Commencement of 2025 Exploration Campaign

Rhea-AI Summary

Amaroq Ltd. (OTCQX: AMRQF) has launched its ambitious 2025 exploration campaign across multiple projects in Greenland. The program includes up to 3,500 meters of surface drilling and continuous underground drilling at the Nalunaq gold mine, and approximately 5,000 meters of core drilling at the Nanoq gold prospect.

The campaign encompasses multiple commodities and locations, including gold, copper, nickel, and rare earth elements exploration across South Greenland and new licenses in the north. Key initiatives include advancing the Nalunaq gold mine resource expansion, developing Nanoq towards a maiden Mineral Resource Estimate, and conducting initial reconnaissance of the newly acquired West Greenland Hub, which includes the former Black Angel zinc-lead-silver mine and Kangerluarsuk project.

Positive

• Comprehensive multi-rig drilling program targeting resource expansion at Nalunaq gold mine
• 5,000 meters of core drilling planned at Nanoq to establish maiden Mineral Resource Estimate
• Expansion into multiple commodities including gold, copper, nickel, and rare earth elements
• Strategic acquisition and assessment of West Greenland Hub with existing infrastructure
• Established 45-person camp at Nanoq for efficient on-site operations

Negative

• Significant capital expenditure required for extensive exploration program
• Drilling at Nanoq and other new projects subject to execution risks
• 2026 comprehensive exploration program for West Greenland Hub delayed pending technical and logistical assessments

Reykjavík, July 21, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.

(“Amaroq” or the “Company”)

Commencement of 2025 Exploration Campaign

TORONTO, ONTARIO – 21 July 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, is pleased to announce the commencement of its 2025 exploration campaign.

Highlights

• Comprehensive, multi-rig drilling programme underway at the Nalunaq gold mine, targeting continued resource expansion, with up to 3,500 metres of surface drilling and near-continuous underground drilling planned.
• Major drill mobilisation at Nanoq, the analogous gold prospect east of Nalunaq within the Nanortalik gold belt, with approximately 5,000 metres of core drilling to advance towards a maiden Mineral Resource Estimate.
• Secondary aim of 2025 exploration campaign is to expand understanding across existing and new satellite gold targets within the Nanortalik gold belt.
• Regional copper and nickel exploration programme commencing across South Greenland and into new licences in the north of the country.
• Rare earth elements exploration advancing across the Gardar Igneous Province of South Greenland.
• Initial reconnaissance of the newly acquired West Greenland Hub (Black Angel and Kangerluarsuk licences) has commenced, with further technical and logistical assessments scheduled ahead of a comprehensive exploration programme in 2026.

James Gilbertson, VP Exploration for Amaroq, commented:

“The launch of our 2025 exploration campaign marks one of the most ambitious and wide-ranging programmes in Amaroq’s history. With active drilling at our flagship gold assets of Nalunaq and Nanoq, and regional work expanding our understanding of the copper, nickel, and rare earth elements opportunities; this season truly showcases the breadth of Greenland’s mineral potential. It is incredibly exciting to see rigs and teams deployed from the southern fjords, all the way to our newest projects in the north and across the West Greenland Hub - a reflection of both our growing footprint and the multi-commodity opportunity we’re pursuing.“

2025 Exploration Programme location, targets and detail

Project / Region	Programme Type	Details
West Greenland Hub	Project Review and Logistical Planning	Assessment of the technical and logistical requirements for both Black Angel and Kangerluarsuk project ahead of a 2026 field programme
Nalunaq Gold Project	Underground Drilling	Near-continuous drilling targeting Mountain Block and Target Block resource and confidence growth.
	Surface Core Drilling	Up to 3,500 metres planned, focusing on Target Block and South Block Deeps.
Nanoq Gold Project	Core Drilling	~5,000 metres planned across central zone; possible exploratory drilling in western extensions.
	Site Infrastructure	45-person camp established for onsite logging, sampling, and rapid programme adaptation.
Regional Copper Exploration	Reconnaissance and Target Definition	Surface sampling and mapping across the South Greenland Copper Belt.
	Scout Drilling	Contingent on results; initial drilling at selected high-priority copper targets.
Nickel Exploration (Stendalen)	Ground Assessment and Mapping	Geological and structural mapping to refine drill targets for 2026.
Regional REE Exploration	Target Assessment	Exploration of confirmed and new rare earth element targets across Gardar Province.
Minturn IOCG Project	Licence Application & Reconnaissance Visit	Geochemical sampling and logistical planning ahead of a potential 2026 programme.

2025 Exploration Overview and Activity Plan

Gold Projects

Nalunaq gold mine
Following the announcement of the fourth Mineral Resource Estimate (MRE4) in April 2025, (including a maiden Indicated Resource and increased total Mineral Resources¹), the exploration team has undertaken detailed planning to incorporate these results into both ongoing operations and the 2025 exploration programme.

In consultation with Bara Consulting, Amaroq plans to conduct an integrated programme of underground and surface exploration. Underground drilling will proceed almost continuously, focusing on expanding both the scale and confidence of the resource within the Mountain Block and Target Block areas.

