Chairman Transition and Board Changes

Chairman Transition and Board Changes

Reykjavík, July 21, 2026 (GLOBE NEWSWIRE) --

Amaroq Ltd.
(“Amaroq” or the “Company”)

Chairman Transition and Board Changes

21 July 2026 – Amaroq (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, announces the following changes to its Board of Directors, all of which, unless otherwise stated below, will become effective from the admission of the Company’s common shares (“Common Shares”) to the equity shares (commercial companies) (the “ESCC”) category of the Official List of the Financial Conduct Authority (the “FCA”) and to trading on the main market for listed securities (the “Main Market”) of London Stock Exchange plc (“London Stock Exchange”) (together, “Admission”) .

Admission is expected to occur no earlier than 31 July 2026.

Transition of the non-executive Chairman
The role of non-executive Chairman will transition from Graham Stewart to Sigurbjorn (Siggi) Thorkelsson, current independent non-executive director of the Company.

Mr Stewart, who has served as Chairman for the past seven years, will remain on the Board as an independent non-executive director, ensuring continuity and providing the Board with the ongoing benefit of his experience and insight.

Appointment of non-executive Directors
The Company is also pleased to announce that, effective on Admission, Annette Brøndholt, Jorunn Johanne Sætre and Teitur Poulsen have been appointed as independent non-executive directors of the Company.

Ms Sætre will also be appointed the Senior Independent Director.

Retirement of non-executive Director
As part of the changes to the Company’s Board of Directors as set out above, David Neuhauser, the current non-independent non-executive director, has elected to retire from the Board with effect from 21 July 2026. Having served on the Board since June 2021, Mr Neuhauser has made a valuable contribution to the Company during a significant period in its development, and the Company anticipates that David will continue to support Amaroq and its subsidiaries as a senior adviser.

Graham Stewart, Chairman of the Board of Directors of Amaroq, commented:
"The Board is delighted to welcome Annette, Jorunn and Teitur as independent non-executive directors. Their combined senior experience across mining, finance, energy, governance and international business will add significant depth to the Board and support the Company as it continues to execute its strategy and transition to the Main Market of the London Stock Exchange.

“I would like to thank David for all his work and ongoing support for the business. David is a long-term shareholder and having served on the Board since June 2021, his support has been one of the building blocks of making Amaroq what it is today. He has been strongly committed to the Company's success and will remain close to the Company in his capacity as a shareholder and senior adviser.

"I am also very pleased to announce that Siggi will be taking over from me as Chairman of the Board upon the uplist to the Main Market of the London Stock Exchange. After seven years in my role of Chairman, it is the right time for me to step down, and I very much look forward to continuing to serve the Company as a non-executive director."

Sigurbjorn (Siggi) Thorkelsson, Chairman Designate, commented:

"I am honoured to be taking on the role of Chairman at such an important stage in Amaroq’s development. Graham has provided outstanding leadership and commitment as Chairman, helping to establish the Company’s strong foundations and clear strategic direction. As Amaroq prepares for admission to the Main Market of the London Stock Exchange, I welcome my new fellow directors and look forward to working closely with the Board and management team to support the Company’s continued growth and ambitions in Greenland."

Details of the independent non-executive director appointees:

Annette Brøndholt:
Annette Brøndholt is an experienced executive, board chair, investor and strategic adviser with more than 25 years of international leadership experience across the aviation, travel, fashion, technology and investment sectors. She has held senior management positions at SAS and By Malene Birger, where she played a central role in the company's expansion and eventual sale. Since 2010, she has focused primarily on board leadership, serving as chair and director of listed, privately owned, family-owned and government-related organisations.

Jorunn Johanne Sætre:
Jorunn is an experienced energy industry executive with more than 40 years of international leadership experience across the oil and gas and energy transition sectors. She held engineering and senior management roles at Halliburton between 1981 and 2013, including Country Vice President for Scandinavia and Vice President Production Enhancement in the US, with responsibility for global operations, technology and strategy. She has also held senior business development and management roles at AGR and most recently served as Project Manager at Energy Transition Norway. Ms Sætre has significant board experience across listed and private companies, including as a non-executive director of Longboat Energy plc and Faroe Petroleum plc and as a member of the corporate assembly of Norsk Hydro ASA.

Teitur Poulsen:
Teitur Poulsen is a senior mining and energy executive with more than 20 years of international experience in corporate finance, strategic planning, mergers and acquisitions and capital markets. He currently serves as Executive Vice President and Chief Financial Officer of Lundin Mining Corporation, having joined the executive team in 2022. Previously, he served as Chief Financial Officer of Lundin Energy AB from 2017 to 2022 and, before that, as Chief Financial Officer of Aker BP ASA. He brings extensive experience in financing, large-scale M&A transactions, strategic investment evaluation and investor relations across the natural resources sector. He serves on the boards of Vicuña Corp in Canada, Montage Gold Corporation and P/F Magn and Sp/F Orkufelagid in the Faroe Islands.

Information required to be disclosed pursuant to UK Listing Rule 6.4.8R in relation to the appointments of Annette Brøndholt, Jorunn Johanne Sætre and Teitur Poulsen, which will be effective on Admission, will be included in the prospectus to be published by the Company in connection with Admission prior to the effective date of their respective appointments.

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Camarco (Financial PR)
Elfie Kent
Fergus Young 
+44 (0) 20 3757 4980

About Amaroq

Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Southern Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company 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 is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Inside Information

This announcement does not contain inside information.