2026 resource drilling programme commences at Nanoq gold project

Reykjavík, Aug. 11, 2026 (GLOBE NEWSWIRE) --

Amaroq Ltd.
(“Amaroq” or the “Company”)

2026 resource drilling programme commences at Nanoq gold project

11 August 2026 - Amaroq Ltd. (LSE and NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland's mineral potential, is pleased to announce the commencement of its 2026 resource drilling programme at the Nanoq gold project in South Greenland.

Highlights

• Three Amaroq-owned drill rigs are commencing work at Nanoq, initially focused on the Central Zone where previous drill results included 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m, to supplement the 2025 drilling dataset and further test the continuity, geometry and grade distribution of the mineralised system;
• Drilling is then expected to step out along strike and test other structures, including the West 1 Zone, located approximately 500m west of the Central Zone where surface results have provided up to 9.5g/t Au on what is believed to be a similar sized parallel structure;
• The programme is targeting activity broadly comparable in scale to the 4,807m completed in 2025, while retaining flexibility for field conditions and operational progress. The combined data is intended to support the evaluation of a potential maiden Mineral Resource Estimate later in 2026, subject to results;
• Provisional metallurgical testwork is being conducted by SGS Lakefield in Canada, to test amenability of Nanoq mineralised material for processing, using the gravity and flotation flowsheet operating at the Nalunaq gold mine. If successful, this could indicate the viability of undertaking near-term bulk sampling of Nanoq, through Nalunaq facilities.
• Alongside drilling, Amaroq plans to assess engineering works that could potentially begin during 2026, to enable earlier and more cost-effective site access from 2027 onwards, including potentially a harbour and an access road from the coast to the drill sites.
  

James Gilbertson, VP Exploration, commented:
“We are very excited to kick off the 2026 drilling programme at Nanoq, which we believe will be our next gold project in Greenland. The 2025 programme established the first significant drilling dataset and geological framework and this year's work is deliberately focused on increasing data density and testing continuity within the Central Zone, before stepping out along strike and into parallel targets, including West 1. If successful, the combined dataset should enable us to produce a maiden Mineral Resource later this year; a key step in establishing economic viability.

“Provisional SGS metallurgical recovery testwork is being conducted to understand the potential for Nanoq material to be treated through the Nalunaq processing plant, which would offer the opportunity to conduct near term bulk sampling and trial processing. We look forward to announcing the results from the testwork in due course.”

2026 Nanoq drilling programme
The 2026 programme will commence with three Amaroq-owned rigs focused on the Central Zone. Initial drilling is intended to supplement the 2025 dataset by increasing drill density and testing the continuity of the shallow, stacked mineralised zones. The rigs are then expected to progress to step-out targets along strike and to parallel structures, including West 1, where 2025 surface sampling returned values of up to 9.5g/t Au.

Amaroq is targeting a programme broadly comparable in scale to the 2025 campaign, when 4,807m of diamond drilling was completed across 27 holes. Exact meterage will be managed flexibly in response to field conditions, drilling progress and geological results. Subject to the results and the continuity demonstrated, the 2025 and 2026 datasets are intended to provide the technical basis to evaluate a maiden Mineral Resource Estimate later in 2026.

The start of drilling is approximately one month later than initially anticipated due to delays in the procurement of certain materials and more severe weather conditions than expected earlier in the year. The Company will continue to manage the programme dynamically to prioritise the highest-value resource and step-out targets. In parallel, the access and engineering assessment will help identify practical works that could improve mobilisation, reduce costs and support a larger programme in 2027 and beyond.

Access and engineering assessment
During the 2026 field season, Amaroq also intends to assess the scope, constructability and sequencing of infrastructure works that could potentially commence this year to support earlier and more cost-effective access in 2027 and beyond. The assessment will include a potential harbour or coastal landing and an access road linking the coast with the principal drilling areas.

About the Nanoq gold project
Nanoq is located in South Greenland, approximately 130km northeast of the Nalunaq gold mine, on the eastern flank of the Nanortalik Gold Belt. The project hosts multiple gold-bearing quartz vein systems within folded volcanic and sedimentary rocks and is being evaluated as a potential future high-grade gold source within Amaroq's South Greenland portfolio.

In 2025, Amaroq completed 4,807m of diamond drilling across 27 holes, testing approximately 600m of strike within the Central Zone. The programme returned shallow high-grade intersections, including 187.4g/t Au over 1.5m and 19.6g/t Au over 4.9m, as well as broader mineralised intervals up to 9.0m. Mapping extended the interpreted Central Zone strike to approximately 1.5km and identified the parallel West 1 Zone approximately 500m to the west.

Qualified Person Statement
The technical information presented in this press release has been reviewed and approved by James Gilbertson, CGeol, Vice President Exploration of Amaroq and a Chartered Geologist with the Geological Society of London, who is a Qualified Person as defined by National Instrument 43-101. Mr Gilbertson has reviewed the provisional SGS metallurgical results and considers the information reliable for the purpose of this disclosure, subject to the qualifications described above.

-ENDS-

Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com

Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000

Citigroup Global Markets Limited (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463

Panmure Liberum Limited (Corporate Broker)
Scott Mathieson
Piers Shimwell
+44 (0) 20 7886 2500

Camarco (Financial PR)
Elfie Kent
Fergus Young 
+44 (0) 20 3757 4980

Further Information:

About Amaroq
Amaroq's focus is the identification, acquisition, exploration and development of gold and strategic metals in Greenland. The Company's principal asset is the 100% owned and operated, producing Nalunaq Gold Mine.

Amaroq's significant exploration portfolio includes opportunities in gold, copper, nickel and rare earth elements across South Greenland, as well as zinc, lead, silver, germanium and gallium at its West Greenland Hub centred on the past-producing zinc-lead-silver mine at Maarmorilik and the nearby Kangerluarsuk exploration licence, and the Minturn iron oxide copper gold prospect in northwest Greenland. The Company's strategy is to unlock Greenland's resource potential through continued exploration and development while building a responsible, full-cycle mining company, including through its Suliaq subsidiary, which provides mining services and logistics capabilities for Greenland's developing mining sector, and Imeq ApS, Greenland's first private hydroelectric project.

The Company is listed on the LSE Main Market and Nasdaq Iceland Main Market under the ticker AMRQ, and on OTCQX under AMRQF.

Inside Information

The announcement does not contain inside information.