Scout drills at Minturn project, Northwest Greenland

Reykjavík, Aug. 07, 2026 (GLOBE NEWSWIRE) --

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

Scout drilling commences at the high-impact Minturn project, Northwest Greenland

7 August 2026 - Amaroq Ltd. (LSE and NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland's mineral potential, is pleased to announce the commencement of a focussed scout diamond drilling programme at the Minturn iron-copper-gold prospect in Inglefield Land, Northwest Greenland, following successful surface sampling in 2025.

Highlights

A scout drilling programme is commencing to provide the first direct test of the Minturn mineralised system at depth;

Drilling will assess the depth continuity and geometry of the high-grade iron mineralisation discovered in 2025, during surface sampling, which confirmed assay grades of up to 69.5% Fe and test the potential for copper-gold mineralisation associated with a parallel electromagnetic and geochemical anomaly;

Minturn is centred on what the Company believes to be Greenland's strongest regional magnetic anomaly, with reprocessed geophysics defining a coherent approximately 9km magnetic target within a broader 80km mineralised corridor;

Given the logistical complexity of operating in Northwest Greenland, the programme has been streamlined, with planned ground geophysical surveys deferred, to better enable time and resources to be prioritised towards direct drill testing;

The programme represents an important step in Amaroq's expansion into North Greenland and in building the operating knowledge required to unlock the potential of large-scale mineral systems across Greenland.

James Gilbertson, VP Exploration, commented:

“Minturn is an exceptional and previously untested target, centred on what we believe to be Greenland's strongest regional magnetic anomaly. At surface, we have already identified high-grade iron mineralisation across a substantial trend, alongside geophysical and geochemical evidence, that supports potential for copper and gold within a broader IOCG-style system.

“Operating in this remote part of Northwest Greenland has presented real mobilisation challenges due to weather and long supply routes. We have responded by focussing the programme on drilling, which will provide us with the greatest potential to advance our understanding of this potentially large play. The scout programme will give critical and potentially value enhancing information on the sub-surface and help us design the next phase with far greater confidence.”

2026 Minturn scout drilling programme overview

The programme will undertake initial scout drilling across priority targets selected from Amaroq's integrated geological, magnetic, electromagnetic and geochemical datasets. The holes are designed to provide the first information on the continuity and geometry of the high-grade magnetite-rich iron mineralisation below surface, while also testing the depth potential of the adjacent copper-gold target.

The results will be integrated with the 2025 surface sampling and historic airborne geophysical data to refine the geological model, assess the scale of the system and design future ground geophysics and follow-up drilling. Amaroq remains committed to Minturn's potential scale and strategic importance and will use this programme to build the practical operating knowledge required for sustained exploration in North Greenland, drawing on the experience and infrastructure established through its operations in South Greenland.

About the Minturn project

Minturn is located in the Inglefield Land region of Northwest Greenland, approximately 220km north of the US Pituffik Space Base. The prospect is interpreted as a potentially large iron oxide copper gold (“IOCG”) or Kiruna-style mineral system and is held within Amaroq's strategic joint venture company, Gardaq A/S.

Reprocessing and reinterpretation of historic geophysical datasets identified a coherent approximately 9km magnetic anomaly within a broader 80km mineralised corridor. Reconnaissance work completed in 2025 returned surface iron grades of up to 69.5% Fe, including multiple samples grading 66-69% Fe. A parallel electromagnetic anomaly and associated ionic-leach geochemistry provide targets for potential copper-gold mineralisation. The programme now commencing will be the first drilling to test these interpretations at depth.

Qualified Person Statement

The technical information presented in this press release has been reviewed and approved by James Gilbertson, CGeol, Vice President Exploration of Amaroq and a Chartered Geologist with the Geological Society of London, who is a Qualified Person as defined by National Instrument 43-101.

-ENDS-

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

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

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

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

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

Further Information:

About Amaroq Amaroq's focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company's principal asset is the 100% owned and operated, producing Nalunaq Gold Mine.

Amaroq's significant exploration portfolio includes opportunities in gold, copper, nickel and rare earth elements across South Greenland, as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centred on the past-producing zinc-lead-silver mine at Maarmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn iron oxide copper gold prospect in Northwest Greenland. The Company's strategy is to unlock Greenland's resource potential through continued exploration and development while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland's developing mining sector, and Imeq ApS, Greenland's first private hydroelectric project.

The Company is listed on the LSE and Nasdaq Iceland under the ticker AMRQ, and on OTCQX under AMRQF.

Inside Information

The announcement does not contain inside information.

Globe Newswire

August 6, 2026 - 11:00 PM PDT

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