Reykjavík, Nov. 14, 2025 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")

Q3 2025 Financial Results

Growing revenues and restart of operations

TORONTO, ONTARIO -- 14 November 2025 -- Amaroq Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland's mineral potential, is pleased to announce its Q3 2025 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.

A remote presentation for analysts and investors will be held later today at 09:00am GMT, details of which can be found further down in this announcement.

Eldur Olafsson, CEO of Amaroq, commented:

"As we approach the end of 2025, I would like to acknowledge the significant process made in commissioning Nalunaq over this past year since our First Gold Pour in November 2024. I am immensely proud of the work delivered by our team, commissioning crews and contractors. In October 2025, ahead of the planned shut-down of operations, gold production had already reached approximately 5,000 oz, in line with our revised 2025 production guidance. With the shutdown period now complete, and following the restart of operations, we now expect 2025 full year gold production to be 6,000 to 7,000 oz.

"During the period, we invested in the one-off transition to a fully owner-operated mining setup at Nalunaq, and we have appointed a highly talented team to lead mining and processing operations; which I am happy to say have managed a seamless handover from the contractors and successfully delivered the planned shutdown, on time and on budget. With completion of Phase 1 works and all critical path items for the delivery of Phase 2, on schedule to be in place during Q1 2026 on an estimated cost-to-complete of C$6.5 million, we are now focused on reaching milling capacity by the end of the year, to ensure we can maximise gold production and cash-flows in 2026.

"Outside of our gold mining operations, we have also been driving forward our strategic minerals portfolio, with the discovery of conventional rare earth elements within our Nunarsuit licence area, as well as very exciting copper-gold discoveries within close proximity to our Nalunaq mine. Significantly, in November 2025 we were also very pleased to announce the results of the re-assays from the Black Angel mine, which not only confirmed the high grade zinc, lead and silver resource but also identified potentially commercial levels of germanium and gallium; both of which are categorised critical minerals and will add a very interesting commercial and strategic angle to the re-start of the Black Angel mine.

"As we look to the rest of the year, we are entering the final capex period for Nalunaq, with clear visibility now on completion of all construction and commissioning of the mine by Q2 2026. Before the year end, we are expecting to receive the results from the key 2025 gold exploration programme across the Nanoq and Nalunaq resource upside projects. Amaroq is in a strong position as we head towards 2026 with a robust financial outlook from production operations and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq."

Q3 2025 Financial and Corporate Highlights

   -- Total revenue of $12.8 million (2024: $0m) from total gold sales of 2,636 
      ounces. In the first three quarters, the Company produced 4,347 ounces 
      and sold 3,360 ounces of gold for gross proceeds of $16.3 million. 
 
   -- Gross profit of $5.9 million and Operating loss of $3.8 million, after 
      taking into account G&A and exploration and evaluation expenses -- mainly 
      attributable to the Nanoq exploration campaign. 
 
   -- Amaroq group liquidity of $45.4 million at period end, consisting of cash 
      balances of $55.3 million, an undrawn revolving credit facility of $8.9 
      million less trade payables of $18.8 million ($75.0 million as at 30 June 
      2025). 
 
   -- On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher 
      transparency and trading opportunities for investors in the U.S. 

Q3 2025 Operational Highlights

   -- Q3 2025 gold production of 3,536 oz. Gold produced in the nine months to 
      the end of September 2025 was 4,347 oz. 
 
   -- As announced on 7 October 2025, production increased further post quarter 
      end, reaching this year's production target of approximately 5,000 oz. 
 
   -- During Q3 2025, commissioning of the processing plant and ramp-up of 
      mining operations at Nalunaq continued to deliver steady improvements and 
      the Company remains on track to achieve nameplate throughput of 300 t/d 
      by year-end 2025. 
 
   -- Throughout the quarter, the Company progressed with the installation of 
      numerous key items and infrastructure at Nalunaq, including the tailings 
      filter structure, slurry tanks and filter press, fresh & process water 
      tanks, flocculant skid, plant air compressors, plant piping to design, 
      control room structure, permanent electrical trays, cables and 
      connections and instrumentation and control systems. 
 
