“Amaroq” or the “Company”

Total Voting Rights, PDMR Notification and Stock Option Awards

TORONTO, ONTARIO – 4 June 2024 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across in Southern Greenland, announces that, following the exercise of options, its share capital consists of 327,418,727 common shares of no par value each as at 3 June 2024, each with voting rights. Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company.

Amaroq Minerals Ltd. also announces that it has granted incentive stock option awards ("Options") to employees to acquire up to 11,450 common shares at a price of C$1.31 and up to 11,538 common shares at a price of C$1.30 under the Company's Stock Option Plan.

Further to the Company’s announcement on 11 March 2024, Jaco Crouse has stepped down as Chief Financial Officer and as a Director of the Company. The Company is well advanced in the process to appoint a new Chief Financial Officer. Until such appointment is finalised, the functions of Interim Chief Financial Officer will be performed by Anna Mkrtchyan, VP Finance of Amaroq. The Company will provide an update to the market in due course.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1. Details of the person discharging managerial responsibilities/person closely associated
       a) Name: Jaco Crouse
2. Reason for the notification
    a) Position/status: CFO
       b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
    a) Name Amaroq Minerals Ltd.
    b) LEI: 213800Q21S5JQ6WKCE70
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
    a) Description of the financial instrument, type of instrument:Identification code: Common shares of no par valueCA02312A1066
    b) Nature of the transaction: Exercise of Options
    c) Price(s) and volume(s): Price(s)                        Volume(s)C$0.59                                              485,156C$0.60                                           478,125
    d) Aggregated information:
  • Aggregated volume:
  • Average price:
 963,281C$0.595
e) Date of the transaction(s): May 27, 2024
f) Place of the transaction XOFF

Enquiries:

Amaroq Minerals Ltd.Eldur Olafsson, Executive Director and CEO eo@amaroqminerals.com

Eddie Wyvill, Corporate Development +44 (0)7713 126727ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)Callum StewartVarun TalwarSimon MensleyAshton Clanfield+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)Hugh RichDougie Mcleod+44 (0) 20 7886 2500

Camarco (Financial PR)Billy CleggElfie KentCharlie Dingwall+44 (0) 20 3757 4980

For Company updates:

Follow @Amaroq_Minerals on X (Formerly known as Twitter)Follow Amaroq Minerals Inc. on LinkedIn

Further Information:

About Amaroq MineralsAmaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company's principal asset is a 100% interest in the past producing Nalunaq Gold mine which is due to go into production towards the end of 2024. The Corporation has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Inside Information

This announcement does not contain inside information.

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