Director/PDMR Shareholding

TORONTO, Jan. 02, 2024 - ("Amaroq" or the "Company")

Director/PDMR Shareholding - Notification of Transactions of Directors/Persons Discharging Managerial Responsibilities (PDMRs)

TORONTO, ONTARIO - January 2, 2023 - 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 it was informed that Eldur Olafsson, Chief Executive Officer, acquired 59,800 common shares of no par value in the Company. This brings Eldur Olafsson's total holding to 9,108,918, 3.45% of the capital in Amaroq.

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY

AND THEIR CLOSELY ASSOCIATED PERSONS

1. Details of the person discharging managerial responsibilities/person closely associated
a) Name: Eldur Olafsson

2. Reason for the notification
a) Position/status: Chief Executive Officer
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: Common shares of no par value in Amaroq Minerals Ltd.

Identification code:ISIN: CA02312A1066

b) Nature of the transaction: Purchase of common shares of no par value in Amaroq Minerals Ltd.

c) Price(s) and volume(s):

d) Aggregated information:

• Aggregated volume: 33, 800
• Average price: CAD$ 1.1315

e) Date of the transaction(s): December 27, 2023

f) Place of the transaction:TSXV

1.Details of the person discharging managerial responsibilities/person closely associated
a) Name: Eldur Olafsson

2. Reason for the notification
a) Position/status:Chief Executive Officer
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: Common shares of no par value in Amaroq Minerals Ltd.

Identification code: ISIN: CA02312A1066

b) Nature of the transaction:Purchase of common shares of no par value in Amaroq Minerals Ltd.

c) Price(s) and volume(s):

d) Aggregated information:

• Aggregated volume: 26,000
• Average price: CAD$ 1.1786

e) Date of the transaction(s): December 29, 2023

f) Place of the transaction: TSXV

Enquiries:

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

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

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)

John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500

Camarco (Financial PR)

Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980

For Corporation updates:

Follow @Amaroq_Minerals on X (Formerly known as Twitter)

Follow Amaroq Minerals Ltd. on LinkedIn

Further Information:

About Amaroq Minerals
Amaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Greenland. The Corporation's principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region. 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.

Attachment

• AMRQ EO shares