Operational update

Core Insights - Amaroq Ltd. reports continued sequential improvements at its Nalunaq gold mine, with production exceeding expectations and a positive outlook for the 2025 exploration program [2][3][5] Operations - The commissioning of the processing plant and ramp-up of mining operations at Nalunaq have shown steady improvements through Q3 2025, with a double shift pattern implemented ahead of schedule [5] - Gold production as of October 7, 2025, has reached approximately 5,000 ounces, aligning with the company's revised full-year 2025 production guidance [5] - A planned shutdown for commissioning activities is expected to start in the third week of October 2025, lasting about four weeks, after which the gravity circuit will be fully automated [5] - The company aims to achieve a nameplate throughput of 300 tons per day by the end of 2025 [5] Exploration - The 2025 exploration program has been completed, identifying resource upside with assay results pending [4] - Surface drilling at Nalunaq's South Deep Zone has been completed, providing growth potential, with results to be included in the next Mineral Resource Update scheduled for Q1 2026 [5] - Underground drilling between the 725 and 790 levels has been completed, with further definition drilling planned from the 800 level upwards [5] - A 4,804-meter drilling program at Nanoq was completed on schedule, with initial assay results expected in Q4 2025 [5] - Satellite gold exploration and copper and critical metals programs have been completed, with assays pending [5] Strategic Initiatives - The team has conducted strategic site visits to the Black Angel and Kangerluarsuk projects to assess logistics and development pathways, with market updates to follow [5]