Amaroq (AMRQ) Status Update summary

Exploration results and resource potential

• Drilling at Nanoq yielded a 63% hit rate, with 17 of 27 holes showing economic mineralization, averaging 3.3–3.5 meters wide at 9.98 g/t gold, and some copper, all at shallow depths up to 70 meters.

• High-grade intersections include up to 187.4g/t Au over 1.5m and 1.12% Cu over 0.5m at shallow depths.

• Multiple stacked saddle reef structures, mineralized shear zones, and parallel structures have been identified over a 600-meter strike, with extensions confirmed by geophysics and surface sampling, suggesting significant scale and open-pit potential.

• The mineralized structure extends over 1.5 km, with additional parallel zones (West 1–4) identified, and geophysics indicating continuity under ice for up to 25 km.

• Mineralization is present in both quartz veins and host rock, enabling bulk mining and larger, more cost-effective operations.

Operational and development plans

• Three drill rigs are winterized on site, with plans to expand drilling in 2026, focusing on infill, depth, and strike extension, as well as testing parallel structures.

• Metallurgical and environmental baseline studies are underway, with bulk samples being tested for processing compatibility.

• Infrastructure plans include building a 3km access road and potentially a harbor to reduce costs and enable year-round operations.

• The 2026 program aims to significantly increase resource definition, with a resource assessment expected in early 2026 or after the next drilling season.

• 2025 exploration built a robust geological model, integrating drilling, mapping, and geochemistry for future resource targeting.

Sampling, QA/QC, and technical validation

• Drill core and surface samples were processed using industry-standard methods, with systematic QA/QC including certified reference materials, blanks, and duplicates.

• No QA/QC issues were identified, and all results were validated by a Qualified Person.

• Metallurgical test work is underway to assess recovery characteristics and compatibility with existing processing flowsheets.