REG- Formation of Strategic Services JV Company and Investment by JV Partner

Amaroq MineralsAnnouncement

28/05/2025 16:00

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Reykjavík, May 28, 2025 (GLOBE NEWSWIRE) -- (“Amaroq” or the
“Company” or the “Corporation”)

Formation of Strategic Services Joint Venture Company – Suliaq A/S

and

Investment of up to £12.0 million by Joint Venture Partner JLE Group Ltd.

TORONTO, ONTARIO – 28 May, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
Iceland: AMRQ), an independent mine development corporation focused on
unlocking Greenland’s mineral potential, is pleased to announce that it has
signed a non-binding heads of terms with JLE Group Ltd(1) ("JLE"), a large,
privately owned UK based family office mainly focused on the Construction
Industry to establish a special purpose vehicle (the "SPV") and create a
joint venture (the "JV") company to be called Suliaq A/S (“Suliaq”),
dedicated to the provision of essential services, supplies and supporting
assets to Greenland’s growing mining sector.

Subject to negotiation of the final terms of the JV, JLE will invest £4.0
million (circa C$7.46 million), by way of an equity contribution in exchange
for a 10% shareholding in Suliaq, with Amaroq holding the remaining 90%. JLE
has the option to increase its investment up to a total of £12.0 million,
structured in additional tranches of £4.0 million, which will result in
proportional increases in JLE’s equity stake in Suliaq.

Highlights:
* Suliaq will be a new SPV established to support Amaroq’s operations and
the broader mining sector in Greenland, by providing essential assets,
services and supplies. Initially formed as a wholly owned subsidiary of
Amaroq, Suliaq will, upon closing, be owned 90% by Amaroq and 10% by JLE.
* The business’ core areas of focus will be mining services, maritime,
logistics, infrastructure, consumables and supporting exploration activities.
* £4.0 million of investment to be primarily allocated for the acquisition of
assets for immediate use by Amaroq, which will be available for rent to other
operators in Greenland in the medium term.
* Assets to be acquired include heliportable drill rigs, a helicopter, utility
vehicles, an icebreaker, a barge and tugboat, mining equipment (e.g.,
underground drills, loaders, trucks, etc.), and non-mining equipment (e.g.,
light mobile equipment, loaders for process plants, etc.). In addition, the
initial investment will cover miscellaneous startup costs, administrative
expenses, and working capital.
* While Amaroq retains majority ownership, Suliaq will operate with its own
board of directors and governance framework to ensure transparency and
independence in decision-making, ensuring that all assets, supplies and
services are provided to Amaroq and other potential customers at fair market
value. Suliaq is structured to function as a standalone commercial enterprise
with independent oversight.
Eldur Olafsson, Chief Executive Officer, Amaroq, commented “With exploration
spend in the region increasing dramatically over the past five years, and with
the growing interest in Greenland’s emerging mining, energy and
infrastructure sectors, Amaroq is uniquely placed to facilitate the provision
of essential services within this growth market. With the support of a JV
partner of the calibre of JLE, I am confident that we will be able to
significantly de-risk activities and create substantial value, not just for
our own shareholders but also for Greenland and its people.”

Enquiries:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO 
eo@amaroqminerals.com

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
Nikhil Varghese
+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

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

Further Information:

About Amaroq Minerals

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 Minerals 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 does not contain inside information.

(1) JLE is a 6.6% shareholder of Amaroq Minerals Ltd