Nalunaq mine underground drilling results

GlobeNewswire | Amaroq Ltd.
Today at 6:00am UTC

Reykjavík, July 16, 2026 (GLOBE NEWSWIRE) -- Amaroq Ltd.
(“Amaroq” or the “Company”)

Nalunaq mine underground drilling results

High-grade underground intersections, including 132.5 g/t Au over 0.5 m, confirming confidence in near and medium-term production

Rig will move to drill exploration drive in the untested western areas of the Main Vein

16 July 2026 – Amaroq (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce further high-grade underground drilling results from the ongoing resource definition and production support drilling programme at the Nalunaq Gold Mine in southern Greenland.

The results continue to confirm the high-grade nature of the Nalunaq Main Vein, within the Mountain Block and further reinforces Amaroq’s confidence in the near- and medium-term production profile at Nalunaq, as well as de-risking the ~2Moz Au exploration target.

Highlights

  • Underground drilling results continue to confirm the exceptional high-grade nature and continuity of the Main Vein, within the Mountain Block at Nalunaq at an average of 42.8 g/t of Au.
  • 16 out of 37 holes with assays gave results above 30 g/t Au (the average resource grade in MRE4) and 30% of holes were above 60 g/t Au including:
    • 132.5 g/t Au over 0.50 metres (NAL-UG-2601)
    • 132.0 g/t Au over 0.50 metres (NAL-UG-2640)
    • 113.5 g/t Au over 0.60 metres (NAL-UG-2534)
    • 104.5 g/t Au over 0.54 metres (NAL-UG-2616)
    • 84.8 g/t Au over 0.83 metres (NAL-UG-2627)
  • The Company's underground drilling strategy is designed to maintain a rolling 12–24 month production inventory drilled ahead of mining, supporting production planning and operational flexibility.
  • Drilling from the 8021 and 773 Levels, targeted 27 and 10 planned stopes respectively. Drilling from the 500 Level tested an area between faulted geological domains, where definitive stopes have not yet been designed.
  • Results reported in this release are from after the data cut-off date for the forthcoming MRE5 and therefore provide additional upside for future Mineral Resource updates.
  • Surface channel sampling is underway between Levels 804 and 996, targeting both the Main Vein and 75 Vein, with numerous samples displaying significant visible gold.
  • Next phase of underground drilling will target previously untested areas of the Main Vein from the planned 810 Exploration Drive.
  • Programme offers significant potential for near-mine resource growth as development advances into previously unexplored ground.

James Gilbertson, VP Exploration, commented:
“I am very pleased to announce these latest underground drilling results, which continue to demonstrate the exceptional grade and continuity of the Main Vein at Nalunaq and provide further confirmation of the geological model and confidence in the mine plan. Our underground drilling strategy has evolved beyond traditional resource drilling and is now a core part of our mining operation to maintain near term production, drilled ahead of mining, to reduce geological uncertainty and support consistent production of gold as Nalunaq continues to ramp up. We will now move to drill the untested areas of the Main Vein, looking to unlock elements of the ~2m oz identified upside potential within Nalunaq, and I look forward to bringing the results of this and the ongoing surface samples as the year progresses.

“Every hole we drill at Nalunaq gives us more insight and confidence as to the quality and extent of the resource base at this exceptional asset.”

Systematic underground drilling supporting production confidence

Nalunaq is a high-grade underground gold mine where mining confidence is progressively increased through a systematic programme of underground drilling undertaken ahead of planned production.

The Company considers this approach fundamental to operating a high-grade narrow-vein mine. Rather than relying solely on historical resource drilling, geological confidence is continually enhanced through underground drilling, face mapping, channel sampling, mine development and ongoing production reconciliation.

This integrated approach allows Amaroq to continually refine its understanding of the deposit while simultaneously improving confidence in the location, geometry and grade of planned stopes.

