AMAROQ Business Summary

Amaroq Ltd. (AMRQF) is a leading independent mine development corporation focused on the identification and extraction of gold and strategic minerals across its 6,800 km² land package in Southern Greenland. The company generates primary revenue through the sale of high-grade gold from its flagship Nalunaq Gold Mine, which entered commercial production in 2024 and is currently scaling toward a 2026 guidance of 25,000 to 35,000 ounces. Business operations are divided into three core segments: Gold Mining (Nalunaq and the Nanoq project), Strategic Minerals (including the Black Angel zinc-lead-silver project and the Stendalen copper-nickel prospect), and Suliaq, a dedicated logistics and support services division designed to de-risk Greenlandic resource development. Amaroq competes with mid-tier gold producers such as Centamin, Resolute Mining, and Thor Explorations, distinguishing itself as a dominant first-mover in Greenland with a high-grade resource base and a 2026 transition to an owner-operator model to optimize all-in sustaining costs. The company was founded in 2017 by CEO Eldur Olafsson, a veteran of the geothermal and mining sectors who previously led integrated energy projects at Orka Energy and Geysir Green Energy. The executive leadership team includes CFO Ellert Arnarson, formerly Head of Corporate Finance at Landsbankinn, and Edward Westropp, the Chief Corporate Development and Strategy Officer who joined in 2025 from Lundin Energy. Operational oversight is managed by Interim COO Joan Plant and VP Exploration James Gilbertson. Amaroq is supported by a high-pedigree board featuring Line Frederiksen, COO of Air Greenland, and maintains a robust institutional shareholder base comprised of Nordic and Greenlandic pension funds, including the Danmarks Eksport og Investeringsfond (EIFO), which underscores the company's strategic importance to the North Atlantic mineral supply chain.