Awards under Restricted Share Unit Plan

("Amaroq" or the "Company")

Awards under Restricted Share Unit Plan (the “RSU”)

TORONTO, ONTARIO – 12 February 2025 – Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, announces that in alignment with the Company’s RSU plan dated 14 June 2024, the Company granted an award (the “Award”) to directors and employees of the Company as listed below.

The RSU plan, communicated to the market following the Company’s Admission to AIM in 2020, was developed with input from PwC. The RSU plan was initially approved by the Company's shareholders at the AGM held on 16 June 2022 and further amended and approved by the AGM resolution on 15 June 2023 and on 14 June 2024.

Full details of the RSU Plan are available on the Company’s website at https://www.amaroqminerals.com/about/corporate-governance/.

Conditional awards were granted to participants on 30 December 2022 and 13 October 2023. The performance period runs from 1 January 2022 to 31 December 2025 with measurement dates at 31 December 2023, 31 December 2024 and 31 December 2025.

The details of the Award are as follows:

Award Date	12 February 2025
Initial Price	CAD 0.552
Hurdle Rate	10% p.a. above the Initial Price
Total Pool	10% of the growth in value above the Hurdle rate, not exceeding 10% of the Company’s share capitalThe number of shares is determined at the Measurement Dates
Participant proportions and Number of sharessubject to RSU	Eldur Olafsson, CEO 40% 2,048,268 sharesJoan Plant, Executive VP 10% 512,067 sharesJames Gilbertson, VP Exploration 10% 512,067 sharesEdward Wyvill, Corporate Development 10% 512,067 shares
Second Measurement Date:	31 December 202450% of the Shares will vest on the first anniversary of grant, with the remaining 50% vesting on the second anniversary of grant.

Enquiries:

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

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

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)Scott MathiesonNikhil VargheseJosh Moss+44 (0) 20 7886 2500

Canaccord Genuity Limited (Corporate Broker)James AsensioHarry ReesTel: +44 (0) 20 7523 8000

Camarco (Financial PR)Billy CleggElfie KentFergus Young+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’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South 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 Minerals is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Inside Information

This announcement does not contain inside information.

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