TORONTO, ONTARIO - 31 March, 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, its Q3 2022 financials and provides an update on its exploration and development activities.

The Financial Statements and the accompanying Management Discussion and Analysis are available on the Corporation's website at www.amaroqminerals.com and will be filed under the Corporation's SEDAR profile at www.sedar.com later today. All figures are in Canadian dollars unless otherwise noted.

A remote presentation for sell-side analysts and investors will be held remotely today, at 15:00 BST, followed by an opportunity to ask questions.

Analysts and investors who wish to participate in the webcast are requested to register via the link here: https://brrmedia.news/AMRQ_FY22



FY 2022 Highlights

· Rebrand from AEX Gold to Amaroq Minerals to reflect incorporation of strategic minerals portfolio and focus on Greenland.

· Completion of £30m Capital Fundraising (circa C$46.4 million) in London and Iceland to accelerate development of the Company's precious metals portfolio.

· Established joint venture with strategic investor ACAM for the exploration and development of Amaroq's strategic mineral assets and receipt of initial £18 million funding (circa C$28.5 million), expected to close in April 2023.

· Listing of Icelandic Depository Receipts on the Nasdaq First North Growth Market in Iceland.

· Updated Nalunaq Mineral Resource Estimate (MRE), prepared by SRK Consulting (UK) Limited and announced on September 6, 2022 and reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards on Mineral Resources and Mineral Reserves (May 2014), resulting in a Inferred Mineral Resource of 355.0 Kt @ 28.0 g/t Au for 320 Koz gold , and confirming the project within the top 2% of global deposits in terms of grade globally. Doubling of the size of the footprint of the Valley Block following 2022 Nalunaq exploration results.

· Completion of most active exploration programme to date, with drilling across three projects, mineralisation expansion and discovery of new copper/gold/molybdenum mineralisation targets, in addition to completion of two new geophysical surveys in preparation for the 2023 exploration season.

Post-period Highlights

· Non-binding term sheets signed for US$49.5 million senior secured financing package, announced in March 2023, to bring forward production at Nalunaq, with completion expected in the coming months.

· Preparation for 2023 field season highly advanced with additional drill rig in transit as well as other consumables in readiness for the programme to commence in early May.

· Contracts and quotes in place for camp upgrades, fuel storage, on-site assaying laboratory, and all equipment and facilities required for trial mining and processing.

· Strengthened the team with senior hires including Nalunaq Project Director Axel Schultz, a professional engineer with over 30 years' experience in the mining industry, including surface and underground equipment, construction, installations, EPC, financial and project management (EPCM).



FY 2023 Outlook

Gold Projects

· Nalunaq: Further project development to commence in May 2023 with resource drilling along strike from the initial mining face. Site and mine preparation activities will commence shortly ahead of commencing new trial mining operations within the Mountain Block from 2024.

· Vagar Ridge: Additional data collection and further geological mapping and sampling aimed at constructing a robust geological and mineralisation model to inform future exploration. Ground preparation and drill readiness preparations will occur in 2023 ahead of the 2024 season.

· Nanoq: Following 2022 geophysical work, the results of which are expected to be published in Q2, surface exploration will be conducted to evaluate additional structural targets as well as site preparation ahead of initial drilling in 2024.



Strategic Minerals

· Sava Copper Belt:

o Expansion of drilling and geological mapping programmes across observed mineralisation at Sava to two drill rigs guided by external Iron-Oxide Copper Gold (IOCG) experts.

o Incorporation of North Sava licence and additional targets in 2023 programme.

o Detailed airborne geophysical survey across Kobberminebugt licence area.

· Stendalen: Conducting of detailed magnetotellurics (MT) geophysical survey across the extension of layered intrusion, ahead of a deep stratigraphic drillhole to intersect the known Titanium and Vanadium mineralisation as well as potential Nickel sulphide mineralisation.

· Saqqaa Dyke: Concentrated drilling campaign to be conducted from the valley floor to intersect the platinum group element hosting ultramafic dyke along strike from outcropping mineralisation.

· Paatusoq: Planned reconnaissance exploration programme across Paatusoq and previously identified targets to define areas of potential economic Rare Earth and Niobium mineralisation.



Operational priorities

· Amaroq plans to conduct prefeasibility studies on renewable energy potential to determine the feasibility of using hydropower to supply Nalunaq and the nearby South Greenland community.

· Amaroq continues to work with ABD Solutions on the potential integration of autonomous vehicles at Nalunaq, with proposals for the design and offsite construction of an operations centre and associated infrastructure expected in the next twelve months.

· The Company plans to work with a Group Purchasing Organisation supply chain management partner to develop a strategic execution model for operating effectively in remote and logistically challenging conditions.



Eldur Olafsson, CEO of Amaroq, commented:

"2022 was a transformational year for Amaroq in terms of the repositioning of our business. We completed our most active exploration program to date, and with our partners we are planning an even more aggressive programme for this year, drilling seven targets across our gold and strategic minerals portfolio. We continue to carry out impactful surface sampling and geophysical studies, uncovering additional significant targets.

"Following our recent financing announcement, we now have the funding in place to bring Nalunaq onstream, and I look forward to providing updates as we progress with our development plans.

"We remain committed to being a responsible operator in Greenland, and a partner to our local community. We are now establishing the potential to build up hydropower infrastructure near our sites, both to power our operations and to provide renewable energy to our local community for the future."

Selected Financial Information

The following selected financial data is extracted from the Financial Statements for the three and nine months ended December 31, 2022.

Financial Performance

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