Reykjavík, May 28, 2025 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation focused on unlocking Greenland’s mineral potential (also referred to as “Amaroq” or the “Company”), has announced a significant strategic initiative. The Company has signed a non-binding heads of terms with JLE Group Ltd. (“JLE”), a large, privately owned UK-based family office primarily focused on the Construction Industry. This agreement outlines the establishment of a special purpose vehicle (the "SPV") and the creation of a joint venture (the "JV") company to be named Suliaq A/S (“Suliaq”).

Suliaq A/S is being formed to provide essential services, supplies, and supporting assets to Greenland’s growing mining sector, with an initial focus on supporting Amaroq’s operations. While initially established as a wholly owned subsidiary of Amaroq, upon the finalization of the JV agreement, Suliaq will be owned 90% by Amaroq and 10% by JLE. JLE Group's 10% shareholding will be acquired through an equity contribution of £4.0 million (approximately C$7.46 million). Furthermore, JLE has the option to increase its total investment in Suliaq up to £12.0 million, through additional tranches of £4.0 million each, which would result in proportional increases to JLE’s equity stake in the JV.

The core operational areas for Suliaq A/S will include mining services, maritime support, logistics, infrastructure development, the supply of consumables, and aiding exploration activities. The initial £4.0 million investment from JLE is principally allocated for the acquisition of a range of assets for immediate use by Amaroq. These assets, which are planned to be available for rent to other operators in Greenland in the medium term, include heliportable drill rigs, a helicopter, utility vehicles, an icebreaker, a barge and tugboat, various mining equipment (such as underground drills, loaders, and trucks), and non-mining equipment like light mobile equipment and loaders for process plants. The initial investment will also cover miscellaneous startup costs, administrative expenses, and working capital for Suliaq.

Despite Amaroq retaining majority ownership, Suliaq A/S will operate with its own board of directors and an independent governance framework. This structure is intended to ensure transparency, independence in decision-making, and that all assets, supplies, and services are provided to Amaroq and other potential customers at fair market value. Suliaq is designed to function as a standalone commercial enterprise with independent oversight, thereby bolstering Amaroq’s operational capabilities and contributing to the wider development of the mining industry in Greenland.