Amaroq Minerals Ltd.

Prospectus • Feb 21, 2024

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

Amaroq publishes a Supplementary Prospectus in connection with Fundraising

TORONTO, ONTARIO – 21 February 2024 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, announces publication of a Supplementary Prospectus, consisting of a Supplement to the Registration Document dated 12 September 2023 and a Securities Note, along with a Summary, all dated 21 February 2024, related to fundraising, details of which were disclosed in announcements on 12 and 13 February 2024.

The Supplementary Prospectus dated 21 February 2024, has been approved by the Financial Supervisory Authority of the Central Bank of Iceland. The Supplementary Prospectus which is written in English, has been published electronically to the company's website https://www.amaroqminerals.c om/investors/documents-circulars/.

In compliance with regulatory requirements, the Supplementary Prospectus includes information from the management accounts for the year ended December 31, 2023. That information, which is unaudited and has not previously been published, is provided below. The audited financial statements for the year ended 31 December 2023 are expected to be released on 25 March 2024.

LIABILITIES	C\$, December 31, 2023
Current liabilities – unguaranteed and unsecured
Accounts payable and accrued liabilities	6,273,978
Lease liabilities – current portion	80,206
	6,354,184
Current liabilities –guaranteed and secured
Convertible notes	36,018,312
	36,018,312
Non-current liabilities – unguaranteed and unsecured
Lease liabilities	577,234
	577,234
Total liabilities- unguaranteed and unsecured	6,931,418
Total liabilities- guaranteed and secured	36,018,312
Total liabilities	42,949,730
EQUITY
Capital stock	131,883,371
Contributed surplus	6,960,168
Accumulated other comprehensive loss	(36,772)
Deficit	(75,580,698)
Total equity	63,226,068
Total liability and equity	106,175,799

Selected Financial Information

Enquiries:

Amaroq Minerals Ltd. Eldur Olafsson, Executive Director and CEO eo@amaroqminerals.com

Eddie Wyvill, Corporate Development +44 (0)7713 126727 ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)

Callum Stewart Varun Talwar Simon Mensley Ashton Clanfield +44 (0) 20 7710 7600

Landsbankinn hf. (Listing Agent)

Ellert Arnarson Ellert.Arnarson@landsbankinn.is

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 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.

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.