Amaroq Ltd. · LSE:AMRQ
Amaroq — Investor Presentation (September 2026)
33 slides from Amaroq's investor presentation, September 2026
Slide 1: Corporate Presentation
Capital Markets Day Corporate Presentation GREENLAND’S ESTABLISHED MINING GROWTH PLATFORM Presentation 13 May 2026 September 2026
Slide 2: Disclaimer and Technical Information
DISCLAIMER AND TECHNICAL INFORMATION The information contained herein has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Amaroq Ltd (the “Company”). The presentation and the informat
Slide 3: Amaroq at Glance
Amaroq at Glance ~8,200km² PORTFOLIO OF NEAR, MID AND LONGTERM ASSETS OF SCALE Significant licence acreage across Greenland Zn, Pb, Ag SOUTH GREENLAND HUB Au WEST GREENLAND HUB Ge, Ga 25-35koz Nalunaq operating gold mine Maarmorilik & Kangerluarsuk Expected Au production in 2026 • Guiding 25-35koz p
Slide 4: Differentiated Shareholder Base
Differentiated Shareholder Base TICKERS: HIGH-QUALITY REGISTER WITH A SUBSTANTIAL AMRQ (LSE / NASDAQ) BASE OF INSTITUTIONAL SHAREHOLDERS AMRQF (OTCQX) NAME % Other UK & Industriens Pensionsforsikring A/S 4.65 Canada Investors Icelandic Pension 4.53 Funds and Lífeyrissjóður starfsmanna ríkisins, div.
Slide 5: Working Across Three Hubs
Working Across Three Hubs Unlocking a Continental Scale Opportunity Minturn - IOCG Maarmorilik Kangerluarsuk Active Exploration Projects Active Drilling Projects Nalunaq Ilua Pegmatite – REE-Nb-Zr Q-North Ridge Nanoq - Au
Slide 6: A Brief History of Amaroq & Short-Term Development Plan
A Brief History of Amaroq & Short-Term Development Plan Track record of operational progress and market recognition 2025: +267% 2024: Achieves FY production 2026-2027 5-year share price Amaroq secures of 6.35koz and development 2022: EIA and SIA records first revenue approval for the since inception
Slide 7: Amaroq at Glance
E MIN ING Amaroq at Glance NALUNAQ (Phase I) T RA NALUNAQ (Phase II) PE O MAARMORILIK NANOQ (Phase I) ES I C Narrowing the discount ER T E G T NALUNAQ (Phase III) RA OTHER ST T EXPLORATION IN MAARMORILIK RCE (Phase II) SOU ION F EA KANGERLUARSUK RE FINIT S IB I G DE LI TY ZIN MINTURN PROJEC T SI Val
Slide 8: H1 2026 Operational and Financial Highlights
H1 2026 Operational and Financial Highlights ~9,000oz 19.8 g/t C$56.2M Gold produced in H1 Processed head grade H1 H1 revenue Above midpoint guidance of 7,000–10,000 oz Against plan of 14-15 g/t Positive net profit of C$13.6m Phase 2 New upsized RCF Exploration Flotation circuit commissioned US$70m
Slide 9: Post H1 2026 Period Highlights
Post H1 2026 Period Highlights Nalunaq drilling MRE5 First Flotation Average grade of 42.8 g/t from Updated resource to 504 koz >100 bags of concentrate 27 holes +10.6% Indicated resources ~90% Recovery on target 132.5 g/t over 0.5 m Nanoq & Minturn Main Market Gardaq JV funding Drilling started Aug
Slide 10: Three Mine Plan
Three Mine Plan Scaling from one operating mine to a three- asset portfolio Nalunaq, Maarmorilik and Nanoq — a phased path to multi-asset production Building a Greenlandic Legacy www.amaroqminerals.com
Slide 11: Nalunaq - Strategic Objectives
Nalunaq - Strategic Objectives Geology Mining Process plant Permitting Short Term/>2027: Short Term: Short Term: Short Term: • Grow indicated resources and • Reach nameplate capacity • Reach nameplate capacity • All permits in place measured resources Medium/Long Term: Medium/Long Term: Medium/Long
Slide 12: Nalunaq Drill Results and Exploration Plans
Nalunaq Drill Results and Exploration Plans Resource Growth Plans 01 New 810 Exploration Drift Completed Mountain Channel Sampling Systematic underground 02 810 Exploration Drift drilling 03 Targeting blind high- Systematic grade zones drilling along exploration drift Completed Mountain Block Select
Slide 13: Nalunaq Future Production Profile
Outcropping vein on either side of the Nalunaq Future Production Profile mountain (Illustrative) Large areas undrilled 90 700 Only eastern edge mined 80 Oz Produced 600 70 Run Rate The Western Drives continue to 500 60 demonstrate grade and continuity Daily Throughput (t) Ounces (Koz) 400 50 Potenti
Slide 14: Maarmorilik Large Scale Exploration Opportunity
Maarmorilik Large Scale Exploration Opportunity Heart of the West Greenland Hub high-grade, stratabound Zn-Pb-Ag ± Cu mineralisation, up to 45% Zn and Kangerluarsuk 596 g/t Ag, only 12 km north of the historic Black Angel Mine. Maarmorilik* Historical Production Operated continuously from 1973 to 19
Slide 15: Maarmorilik - Redevelopment Strategy
Maarmorilik - Redevelopment Strategy String of pearls development project incorporating Black Angel Geology Mining Process plant Permitting • All historic data across seven • Focusing on String of pearls • Historically Black Angel mined • All exploration licences are in good resource zones collated,
Slide 16: String of pearls development concept
Maarmorilik Kangerluarsuk String of pearls development concept ~20km String of pearls Resource development and mining sequencing that leverages off pre-existing infrastructure in the Nungaruut tunnel and accesses multiple targets on route to developing safe access to Deep Ice and the high-grade pill
Slide 17: Nanoq
