Gold Production for YE 2025 and Award of Impact Benefit Agreement ("IBA")

The most recent news release dated January 8, 2026, reports that Amaroq Ltd. achieved 2025 gold production of approximately 6.6 koz from its Nalunaq mine. This performance sits above the mid-point of the company's previously stated annual guidance of 6-7 koz. Additionally, the company announced the formal award of the Impact Benefit Agreement (IBA) for the Nalunaq mine, a critical regulatory milestone involving the Government of Greenland and the local municipality. Management noted that operations are performing in line with expectations for Phase 1, with a target to increase the recovery factor toward 90% once Phase 2 (the flotation circuit) is commissioned in Q2 2026.

• Operational De-risking: Beating the mid-point of guidance in the first full year of production is a significant positive indicator of management's ability to operate in the challenging Greenlandic environment. It confirms the plant's reliability post-restart.
• Regulatory Clearance: The finalization of the IBA removes a major "social license" risk. This agreement is a prerequisite for long-term production and demonstrates a functional relationship with the Greenlandic government.
• Valuation Disconnect: While the production beat is positive, the absolute volume (6,600 ounces) is extremely low relative to the company's ~$900M CAD market capitalization. At current gold prices, this equates to roughly $17-18 million CAD in annual revenue, which does not fundamentally support the current valuation. The market is pricing in massive future expansion (Phase 2 and 3) and the strategic metal portfolio (Gardaq JV).
• Phase 2 Catalyst: The news shifts focus to Q2 2026. Until the flotation circuit is online, the mine is leaving significant gold in the tailings. The company's ability to hit the recovery target is the next major hurdle for Nalunaq's economics.

Amaroq Ltd. is focused on the identification and development of gold and strategic metal properties in Southern Greenland. Its flagship asset is the 100%-owned Nalunaq Gold Mine, a high-grade, past-producing underground mine. The company also holds a 51% interest in the Gardaq JV (strategic metals) and recently acquired the West Greenland Hub, including the past-producing Black Angel zinc-lead mine. The strategy is to use gold cash flow to fund the exploration of a massive land package (6,800+ sq km) targeting Copper, Nickel, REEs, and Zinc.