Amaroq (AMRQ) Status Update summary

Exploration results and geological insights

• 4,807 metres of diamond drilling across 27 holes confirmed significant gold and copper mineralisation, with 63% of holes intersecting mineralisation, averaging 3–3.5 meters thick at 9–10 g/t Au, and intersections up to 187.4g/t Au over 1.5m at shallow depths up to 70 meters.

• Multiple stacked saddle reef structures, mineralised shear zones, and parallel units have been identified over a 600-meter strike, with the Central Zone's interpreted strike extended to 1.5km and geophysics indicating continuity under ice for up to 25km.

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

• Geological mapping and 3D modelling defined key structural and lithological controls, confirming mineralisation remains open along strike, at depth, and in parallel units, with high surface grades up to 9.54g/t Au.

• Significant copper intersections up to 1.12% Cu over 0.5m were confirmed, supporting the project's polymetallic potential.

Technical, environmental, and operational advancements

• Fully oriented core and integrated mapping produced a robust 3D geological and mineralisation model for predictive targeting and future resource definition.

• Metallurgical and environmental baseline studies are underway, with bulk samples (~100kg) collected for processing compatibility and no protected species identified.

• Drill core and surface samples were processed using industry-standard QA/QC, with all results validated by a Qualified Person.

• Infrastructure studies and planning include a 3km access road and potential harbour to support bulk sampling, material transport, and year-round operations.

• All major equipment is winterised on site, enabling a rapid and efficient start to the 2026 field season.

2026 forward plan and strategic outlook

• The 2026 programme will focus on targeted infill, step-out, and strike extension drilling, as well as testing parallel structures and expanding into western targets.

• Environmental and infrastructure studies will advance in parallel with exploration, with winter metallurgical results guiding potential bulk sample processing at Nalunaq in 2027.

• Strong cash flow from existing operations supports ongoing exploration and development, with budgets being finalised for the expanded 2026 programme.

• The scale and geometry of the deposit suggest potential for a tier-one asset, with upside potential larger than initially anticipated due to thickness, depth, and multiple structures.

• Updated mineral resource estimates for Nalunaq and a maiden resource estimate for Nanoq are expected within months, pending further modelling and infill drilling.