   -- On 1 October 2025, Amaroq transitioned to an owner-operated mining model, 
      enabling improved operational efficiency and cost control. A transitional 
      cooperation with the mining contractor will continue beyond 1 October 
      2025. In addition, Nalunaq has entered into a partnership with a Canadian 
      equipment supplier to invest in its own mining fleet. 

Q3 2025 Portfolio Highlights

   -- At Nalunaq, four of the planned seven surface drillholes targeting the 
      South Block Deeps were completed before the programme was paused until 
      later in the year. All core was logged, sampled, and submitted for 
      chemical assay. Underground drilling also recommenced with the deployment 
      of a new drill rig under a hire-purchase agreement. This drilling is 
      providing grade control and resource definition data to support short- to 
      medium-term mine planning. 
 
   -- At Nanoq, core drilling commenced in early August 2025 utilising three 
      Company-owned rigs. The campaign was completed on 24 September 2025, with 
      a total of 4,806.9 metres drilled. By the end of the reporting period, 
      approximately 60% of the core had been logged and sampled. Preparations 
      for winterisation and equipment storage at site were also finalised. 
 
   -- Fieldwork on the Stendalen Cu-Ni target was conducted from the Nanoq 
      exploration base. This programme followed on from the 2024 drilling and 
      geophysical studies, with the objective of improving geological 
      understanding and defining controls to mineralisation in advance of 
      potential follow-up drilling in 2026. 
 
   -- Strategic exploration also advanced across Amaroq's wider licence 
      portfolio. The final programme of the season comprised a short 
      reconnaissance campaign over the Minturn IOCG (Iron-Oxide-Copper-Gold) 
      target in Northern Greenland. 
 
   -- Following the announcement of the Black Angel and Kangerluarsuk licence 
      acquisitions, and during the process of finalising these, Amaroq 
      undertook a series of reconnaissance site visits and commenced 
      re-assaying of selected historical bulk samples. These activities, 
      combined with the ongoing collation and review of historical datasets, 
      will form the basis for detailed forward-looking exploration and 
      development plans for both assets. 
 
   -- The majority of the assay results from these programmes are expected 
      through Q4 2025. 

Post Period Highlights

   -- On 17 October 2025, Amaroq announced the launch of Single Mine Origin 
      gold sales from its Nalunaq mine in Greenland, making fully traceable, 
      responsibly sourced gold available exclusively to Greenlandic residents. 
 
   -- On 21 October 2025, Amaroq announced the simplification and streamlining 
      of its securities under a single ISIN, with Icelandic Depositary Receipts 
      (IDRs) being converted into Depositary Interests (DIs) to unify 
      cross-border settlement and administration while maintaining trading 
      continuity on Nasdaq Iceland. 
 
   -- On 28 October 2025, the Company announced multiple new high-grade gold 
      discoveries across Greenland, from Vagar, Anoritooq, Ippatit, Tartoq and 
      Grænseland, including samples grading up to 38.7 g/t Au. 
 
   -- On 4 November 2025, the Company announced the initial identification of 
      conventional rare earth element bearing mineralisation within its 
      Nunarsuit mineral licence area in South Greenland. 
 
   -- On 11 November 2025, Amaroq announced results from re-assayed bulk 
      samples from the Black Angel mine, as well as the fulfilment of all 
      conditions precedent ("CPs") in relation to the previously announced 
      acquisition of the Black Angel mine. The re-assayed bulk sample material 
      from within the Black Angel deposit confirms the high-grade nature of the 
      mineralisation, averaging 24.6% zinc, 28.1% lead and 295 g/t silver. 
      Commercial levels of germanium (44 ppm) and gallium (21 ppm) were also 
      identified; adding significant value to the future project from these 
      critical minerals, both of which are on the EU and US Government critical 
      mineral list. The West Greenland Hub will be 100% owned by Amaroq, 
      separate from the Gardaq JV (Amaroq 51%), which will continue to focus on 
      early-stage exploration activities. The Company also confirmed that Black 
      Angel will be advanced as a standalone mining development project and new 
      hub for the Company. 
 
   -- Planned shutdown for commissioning activities commenced in October 2025 
      and were completed on 14 November 2025 in line with expectations. 
      Following the shutdown, completion of Phase 1 works and all critical path 
      items for the delivery of Phase 2 are on schedule to be in place during 
      Q1 2026. 

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