Updated mineral resource estimate and competent persons report published

Reykjavík, July 29, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd. (“Amaroq” or the “Company”) Updated Mineral Resource Estimate (“MRE5”) and publication of Competent Persons Report (“CPR”) Updated Nalunaq MRE Exceeds 500koz at 30.35g/t Au 10.6% Increase in Indicated Gold Resources Strengthens the Pathway Towards a Maiden Mineral Reserve 29 July 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce MRE5 for its 100%-owned Nalunaq gold mine in South Greenland. MRE5 for Nalunaq has been published this morning alongside the updated CPR for Nalunaq and the rest of the Amaroq Greenland portfolio, in conjunction with the proposed admission of the Company’s common shares to the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange. MRE5 has been independently prepared by Bara Consulting Ltd. (“Bara”) and has an effective date of 1 December 2025.

Highlights Total Mineral Resources have increased to 504 koz of contained gold, comprising 174 koz in the Indicated category and 329 koz in the Inferred category, at an average grade of 30.35g/t Au, consistent with the high-grade nature of the Nalunaq deposit. The Indicated Mineral Resource category increased in contained gold by 10.6% to 174 koz, comprising 163.3kt at 33.20g/t Au, relative to MRE4, more than replacing depletion from mining activities up to the MRE5 effective date of 1 December 2025. Inferred Mineral Resources increased to 329 koz, comprising 352.8kt at 29.03g/t Au.

Total contained gold increased by 4.1%. The increase in Indicated Mineral Resources was principally driven by the successful 2025 underground infill drilling and development sampling programme, which allowed the Indicated classificatio