Improved debt financing agreement

Rhea-AI Summary

Amaroq (OTCQX: AMRQF) announced an amendment to its Landsbankinn revolving credit facility, extending the maturity by 14 months to 1 February 2028 and introducing additional margin step-downs tied to last‑twelve‑month EBITDA. The total Facility commitment remains US$35.245 million across three tranches (A: US$18.5m, B: US$10.245m, C: US$6.5m). Current drawn tranches carry a 9.5% margin, reducing under specified EBITDA triggers to as low as 4.5% plus SOFR. The amendment includes a 0.7% fee (US$245,000) capitalised to facility B and the Facility remains secured by mortgages, share pledges, account pledges and a license transfer.

The Nalunaq project beginning to generate revenues is cited as enabling margin improvements and financial flexibility.

Positive

• Total revolving commitment of US$35.245 million
• Facility maturity extended to 1 February 2028
• Margin step-downs to 4.5% if LTM EBITDA > CAD 70 million
• Nalunaq revenues beginning to unlock improved financing margins

Negative

• Facilities A and B are fully drawn carrying a 9.5% margin
• Amendment fee of 0.7% (US$245,000) capitalised to facility B
• Facility remains secured by mortgages, share and account pledges
• Facility C availability requires CAD 6 million cumulative three‑month EBITDA

News Market Reaction

-0.33%

1 alert

-0.33% News Effect

On the day this news was published, AMRQF declined 0.33%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Reykjavík, Nov. 19, 2025 (GLOBE NEWSWIRE) --

Amaroq Ltd.
(“Amaroq” or the “Company”)

Improved debt financing agreement

TORONTO, ONTARIO – 19 November 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 a fourteen month extension and improved margins of its debt financing package with Landsbankinn hf. (“Landsbankinn”), as announced 30 December 2024.

Ellert Arnarson, Amaroq CFO, commented:
“We are very pleased to have executed an amendment to our debt financing agreement with Landsbankinn, extending the maturity from December 2026 to February 2028 and the potential to improve overall terms to 4.5% plus SOFR, thereby enhancing Amaroq’s financial flexibility.

“The Nalunaq project in South Greenland is well advanced in its commissioning and beginning to generate revenues, which will unlock the improved margins on our financing facility and lower operating costs. We also continue to pursue additional financing opportunities, including with offtakers and credit agencies, to further support the Company’s growth and balance sheet strength.”

Details of the agreement:

The Company has a revolving credit facility with Landsbankinn, for a total commitment of US $35.245 million. This is spread across three tranches, A, B & C (together the “Facility”).

• US$18.5 million facility A and US$10.245 million facility B, which are fully drawn, with a margin of 9.5% per annum, reducing to 7.5% once facility C has become available.
• US$6.5 million facility C with a margin of 7.5% per annum, available once the Company’s cumulative EBITDA over the preceding three-month period exceeds CAD 6 million.

The Company and Landsbankinn have reached an amended agreement for the Facility, whereby:

• Facility term is extended by 14 months, from 1 December 2026 to 1 February 2028.
• Additional margin step-downs introduced, based on last twelve months EBITDA:
  • 6.25% if LTM EBITDA exceeds CAD 25 million,
  • 5.00% if LTM EBITDA exceeds CAD 50 million,
  • 4.50% if LTM EBITDA exceeds CAD 70 million.
    
    

The amendment carries a 0.7% fee of total commitments (US$245,000), which has been capitalised through facility B. The Facility remains secured by a combination of property and operational equipment mortgages, share pledges over subsidiaries, bank account pledges, and a license transfer agreement.

Enquiries:
Amaroq Ltd.        
Ellert Arnarson, CFO
ea@amaroqminerals.com         

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
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 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.

FAQ

What change did Amaroq announce to its debt financing on November 19, 2025?

Amaroq amended its Landsbankinn revolving facility, extending maturity to 1 Feb 2028 and adding EBITDA‑based margin step‑downs.

How large is Amaroq's Landsbankinn facility (AMRQF) after the amendment?

The Facility commitment remains US$35.245 million across tranches A, B and C.

What margin reductions are possible under Amaroq's amended loan (AMRQF)?

Margins step down to 6.25%, 5.00% and 4.50% if LTM EBITDA exceeds CAD 25m, 50m, and 70m respectively.

When does facility C become available and what triggers it for AMRQF?

Facility C (US$6.5m) becomes available once cumulative EBITDA over the preceding three months exceeds CAD 6 million.

What cost did Amaroq incur to amend the financing agreement?

The amendment carries a 0.7% fee of total commitments, equal to US$245,000, capitalised to facility B.

Are Amaroq's assets pledged under the amended financing (AMRQF)?

Yes; the Facility remains secured by property and equipment mortgages, subsidiary share pledges, bank account pledges and a license transfer agreement.