Gardaq A/S exploration JV funding secured

Reykjavik, July 13, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Gardaq A/S exploration JV funding secured

13 July 2026 – Amaroq (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce that GCAM LP ("GCAM") and Amaroq have entered into a subscription agreement (the "Subscription Agreement") with Gardaq A/S to provide further funding to support its 2026/27 exploration programme and related activities; specifically the high impact Ilua rare earth project, which is currently being drilled, and the Minturn, potential large scale iron ore and IOCG, project in the north of Greenland.

Gardaq A/S is a joint venture established pursuant to the Subscription and Shareholders' Agreement between Amaroq, GCAM and Nalunaq A/S, dated 13 April 2023 (the "SSHA"), which governs, amongst other matters, the ongoing funding arrangements between Amaroq and GCAM as shareholders of Gardaq A/S.

The Subscription Agreement, entered into on 22 June 2026, implements the next stage of the funding arrangements contemplated by the SSHA. Under the Subscription Agreement, GCAM has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$4.7 million. Amaroq has agreed to subscribe for additional shares in Gardaq A/S for an aggregate cash subscription price of C$1.8 million and has further undertaken to subscribe for additional shares no later than the first anniversary of completion of the Subscription Agreement at an aggregate subscription price of C$3.0 million, to be satisfied through the conversion of accrued overhead and G&A costs in accordance with the terms of the Subscription Agreement. As a result, the parties' respective shareholdings in Gardaq A/S remain unchanged and Amaroq and GCAM will continue to hold 51% and 49%, respectively, of the issued share capital of Gardaq A/S.

GCAM is a substantial shareholder in Gardaq A/S, a subsidiary of the Company, and is therefore a related party of the Company for the purposes of the AIM Rules.   The Subscription Agreement constitutes a related party transaction for the purposes of AIM Rule 13.

The directors of the Company, having consulted with the Company's Nominated Adviser, consider the terms of the Subscription Agreement to be fair and reasonable insofar as the Company's shareholders are concerned.

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
[phone]
[e-mail]

Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
[phone]

Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
[phone]

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
[phone]

Camarco (Financial PR)
Elfie Kent
Fergus Young 
[phone]

Further Information:

About Amaroq

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 is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.