Amaroq Minerals Ltd.

Amaroq Minerals Ltd., a mine development company focused on gold and strategic mineral assets in Southern Greenland, announced that its CEO, Eldur Olafsson, acquired 300,000 common shares, increasing his indirect total holding to 9,502,173 shares, which is 2.9% of the company's capital. Amaroq's main business is the exploration and development of gold and strategic metal properties in South Greenland, including the Nalunaq Gold mine set to resume production at the end of 2024. The company also engages in exploration projects for strategic metals like copper and nickel in the region.

Amaroq Minerals Ltd., a mine development company in Southern Greenland, has agreed with the holders of its US$22.4 million convertible notes due in 2027 to convert them into new common shares. This move aims to simplify the company's capital structure, reduce cash interest costs, and increase financial flexibility. The conversion involves issuing 33,629,068 common shares for the principal and 1,293,356 shares for the outstanding interest, with additional shares issued for a commitment fee. These transactions are subject to approval by the TSX Venture Exchange. The related party transaction requirements do not apply, as exemptions are met. Amaroq's main business is exploring and developing gold and strategic metal properties in Southern Greenland, with its principal asset being the Nalunaq Gold mine.

Amaroq Minerals Ltd., an independent mine development company with assets in Southern Greenland, has terminated its market-making agreement with Landsbankinn hf., though Landsbankinn remains its lead broker and adviser in Iceland. The market-making agreement with Fossar Investment Bank hf. for Amaroq's Icelandic depositary receipts remains effective. Additionally, Amaroq has entered into a new lease agreement with Klettar Investments ehf., a related party controlled by Non-Executive Director Sigurbjorn Thorkelsson, for office premises in Reykjavik, effective from September 1, 2024, to August 31, 2025, at a monthly rent of 850,000 ISK. The Independent Directors, advised by the Company's Nominated Adviser, consider the lease terms fair and reasonable. Amaroq's main business involves gold and strategic metal exploration in Southern Greenland, with its principal asset being the Nalunaq Gold mine.

Reykjavik, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, announced that Livermore Partners LLC, managed by David Neuhauser, Non-Executive Director of Amaroq, acquired 12,100 common shares of the company. This acquisition increases Neuhauser's indirect holding to 14,621,924 shares, representing 4.47% of the company's capital. Amaroq's main objectives include the exploration and development of gold and strategic metal properties in South Greenland, with its principal asset being the Nalunaq Gold mine, expected to commence production by the end of 2024. The company also has advanced exploration projects at Stendalen and the Sava Copper Belt. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S under the Greenland Public Companies Act. The announcement does not contain inside information.

On September 9, 2024, Amaroq Minerals Ltd., a mine development company with assets in Southern Greenland, announced that Non-Executive Director Line Frederiksen acquired 14,500 common shares of the company. Amaroq Minerals focuses on gold and strategic metal properties, including the Nalunaq Gold mine, which is set to begin production by the end of 2024. The company also has exploration projects for strategic metals such as copper, nickel, and rare earths. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S under the Greenland Public Companies Act. The announcement does not contain inside information.

Amaroq Minerals Ltd., an independent mine development company with gold and strategic mineral assets in Southern Greenland, announced that several of its directors and executives, including Chairman Graham Stewart and CEO Eldur Olafsson, acquired a total of 191,085 common shares of the company. The company's primary asset is the Nalunaq Gold mine, set to begin production by the end of 2024. Amaroq Minerals is focused on the exploration and development of gold and strategic metal properties in South Greenland. The company operates under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act. This announcement does not contain inside information.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, announced its Q2 2024 financial results. Key highlights include: 1. **Operational Progress**: - Significant advancements at the Nalunaq project, with the main building works completed and installation of processing plant components underway. First gold production is expected later in 2024. - Approval received from the Greenlandic Government for Environmental and Social Impact Assessments. - Ongoing exploration efforts at Nalunaq and other projects, including the start of drilling operations at Stendalen. 2. **Financial Developments**: - Arrangement of a substantial increase and extension of debt financing with Landsbankinn, offering more favorable rates. 3. **Financial Results**: - Exploration and evaluation expenses decreased to $748,040 from $3,459,846 in 2023. - General and administrative expenses increased to $8,294,917 from $5,383,216 in 2023. - Net loss of $3,988,193 compared to a net income of $19,980,808 in the same period in 2023. - Cash on hand decreased to $31,663,204 from $65,086,851 as of March 31, 2024. 4. **Corporate Updates**: - Conditional awards under the Restricted Share Unit Plan were granted to the new CFO Ellert Arnarson. - A conference call for analysts and investors was scheduled to discuss the financial results. 5. **Financial Position**: - Total assets amounted to $177,950,773, with total liabilities of $42,585,028. 6. **Subsequent Events**: - Agreement on Head of Terms with Landsbankinn for US$35 million in revolving credit facilities to support ongoing operations and development projects. The company remains focused on advancing its projects while maintaining high standards of environmental and social responsibility.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, will release its Q2 2024 results on August 14, 2024. A remote investor and analyst presentation will be held the same day at 2:00pm London time. The company focuses on the exploration and development of gold and strategic metal properties, including the Nalunaq Gold mine, which is expected to begin production by the end of 2024. Further details on how to join the presentation will be included in the results announcement. For updates, follow the company on social media platforms X (formerly Twitter) and LinkedIn.

Amaroq Minerals Ltd., an independent mine development company with significant gold and strategic mineral assets in Southern Greenland, has confirmed that Ellert Arnarson will assume the role of Chief Financial Officer effective August 6, 2024. The company focuses on the identification, acquisition, exploration, and development of gold and strategic metal properties in Southern Greenland, including the Nalunaq Gold mine, which is expected to start production by the end of 2024. Amaroq Minerals is incorporated under the Business Corporations Act (Ontario) and owns Nalunaq A/S, incorporated under the Greenland Public Companies Act. The announcement does not contain inside information.