Amaroq Announces Market-Making Arrangements with Arion Banki and Landsbankinn

TORONTO, ON / ACCESSWIRE / December 9, 2022 / Amaroq Minerals Ltd. (TSXV:AMRQ)(NASDAQ First North:AMRQ)(AIM:AMRQ), 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, announces that it has engaged Arion banki hf. ("Arion Bank") and Landsbankinn hf. ("Landsbankinn") to provide certain market-making services in respect of Amaroq's Icelandic depositary receipts (the "Depositary Receipts") listed on the Nasdaq First North Growth Market in Iceland (the "Nasdaq FNGM").

In accordance with the requirements of Policy 3.4 - Investor Relations, Promotional and Market-Making Activities ("Policy 3.4") of the TSX Venture Exchange (the "Exchange"), Amaroq hereby provides the following information regarding the service providers.

Arion banki hf.

The engagement of Arion Bank was made pursuant to the terms of a market making agreement entered into between Amaroq and Arion Bank on October 31, 2022. Arion Bank, reg. no. 581008-0150, Borgartún 19, 105 Reykjavík, Iceland, holds a full banking license under the Act on Financial Undertakings, no. 161/2002 and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland. In accordance with the terms of the market-making agreement, Arion Bank shall be paid ISK 3,750,000 per quarter or a percentage of that amount for shorter periods, with such payment being settled at the end of each quarter. The market-making agreement is open-ended and is in force from 30 October 2022. The market-making agreement may be terminated at any time by either party upon providing a 14 days' prior written notice or by mutual agreement.

Landsbankinn hf.

The engagement of Landsbankinn was made pursuant to the terms of a market-making agreement entered into between Amaroq and Landsbankinn on October 25, 2022. Landsbankinn, reg. No. 471008-0280, Austurstræti 11, 155 Reykjavík, holds a full banking license under the Act on Financial Undertakings, no. 161/2002 and is regulated by the Financial Supervisory Authority of the Central Bank of Iceland. In accordance with the terms of the market-making agreement, Landsbankinn shall be paid ISK 1,500,000 per quarter or a proportionally lower amount for shorter periods, with such payment being settled on the 15^th day of the month immediately following the end of each quarter. The agreement is valid until 1 November 2023 unless terminated by either party upon providing a 7 days' prior written notice.