Amaroq Minerals Unveils Outstanding High-Grade Gold Drilling Results at Nalunaq Mine with 132.5 g/t Au; Drilling Rig to Explore Untested Western Main Vein Zones

Nalunaq Gold Mine Mountain Block Drilling Achieves 42.8 g/t Au Average Across 37 Holes

The underground drilling results announced on 16 July 2026 encompass three recently completed campaigns at the Nalunaq Gold Mine, focusing on the Main Vein within the Mountain Block at the 802, 773, and 500 underground levels. The 802 Level program included 27 holes totaling 2,164.5 metres with 711 samples analyzed; the 773 Level involved 10 holes over 589.5 metres with 158 samples; the 500 Level program, aimed at testing the geological model between faulted domains, covered 30 holes and 3,102.9 metres with 1,064 samples submitted. Results from the 500 Level remain pending, with further updates expected upon assay completion.

Of the 37 holes with reported assay results, 16 exceeded 30 g/t Au, matching the average grade in the fourth mineral resource estimate (MRE4). Additionally, 30% of holes surpassed 60 g/t Au. The overall average grade was 42.8 g/t Au. Top intersections include: 132.5 g/t Au over 0.50 metres (NAL-UG-2601), 132.0 g/t Au over 0.50 metres (NAL-UG-2640), 113.5 g/t Au over 0.60 metres (NAL-UG-2534), 104.5 g/t Au over 0.54 metres (NAL-UG-2616), and 84.8 g/t Au over 0.83 metres (NAL-UG-2627). These confirm the exceptional high-grade continuity of the Nalunaq Main Vein.

Amaroq’s Underground Drilling Strategy Supports a Rolling 12–24 Month Production Inventory

Amaroq’s drilling approach at Nalunaq is designed not merely for resource definition but to maintain a rolling 12 to 24-month production inventory drilled ahead of mining. This strategy reduces geological uncertainty, supports steady gold output as Nalunaq scales up, and enhances operational flexibility. The company emphasizes this method as essential for managing a high-grade narrow-vein mine and distinguishes Nalunaq’s program from typical exploration-only drilling.

Geological confidence is enhanced through an integrated process involving underground drilling, face mapping, channel sampling, mine development, and production reconciliation. The 802 and 773 Level programs were tailored to increase confidence in 27 and 10 planned stopes respectively, directly supporting mining operations. This continuous feedback loop between drilling and production planning is central to Amaroq’s strategy to ramp up gold production.

Exceptional Grade Continuity Confirmed by Peak Intersections of 132.5 g/t and 132.0 g/t Au

The highest individual intersections — 132.5 g/t Au over 0.50 metres from hole NAL-UG-2601 (802 Level) and 132.0 g/t Au over 0.50 metres from hole NAL-UG-2640 (773 Level) — highlight not only outstanding grades but also vertical continuity of the high-grade Main Vein. Other notable intersections above 60 g/t Au include 113.5 g/t Au over 0.60 metres (NAL-UG-2534), 104.5 g/t Au over 0.54 metres (NAL-UG-2616), 84.8 g/t Au over 0.83 metres (NAL-UG-2627), among others.

The full dataset covers holes drilled in Q4 2025 and Q1–Q2 2026, analyzed via fire assay and aqua regia digestion with atomic absorption spectrometry. Some mineralized intervals currently rely on aqua regia assays pending independent fire assay verification by ALS Geochemistry Laboratories in Loughrea, Ireland. The company affirms the reliability of onsite aqua regia data and notes no material QA/QC issues identified.

810 Exploration Drive to Access Untested Western Main Vein Sections

Following the current drilling phase, Amaroq plans to relocate its rig to the 810 Level to enhance geological confidence in western stopes of the near-term mine plan. This will evolve into systematic resource growth drilling from the 810 Exploration Drift, providing underground access to largely untested Main Vein areas previously inaccessible to surface drilling due to deposit geometry and drilling angle limitations.

By drilling from underground, Amaroq aims to improve geological understanding and test for extensions of the high-grade Main Vein adjacent to existing infrastructure. The company regards this as one of the most promising near-mine growth opportunities at Nalunaq, potentially unlocking significant additional mineralization. James Gilbertson, VP Exploration and Qualified Person, noted this initiative targets elements of the approximately 2 million ounce upside potential. No specific timeline for results has been provided.

