Block Listing Application

TORONTO, February 1, 2023 - Amaroq Minerals Ltd. (AIM:AMRQ)(TSXV:AMRQ)(NASDAQ:AMRQ) (formerly AEX Gold), 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, has made an application to the London Stock Exchange for a block listing of securities in respect of 1,330,000 common shares (the "New Common Shares") to be admitted to trading on AIM, with admission expected to become effective on or around 06 February 2023.

The New Common Shares are being reserved and will be issued as required in order to cover the future issue of common shares arising from incentive stock option awards to employees and a consultant of Amaroq Minerals, as announced on 30 December 2022. The awards have been made in accordance with the Company´s Stock Option Plan ("Amaroq Minerals Stock Option Plan") dated 1 May, 2017 as amended on 16 June 2022.

When issued, the New Common Shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company.

At present, Amaroq's total issued share capital consists of 263,211,732 common shares of no par value. Given the Company does not hold any common shares in Treasury, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules.

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Director and CEO
+354 665 2003
eo@amaroqminerals.com

Eddie Wyvill, Investor Relations
+44 (0) 7713 126727
ew@amaroqminerals.com

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)

John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500

SI Capital Limited (Joint Broker)

Nick Emerson
+44 (0) 1483 413500

Camarco (Financial PR)

Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980

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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 contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

SOURCE: Amaroq Minerals Ltd.