Amaroq Ltd. · LSE:AMRQ
Amaroq — Investor Day (May 2026)
25 slides from Amaroq's investor day presentation, May 13, 2026
Slide 1: Capital Markets Day Corporate Presentation
Capital Markets Day It can be done: Unlocking Greenland’s growth potential through a diversified mining portfolio, experienced team and entrepreneurial spirit Corporate Presentation GREENLAND’S ESTABLISHED MINING GROWTH PLATFORM Presentation 13 May 2026 May 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 a Glance
AMAROQ AT A GLANCE Greenland‘s Established Mining Growth Platform PORTFOLIO OF NEAR, MID AND LONGTERM ASSETS OF SCALE 3,800km² South Greenland Hub West Greenland Hub Significant licence acreage across Greenland Nalunaq operating gold mine Black Angel & Kangerluarsuk • Guiding 25-35koz production in
Slide 4: Differentiated Shareholder Base
DIFFERENTIATED SHAREHOLDER BASE High-quality register with a substantial base of institutional shareholders Tickers: Other UK & AMRQ (AIM / NASDAQ) Canada Investors Icelandic Pension ~16% Funds and AMRQF (OTCQX) Name Volume Insurance Industriens Pensionsforsikring A/S 4.63 Companies 4.53 ~20% Lífeyr
Slide 5: Working Across Two Hubs
WEST GREENLAND HUB WORKING ACROSS TWO HUBS MINTURN (Fe, Cu, Au) Two Greenland Hubs—Unlocking a Continental Scale Opportunity KANGERLUARSUK (Zn, Pb, Ag) Amaroq now operates across two strategic hubs in BLACK ANGEL (Zn, Pb, Ag) WEST Greenland. In the south, our team is based at the operating SOUTH Nal
Slide 6: Track Record of Delivering Value
TRACK RECORD OF DELIVERING VALUE 160 Suliaq ApS founded 2026 Full year guidance issued First gold pour at 140 Nalunaq Imeq A/S founded Listing on Nasdaq 120 5 Year Growth Iceland Main Market Acquired West Greenland Hub (Black 268% Angel mine) (S&P 500: 78% growth over the same period) Secured US$49.
Slide 7: Growth Strategy
E MIN GROWTH STRATEGY NALUNAQ (Phase I) TING Narrowing the discount RA PE O BLACK ANGEL NALUNAQ (Phase II) (Phase I) ST IC NALUNAQ (Phase RE EG OTHER BLACK ANGEL (Phase AT II) III) EXPLORATION R NANOQ RCE ST TE SOU ION FE IN KANGERLUARSUK RE FINIT AS DE IB IL G ITY ZIN MINTURN PROJEC T SI Value N O
Slide 8: The Enablers
THE “ENABLERS” Infrastructure support to enhance the operations of Amaroq and other companies in Greenland SULIAQ ApS IMEQ ApS The first major private hydro project in Greenland, located near Nalunaq Project progressing following pre-feasibility study completion in Q4-’25 Mining Logistics Equipment
Slide 9: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Building a Greenlandic Legacy Amaroq Ltd: Corporate Profile Slide: 9 9
Slide 10: 2026 Full Year Guidance
2026 FULL YEAR GUIDANCE (Unchanged) 2026 Q1 Actual Gold production (oz) 25,000 – 35,000 3,694 Cash costs (US$m) 44 – 47 9.8 Continued ramp-up activities and operational stabilisation at Nalunaq All-In Sustaining Costs Nalunaq 69 – 73 16.7 (US$m) Production metrics and costs in line with or exceeding
Slide 11: Nalunaq Future Production Profile
Outcropping vein on either side of the mountain Nalunaq Future Production Profile (Illustrative) Large areas undrilled 90 700 Only eastern edge mined 80 Oz Produced 600 70 Run Rate 500 The Western Drives continue to demonstrate 60 grade and continuity Daily Throughput (t) Ounces (Koz) 400 50 40 Pote
Slide 12: 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 13: 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 INITIATIVES Key Projects Local workforce transition Phase 2 flot
Slide 14: 2026 Exploration Plans
2026 EXPLORATION PLANS Enhanced investment case Aggressive exploration programmes targeting resource and value growth GOLD ASSETS EXPANDED OPTION Underground exploration targeting resource Resource replacement (underground) and growth NALUNAQ replacement (surface) programmes Continued Resource drill
Slide 15: New Project Development Strategies
NEW PROJECT DEVELOPMENT STRATEGIES Aggressive exploration programmes targeting resource and value growth 2026 2027 2028 BLACK ANGEL Up to 10km resource and scout drilling + Up to 15km Resource Drilling Up to 40km Resource Drilling seismic profiling Update MRE Updated MRE & ORE Bulk Sample Prep & Soc
Slide 16: London Main Market Listing
1 Platform Built Structure Simplified LONDON MAIN Governance framework substantially finalised TSXV delisting 2 MARKET LISTING Focus on UK and Nordic investor base 3 Final Stage Process Citi appointed as Sponsor, Platform established – transition Preparing for FCA submission underway 4 Broader Marke
Slide 17: Unlocking a Multi-Asset Opportunity
UNLOCKING A MULTI- ASSET OPPORTUNITY DEVELOPMENT ASSETS Black Angel and Nanoq offer significant value add and production optionality COMPOUNDED EXPLORATION INTEGRATED VALUE OPPORTUNITY GREENLAND PLATFORM Combining the value potential of the Nanortalik Gold Belt, the West Greenland Hub and the Gardaq
Slide 18: Greenland's Established Mining Growth Platform
Experience The only team with recent operational experience of bringing a mine into GREENLAND‘S ESTABLISHED production in Greenland MINING GROWTH Scale One of the largest acreage positions in Greenland across high grade critical PLATFORM minerals, gold and rare earths Execution Nalunaq producing gol
Slide 19: Appendices
Appendices 19
Slide 20: Highly Experienced Board and Executive Management Team
HIGHLY EXPERIENCED BOARD AND EXECUTIVE MANAGEMENT TEAM Eldur Olafsson Joan Plant Edward Ellert Arnarson Founder, President & CEO Chief Financial Officer Interim COO Westropp Board Member Chief Corporate Development & Strategy Officer BOARD MEMBERS MANAGEMENT TEAM Graham Stewart Warwick Morley-Jepson
Slide 21: 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 High grade gold project 120km NE of cornerstone asset of Amaroq Nalunaq, and along Nanor
Slide 22: Summary of Key Assets
SUMMARY OF KEY ASSETS Significant development and exploration potential amongst the West and South Greenland Hubs BLACK ANGEL KANGERLUARSUK Project located in central western Greenland, Located 12km from Black Angel within 15km approximately 200 km north of Ilulissat strike length of favourable geol
Slide 23: Creation of West Greenland Hub
Additional Regional Growth Opportunities CREATION OF WEST GREENLAND HUB Au Au Located within an active high potential exploration district REE Newly realised critical mineral potential within the Black Angel material Kangerluarsuk (Zn, Pb, Ag) GERMANIUM (Ge) GALLIUM (Ga) CADMIUM (Cd) • Shiny gray-wh
Slide 24: West Greenland Hub Strategy
WEST GREENLAND HUB STRATEGY Redevelop, unlock resource potential, grow PHASE 1 – Pillar Robbing Dictated by current feasibility study and is based on current 4Mt resource Commercialise the Commercialise the old old mine mine as as quickly quickly as as possible possible in in order order to to ratio
Slide 25: 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 AIM, Nasdaq: AMRQ AIM, Nasdaq: AMRQ