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Amaroq 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 www.amaroqminerals.com | AMRQ January 2026 CORPORATE PRESENTATION
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DISCLAIMER AND TECHNICAL INFORMATION 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 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 NI 43-101. For further information about the technical information and drilling results described herein, please see the report prepared by Bara Consulting Ltd in accordance with NI 43-101, with an effective date of 12th May 2025, titled "Technical Report on the Updated Mineral Resource Estimate (MRE4) of the Nalunaq Gold Mine, Greenland" and the technical report prepared by SRK Exploration Services Ltd dated effective January 30, 2017, titled "An Independent report on the Tartoq Project, South Greenland" all filed on SEDAR+ under the Company's issuer profile at www.sedarplus.ca, and 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, South Greenland" dated June 26, 2020 ("Technical Reports"), is filed on SEDAR+ under the Company's issuer profile at www.sedarplus.ca and is available on the Company's website at www.amaroqminerals.com. Please see the Technical Reports for additional information required by sections 3.2, 3.3 and paragraphs (a), (c) and (d) of section 3.4. of NI 43-101. All scientific and technical disclosure in the CPR is prepared in accordance with NI 43-101 standards. The Company notes that this document does not replace the Company's existing NI 43-101 Technical Reports available on www.sedarplus.ca. Amaroq Ltd: Corporate Profile
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Amaroq Ltd: Corporate Profile AMAROQ TODAY CentralArcticShippingRoute North Sea Route Mining Greenland Exploration, Development and Production Gardaq A/S Critical Mineral Exploration JV Suliaq ApS Mining and Logistical Services Imeq ApS Renewable Energy Gold Base Metal Critical Metal Current Shipping Routes Future Shipping Routes Copper The Premier Gateway to Greenland’s Resource Potential
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Amaroq Ltd: Corporate Profile Slide: 3 BLACK ANGEL (Zn, Pb, Ag) KANGERLUARSUK (Zn, Pb, Ag) JOHAN DAHL LAND (Cu, Au) STENDALEN (Cu, Ni) NUNARSUIT (REE, Nb) SAVA (Cu, Au) NANOQ (Au) WEST SOUTH Two Greenland Hubs - Unlocking a Continental Scale Opportunity WEST GREENLAND HUBWEST GREENLAND HUB SOUTH GREENLAND HUBSOUTH GREENLAND HUB Amaroq operates across two strategic hubs in Greenland. In the south, our team is based at the operating Nalunaq Gold Mine, providing a fully serviced platform to advance our assets across the Nanortalik Gold Belt, South Greenland Copper Belt and the broader Gardar Province. In the west, Amaroq will utilise the established infrastructure inherited at Black Angel as a springboard to redevelop the historic mine and pursue new discoveries in this highly prospective sedimentary basin. WORKING ACROSS TWO HUBS NALUNAQ (Au) VAGAR (Au) Amaroq Ltd: Corporate Profile MINTURN (Fe, Cu, Au)
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Amaroq Ltd: Corporate Profile Slide: 4 Produced 5,000oz gold by early October 2025. Sales of 2,636oz in Q3 and 3,360 in 9 months for total gross proceeds of $16.3 million at average gold price of US$3,490 per ounce Produced 5,000oz gold by early October 2025. Sales of 2,636oz in Q3 and 3,360 in 9 months for total gross proceeds of $16.3 million at average gold price of US$3,490 per ounce Invested in one-off transition to fully owner-operated mining set up – supported by a solid handover from contractors at period end Invested in one-off transition to fully owner-operated mining set up – supported by a solid handover from contractors at period end On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher transparency and trading opportunities for investors in the U.S On 1 July 2025, Amaroq