New Gold Discoveries Across Greenland with Grades up to 38.7 g/t Au

The most recent news release from October 28, 2025, announces new gold discoveries across Greenland, with grades up to 38.7 g/t Au. This comes from Amaroq Ltd.'s 2025 regional exploration programme, which involved over 540 surface samples across 11 licenses. The program confirmed multiple new high-grade gold zones, validated historical showings, and defined several drill-ready targets for the 2026 field season within the Nanortalik Gold Belt (including Vagar, Anoritooq, Ippatit, Tartoq, Grænseland, and Nanortalik Gold Belt itself). Notably, a 2 km long structure at Q-North Ridge was identified as a potential future satellite ore source for the Nalunaq processing plant. The program also confirmed a gold-copper system at Isortup Qoorua and new veins at Tartoq and Grænseland.

This news is a positive development for Amaroq, reinforcing the long-term potential and prospectivity of its extensive land package in Greenland. The discovery of multiple new high-grade gold zones, some with grades up to 38.7 g/t Au from surface samples, is encouraging for future resource growth and could provide satellite feed for the Nalunaq processing plant. This adds to the company's multi-asset pipeline strategy.

However, the news primarily reports surface sampling results and identifies drill-ready targets for the 2026 field season. While positive for exploration, it does not represent immediate changes to the current production profile or mineral resource estimates at the flagship Nalunaq mine. The company is still in the process of ramping up Nalunaq, with a planned shutdown for flotation circuit installation and adjusted 2025 production guidance. The impact of this exploration news is therefore more strategic and long-term rather than immediately material to current financials or operations. It confirms the exploration team's capabilities and the quality of their portfolio, but does not represent a "game changer" event relative to the company's current valuation or production stage. The market has recently seen significant volatility (e.g., the May 2025 spike and correction) and major financing rounds; this news falls within routine positive exploration updates.

Amaroq Ltd. (formerly Amaroq Minerals Ltd.) is a gold and strategic metals exploration and development company primarily focused on its extensive portfolio of mineral properties in South Greenland. The company operates in one industry segment: the acquisition, exploration, and development of mineral properties.

Its flagship project is the Nalunaq Gold Mine, which holds a 100% interest. Nalunaq is Amaroq's primary focus for transitioning into a full-cycle mining enterprise. Key developments at Nalunaq include: * Commissioning and Production Ramp-up: The mine achieved its first gold pour on November 27, 2024, with Phase 1 commissioning approved and operating at nameplate capacity. The company aims for a run-rate production of 300 t/d by year-end 2025. Gold production to October 7, 2025, reached approximately 5,000 oz. * Processing Plant Upgrades: A planned 4-week shutdown in October 2025 was scheduled to fully automate the gravity circuit and complete major civil works for Phase 1. Phase 2 construction, including the installation of a flotation circuit to upgrade processing throughput from 300 t/d to 450 t/d, is planned from December 2025 to end of Q1 2026. * Resource Expansion: The Nalunaq Mineral Resource Estimate (MRE4) updated in March 2025, showed a 51% increase in overall contained gold to 326.3koz (Inferred at 29.2 g/t) plus a maiden Indicated Resource of 157.6koz (at 32.4 g/t), extending the potential mine life. * Exploration: Ongoing surface and underground drilling campaigns at Nalunaq, targeting resource expansion in areas like the Target Block and South Block Deeps. * Offtake Agreements: Agreements are in place for Auramet International Inc. to purchase all gold produced from Nalunaq, with Metalor Technologies SA processing the dore alloy.

Beyond Nalunaq, Amaroq is actively exploring a diversified portfolio: * Nanoq Project: A high-grade gold prospect within the Nanortalik Gold Belt, where maiden drilling in late 2024 yielded high-grade intersections, leading to plans for a comprehensive multi-rig drill program in 2025. * Strategic Minerals JV (Gardaq): A 51% equity share in Gardaq A/S, focusing on strategic metals. This includes the Stendalen Cu/Ni/Co project, the South Greenland Copper Belt (where the Ukaleq project was discovered with high gold and copper grades), and rare earth elements exploration in the Gardar igneous province. * West Greenland Hub: The proposed acquisition of the Black Angel mine and Kangerluarsuk licences in June 2025 aims to create a new hub focused on high-grade zinc and nickel.

The company is committed to responsible development, leveraging its position as an active explorer in Greenland, and evaluating broader energy infrastructure and services business opportunities, including a hydropower project.