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Amaroq Minerals Ltd. is a Greenland-focused mining company engaged in the identification, acquisition, exploration and development of gold and strategic metals properties in Greenland. www.amaroqminerals.com | AMRQ CORPORATE PRESENTATION APRIL 2025
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DISCLAIMER AND TECHNICAL INFORMATION Amaroq Minerals: Corporate Profile Slide: 1 The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Amaroq Minerals Ltd (the “Company”). The presentation and the information contained in it has not been independently verified and no reliance should be placed on it or the opinions contained within it. In furnishing the presentation, the Company reserves the right to amend or replace the presentation at any time and undertakes no obligation to provide the recipient with access to any additional information. The Company may, but shall not be obliged to, update or correct the information set forth in the presentation or to provide, update or correct any additional information. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, or any of its directors, officers, partners, employees, agents or advisers, or any other person, as to the accuracy or completeness of the presentation or the information contained herein. Accordingly, except in the case of fraud, no responsibility or liability (direct, indirect, consequential or otherwise) is accepted by any of them for the information or opinions contained in, or for any errors, omissions or misstatements (negligent or otherwise) in, the presentation. This presentation does not constitute a prospectus or offering memorandum or offer in respect of any securities and should not be considered as a recommendation by the Company, its affiliates, representatives, officers, employees or agents to acquire an interest in the Company. The presentation does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it) or the fact of its distribution, form the basis of or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment or engage in any investment activity whatsoever relating to any securities. The issue of the presentation shall not be taken as any form of commitment on the part of the Company to proceed with any transaction. The contents of this presentation have not been approved by any person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended (“FSMA”). Reliance on the presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Any person who is in any doubt about the subject matter to which the presentation relates should consult a person duly authorised for the purposes of FSMA who specialises in the acquisition of shares and other securities. The presentation includes certain “forward-looking statements”. All statements other than statements of historical fact included in the presentation, including without limitation statements regarding the future plans and objectives of the Company, are forward- looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to pursuing successful production and exploration programs, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends” or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, risks related to the ability to raise additional capital proposed expenditure for exploration work and general and administrative expenses, international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and other precious and non-precious metals. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Recipients of the presentation outside the United Kingdom should inform themselves about and observe any applicable legal restrictions in their jurisdiction which may be relevant to the distribution, possession or use of the presentation and recognise that the Company does not accept any responsibility for contravention of any legal restrictions in such jurisdiction. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or under the securities legislation of any state of the Unites States nor under the relevant securities laws of Australia, Canada, Japan or the Republic of South Africa and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. Technical Information The reporting standard adopted for the reporting of the Mineral Resources is that defined by the terms and definitions given in the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (December 2014) as required by NI 43-101. The CIM Code is an internationally recognised reporting code as defined by the Combined Reserves International Reporting Standards Committee. All scientific or technical information in this presentation has been approved on the Company’s behalf by James Gilbertson, VP of Exploration, a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. For further information about the technical information and drilling results described herein, please see the National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical report prepared by SRK Exploration Services Ltd. dated effective December 16, 2016, titled "An Independent Technical Report on the Nalunaq Gold Project, South Greenland" and the technical report prepared by SRK dated effective January 30, 2017, titled "An Independent report on the Tartoq Project, South Greenland" (the "Technical Reports"). In line with the requirements of the AIM Rules for Companies, including the requirement to have a Competent Person’s Report (“CPR”) prepared within six months of any admission document, the Competent Person’s Report titled “A Competent Person’s Report on the Assets of Amaroq Minerals Ltd, South Greenland” dated June 26, 2020, is filed on SEDAR under the Company's issuer profile at www.sedar.com and is available on the Company’s website at www.amaroqminerals.com. All scientific and technical disclosure in that CPR is in compliance with NI 43-101 standards. The Company notes that this document does not replace the Company’s existing 43-101 Technical Reports available on www.sedar.com