Selected underground drilling results

Hole numberFrom (m)To (m)Length (m)Au (g/t)ProgramAnalytical methodQuarter (drill-hole completion)
NAL-UG-253340.641.10.5056.1773Fire AssayQ4 2025
NAL-UG-253442.543.10.60113.5773Fire AssayQ4 2025
NAL-UG-253537.237.70.5078.7773Fire AssayQ4 2025
NAL-UG-253649.1349.630.5027.8773Fire AssayQ4 2025
NAL-UG-253839.2339.730.5076.1773Fire AssayQ1 2026
NAL-UG-253839.7340.230.5024.0773Fire AssayQ1 2026
NAL-UG-264051.9652.460.50132.0773Fire AssayQ1 2026
NAL-UG-264052.4652.960.5031.4773Fire AssayQ1 2026
NAL-UG-264156.757.20.5018.45773Fire AssayQ1 2026
NAL-UG-264260.260.70.5067.5773Fire AssayQ1 2026
NAL-UG-260172.7973.290.50132.5802Fire AssayQ1 2026
NAL-UG-260262.563.00.5018.95802Fire AssayQ1 2026
NAL-UG-260355.055.50.5049.4802Aqua RegiaQ1 2026
NAL-UG-260460.6761.671.0019.6802Aqua RegiaQ1 2026
NAL-UG-260560.6861.180.5038.7802Aqua RegiaQ1 2026
NAL-UG-260649.6750.200.538.35802Aqua RegiaQ1 2026
NAL-UG-260752.2352.730.5024.9802Aqua RegiaQ1 2026
NAL-UG-260850.6151.791.1852.2802Aqua RegiaQ1 2026
NAL-UG-260956.2756.770.5027.9802Fire AssayQ1 2026
NAL-UG-261050.4550.990.5420.8802Aqua RegiaQ1 2026
NAL-UG-261252.853.30.507.33802Fire AssayQ1 2026
NAL-UG-261353.9254.921.0032.0802Aqua RegiaQ1 2026
NAL-UG-261556.056.50.5068.5802Fire AssayQ1 2026
NAL-UG-261659.0659.600.54104.5802Aqua RegiaQ1 2026
NAL-UG-261763.5164.080.5734.9802Aqua RegiaQ1 2026
NAL-UG-261865.566.00.5020.6802Aqua RegiaQ1 2026
NAL-UG-261973.5374.130.6011.65802Aqua RegiaQ1 2026
NAL-UG-262292.0592.730.6813.5802Aqua RegiaQ1 2026
NAL-UG-262380.4380.930.506.13802Aqua RegiaQ1 2026
NAL-UG-262494.095.131.1315.4802Aqua RegiaQ1 2026
NAL-UG-262582.583.150.6519.5802Aqua RegiaQ1 2026
NAL-UG-262659.660.10.505.68802Aqua RegiaQ1 2026
NAL-UG-262689.089.50.5076.8802Aqua RegiaQ1 2026
NAL-UG-2627104.27105.100.8384.8802Aqua RegiaQ1 2026
NAL-UG-2631125.98126.480.5010.25500Aqua RegiaQ2 2026
NAL-UG-264980.2580.760.5110.85500Aqua RegiaQ2 2026

Projection: WGS84 UTM zone 23N

Underground drilling programmes
Three underground drilling programmes have recently been completed.

LevelMetres drilledDrillholesSamples submittedResults
8022,164.527711Complete
773589.510158Complete
5003,102.9301,064Pending

Drilling on the 802 and 773 Levels was designed to increase confidence in 27 and 10 planned stopes respectively ahead of mining.

Drilling on the 500 Level tested the geological model between interpreted faulted domains where definitive stopes have not yet been designed. Additional results from this programme will further refine the geological interpretation and future results will be reported once assays have been received.

The accompanying figure is available via the link: https://wp-amaroq-minerals-2024.s3.eu-west-2.amazonaws.com/media/2026/07/RNS_image_REVISED_600dpi.tiff

Following completion of the current programme, Amaroq intends to relocate underground drilling to the 810 Level, where drilling will initially focus on increasing geological confidence within the western stopes of the near-term mine plan. As mining and development progress, the programme will transition into systematic resource growth drilling from the planned 810 Exploration Drift.