commenced trading on the OTCQX, enabling higher transparency and trading opportunities for investors in the U.S T otal Group liquidity of $45m at period end – with cash balances of $55.3m and outstanding RCF of $42m of which $8.9m remains un-drawn T otal Group liquidity of $45m at period end – with cash balances of $55.3m and outstanding RCF of $42m of which $8.9m remains un-drawn Good operational uptime and mining efforts delivered the annual revised gold production guidance by early October Good operational uptime and mining efforts delivered the annual revised gold production guidance by early October The 2025 Greenland exploration launched with multi-rig drilling at the Nalunaq and Nanoq gold projects, alongside regional exploration of Cu, Ni, and REE targets The 2025 Greenland exploration launched with multi-rig drilling at the Nalunaq and Nanoq gold projects, alongside regional exploration of Cu, Ni, and REE targets Q3-2025 HIGHLIGHTS Continued progress commissioning the Nalunaq mine
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Amaroq Ltd: Corporate Profile BUILDING VALUE ACROSS OUR PORTFOLIO Slide: 5 Exploration Resource Definition Speculation Resources and Feasibility Right Sizing of Project Strategic Interest Operating Mine Nanoq Value 0.10x – 0.30x 0.30x – 0.70x 0.70x – +1.80x “Typical” P/NAV Range Nalunaq Black Angel Kangerluarsuk Other Exploration Advancing assets through the Lassonde curve Services and Energy
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Amaroq Ltd: Corporate Profile Slide: 6 OPERATIONAL HIGHLIGHTS Production • Q3 2025 gold production of 3,536 oz. Gold produced in the nine months to the end of September was 4,347 oz. • Production increased further post quarter end, reaching this year’s production guidance of approximately 5,000 oz, ahead of time. Processing • Commissioning of the processing plant continued to deliver steady improvements and the Company remains on track to achieve nameplate throughput of 300 t/d by year-end 2025. Mining • Transitioned to an owner-operated mining model, enabling improved operational efficiency and cost control. Nalunaq entered intoa partnership with a Canadian equipment supplier to invest in its own mining fleet. Infrastructure • Progressed the installation of key items and infrastructure, including 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. Portfolio & Permitting • Completed exploration drilling 2025 – ongoing surface and underground drilling at Nalunaq with a view to define and increase resources. • IBA still on track to be approved by the end of this year.
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Amaroq Ltd: Corporate Profile Slide: 7 HARBOR MINE ROAD CAMP NALUNAQ – OPERATING MINE LAYOUT Underground Production, Surface Processing and Camp and Port MOUNTAIN BLOCK EXPLOSIVES MAGAZINE 450 LEVEL TEMP FUEL STORAGE TRIAL MINING AREA 300 PORTAL TARGET BLOCK SOUTH BLOCK MINING FRONT 1 MOUNTAIN BLOCK MINING FRONT 2 TARGET BLOCK MINING FRONT 3 VALLEY BLOCK 30g/t Au Resource Grade 30g/t Au Resource Grade 484koz Au Mineral Resource 484koz Au Mineral Resource 151koz Au Indicated Resource 151koz Au Indicated Resource 300tpd Targeted Mining Rate 300tpd Targeted Mining Rate ~227 Head Count Target ~227 Head Count Target ~2M oz Exploration Potential ~2M oz Exploration Potential ~350 koz Au Historical Production ~350 koz Au Historical Production ~10 Year Mine Life ~10 Year Mine Life 25,370 9M Total Days on Site 25,370 9M Total Days on Site 10 9M Lost Time Injuries 10 9M Lost Time Injuries Amaroq Ltd: Corporate Profile
