REG-Notice to holders of Icelandic Depository Receipts Confirmation of Effective Date for Conversion of Icelandic Depository Receipts (IDRs) into Depositary Interests (DIs)

AmaroqAnnouncement

03/11/2025 07:00

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Reykjavík, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Notice to holders of Icelandic Depository Receipts

Confirmation of Effective Date for Conversion of Icelandic Depository Receipts
(IDRs) into Depositary Interests (DIs)

TORONTO, ONTARIO – 03 November 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ
Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation
focused on unlocking Greenland’s mineral potential, further to the
Company’s announcement dated October 21, 2025 regarding the simplification
and streamlining of Amaroq’s securities under a single ISIN, hereby confirms
the effective date for the automatic conversion of Icelandic Depository
Receipts (“IDRs”) (ISIN IS0000034569) into Depositary Interests
(“DIs”) (ISIN CA02311U1030):

Effective Date: November 11, 2025

On the Effective Date:
* IDRs issued by Arion Banki hf. will be removed from investor accounts in
Iceland; and
 * an equivalent number of DIs (ISIN CA02311U1030) will be automatically
credited to the same accounts.
Trading of Amaroq DIs on Nasdaq Iceland will commence under the ISIN
CA02311U1030 and ticker symbol AMRQ, denominated in Icelandic króna (ISK).

The conversion will occur automatically, and no action is required from
shareholders. As Depositary Interests replicate direct shareholding, the
change is a technical adjustment only, with no impact on underlying shares or
investor rights.

Temporary Suspension of Cross-Border Conversions

To facilitate the technical completion of this process, cross-border
conversions between the Canadian and Icelandic markets will be temporarily
suspended on 5 November - 5 business days prior to the effective date.

During this period, no new transfers or conversions of shares between the two
markets will be processed. Normal cross-border conversion functionality will
resume immediately following completion of the conversion on the effective
date.

For technical information or to prepare internal procedures ahead of the
conversion, custodians may contact Nasdaq CSD Iceland at
csd.iceland@nasdaq.com.

Enquiries:

Amaroq Ltd. c/o
Ed Westropp, Head of BD and Corporate Affairs
+44 (0)7385755711 
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
Tel: +44 (0) 20 7523 8000

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980
amaroq@camarco.co.uk

For Company updates:
Follow @Amaroq Ltd. on X (Formerly known as Twitter)
Follow Amaroq Ltd. on LinkedIn

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