Maarmorilik Project Development Strategy and High-Grade Results from 2026 Exploration Programme

Reykjavík, Nov. 02, 2026 (GLOBE NEWSWIRE) —

Amaroq Ltd.
(“Amaroq” or the “Company”)

Maarmorilik Project Development Strategy and High-Grade Results from 2026 Exploration Programme

** Introducing ‘String of Pearls’ development strategy for Maarmorilik area **

** 2026 Exploration Programme yields additional high-grade zinc-lead-silver and critical metal mineralisation **

** Submission of Project Terms of Reference to the Government of Greenland **

2 November 2026 – Amaroq Ltd. (LSE and Nasdaq Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce the introduction of the ‘String of Pearls’ development strategy for the Maarmorilik area (containing the past producing Black Angel mine) and results from its 2026 exploration programme at Maarmorilik, West Greenland.

High-grade zinc-lead-silver and germanium and gallium was encountered from surface and channel sampling across new, surrounding deposits within the highly prospective Maarmorilik area. The results support and strengthen the Company’s ambition to rapidly advance the development of the Maarmorilik project through its ‘String of Pearls’ development strategy.

The Company is also pleased to announce that the Project Terms of Reference for the Maarmorilik development have been submitted to the Government of Greenland, marking a key step in advancing the project through the Environmental Impact Assessment (“EIA”) and Social Impact Assessment (“SIA“) processes and on towards production.

Highlights

The ‘String of Pearls’ development strategy concept for Maarmorilik brings together the past-producing Black Angel & Nunngarut ore bodies with surrounding deposits, the ‘Pearls’, subsequently identified as a result of retreating ice cover and further exploratory work, within a coordinated mining and infrastructure plan.
New high-grade channel and rock chip sample results up to 62% zinc from the ‘Pearls’:
- Garde – returned channel sample of 3.1 metres at 17.49% zinc, 8.08% lead and 36 g/t silver, with 159.2 ppm gallium and 107.5 ppm germanium and rock chip results up to 62.2% zinc, 0.1% lead, 7 g/t silver with 261 ppm gallium and 6 ppm germanium
- Wedge – returned 4.1 metres at 10.05% zinc, 0.5% lead, 5 g/t silver with 181.5 ppm gallium, with rock chip results up to 26.8% zinc, with 517 ppm gallium and 22 ppm germanium
- Glacier – returned rock chip results up to 32.2% zinc, 9.1% lead, 59 g/t silver with 146 ppm gallium and 241 ppm germanium
- Myers – returned rock chip results up to 30.6% zinc, 11.1% lead, 37 g/t silver with 55 ppm gallium and 20 ppm germanium
Massive lead-zinc sulphides were mapped over 350 metres at Garde and 180 metres at Wedge ‘Pearls’. Both targets remain open at surface and are prioritised for resource drilling in 2027.

Drilling preparation advancing with equipment mobilised and stored on site for an early start to 2027 resource expansion programme.
Environmental baseline surveys commenced in 2026, with WSP Denmark supporting work towards an Environmental Impact Assessment.
- Terms of reference for the EIA and SIA for the project were submitted to the Government of Greenland in October, a key step in advancing the project through to development.

Eldur Olafsson, Amaroq CEO, commented:
“Since acquiring the West Greenland Hub assets last year for $10.5m, the team have been working hard at establishing the most efficient and value accretive strategy for the redevelopment of this large and highly prospective area containing the past producing Black Angel mine.

“The ‘String of Pearls’ development concept is specifically designed to exploit the value already contained within the existing MRE over the area, whilst capturing the latent potential from multiple newly identified areas surrounding the existing infrastructure. This is a great example of what Amaroq does best; using existing infrastructure to leverage resource upside and drive cashflow from exceptionally high-grade opportunities. With the Terms of Reference now submitted to the Government for the Maarmorilik development, I am very excited to bring the market updates on this project, as we work towards our target of multi-asset production within Greenland.”

Will Gray, Maarmorilik Project Manager for Amaroq, commented:

“We are encouraged by the high-grade and, in some cases, exceptional, results from our 2026 exploration sampling programme at Maarmorilik. For context, established operations such as Garpenberg in Sweden processed ore averaging approximately 3% zinc, 1.3% lead and 96 g/t silver in 2025. While our exploration samples are not directly comparable with mine head grades, the zinc and lead grades returned from Maarmorilik underline the potential we are working to define.

“With drilling equipment already positioned on site, we are excited about the 2027 campaign, targeting resource expansion and advancing the individual ‘Pearls’ towards inclusion in the mineral resource base as we establish Maarmorilik’s full potential.”

Introducing the String of Pearls strategy for the development of Maarmorilik area

Amaroq’s development concept brings together the past producing Black Angel & Nunngarut ore bodies with surrounding deposits, the ‘Pearls’, subsequently identified as a result of retreating ice cover and further exploratory work, within a coordinated mining and infrastructure plan. The approach seeks to develop successive sources of mineralisation while advancing access to the Archangel Zone (previously known as the Deep Ice Zone, DIZ) and testing extensions.

