Nalunaq Mine Granted Approval of Environmental and Social Impact Assessments

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TORONTO, ONTARIO, June 28, 2024 (GLOBE NEWSWIRE) — (“Amarok Metals“or the”a company“)

Nalunak Mine Receives Environmental and Social Impact Assessment Approval

Key government approvals mark major milestone towards development of Amaroq’s core gold project

TORONTO, ON – June 28, 2024 – Amarooq Minerals Limited (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a significant portfolio of strategic gold and mineral assets in southern Greenland, is pleased to announce that the Government of Greenland has approved the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for its Nalunaq Project.

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Eldor Olafsson, CEO of Amarok, commented:

“I cannot stress enough the importance of achieving this milestone, which our team has worked towards for over four years. It has been a rigorous process that has involved many hours of work and dedication, including the production of numerous detailed technical reports to support our project design.

“On behalf of Amaroq, I would like to thank the Government of Greenland for their endorsement and support, and our consultants WSP and Copenhagen Social who worked closely with us to achieve this outcome. We are committed to ensuring that best practices are applied in all areas of our work as we move Nalunaq into production.”

Joanne Plant, Amarooq’s Executive Vice President, Environmental, Social and Governance, commented:

“Maintaining best environmental and social practices is critical for Emaar to support our primary goal of creating a positive Greenlandic legacy. Obtaining these approvals confirms that the company’s operations are fully aligned with government guidelines and strategies, and are fully supported by our local communities who recognize that we We hold ourselves accountable to the highest standards.

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“We now look forward to working with the Government of Greenland and the Municipality of Kujalleq on the Impact and Benefits Agreement (IBA), which we aim to implement by the end of the year.”

Background and purpose of environmental impact assessment and SIA

The purpose of the EIA was to identify, forecast and report on the potential environmental impacts of the Nalunak Project at all its phases – construction, operation, closure and post-closure. The assessment also identified mitigation and control measures designed to eliminate or reduce negative environmental impacts that we are incorporating into project design and implementation activities.

The purpose of the social impact assessment was to evaluate the impact of the project on existing social conditions. Positive social impacts identified included:

• Creating job opportunities
• Providing training opportunities and upgrading skills
• Creating opportunities for Greenlandic companies to provide goods and services
• Generating public revenue through the payment of royalties, corporate and income taxes.

inquiries:

Emaar Metals Limited
Eldor Olafsson, Executive Director and CEO
eo@amaroqminerals.com

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Eddie Wayfel, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com

Stifel Nikolaus Europe Ltd (nominated advisor and joint broker)
Callum Stewart
Varun Talwar
Simon Minsley
Ashton Clanfield
+44 (0) 20 7710 7600

Panmure Gordon (UK) Limited (Joint Broker)
Hugh Rich
Dougie McLeod
+44 (0) 20 7886 2500

Camarco (financial public relations)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980

For company updates:
Follow @Amaroq_minerals on X (formerly Twitter)
Follow Amarouk Metals Company on LinkedIn

More information:

About Amroq Minerals

Amaruk Minerals’ primary business objectives are to identify, acquire, explore and develop strategic gold and mineral properties in South Greenland. The company’s main asset is a 100% interest in the past production of the Nalunak gold mine which is scheduled to begin production at the end of 2024. The company has a portfolio of strategic gold and mineral assets in South Greenland covering the two known gold belts in the region as well as advanced exploration projects in Stendalen And the Sava Copper Belt to explore strategic minerals such as copper, nickel, rare earths and other minerals. Amaroq Minerals continues under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, which is incorporated under the Greenland General Corporations Act.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this statement.

Inside information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 on Market Abuse (“UK MAR”), as it forms part of UK domestic law under the European Union (Withdrawal) Act 2018, and Regulation (EU) No 596/2014 on Market Abuse (“EU MAR”).

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• Nalunak Mine Receives Approval for Environmental and Social Impact Assessments

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