Conditional Awards under RSU Plan and Award of Stock Options

TORONTO, ON / ACCESSWIRE / December 30, 2022 / Amaroq Minerals Ltd. (TSXV:AMRQ)(AIM:AMRQ)(NASDAQ:AMRQ), announces that on 30 December 2022 it made an award (the "Award") to directors and employees of Amaroq Minerals as listed below. The Award consists of a conditional right to receive value if the future performance targets, applicable to the Award, are met. Any value to which the participants are eligible in respect of the Award will be granted as Restricted Share Units (each an "RSU"), with each RSU entitling a participant to receive common shares in the Company. Each RSU will be granted under, and governed in accordance with, the rules of the Company's Restricted Share Unit Plan (the "RSU Plan").

The RSU Plan was approved by the Company's shareholders at the AGM held on 16 June 2022. Full details of the RSU Plan were set out in the Company's Notice of Annual and Special meeting of shareholders and Management information circular (available on the Company's website at https://www.amaroqminerals.com/investors/documents-circulars/.

The details of the Award are as follows:

Award Date	30 December 2022
Initial Price	CAD 0.552
Hurdle Rate	10% p.a. above the Initial Price
Total Pool	10% of the growth in value above the Hurdle rate, not exceeding 10% of the Company's share capital The number of shares will be determined at the Measurement Dates
Participant proportions	Eldur Olafsson, CEO Jaco Crouse, CFO Joan Plant, VP ESG James Gilbertson, VP Exploration	40% 20% 10% 10%
Performance Period	1 January 2022 to 31 December 2025 (inclusive)
Normal Measurement Dates