Garde and Wedge join Glacier and Ark as potential shallow and accessible mining opportunities, subject to drilling and engineering assessment. Mapping at Garde and reinterpretation of folding at Wedge indicate potential for thicker sulphide zones down dip. These targets, together with the previously identified high-grade Archangel Zone, will inform the planned 2027 drilling programme.

The Company has produced Episode 7 of its documentary series, String of Pearls, filmed on location at Maarmorilik in September 2026. The episode follows the Amaroq team across the Maarmorilik area and sets out the thinking behind the String of Pearls development strategy. It is available on the Company’s YouTube channel at:

https://www.youtube.com/@AmaroqMinerals

Project Terms of Reference submitted to the Government of Greenland.

On 30 October 2026, Amaroq submitted Project Terms of Reference to the Government of Greenland. This is the first step in gaining mining approval as the Company works towards advancing the project to development. The process comprises Government review and public pre-consultation on the proposed project, followed by approval of the final Terms of Reference ahead of the granting of an exploitation licence.

Updating the resource base and defining expansion potential

WSP is reviewing Maarmorilik’s historical MRE of 3.7 million tonnes, together with a further approximately 700,000 tonnes of historically identified mineralised material considered a near-term opportunity for resource definition. The work aims to establish an updated MRE compliant with NI 43-101 and assess a separate Exploration Target to guide expansion under the Company’s ‘String of Pearls’ strategy. It is anticipated that there will be a large Exploration Target, which the Company believes has a strong geological basis, given previous mining, diamond drilling, observed mineralisation and multiple supporting assays.

Targeted verification and engineering studies will assess the additional material’s potential for inclusion in the updated/future MREs.

Technical disclosure

Channel intervals are reported as sampled lengths, rather than confirmed true widths. Rock-chip and grab samples are selective and may not represent the overall grade of a deposit. Germanium and gallium results demonstrate their presence; recovery into saleable products and potential economic contributions remain to be established.

Sampling and QAQC Disclosure

A series of rock chip samples were collected from the Maarmorilik area in West Greenland. Rock chip samples were collected from outcrops using geological hammers and placed into calico cotton sample bags with a numbered sample ticket.

Channel samples were cut perpendicular to mineralisation, as continuous samples typically 1-2 metres in length, using a diamond blade rock saw and placed into calico cotton sample bags with a numbered sample ticket.

All samples were packaged and sent to an accredited laboratory, ALS Geochemistry, Loughrea, Ireland, for analysis. Preparation scheme PREP-31BY was used on all samples. This involves crushing to 70% under 2 mm, rotary split off 1 kg, and pulverizing the split to better than 85% passing 75 microns.

Samples were analysed for 52 elements using sodium peroxide fusion method ME-MS89L with ICP-MS finish. Overlimit samples were then analysed with four-acid digestion ICP-AES method ME-OG62h for Zn, Pb and Fe. Selected samples were analysed using 50 g fire assay method Au-ICP22 and multielement method ME-ICP61 which uses a four-acid digestion paired with ICP-AES analysis for 34 elements. Six samples were analysed for organic carbon with method C-IR06.

Grab sample QAQC procedures consisted of the insertion of blanks and certified reference materials (“CRMs” or “Standards”) at a rate of 1 in 20 or 5% per QAQC type. In addition, ALS insert blanks and standards into the analytical process.

Enquiries:

Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
[email protected]

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Panmure Liberum Limited (Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500

Camarco (Financial PR)
Elfie Harkell
Rebecca Waterworth
Charlie Ramos
+44 (0) 20 3757 4980

Further Information:

About Amaroq
Amaroq’s focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company’s principal asset is the 100% owned and operated, producing Nalunaq Gold mine.
Amaroq’s significant exploration portfolio includes opportunities in gold, copper, nickel, and rare earth elements across South Greenland as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centred on the past-producing zinc-lead-silver mine at Maarmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn Iron Oxide Copper Gold prospect in northwest Greenland. The Company’s strategy is to unlock the resource potential in Greenland through the continued exploration and development of its wider portfolio, while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland’s developing mining sector, and Imeq ApS, Greenland's first private hydroelectric project.
The Company is listed on the LSE and Nasdaq Iceland under the ticker AMRQ, and on OTCQX under AMRQF.

Forward-Looking Information
This Announcement includes statements that are, or may be deemed to be, “forward-looking statements”. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “aims”, “anticipates”, “believes”, “could”, “envisages”, “estimates”, “expects”, “intends”, “may”, “plans”, “projects”, “should”, “targets” or “will” or, in each case, their negative or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and factors which are beyond the Company’s control. The actual results, performance or achievements of the Company or developments in the industry in which the Company operates may differ materially from the future results, performance or achievements or industry developments expressed or implied by the forward-looking statements contained in this Announcement. The forward-looking statements contained in this Announcement speak only as at the date of this Announcement. The Company undertakes no obligation to update or revise publicly the forward-looking statements contained in this Announcement, except as required in order to comply with its legal and regulatory obligations.

Inside Information

This announcement does not contain inside information.

Qualified Person Statement
The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

Mr Gilbertson has reviewed and approved the scientific and technical information contained in this news release. Specifically, Mr Gilbertson has reviewed the sampling and analytical procedures described and considers the data to be reliable for the purpose of this disclosure.

Glossary