Successful 2025 Nalunaq gold mine drilling programme - 1,840 g/t of gold over 0.5m in Mountain Block derisks near-term production and expansion of the Main Vein at depth

Core Insights - Amaroq Ltd. has successfully completed its 2025 drilling program at the Nalunaq gold mine, reporting high-grade gold intersections, including 1,840 g/t over 0.5 meters, which derisks near-term production and supports expansion of the Main Vein at depth [2][6][16] - The exploration results confirm the extension of the Main Vein down-dip, indicating significant potential for further resource growth beyond previously identified areas [3][4][16] Exploration Results - A total of 2,127 meters of underground resource conversion drilling was completed, with 62% intersecting the mineralized Main Vein, yielding a weighted average grade of 87.6 g/t Au, which is higher than the resource model predictions [6][10] - Surface drilling has confirmed the Main Vein structure extends approximately 700 meters down-dip from previously mined areas, indicating additional upside potential [6][15][17] Resource Estimates - The current Mineral Resource includes 158 koz (151.5 Kt at 32.4 g/t Au) Indicated and 326 koz (348 Kt at 29.2 g/t Au) Inferred, with an Exploration Target of approximately 600,000 to 2.3 million tonnes at grades between 10–30 g/t Au in underexplored areas [8][41] - An updated geological model will be developed incorporating all 2025 drilling results ahead of the planned Mineral Resource Estimate update (MRE5) in Q1 2026 [13][19] Ongoing Activities - The company is continuing its exploration activities through the winter season, focusing on both resource conversion and further surface testing to expand the known mineralized envelope [19][20] - A westward exploration drive is being advanced to assess the potential to broaden the Mountain Block mineral corridor, integrating in-mine resource definition with systematic exploration [20][21]