Gardaq A/S exploration JV funding secured

Amaroq Ltd. (“Amaroq” or the “Company”) Gardaq A/S exploration JV funding secured 13 July 2026 – Amaroq (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce that GCAM LP (" GCAM ") and Amaroq have entered into a subscription agreement (the " Subscription Agreement ") with Gardaq A/S to provide further funding to support its 2026/27 exploration programme and related activities; specifically the high impact Ilua rare earth project, which is currently being drilled, and the Minturn, potential large scale iron ore and IOCG, project in the north of Greenland.

Gardaq A/S is a joint venture established pursuant to the Subscription and Shareholders' Agreement between Amaroq, GCAM and Nalunaq A/S, dated 13 April 2023 (the " SSHA "), which governs, amongst other matters, the ongoing funding arrangements between Amaroq and GCAM as shareholders of Gardaq A/S.

The Subscription Agreement, entered into on 22 June 2026, implements the next stage of the funding arrangements contemplated by the SSHA.

Under the Subscription Agreement, GCAM has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$4.7 million.

Amaroq has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$1.8 million and has further undertaken to subscribe for additional shares no later than the first anniversary of completion of the Subscription Agreement at an aggregate subscription price of C$3.0 million, to be satisfied through the conversion of accrued overhead and G&A costs in accordance with the terms of the Subscription Agreement.