Absolute Voting Rights and Exercise of Stock Options

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Reykjavik, Oct. 14, 2024 (GLOBE NEWSWIRE) —

(“Amaroq” or “Corporation” or “Company”)

Absolute Voting Rights and Exercise of Stock Options

TORONTO, ONTARIO – 14 October 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with extensive gold and mineral assets throughout Southern Greenland, announces that the TSX Venture Exchange (“TSXV”) has approved amendments to US$22.4m Convertible Notes due 2027.

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Following the announcement on 04 October 2024 and the approval of the TSXV, 33,629,068 Principal Conversion Shares, 1,293,356 Interest Conversion Shares and 3,307,502 Commitment Conversion Shares are now admitted to trading on AIM. The shares will be admitted to trade on the TSXV main market and Nasdaq Iceland at a later date.

Separately, the employee exercised the options, and as a result of this exercise 11,090 shares have been issued.

Therefore, following the conversion and exercise of options, Amaroq’s share capital consists of 365,659,743 ordinary shares with no par value as of October 14, 2024, each with voting rights. Since the Company does not have any ordinary shares in the Treasury, this figure can be used by shareholders as a minimum figure to determine whether they are required to recognize their interest, or change in interest, on the said amount. of the Company.

Capitalized words not otherwise defined in the text of this announcement have the meanings given to them in the Company’s announcement dated 4 October 2024.

Questions:

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

Eddie Wyvill, Business Development
+44 (0)7713 126727
ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Appointed Adviser and Joint Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600

Panmure Liberum (UK) Limited (Joint Broker)
Scott Mathieson
Kieron Hodgson
+44 (0) 20 7886 2500

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980

For Company Updates:
Follow @Amaroq_minerals on X (Formerly Twitter)
Follow Amaroq Minerals Inc. on LinkedIn

Further information:

About Amaroq Minerals

Amaroq Minerals’ primary business objectives are the identification, acquisition, exploration, and development of strategic gold and metal properties in South Greenland. The Company’s principal asset is a 100% interest in the previously producing Nalunaq gold mine which is due to begin production in late 2024. The company has a portfolio of strategic gold and metal assets in South Greenland that includes two regionally recognized gold belts and advanced exploration projects in Stendalen and the Sava Copper Belt that explore Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq Minerals is operated under the Operating Companies Act (Ontario) and is wholly owned by Nalunaq A/S, which is incorporated under the Public Companies Act of Greenland.

Neither the TSX Venture Exchange nor its Legal Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside information

This announcement does not contain insider information.

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