Notice to holders of Icelandic Depository Receipts Confirmation of Effective Date for Conversion of Icelandic Depository Receipts (IDRs) into Depositary Interests (DIs)

Rhea-AI Summary

Amaroq Ltd (OTCQX: AMRQF / Nasdaq Iceland: AMRQ) confirms the automatic conversion of Icelandic Depository Receipts (IDRs) (ISIN IS0000034569) into Depositary Interests (DIs) (ISIN CA02311U1030), effective November 11, 2025.

On that date IDRs issued by Arion Banki hf. will be removed from Icelandic investor accounts and an equivalent number of DIs will be credited to the same accounts. Trading of Amaroq DIs on Nasdaq Iceland will begin under ISIN CA02311U1030 and ticker AMRQ (denominated in ISK). The conversion is automatic and requires no action from shareholders.

Cross-border conversions between Canadian and Icelandic markets will be temporarily suspended on November 5, 2025 (five business days before the effective date) and will resume immediately after completion on the effective date. Custodians can contact Nasdaq CSD Iceland at csd.iceland@nasdaq.com for technical information.

Positive

• Automatic conversion to a single ISIN simplifies securities structure
• No action required by shareholders for conversion
• Amaroq DIs will trade on Nasdaq Iceland under ticker AMRQ in ISK

Negative

• Temporary suspension of cross-border conversions starting 5 Nov 2025
• No transfers or conversions between Canadian and Icelandic markets will be processed during the suspension

News Market Reaction

-3.32%

1 alert

-3.32% News Effect

On the day this news was published, AMRQF declined 3.32%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Reykjavík, Nov. 03, 2025 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Notice to holders of Icelandic Depository Receipts

Confirmation of Effective Date for Conversion of Icelandic Depository Receipts (IDRs) into Depositary Interests (DIs)

TORONTO, ONTARIO – 03 November 2025 – Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, further to the Company’s announcement dated October 21, 2025 regarding the simplification and streamlining of Amaroq’s securities under a single ISIN, hereby confirms the effective date for the automatic conversion of Icelandic Depository Receipts (“IDRs”) (ISIN IS0000034569) into Depositary Interests (“DIs”) (ISIN CA02311U1030):

Effective Date: November 11, 2025

On the Effective Date:

• IDRs issued by Arion Banki hf. will be removed from investor accounts in Iceland; and

• an equivalent number of DIs (ISIN CA02311U1030) will be automatically credited to the same accounts.

Trading of Amaroq DIs on Nasdaq Iceland will commence under the ISIN CA02311U1030 and ticker symbol AMRQ, denominated in Icelandic króna (ISK).

The conversion will occur automatically, and no action is required from shareholders. As Depositary Interests replicate direct shareholding, the change is a technical adjustment only, with no impact on underlying shares or investor rights.

Temporary Suspension of Cross-Border Conversions

To facilitate the technical completion of this process, cross-border conversions between the Canadian and Icelandic markets will be temporarily suspended on 5 November - 5 business days prior to the effective date.

During this period, no new transfers or conversions of shares between the two markets will be processed. Normal cross-border conversion functionality will resume immediately following completion of the conversion on the effective date.

For technical information or to prepare internal procedures ahead of the conversion, custodians may contact Nasdaq CSD Iceland at csd.iceland@nasdaq.com.

Enquiries:

Amaroq Ltd. c/o
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
Freddie Wooding
+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
amaroq@camarco.co.uk

For Company updates:
Follow @Amaroq Ltd. on X (Formerly known as Twitter)
Follow Amaroq Ltd. on LinkedIn

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 happens to Amaroq IDRs (ISIN IS0000034569) on November 11, 2025?

IDRs will be removed from Icelandic investor accounts and an equivalent number of DIs (ISIN CA02311U1030) will be credited automatically on November 11, 2025.

Do Amaroq shareholders need to take any action for the IDR-to-DI conversion (AMRQF)?

No action is required; the conversion is automatic and shareholders will receive DIs in the same accounts.

When will Amaroq DIs begin trading on Nasdaq Iceland and under what ticker?

Trading will commence on November 11, 2025 under ISIN CA02311U1030 and ticker AMRQ, denominated in ISK.

When are cross-border conversions between Canadian and Icelandic markets suspended for Amaroq?

Cross-border conversions will be temporarily suspended on November 5, 2025 (five business days before the effective date) and will resume after completion on November 11, 2025.

Who should custodians contact for technical details about the Amaroq conversion?

Custodians may contact Nasdaq CSD Iceland at csd.iceland@nasdaq.com for technical information and to prepare internal procedures.