At surface, the Company plans up to 3,500 metres of core drilling across the lower Target Block and the South Block Deeps - an area interpreted as a potential down-dip continuation of the Nalunaq Main Vein; looking to further de-risk the 1.7 million ounce Exploration Target.

Nanoq
The 2024 Nanoq drilling campaign returned encouraging high-grade results. Starting in late July 2025, Amaroq will conduct a comprehensive multi-rig drilling programme in order to evaluate the scale of the resource opportunity and advance towards defining a maiden Mineral Resource.

Equipment has been shipped from Denmark via Nalunaq, with arrival at the Nanoq site expected during the second half of July 2025. The planned programme includes approximately 5,000 metres of core drilling across the central zone, with additional exploratory drilling possible along the western extension. A 45-person camp and supporting facilities will be established near the drill sites, enabling core logging, cutting, and sampling on site. This approach provides flexibility to adapt the drill plan in real time as results are received.

Gold Satellite Projects

Field exploration and geological reconnaissance will be carried out across the Vagar and Anoritooq licences, targeting both historical gold occurrences and new prospects generated by Amaroq in previously unexplored areas. This work will build on structural interpretations from earlier field campaigns and aims to define targets with the potential to supply satellite feed to the Nalunaq Gold Mine.

Gardaq A/S - Strategic Minerals Projects (51% ownership through Gardaq Joint Venture)

Regional Copper Exploration
Advised by Dr. Steve Garwin, the team will advance copper focussed exploration at Ukaleq and additional targets within the Johan Dahl Land licence areas. This work will extend across the broader South Greenland Copper Belt, guided by remote sensing datasets and results from previous exploration campaigns, aiming to delineate epithermal or porphyry style mineralisation.

The programme retains flexibility to undertake scout drilling on one or more targets during 2025, contingent upon positive early results.

Stendalen and Regional Nickel Exploration
Building on 2025 exploration activities and new geophysical interpretations, Amaroq will carry out further ground assessments along with geological and structural mapping. These efforts will refine current models and define robust drill targets for 2026.

The team will also evaluate a series of regional copper-nickel sulphide targets identified across the broader licence portfolio.

Regional Rare Earth Elements (“REE”) Exploration
Following the award of additional exploration licences focussed on REE mineralisation, Amaroq plans to expand regional exploration across the Gardar Igneous Province. Work will focus on assessing both confirmed and newly identified REE targets, with the aim of establishing the resource potential and scale of opportunity.

Minturn
Amaroq has applied for - and expects approval of - a new licence covering the Minturn IOCG (iron ore, copper, gold) target in Inglefield Land, Northwest Greenland. Upon confirmation, the Company intends to complete a reconnaissance visit to evaluate logistical considerations and collect a comprehensive suite of geochemical samples. These efforts will support detailed targeting and planning for the 2026 exploration season.

West Greenland Hub
Amaroq have commenced a review of the historical data of the Company’s recently acquired assets in West Greenland: the former producing zinc, lead, silver mine at Black Angel, as well as the proximal Kangerluarsuk zinc/lead project. The aim of the review is to define the resource growth potential and re-development strategy for Black Angel. A reconnaissance visit to assess the condition of the on-site facilities, which include accommodation for a 20+person camp, helicopter hangers, cable car equipment, deep water harbour and mine infrastructure has taken place, with encouraging resource growth potential seen at both the Glacier and Deep Ice zones. Further assessments and planning will continue through the exploration season in preparation for a comprehensive exploration programme in 2026.

Enquiries:
Amaroq Ltd.        
Eldur Olafsson, Executive Director and CEO         

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
Nikhil Varghese
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 s 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.

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¹ Technical Report on the Updated Mineral Resource Estimate (MRE4) of the Nalunaq Gold Mine, Greenland, Bara Consulting (UK) Ltd, Effective Date, 12 May 2025.

FAQ

What is the scope of Amaroq's (AMRQF) 2025 exploration campaign?

The campaign includes 3,500 meters of surface drilling at Nalunaq gold mine, 5,000 meters of core drilling at Nanoq, and exploration programs for gold, copper, nickel, and rare earth elements across Greenland.

How many meters of drilling is AMRQF planning at the Nanoq gold project in 2025?

Amaroq is planning approximately 5,000 meters of core drilling across Nanoq's central zone, with potential additional exploratory drilling in western extensions.

What infrastructure does Amaroq have at the Nanoq project site?

Amaroq has established a 45-person camp with supporting facilities for core logging, cutting, and sampling on site, enabling real-time program adaptation.

What are Amaroq's plans for the West Greenland Hub in 2025?

Amaroq is conducting technical and logistical assessments of the Black Angel and Kangerluarsuk projects, with a comprehensive exploration program planned for 2026.

What is the status of Amaroq's Nalunaq gold mine exploration?

The company is conducting near-continuous underground drilling targeting Mountain Block and Target Block, plus up to 3,500 meters of surface drilling focusing on Target Block and South Block Deeps.