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Amaroq Ltd: Corporate Profile NANOQ GOLD PROJECT Location upon the Prospective Nanortalik Gold Belt Slide: 8 NALUNAQ GOLD MINE NANOQ JOKUM’S SHEAR VAGAR RIDGE Potential Ore Shipping Route Gold Exploration Licence 3.2m @ 19.5g/t Au inc 0.5m @ 123g/t Au* *Amaroq Press Release Nov 26, 2024 The project hosts a folded sequence of volcanic and sedimentary rocks, surrounded by granites — a setting typical of classic greenstone belts seen in Canada and West Africa, known for hosting large gold deposits. Located 120km NE of the Nalunaq Mine, Nanoq sits upon a 25km long prospective structural corridor on the eastern side of the Nanortalik Gold Belt. ISORTUP QOORUA EAGLE’S NEST IPPATIT BISMUTH VALLEY Q-NORTH RIDGE NAPASORSUAQ
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Amaroq Ltd: Corporate Profile 2025 NANOQ EXPLORATION RESULTS Amaroq Minerals Ltd: Gardaq A/S 2024 Results Slide: 9 • Drilled 4,807m successfully testing ~600m of strike length in Nanoq Ctrl Zn with mineralised intervals averaging ~ 3.3m thickness at 9.98g/t Au at depth of 70m. • 63% of holes intersected mineralisation incl. 187.4 g/t Au over 1.5m and 19.6 g/t Au over 4.9 m, all at shallow depths - despite being designed to test subsurface geological model. • Core drilling shows thick intersections of up to 9m @ 3.83g/t Au and 7.39m @ 6.7g/t Au, in both folded quartz veins and surrounding host rocks - significant upside potential exists plus large minable packages. • Detailed mapping has extended the interpreted Ctrl Zn strike to 1.5 km (impeded by retreating ice-cap) and identified, newrepeat mineralisation, with high surface grades of up to 9.5 g/t Au. • Results also continue to confirm significant copper mineralisation with up to 0.56% Cu over 2.46m - assay grades of up to 1.12% Cu over0.5m. • High-grade gold is now confirmed in multiple horizons, across vertically stacked structures - multiple pathways for future resource growth. • Exploring infrastructure solutions, e.g. a short 3km access road to a potential harbour, allowing movement of material efficiently while aligning with local permitting requirements
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Amaroq Ltd: Corporate Profile Slide: 10 Kangerluarsuk (Zn, Pb, Ag) Black Angel (Zn, Pb, Ag) Au REE Cu Cu Cu Cu Au Mineral Occurrence Au Au Au Amaroq’s South Greenland Hub Proposed Amaroq Operational Centre Black Angel & KangerluarsukBlack Angel & Kangerluarsuk • Former producing high grade room and pillar mine with significant in situ infrastructure and >176,000m of core drilling. • 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) and cadmium (1,328 ppm) also identified. • Significant additional exploration potential. • All CPs in relation to the acquisition of the Black Angel mine completed and final approval from the Government of Greenland on the acquisition of the Kangerluarsuk licences expected. • Black Angel will be advanced as a standalone mining development project and new hub for the Company. Commercial levels of germanium, gallium and cadmium identified Additional Regional Growth Opportunities Additional Regional Growth Opportunities WEST GREENLAND HUB Amaroq Ltd: Corporate Profile
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Amaroq Ltd: Corporate Profile BLACK ANGEL Slide: 11 Amaroq Ltd: Corporate Profile
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Amaroq Ltd: Corporate Profile GARDAQ A/S TODAY A Proven Joint Venture Model to Maximise Value of Any Discoveries Unlocking Greenland’s Strategic Mineral Potential • Gardaq’s Purpose: Established to target high-value strategic mineral resources in Greenland, crucial for the energy transition. • Rare Earth Element discovery (REE): Located within a globally significant REE-bearing geological belt. • Copper Exploration: Focused on the South Greenland Copper Belt, spanning from Josva to the Johan Dahl Land licence in the east. • Nickel Potential: Stendalen area shows potential for high- grade nickel deposits. Slide: 12 4,630km2 Current Licence Holding Cu, Ni, Nb, REE Target Commodities 9,305 Meters Drilled since 2022 >20 Active Projects $30 CADm 3yr Funding from 2022 4 Advanced Projects