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Amaroq Minerals: Corporate Profile AMAROQ MINERALS The Premier Gateway to Greenland’s Resource Potential Slide: 2 Amaroq Minerals is unlocking Greenland’s vast mineral potential through its high-grade gold, Nalunaq mine, now in production commissioning. It also has a strategic minerals exploration growth portfolio, and a fully integrated infrastructure, energy, and servicing platform. Supported by a first-class management team and a high-quality shareholder base. Amaroq Minerals serves as the gateway to Greenland’s resource potential, offering investors a unique opportunity to participate in one of the world’s last underexplored mining frontiers. Nalunaq AS Greenland Gold Production and Exploration Suliaq AS Mining and Logistical Service Company Formation of Renewable Energy Company Gardaq AS Strategic Mineral JV
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2020 2021 2022 2023 26.7M 30.1M Q3 AMAROQ MINERALS Slide: 3 NORWAY SWEDEN FINLAND Supportive of the mining diversification with exploration budgets increasing >350% since 2020 Host almost 20% of Global REE* Reserves with significant further potential Following glaciation, exceptional bedrock exposure, with very little vegetation Recent exploration from global majors, including Anglo American Self-governing country within the Kingdom of Denmark closely associated with the EU, although not a member * European Commission's Joint Research Centre, Science for policy report - The role of rare earth elements in the wind energy and electric mobility, 2020 - Rare Earth Elements, 17 in total, also termed rare earth metals, rare earth oxides or lanthanides 8% 19% 29% 2%9% 1% 0% 4% 28% Cobalt Copper Gold REE Nickel PGMs Uranium Zinc/Lead Other Exploration Budgets US$m by Commodity - 2022 Exploration Budgets US$m Growth by Year 2020-23 Greenland Supporting Growth in the Nordics Members of The European Raw Materials Alliance (ERMA) with +90 Operating Companies Multiple opportunities from underinvested assets across Nordics, with upside potential from abundant new renewable energy sources Tanbreez Ta/Nb/REE Skaergaard Au/Pd/Pt Black Angel Zn/Ag/Pb Disko Ni/Cu/PGE Malmbjerg Mo/Cu Kvanefjeld U/REE Maniitsoq Ni/Cu/Co Amaroq Minerals: Corporate Profile
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AMAROQ MINERALS Slide: 4 (1) As of 31 March 2025 (2) Financial Statements as of 31 December 2024 (3) Reference is made to Amaroq’s announcement from December 30, 2024, USDCAD = 1.44 (Sources: Company Sources, Bloomberg, Refinitiv Datastream, Capital IQ) • ~398M – issued share capital • Share Price (1) • 89p (AIM) • C$1.69 (TSX-V) • ISK 152.5 (NASDAQ) • Member of the OMXI15 index, which contains the most traded equities listed on Nasdaq Iceland • C$45.2M cash balance and C$23.8M in undrawn credit facilities (2)(3) • Net interest-bearing debt C$(16.6)M and 78.6% equity ratio (2) Financial highlights Ticker: AMRQ (AIM / TSX-V / NASDAQ Iceland) Icelandic Pension Funds and Insurance Companies 21% Strategic Investors 13% Pension and Wealth Funds - Nordic and Greenland 7% Icelandic Investment Funds and Private Investors 34% Board and management 10% Other UK & Canada investors 15% High-quality register with a substantial base of institutional shareholders Expat 37% Nordic 19% Greenlandic 44% Amaroq Employees Breakdown 180 total Amaroq Minerals: Corporate Profile
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Slide: 5 First Gold Pour at Nalunaq Gold Mine on 27 November 2024 Nalunaq EIA and SIA fully approved, with IBA due for completion by 30 June 2025 Maiden Nanoq drilling programme indicated high-grade gold potential. 5,523m of exploration drilling across remote critical mineral targets 51% increase in Nalunaq Mineral Resource with an increase to Indicated category Successful fundraising of GBP 27.5 million in December 2024 FY 2024 AND POST-PERIOD HIGHLIGHTS 2024 - a pivotal year marking the transition from developer to producer at our cornerstone Nalunaq mine Amaroq Minerals: Corporate Profile
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Commissioning of Greenland’s Newest Mine NALUNAQ A/S 484koz Au Updated Mineral Resource 30g/t Au Resource Grade 151koz Au Maiden Indicated Resource ~10 Years Mine Life LHOS Mining Method 150 - ~50% Head Count (Greenlandic) ~350koz Au Historical Production 300tpd Targeted Mining Rate 19 Q4 Lost Time Injuries 112,464 Q4 Total Man Hours Mine Metrics
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NALUNAQ Slide: 7 Overview of construction, trial mining and processing operations Plant Commissioning Site Operation: Plant commissioning is well advanced by Halyard, with typical startup issues identified and effectively addressed. Training of the operations team is progressing steadily, and key personnel are being selected. Design adjustments are underway, incorporating arctic-specific conditions and logistical efficiencies as we transition from construction to steady-state operations. Construction: Site construction schedule as overseen by Halyard, reassessed in February. Expecting full contractor personnel on site during summer. EPC: Procurement for Phase I completed. Phase 2 procurement well advanced. Company assessing option to increase plant throughput to 450tpd. Permitting: The Company is working with stakeholders on the Impact Benefit Agreement (IBA), which it aims to have in place by June 2025. Mining: Mining performance continues to improve as we apply learnings from early operations and benefit from the full deployment of equipment on site. Updated spare parts packages have enhanced reliability, and we are actively reassessing KPIs in collaboration with our mining contractor, Thyssen, to ensure alignment with production targets. In parallel, we are evaluating long-term solutions for mine electrification and permanent water infrastructure to support sustainable and efficient operations. Amaroq Minerals: Corporate Profile