This new exploration drive will provide underground access to largely untested portions of the Main Vein, that have historically been difficult to evaluate from surface drilling alone, due to the geometry of the deposit and limited drilling angles. By drilling from underground into these previously inaccessible areas, Amaroq expects to significantly improve geological understanding, while testing for extensions of the high-grade Main Vein immediately adjacent to existing mine infrastructure. The Company believes this represents one of the most prospective opportunities for near-mine resource growth at Nalunaq, with the potential to unlock substantial additional mineralisation as development advances into previously unexplored ground.

Surface channel sampling
Alongside underground drilling, Amaroq is undertaking a programme of mountaineering-supported channel sampling across the upper portions of the Nalunaq mine.

Sampling is being undertaken between approximately Level 804 and Level 996, targeting both the Main Vein ("MV") and the 75 Vein ("75V"), which becomes increasingly exposed towards the upper parts of the mine.

The programme is designed to supplement underground drilling with closely spaced geological observations and assay information from areas that are difficult to investigate using conventional drilling techniques.

Although assays remain pending, the Company is encouraged by the presence of significant visible gold observed in a number of channel samples. Analytical results will be reported once available.

Mineral Resource Estimate update
Amaroq intends to release the updated Mineral Resource Estimate (MRE5) shortly.

The underground drilling results reported in this announcement fall after the data cut-off date used for MRE5 and therefore represent additional upside beyond the forthcoming resource update.

The timing of MRE5 has been deliberately aligned with the Company's planned London Stock Exchange Main Market uplisting and the incorporation of production reconciliation data generated during Nalunaq's operational ramp-up.

Sampling and QA/QC
All drill core samples reported in this release were prepared and analysed by ALS Geochemistry's onsite laboratory at the Nalunaq Gold Mine using Aqua Regia digestion with Atomic Absorption Spectrometry (AAS) (Au-OG44n).

To provide ongoing analytical verification, the majority of mineralised intervals have also been submitted to ALS Geochemistry Laboratories, Loughrea, Ireland, for conventional Fire Assay. The analytical method used is Au-AA26 (gold by fire assay and Atomic Absorption Spectroscopy/AAS), and in some instances due to its higher upper limit of detection, Au-GRA22 (gold by fire assay with a gravimetric finish). Screen Fire Assays (e.g., Au-SCR24) are also used where appropriate.

At the date of this announcement, several reported mineralised intersections are supported by Aqua Regia assay results only, with independent Fire Assay verification still in progress. The Company considers the onsite Aqua Regia laboratory to provide reliable operational assay data, while the external Fire Assay programme forms part of Amaroq's routine quality assurance and verification procedures.

Amaroq's QA/QC programme includes the systematic insertion of certified reference materials, blanks and duplicate samples throughout the sampling sequence. ALS Geochemistry also inserts laboratory standards and blanks as part of its own internal quality control procedures. No material QA/QC issues have been identified in relation to the results reported herein.

Qualified Person
The technical information contained in this announcement has been reviewed and approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals Ltd., a Chartered Geologist of the Geological Society of London and a Qualified Person as defined under NI 43-101.

Use of a Standard
The Mineral Resource information included within this announcement is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Mineral Reserves dated 10 May 2014, as required by National Instrument 43-101.

-ENDS-

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

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

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

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

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

Further Information:

About Amaroq

Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Gold mine. The Company has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region as well as advanced exploration projects at Stendalen and the Sava Copper Belt exploring for Strategic metals such as Copper, Nickel, Rare Earths and other minerals. Amaroq is continued under the Business Corporations Act (Ontario) and wholly owns Nalunaq A/S, incorporated under the Greenland Companies Act.

Inside Information

This announcement does not contain inside information.

1 The drilling levels described above refer to metres above sea level


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