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Amaroq Ltd: Corporate Profile SULIAQ APS – SPECIALIST MINING SERVICES CO. The Key Tools to unlock mineral potential in a new frontier Slide: 13 Mining Equipment Logistics Consumables Amaroq Ltd: Corporate Profile
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Amaroq Ltd: Corporate Profile Project progressing to pre-feasibility publication in Q4-25 Nalunaq Mine Hydro Benefits CAPEX Investment into Greenland ~9.8M CAD Capacity 1 Mw Annual diesel savings 1.3M L/yr Reduced CO2 emissions 3.5 t/yr Slide: 14 IMEQ ApS – THE FIRST PRIVATE HYDRO PROJECT IN GREENLAND
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Amaroq Ltd: Corporate Profile Slide: 15 Updated YE guidance of 5,000 oz of gold achieved in October 2025 Updated YE guidance of 5,000 oz of gold achieved in October 2025 Nalunaq and Nanoq exploration results expected in Q4 2025 Nalunaq and Nanoq exploration results expected in Q4 2025 With Phase 1 complete, Phase 2 construction and capex of C$6.5m to the end of Q1 2026 With Phase 1 complete, Phase 2 construction and capex of C$6.5m to the end of Q1 2026 Planned shutdown complete & operations restarted Planned shutdown complete & operations restarted Strong financial position and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq Strong financial position and a project pipeline which will deliver value enhancing opportunities across the decade, funded by positive cash flow from Nalunaq Management expects 2025 full year gold production to be 6,000 to 7,000 oz Management expects 2025 full year gold production to be 6,000 to 7,000 oz OUTLOOK Planned shutdown complete and operations restarted Amaroq Ltd: Corporate Profile
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AMAROQ Slide: 16 (1) As of 14 November 2025 (2) Financial Statements as of 30 September 2025 (Sources: Company Sources, Bloomberg, Refinitiv Datastream, Capital IQ) • ~454M – issued share capital • Share Price (1) • 93.2p (AIM) • C$1.75 (TSX-V) • ISK155 (NASDAQ) • Member of the OMXI15 index, which contains the most traded equities listed on Nasdaq Iceland • C$55.3M cash balance and C$8.9M in undrawn credit facilities (2) • ~454M – issued share capital • Share Price (1) • 93.2p (AIM) • C$1.75 (TSX-V) • ISK155 (NASDAQ) • Member of the OMXI15 index, which contains the most traded equities listed on Nasdaq Iceland • C$55.3M cash balance and C$8.9M in undrawn credit facilities (2) Financial highlightsFinancial highlights Ticker: AMRQ (AIM / TSX-V / NASDAQ Iceland) Icelandic Pension Funds and Insurance Companies ~20% Strategic Investors ~14% Pension and Wealth Funds - Nordic and Greenland ~7% Icelandic Investment Funds and Private Investors ~30% Board and management ~11% Other UK & Canada investors ~18% High-quality register with a substantial base of institutional shareholders Name Volume 1. Industriens Pensionsforsikring A/S 4.75% 2. Danmarks Eksport – og Investeringsfond 4.25% 3. Lífeyrissj.starfsm.rík. A-deild 4.14% 4. Gildi - combined 3.85% 5. Livermore 3.25% 6. First Pecos, LLC 3.22% 7. Islandsbanki hf. 3.15% 8. Siggi Thorkelsson (via Fossar/Klettar) 2.65% 9. Eldur Ólafsson 2.65% 10.Sjóvá-Almennar tryggingar hf. 2.50% Amaroq Ltd: Corporate Profile
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HIGHLY EXPERIENCED BOARD AND EXECUTIVE MANAGEMENT TEAM Slide: 17 Eldur Olafsson Founder, President & CEO Board Member Ellert Arnarson Chief Financial Officer Joan Plant Interim COO Graham Stewart Non-Executive Chairman Successful track record in extractives industry Warwick Morley-Jepson Non-Executive Director Significant technical experience in mining 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 Edward Westropp Head of BD and Corporate Affairs MANAGEMENT TEAM Amaroq Ltd: Corporate Profile
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AMAROQ 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 www.amaroqminerals.com AIM, TSXV, Nasdaq: AMRQ AIM, TSXV, Nasdaq: AMRQ