Nalunaq mine underground drilling results

Reykjavík, July 16, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd. (“Amaroq” or the “Company”) 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 de