MARKET-MAKING ARRANGEMENTS

("Amaroq" or the "Company")

Amaroq Announces Market-Making Arrangements with Arion banki and Landsbankinn

TORONTO, ONTARIO - December 09, 2022 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets covering an area of 7,866.85 km² in Southern Greenland, announces that it has engaged Arion banki hf. ("Arion Bank") and Landsbankinn hf. ("Landsbankinn") to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts (the "Depositary Receipts") listed on the Nasdaq First North Growth Market in Iceland (the "Nasdaq FNGM").

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO
[phone]
[e-mail]

Eddie Wyvill, Investor Relations
[phone]
[e-mail]

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart
Simon Mensley
Ashton Clanfield
[phone]

Panmure Gordon (UK) Limited (Joint Broker)

John Prior
Hugh Rich
Dougie Mcleod
[phone]

SI Capital Limited (Joint Broker)

Nick Emerson
Charlie Stephenson
[phone]

Arion Banki hf. (Market-maker NASDAQ First North)

Hreidar Mar Hermannsson
Elka Osk Hrolfsdottir
Erlendur Magnus Hjartarson
[phone]

Landsbankinn hf. (Market-maker NASDAQ First North)

Ellert Arnarson
Sigurður Kári Tryggvason
Júlíus Fjeldsted
+ 354 410 4000

Camarco (Financial PR)

Billy Clegg
Elfie Kent
Charlie Dingwall
[phone]

For Company updates:

Follow @Amaroq_minerals on Twitter
Follow Amaroq Minerals Inc. 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 Company'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 covering 7,866.85km², the largest mineral portfolio 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.

Inside Information

This announcement does not contain inside information.

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https://news.cision.com/amaroq-minerals-ltd/r/market-making-arrangements,c3682142

https://mb.cision.com/Main/21957/3682142/1727370.pdf

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