Amaroq Minerals Ltd.

Regulatory Filings • Dec 9, 2022

MARKET-MAKING ARRANGEMENTS

("Amaroq" or the "Company")

Amaroq Announces Market-Making Arrangements with Arion banki and Landsbankinn

TORONTO, ONTARIO - December 09, 2022 - 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 engaged Arion banki hf. ("Arion Bank") and Landsbankinn hf. ("Landsbankinn") to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts (the "Depositary Receipts") listed on the Nasdaq First North Growth Market in Iceland (the "Nasdaq FNGM").

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 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 Charlie Stephenson +44 (0) 1483 413500

Arion Banki hf. (Market-maker NASDAQ First North)

Hreidar Mar Hermannsson Elka Osk Hrolfsdottir Erlendur Magnus Hjartarson +354 444 7000

Landsbankinn hf. (Market-maker NASDAQ First North)

Ellert Arnarson Sigurður Kári Tryggvason Júlíus Fjeldsted

Camarco (Financial PR)

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

For Company updates:

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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 does not contain inside information.

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