, for example, up to ~30% Pb and ~60% Zn in the sample matrix).

Any results that exceeded the upper detection limits of the ICP81 method were
automatically re-assayed using ALS’s OG46 ore-grade protocols for that
element. In particular, over-limit lead and zinc values were re-analysed by
methods Pb-OG46 and Zn-OG46, which involve an aqua regia digestion (a
concentrated 3:1 HCl-HNO₃ acid mixture) with an ICP-AES finish to ensure
accurate quantification at percent-grade levels.

ALS Geochemistry maintained strict internal quality controls throughout the
analytical process, and the Company’s QA/QC program included the routine
insertion of certified reference standards, blanks, and duplicates at
appropriate intervals to monitor precision and accuracy. These measures,
together with the laboratory’s own quality control checks, confirm the
reliability and integrity of the assay results reported.

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 Announcement includes statements that are, or may be deemed to be,
“forward-looking statements”. In some cases, these forward-looking
statements can be identified by the use of forward-looking terminology,
including the terms “aims”, “anticipates”, “believes”,
“could”, “envisages”, “estimates”, “expects”, “intends”,
“may”, “plans”, “projects”, “should”, “targets” or
“will” or, in each case, their negative or other variations or comparable
terminology. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future and factors which are beyond the
Company’s control. The actual results, performance or achievements of the
Company or developments in the industry in which the Company operates may
differ materially from the future results, performance or achievements or
industry developments expressed or implied by the forward-looking statements
contained in this Announcement. The forward-looking statements contained in
this Announcement speak only as at the date of this Announcement. The Company
undertakes no obligation to update or revise publicly the forward-looking
statements contained in this Announcement, except as required in order to
comply with its legal and regulatory obligations.

Inside Information

This announcement contains inside 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. These re-assay results
do not constitute Mineral Resources or Reserves.

With reference to the Mineral Resource stated by Wardell Armstrong and
exploration results from RTZ and Bluejay Mining, this historic data have been
used for context only and are not relied upon in current Mineral Resource
estimates.

(1) These preliminary results are exploration in nature and do not demonstrate
economic viability.
(2) Black Angel NI43-101 Mineral Resource Report, October 2016 – Wardell
Armstrong LLP
(3) Boliden Historical drilling reports
(4) Geological Survey of Greenland (GEUS) – Geology and Ore No. 2 (2003),
and B. Thomassen, Rapport Grønlands Geologiske Undersøgelse 152 (1991)
(5) Black Angel NI43-101 Mineral Resource Report, October 2016 – Wardell
Armstrong LLP
(6) Black Angel NI43-101 Mineral Resource Report, October 2016 – Wardell
Armstrong LLP
(7) RFC Ambrian – Germanium, China in Control, But New Production Coming in
the West, Critical Minerals Commodity Report, April 2025 & NI 43-101 Technical
Report, Macmillan Pass Project Yukon Territory, Canada – SLR Consulting
(Canada) Ltd, Oct 18, 2024 & T.Werner et al 2024 Environ. Res. Lett 19,
Cadmium: a global assessment of mineral resources, extraction, and indicators
of mine toxicity potential
(8) Coppard J., Swatton S., Harris C.J. 1992 Year end Report. Internal Report.
RTZ Mining and Exploration Ltd.; 1992. Karrat exclusive exploration licence.
pp 19
(9) Bluejay Mining plc Press Release 14 September 2022