TORONTO - Amaroq Minerals Ltd. ('Amaroq' or the 'Company' or the 'Corporation') (AIM, TSXV: AMRQ), the independent mining company with an unrivalled land package of gold and strategic mineral assets covering an area of 7,866.85 km2 in Southern Greenland, is pleased to provide an update on its Q2 financials and operational activities in the first half of 2022.

H1 2022 highlights

Precious Metals targets

Nalunaq: Construction of mountain access roads required to facilitate the 2022 core drilling programme completed ahead of schedule and under budget.

Nalunaq: Drilling ahead of schedule with 7,300m of core drilling out of a scheduled 9,100m completed across the Valley Block with geological logging and sampling now underway. 2022 drilling focused on providing further resource confidence with a view to increasing the Mineral Resource Estimate (MRE) in due course.

Nalunaq: Preliminary Economic Assessment (PEA) commenced to assess bulk sample and eventual mine re-opening optionality.

Vagar Ridge: Exploration aimed at understanding the styles and geological controls on mineralisation continues, with 65% of planned core drilling now complete despite unseasonal weather during the period, targeting both Orogenic gold and Intrusion Related Gold mineralisation.

Vagar Licence: Further geological mapping and sampling across new targets identified by the 2021 exploration programme scheduled for later in the season.

Nanoq: Contractors are mobilising to conduct an airborne geophysical survey across the target, and along an interpreted 20km structural corridor linking the discovery to the Jokum's Shear gold/copper occurrence. This area is now held by Amaroq under the newly acquired Siku licence securing access to multiple potential Orogenic gold targets.

Strategic Mineral Targets

Sava: A 320m maiden scout core drilling programme to test Iron Oxide, Copper, Gold (IOCG) mineralisation has targeted two areas and samples are due to be dispatched to ALS Geochemistry imminently.

North Sava: Contractors are mobilising to conduct an airborne geophysical survey across North Sava to extend geological understanding from Sava into the former Orano licence.

Stendalen: Amaroq is in negotiations to conduct an MT geophysical survey across this Iron-Vanadium-Titanium layered intrusive with additional Nickel and Copper potential.

Regional: Further geological reconnaissance and sampling across the Eagle's Nest gold target, Kobbermineburgt copper targets and the Paatusoq Rare Earth target are scheduled for later in the 2022 season.

Operational Update

Further investment in operational infrastructure and equipment upgrades. With the 50 person all-weather camp in place at Nalunaq and a satellite field camp in situ at Vagar Ridge, the Company is now able to function more efficiently and to shorter operational lead-times. The ALS on-site Containerised Preparation Laboratory (CPL) has been installed and commissioned with the first samples being dispatched.

Operational efficiency across all aspects of the Company's Greenland assets significantly increased through key longer term contracts with carefully selected service providers.

Corporate Update

Significant 3,527.75 km2 mineral licence area has been acquired from Orano substantially increasing the Company's exposure to Base and Strategic Minerals. When coupled with the newly awarded 251 km2 Siku licence, takes Amaroq's total land package in South Greenland to 7,866.85km2.

Establishment of non-binding Joint Venture agreement with ACAM LP for the exploration and development of Amaroq's Strategic Mineral assets for a combined contribution of GBP36.7 million with initial equity funding of GBP18 million following completion.

Cash balance of $19.5 at June 30, 2022.

Approval of special resolution to change the name of the Company to Amaroq Minerals Ltd.

Eldur Olafsson, CEO of Amaroq Minerals, commented: 'I am pleased to present an update on our activities for Q2 2022. Our field season for 2022 is well underway and we are making solid progress with our drilling programmes at Nalunaq, Vagar Ridge and Sava. We expect to share the results from this programme with the market in late Q3 to Q4.

We are progressing with our strategic mineral exploration programme in Southern Greenland with the support of our partners. We remain focused on accelerating Greenland's contribution to the energy transition as a frontier jurisdiction at a time when access to these critical minerals for Western Governments and companies is limited by Chinese and Russian control of supply.

We continue to invest in our highly qualified senior management team, as well as selecting strong and reliable partners for contract appointments. In addition, we are now benefitting from considerably upgraded corporate governance systems and a strengthened Board, which continues to guide the strategic vision of our business.'

Contact:

Eldur Olafsson

Tel: +354 665 2003

Email: eo@amaroqminerals.com

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 7,615.85km2, 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.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events and the future growth of the Company's business. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include but are not limited to the factors discussed under 'Risk Factors' in the Final Prospectus available under the Company's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made.

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