Nalunaq mine underground drilling results

High-grade underground intersections, including 132.5 g/t Au over 0.5 m, confirming confidence in near and medium-term production Rig will move to drill exploration drive in the untested western areas of the Main Vein 16 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 further high-grade underground drilling results from the ongoing resource definition and production support drilling programme at the Nalunaq Gold Mine in southern Greenland. The results continue to confirm the high-grade nature of the Nalunaq Main Vein, within the Mountain Block and further reinforces Amaroq’s confidence in the near- and medium-term production profile at Nalunaq, as well as de-risking the ~2Moz Au exploration target. Highlights Underground drilling results continue to confirm the exceptional high-grade nature and continuity of the Main Vein, within the Mountain Block at Nalunaq at an average of 42.8 g/t of Au. 16 out of 37 holes with assays gave results above 30 g/t Au (the average resource grade in MRE4) and 30% of holes were above 60 g/t Au including: 132.5 g/t Au over 0.50 metres (NAL-UG-2601) 132.0 g/t Au over 0.50 metres (NAL-UG-2640) 113.5 g/t Au over 0.60 metres (NAL-UG-2534) 104.5 g/t Au over 0.54 metres (NAL-UG-2616) 84.8 g/t Au over 0.83 metres (NAL-UG-2627) The Company's underground drilling strategy is designed to maintain a rolling 12–24 month production inventory drilled ahead of mining, supporting production planning and operational flexibility. Drilling from the 802 1 and 773 Levels, targeted 27 and 10 planned stopes respectively. Drilling from the 500 Level tested an area between faulted geological domains, where definitive stopes have not yet been designed. Results reported in this release are from after the data cut-off date for the forthcoming MRE5 and therefore provide additional upside for future Mineral Resource updates. Surface channel sampling is underway between Levels 804 and 996, targeting both the Main Vein and 75 Vein, with numerous samples displaying significant visible gold. Next phase of underground drilling will target previously untested areas of the Main Vein from the planned 810 Exploration Drive. Programme offers significant potential for near-mine resource growth as development advances into previously unexplored ground. James Gilbertson, VP Exploration, commented : “I am very pleased to announce these latest underground drilling results, which continue to demonstrate the exceptional grade and continuity of the Main Vein at Nalunaq and provide further confirmation of the geological model and confidence in the mine plan. Our underground drilling strategy has evolved beyond traditional resource drilling and is now a core part of our mining operation to maintain near term production, drilled ahead of mining, to reduce geological uncertainty and support consistent production of gold as Nalunaq continues to ramp up. We will now move to drill the untested areas of the Main Vein, looking to unlock elements of the ~2m oz identified upside potential within Nalunaq, and I look forward to bringing the results of this and the ongoing surface samples as the year progresses. “Every hole we drill at Nalunaq gives us more insight and confidence as to the quality and extent of the resource base at this exceptional asset.” Systematic underground drilling supporting production confidence Nalunaq is a high-grade underground gold mine where mining confidence is progressively increased through a systematic programme of underground drilling undertaken ahead of planned production. The Com...