Amaroq Minerals Ltd.

Report Publication Announcement • May 12, 2023

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

Annual Report and Notice of Meeting

TORONTO, ONTARIO -12 May, 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 km² in Southern Greenland, announces that it has posted its Annual Report and Financial Statements for the year ended December 31, 2022 and Notice of Annual and Special General Meeting of Shareholders ("Meeting") and Management Information Circular to shareholders.

Copies of the documents are published on the Company's website https://www.amaroqminerals.com/investors/documents-circulars/ and will also be available on SEDAR at www.sedar.com.

The Meeting will be held remotely on Thursday, June 15, 2023, at 10:00 a.m. (Toronto time). Registered shareholders and duly appointed proxyholders will be able to participate, vote and submit questions at the virtual meeting. Instructions on how to join the virtual meeting are set out in the Notice of Meeting.

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

SI Capital Limited (Joint Broker)

Nick Emerson +44 (0) 1483 413500

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

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.

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 7,866.85km² , 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 contains 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.