2023-06-07 08:00:00 CEST

2023-06-07 08:00:02 CEST


REGULATED INFORMATION

English
Amaroq Minerals Ltd. - Company Announcement

Related Party Transaction


("Amaroq" or the "Corporation" or the "Company")

Related Party Transaction

TORONTO, ONTARIO - 07 June, 2023 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First
North: AMRQ), an independent mine development company with a substantial land
package of gold and strategic mineral assets covering an area of
7,866.85 km[2] in Southern Greenland, announces an update to its Nasdaq Main
Market listing process in Iceland ("Admission").

On 28 March 2023, the Company announced that it was undergoing preparatory work
in relation to the Admission, which will consist of a transfer of its depositary
receipts from the Nasdaq First North Growth Market to the regulated Nasdaq Main
Market in Iceland.

Today the Company announces that, in addition to engaging Landsbankinn hf. as
project manager and advisor on the Admission, the Company has engaged Fossar
Investment Bank hf. ("Fossar") to assist in introducing Amaroq to investors,
organizing investor meetings, and advising and analysing the potential effects
the Admission has on the liquidity and formation of the share price of the
Corporation.

Fossar is a related party of Amaroq as it is a company in which Sigurbjorn
Thorkelsson, Non-Executive Director, is Chairman of the Board and indirectly
controls over 30% of the capital. Amaroq has agreed to pay Fossar £15,000 (CAD$
25,000) and Amaroq will be responsible for any ancillary expenses on the planned
engagement. The Engagement will end upon the completion of Admission.

The engagement with Fossar constitutes a related party transaction in accordance
with AIM Rule 13. The Independent Directors, being the Amaroq Directors other
than Sigurbjorn Thorkelsson, having consulted with the Company's Nominated
Adviser, are confident that the terms of the engagement with the related party
are fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:

Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
+354 665 2003
eo@amaroqminerals.com

Eddie Wyvill, Investor Relations
+44 (0)7713 126727
ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield

+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500

Fossar Investment Bank (Advisor)
Thordur Hlynsson
Thordur.hlynsson@fossar.is
+354 896 7641

Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980

For Company updates:

Follow @Amaroq_minerals on Twitter
Follow Amaroq Minerals Inc. on LinkedIn

Further Information:

About Amaroq Minerals

Amaroq Minerals' principal business objectives are the identification,
acquisition, exploration, and development of gold and strategic metal properties
in Greenland. The Company's principal asset is a 100% interest in the Nalunaq
Project, an advanced exploration stage property with an exploitation license
including the previously operating Nalunaq gold mine. The Corporation has a
portfolio of gold and strategic metal assets covering 7,866.85km[2], the largest
mineral portfolio in Southern Greenland covering the two known gold belts in the
region. Amaroq Minerals is incorporated under the Canada Business Corporations
Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public
Companies Act.

Inside Information

This announcement does not contain inside information.

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary
Information Provider in the United Kingdom. Terms and conditions relating to the
use and distribution of this information may apply. For further information,
please contact rns@lseg.com or visit www.rns.com.



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