Update on Market Making Arrangements

Core Viewpoint - Amaroq Minerals Ltd. has amended its market making agreement with Arion Bank, introducing a new structure for daily bid and ask quotes, while terminating its previous agreement with Fossar fjárfestingabanki hf. [2][5] Group 1: Market Making Agreement - The amendment to the market making agreement with Arion Bank, originally dated January 24, 2025, introduces a two-part structure for daily bid and ask quotes, requiring a minimum of 50,000 Depository Receipts [2][3] - Under the new terms, if the price change of the Depository Receipts exceeds 5% in a single trading day, Arion Bank can double the bid-ask spread, and if it exceeds 10%, the spread can be tripled [3][4] - The bid-ask spread for 45,000 Depository Receipts (Part A) will be as close as possible to 1.50%, but never less than 1.45%, while for 5,000 Depository Receipts (Part B), it will not exceed 1.50% [7] Group 2: Termination of Previous Agreement - The market making agreement with Fossar fjárfestingabanki hf., dated October 5, 2023, has been terminated effective May 7, 2025 [5] Group 3: Company Overview - Amaroq Minerals is an independent mining company focused on gold and strategic mineral assets in Southern Greenland, with a principal asset being a 100% interest in the Nalunaq Gold mine [8] - The company also has a portfolio covering two known gold belts and advanced exploration projects for strategic metals such as Copper, Nickel, and Rare Earths [8]