Gardaq A/S exploration JV funding secured

Rhea-AI Summary

Amaroq (OTCQX: AMRQF) has agreed a new Subscription Agreement with GCAM LP and Gardaq A/S, providing further funding for the Gardaq exploration joint venture. GCAM will subscribe for Gardaq A/S shares for C$4.7 million in cash, while Amaroq will subscribe for C$1.8 million in cash.

Amaroq has also undertaken to subscribe for a further C$3.0 million in Gardaq A/S shares within one year, settled via conversion of accrued overhead and G&A costs. According to Amaroq, its 51% and GCAM’s 49% shareholdings in Gardaq A/S remain unchanged. The funding will support the Ilua rare earth project and the Minturn iron ore/IOCG project in Greenland and is classified as a related party transaction under AIM Rule 13.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• New Gardaq A/S JV funding of C$9.5m from GCAM and Amaroq
• Amaroq maintains 51% ownership in Gardaq A/S despite new funding
• C$3.0m future Amaroq subscription to be satisfied via overhead and G&A cost conversion

Negative

• None.

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Reykjavik, July 13, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Gardaq A/S exploration JV funding secured

13 July 2026 – Amaroq (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce that GCAM LP ("GCAM") and Amaroq have entered into a subscription agreement (the "Subscription Agreement") with Gardaq A/S to provide further funding to support its 2026/27 exploration programme and related activities; specifically the high impact Ilua rare earth project, which is currently being drilled, and the Minturn, potential large scale iron ore and IOCG, project in the north of Greenland.

Gardaq A/S is a joint venture established pursuant to the Subscription and Shareholders' Agreement between Amaroq, GCAM and Nalunaq A/S, dated 13 April 2023 (the "SSHA"), which governs, amongst other matters, the ongoing funding arrangements between Amaroq and GCAM as shareholders of Gardaq A/S.

The Subscription Agreement, entered into on 22 June 2026, implements the next stage of the funding arrangements contemplated by the SSHA. Under the Subscription Agreement, GCAM has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$4.7 million. Amaroq has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$1.8 million and has further undertaken to subscribe for additional shares no later than the first anniversary of completion of the Subscription Agreement at an aggregate subscription price of C$3.0 million, to be satisfied through the conversion of accrued overhead and G&A costs in accordance with the terms of the Subscription Agreement. As a result, the parties' respective shareholdings in Gardaq A/S remain unchanged and Amaroq and GCAM will continue to hold 51% and 49%, respectively, of the issued share capital of Gardaq A/S.

GCAM is a substantial shareholder in Gardaq A/S, a subsidiary of the Company, and is therefore a related party of the Company for the purposes of the AIM Rules.   The Subscription Agreement constitutes a related party transaction for the purposes of AIM Rule 13.

The directors of the Company, having consulted with the Company's Nominated Adviser, consider the terms of the Subscription Agreement to be fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com

Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Camarco (Financial PR)
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 is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

FAQ

What is the Gardaq A/S exploration JV funding announced by Amaroq (OTCQX: AMRQF) on 13 July 2026?

Amaroq announced a new funding round for Gardaq A/S through a Subscription Agreement with GCAM LP. According to Amaroq, the funding supports the 2026/27 exploration programme, including the Ilua rare earth project and the Minturn iron ore and IOCG project in Greenland.

How much funding will GCAM LP and Amaroq provide to Gardaq A/S under the 2026 Subscription Agreement?

GCAM will subscribe for Gardaq A/S shares for C$4.7 million in cash, while Amaroq will initially subscribe for C$1.8 million in cash. According to Amaroq, it has also undertaken a further C$3.0 million share subscription via conversion of accrued overhead and G&A costs.

Will Amaroq’s ownership in Gardaq A/S change after the new JV funding (ticker AMRQF)?

Amaroq states that its 51% shareholding in Gardaq A/S and GCAM’s 49% shareholding will remain unchanged after the subscriptions. According to Amaroq, the additional equity funding does not alter the existing ownership percentages in the exploration joint venture.

Which projects will the new Gardaq A/S funding support in Greenland for Amaroq (AMRQF)?

The new funding will support Gardaq A/S’s 2026/27 exploration programme, notably the Ilua rare earth project, which is currently being drilled. According to Amaroq, it will also back the Minturn project, a potential large-scale iron ore and IOCG target in northern Greenland.

Why is the Gardaq A/S Subscription Agreement a related party transaction for Amaroq under AIM Rules?

GCAM is a substantial shareholder in Gardaq A/S, which is a subsidiary of Amaroq, making GCAM a related party. According to Amaroq, the Subscription Agreement is therefore a related party transaction under AIM Rule 13, with directors deeming terms fair and reasonable after adviser consultation.

What are Amaroq’s future funding obligations to Gardaq A/S under the July 2026 announcement?

Amaroq will subscribe for C$1.8 million in Gardaq A/S shares in cash and has undertaken a further C$3.0 million subscription within one year. According to Amaroq, the latter will be satisfied through conversion of accrued overhead and G&A costs.