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NALUNAQ RESOURCE GROWTH Mineral Resource Update - MRE4 Slide: 8 Classification T onnes (t) Grade (g/t Au) Contained (Oz Au) Indicated 151,450 32.38 157,646 Inferred 348,071 29.16 326,313 To t a l 499,621 30.13 483,960 Mineral Resource Statement for Nalunaq gold deposit, Greenland, as of 26th March 2025 Proportion at Indicated Level 33% Updated Mineral Resource 484koz @ 30 g/t Au Additional Drilling 13.8Km Resource Growth from MRE3 51% Amaroq Minerals: Corporate Profile
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NANORTALIK GOLD BELT Emerging New Gold Camp Slide: 9 Expanding Amaroq’s Gold Potential Amaroq Minerals continues to unlock Greenland’s gold potential with advanced exploration at Vagar Ridge and Nanoq, our most promising targets. Near-mine opportunities, including Eagle’s Nest, Lake 410, and multiple high-potential zones around the Vagar licence, offer significant upside for resource expansion, reinforcing our commitment to building a world-class gold portfolio. NALUNAQ GOLD MINE NANOQ JOKUM’S SHEAR VAGAR RIDGE EAGLE’S NEST LAKE 410 SHIP MOUNTAIN TOM’S VEIN 50 - 100koz Target Gold Production 50 - 150koz Target Gold Production 50 - 200koz Target Gold Production Nalunaq Nanoq Vagar Ridge Amaroq Minerals: Corporate Profile
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Amaroq Minerals: Corporate Profile GARDAQ A/S 4,912 km2 Current Licence Holding Cu, Ni, Nb, REE Target Commodities $30CADm 3yr Funding from 2022 >20 Active Projects 8,985 Meters Drilled since 2023 4 Advanced Projects STENDALEN Copper/NickelLICHTENAU Copper/Nickel JOHAN DAHL LAND Copper TARGET NORTH Copper/Gold TARGET WEST Copper JOSVA Copper NUNARSUIT Nickel/REE A Proven Joint Venture Model to Maximise Discovery and Value Unlocking Greenland’s Strategic Mineral Potential Amaroq Minerals is targeting high - value strategic minerals resources in Greenland, essential for the energy transition. The copper exploration spans the South Greenland Copper Belt, from Josva through to the newly acquired Johan Dahl Land licence, to the East . At Stendalen, there is potential for high - grade nickel deposits and rare earth elements (REE) across a globally significant REE - bearing geological belt. Positioning Amaroq at the forefront of Greenland’s emerging critical minerals sector .
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Amaroq Minerals: Corporate Profile SULIAQ A/S Icebreaker/Marine Vessels Drill Rigs Epiroc/Sandvik Mining Fleet Surface Equipment 120-man Remote Camps The Key Tools to Unlock Mineral Potential in a New Frontier
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Amaroq Minerals: Corporate Profile RENEWABLE ENERGY STRATEGY Nalunaq Hydro CAPEX - CAD 6,0m Capacity 700 kW Generation 3.5 GWh/yr Annual diesel savings 1.2m L Annual cost savings 1.97 mCAD Annual OPEX 80 kCAD Net savings 1.89 mCAD/yr Reduced CO2 emissions 3.15 t/yr Slide: 12
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Amaroq Minerals: Corporate Profile SOCIAL ENGAGEMENT Creating a Greenlandic Legacy Through Investing in Communities and the Environment Slide: 13 Siu Tsiu – Investing in youth development through training, mentoring and employment opportunities UArctic – Collaborating to provide education and training programmes delivered remotely both for new Apprentices and existing employees Local Community sponsorship – Providing access to choirs, sports and chess teams Local Produce – Working in cooperation with Sheep Farmers and hunting associations to ensure supplies are locally sourced Wildlife Reintroduction – Planning a programme of reindeer reintroduction into the Nalunaq Valley Tree Planting – Over 5,000 seedlings planted to date. Amaroq are planning a programme to plant 5,000 trees per annum Greenlandic Revenue – Government tax revenues and inward investment of approx. CAD130m
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Amaroq Minerals: Corporate Profile HIGHLY EXPERIENCED BOARD AND EXECUTIVE MANAGEMENT TEAM Slide: 14 Eldur Olafsson Founder,President & CEO Board Member Ellert Arnarson Chief Financial Officer Joan Plant Executive Vice President Graham Stewart Non-Executive Chairman Successful track record in extractives industry Warwick Morley-Jepson Non-Executive Director Significant technical experience in mining Liane Kelly Senior Independent Director Wealth of ESG experience in mining sector Line Frederiksen Non-Executive Director Substantial experience in Greenlandic infrastructure Siggi Thorkelsson Non-Executive Director Extensive experience in the banking and securities industry David Neuhauser Non-Executive Director Extensive capital markets and M&A experience BOARD MEMBERS James Gilbertson VP Exploration Anna Solotova Corporate Secretary Anna Mkrtchyan VP Finance Edward Wyvill Corp. Development Jaco Duvenhage Nalunaq General Manager Edward Westropp Head of BD and Corporate Affairs MANAGEMENT TEAM
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AMAROQ MINERALS LTD 100 King Street West, Suite 3400, 1 First Canadian Place, T oronto, Ontario, M5X 1A4, Canada Eldur Olafsson, Chief Executive Officer CONTACT US www.amaroqminerals.com AIM, TSXV, Nasdaq: AMRQ