REG-Update on Market Making Arrangements

Amaroq MineralsAnnouncement

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Reykjavík, May 02, 2025 (GLOBE NEWSWIRE) -- (“Amaroq” or the
“Company” or the “Corporation”)

Update on Market Making Arrangements

TORONTO, ONTARIO – May 02, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
Iceland: AMRQ), an independent mining company with a substantial land package
of gold and strategic mineral assets in Southern Greenland, announces that it
has signed an amendment to its existing market making agreement with Arion
Bank hf., originally dated January 24, 2025.

The amendment introduces a two-part structure for daily bid and ask quotes,
requiring Arion Bank to submit quotes for a minimum of 50,000 Depository
Receipts. Under the updated terms:
* For 45,000 Depository Receipts (“Part A”), the bid-ask spread is
determined with reference to the tick size table as current at any given time,
so that the spread will be as close as possible to 1.50%, but never less than
1.45%.
* The bid-ask spread for 5,000 Depository Receipts (“Part B”) shall be
determined with reference to the tick size table of the Trading Venue as
current at any given time, so that the spread will never be higher than 1.50%.
Arion Bank shall be permitted to submit bids and asks in both Part A and Part
B with a lower spread than stated above, for example due to conditions created
by the tick size table. If the price change of the Depository Receipts within
a single trading day exceeds 5%, Arion Bank is permitted to double the
aforementioned spread, and if the price change per share exceeds 10%, Arion
Bank is permitted to triple the aforementioned spread.

Arion Bank is not obligated to submit new quotes until quotes in both Part A
and Part B has been accepted or cancelled by Arion Bank in full.

All other provisions of the market making agreement remain unchanged. The
original press
release can be found at: https://csf.omxgroup.com/cns-web/oam/viewOamDisclosure.action;jsessionid=s6E0j8m_xA7DvkOmN1tUU6gZ6wKFWnU6sqUlRTgo.csf.1001?disclosureId=454134.

The Company also announces that its market making agreement with Fossar
fjárfestingabanki hf. (ID no. 660907-2050), dated October 5, 2023, has been
terminated effective May 7, 2025.

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.

Inside Information
This announcement does not contain inside information