500 Level Drilling Program Probes Geological Model Between Faulted Domains with 1,064 Samples Pending

The 500 Level program, the largest by drilling metres and samples, consists of 30 holes totaling 3,102.9 metres with 1,064 samples submitted. It tests the geological model between faulted domains where stopes are yet to be designed, differing from the 802 and 773 Level programs tied to planned stopes. Only two holes from this program appear in current results, with grades of 10.25 g/t Au and 10.85 g/t Au respectively, both completed in Q2 2026.

Additional results will refine the geological interpretation at depth, with future updates pending assay receipt. This large volume of data is yet to be disclosed and is closely watched by investors given the less defined geology compared to upper Mountain Block levels. Positive outcomes could impact future stope design and resource estimates, though no guidance on grades or timelines has been provided.

Surface Channel Sampling Between Levels 804 and 996 Targets Main and 75 Veins with Visible Gold Observed

Complementing underground drilling, Amaroq is conducting mountaineering-supported channel sampling between Levels 804 and 996, targeting the Main Vein and 75 Vein, which is increasingly exposed at upper mine levels. This method accesses areas unreachable by conventional ground or underground means, supplementing drilling with detailed geological and assay data.

Significant visible gold has been observed in several channel samples, though assay results remain pending. Visible gold serves as a qualitative mineralization indicator, with formal assay data awaited. The 75 Vein is identified as an additional structural target in the upper mine, though no resource details are provided.

MRE5 Mineral Resource Update Expected Soon, Aligned with London Stock Exchange Main Market Uplisting

Amaroq plans to release the fifth Mineral Resource Estimate (MRE5) shortly. The underground drilling results reported here postdate the MRE5 data cutoff, indicating further upside beyond the upcoming resource update. This is significant for investors as MRE5 will not include the recently reported high-grade intersections.

The timing of MRE5 aligns with the company’s planned uplisting to the London Stock Exchange Main Market and incorporation of production reconciliation data from Nalunaq’s ramp-up. No specific dates were disclosed. This alignment underscores the importance of a strengthened resource statement in accessing a broader institutional investor base. Investors will watch closely for both the MRE5 release and uplisting announcements.

Robust QA/QC and NI 43-101 Qualified Person Approval Ensure Data Integrity

Technical information has been reviewed and approved by James Gilbertson, CGeol, VP Exploration for Amaroq Minerals Ltd., a Chartered Geologist and NI 43-101 Qualified Person. Mineral resource data complies with CIM Definition Standards dated 10 May 2014 as required by NI 43-101. All drill core samples were prepared and analyzed at ALS Geochemistry’s onsite laboratory at Nalunaq.

Amaroq employs a multi-method verification approach: primary onsite analysis uses aqua regia digestion with atomic absorption spectrometry (Au-OG44n), with most mineralized intervals also sent to ALS Geochemistry Laboratories in Ireland for fire assay verification (Au-AA26, Au-GRA22, Au-SCR24). QA/QC includes certified reference materials, blanks, duplicates, and ALS internal controls. No material QA/QC issues were identified, supporting confidence in reported results.

Amaroq’s Greenland Strategy: Full Nalunaq Ownership and Diverse Strategic Metals Portfolio

Amaroq Ltd. focuses on identifying, acquiring, exploring, and developing gold and strategic metal assets in southern Greenland. Its flagship asset is 100% ownership of the Nalunaq Gold Mine, a high-grade narrow-vein underground operation. The company is incorporated under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, its Greenland operational subsidiary. Amaroq’s portfolio also includes advanced exploration projects at Stendalen and the Sava Copper Belt, targeting copper, nickel, rare earth elements, and other minerals. Shares trade on AIM (London), NASDAQ Iceland (AMRQ), and OTCQX (AMRQF) in the US. The planned LSE Main Market uplisting will further broaden capital market access. Panmure Liberum Limited acts as Nominated Adviser and Corporate Broker, with Canaccord Genuity, Citigroup Global Markets, and Camarco providing corporate and financial PR advisory.

Near-Mine Resource Growth and 2 Million Ounce Exploration Target at Nalunaq

The announcement emphasizes an approximately 2 million ounce gold exploration target at Nalunaq, progressively de-risked through underground drilling and exploration. Drilling from the 810 Exploration Drive into untested western Main Vein areas is a key near-term opportunity to convert parts of this target into a higher-confidence resource. These western zones have been difficult to evaluate via surface drilling due to deposit geometry and limited drilling angles, making underground access essential.

Investors should note that exploration targets are not mineral resources or reserves under NI 43-101 or other standards. Conversion to resource status depends on future drilling outcomes. No specific guidance on timelines, costs, or probabilities for conversion has been provided. Risks include potential lower grades or geological complexity in western areas. The immediate share price impact of this announcement was unclear at the time of writing.