Nanoq Illustrating potential across the Nanortalik Gold Belt 01 Infill drilling Step out drilling 02 03 Install Infrastructure for year around access and bulk sample 04 Targeting maiden MRE Building a Greenlandic Legacy 17
Slide 18: Nanoq
Nanoq Future gold project in South Greenland Geology Mining Process plant Permitting • Up to ~4km of prospective • In discussions with a local • SGS contracted to carry out • Conducting environmental strike identified with ~600m of contractor that constructed the metallurgical test work on the monit
Slide 19: Nanoq
Exploration Nanoq Camp Resource development plans Port Facility Mineralisation is hosted in folded quartz veins within a sequence of basalts and sediments (‘saddle reefs’) striking ~1.5km in the Central Zone. 2025 exploration assessed the first 600m to a depth of ~100m with intersections averaging 3
Slide 20: 2026 Full Year Guidance
2026 Full Year Guidance 2026 H1 Actual Gold production (oz) 25,000 – 35,000 ~9,000 Cash costs (US$m) 44 – 47 15.3 Production to date above the midpoint of the guidance range Nalunaq All-In Sustaining Costs 69 – 73 25.1 (US$m) Q4 2026 production range of 10 to 12k oz – indication for 2027 production
Slide 21: Nalunaq All-In Sustaining Costs
Nalunaq All-In Sustaining Costs Nalunaq AISC includes cash costs, attributable corporate G&A and sustaining capital expenditure. As production ramps up, AISC per ounce is expected to decline quarter-by-quarter, with year-end guidance of US$1,250–1,450/oz. Approximately 60% of operating costs are lab
Slide 22: Capital Allocation
Capital Allocation Growth Capital 1. Optimisation Initiatives 2. Nalunaq 3. Wider portfolio Driving efficiency and lowering unit costs Investing in higher production and value Systematic advancement of the project capture portfolio KEY PROGRAMMES KEY INITIATIVES KEY PROJECTS Phase 2 flotation commis
Slide 23: Unlocking a Multi-Asset Opportunity
Unlocking a Multi-Asset Opportunity 3 DEVELOPMENT PROJECTS in 3 years Nalunaq growth, Nanoq future gold project and Maarmorilik Zn, Pb, AG, West Greenland COMPOUNDED EXPLORATION INTEGRATED VALUE OPPORTUNITY GREENLAND PLATFORM Combining the value potential of the Nanortalik Gold Belt, the West Greenl
Slide 24: Greenland's Established Mining Growth Platform
Experience The only team with recent operational experience of bringing a mine into Greenland‘s production in Greenland Established Mining Scale One of the largest acreage positions in Greenland across high grade critical Growth Platform minerals, gold and rare earths Execution Nalunaq producing gol
Slide 25: Appendices
APPENDICES 25
Slide 26: Highly experienced Board and Executive management team
Highly experienced Board and Executive management team MANAGEMENT TEAM BOARD MEMBERS Siggi Thorkelsson Warwick Morley- Eldur Olafsson James Gilbertson Jepson Founder, President & CEO VP Exploration Non-Executive Chairman Extensive experience in the Non-Executive Director Board Member banking and sec
Slide 27: The "Enablers"
The “Enablers“ Infrastructure support to enhance the operations of Amaroq and other companies in Greenland SULIAQ ApS IMEQ ApS The first major private hydro project in Greenland, located near Nalunaq Project progressing following pre-feasibility study completion in Q4-’25 Building a Greenlandic Lega
Slide 28: Summary of Key Assets
Summary of Key Assets Significant development and exploration potential amongst the West and South Greenland Hubs NALUNAQ NANOQ 100%-owned, high-grade operating gold mine located 30km northeast of Nanortalik and Emerging high-grade gold discovery within cornerstone asset of Amaroq the underexplored
Slide 29: Summary of Key Assets
Summary of Key Assets Significant development and exploration potential amongst the West and South Greenland Hubs MAARMORILIK KANGERLUARSUK Project located in central western Greenland, Located 12km from Maarmorilik within 15km approximately 200 km north of Ilulissat strike length of favourable geol
Slide 30: Creation of West Greenland Hub
Additional Regional Creation of West Greenland Hub Growth Opportunities Au Au Located within an active high potential exploration district REE Newly realised critical mineral potential within the Maarmorilik material Kangerluarsuk (Zn, Pb, Ag) GERMANIUM (Ge) GALLIUM (Ga) CADMIUM (Cd) • Shiny gray-wh
Slide 31: Thorbjorn
Thorbjorn Amaroq's Gateway to Greenland A purpose-built Arctic icebreaker with Danish Royal Marine heritage, now operating in service of Greenland's mining future. Vessel Specifications Full profile — THORBJØRN at Svendborg 1980 65.1 m Year Built Length 15.31 m 2,164 t Beam Gross Tonnage Role at Ama
Slide 32: Amaroq to the LSE Main Market
Amaroq to the LSE Main Market Enhanced Investor Visibility Deeper Capital & Index Eligibility Greater prominence among international and Broader access to long-term institutional capital institutional investors, elevating Amaroq's profile pools — and eligibility for FTSE index inclusion on the globa
Slide 33: Contact Us
www.amaroqminerals.com www.amaroqminerals.com CONTACT US AMAROQ LTD 100 King Street West, Suite 3400, 1 First Canadian Place, Toronto, Ontario, M5X 1A4, Canada Eldur Olafsson, Chief Executive Officer LSE, Nasdaq: AMRQ LSE, Nasdaq: AMRQ