Sýnatökur staðfesta hátt hlutfall sinks, blýs og silfurs ásamt háu hlutfalli af skilgreindum US/EU þjóðaröryggis-málmum germanium, gallium og kadmíum í Black Angel námunni

Reykjavík, Nov. 11, 2025 (GLOBE NEWSWIRE) -- Sýnatökur staðfesta hátt hlutfall sinks, blýs og silfurs ásamt háu hlutfalli af skilgreindum US/EU þjóðaröryggis-málmum germanium, gallium og kadmíum í Black Angel námunni

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Öll skilyrði kaupsamnings vegna kaupa á Black Angel námunni formlega uppfyllt

Amaroq Ltd tilkynnir jákvæðar niðurstöður úr endurmælingum á sýnum frá Black Angel námunni. Jafnframt hefur félagið formlega uppfyllt öll skilyrði kaupsamnings vegna áður tilkynntra kaupa félagsins á Black Angel námunni. Niðurstöðurnar ýta undir það að Black Angel verði næsta þróunarverkefni Amaroq á Grænlandi.

Helstu atriði:

• Sýnatökur úr Black Angel staðfesta hátt málmhlutfall, að meðaltali 24.6% sink (Zn), 28.1% blý (Pb) og 295 g/t silfur (Ag).
  
  
• Hátt hlutfall á hvert tonn af germanium (44 ppm), gallíum (21 ppm) og kadmíum (1,328 ppm), sem eykur vænt virði verkefnisins til muna, en þessir málmar hafa verið skilgreindir sem mikilvægir málmar af evrópskum og bandarískum stjórnvöldum.
  
  
• Eftir frumstig vinnslu á sink efninu gæti Germanium hlutfallið verið um 102 ppm Ge, Gallium 48,5 ppm Ga og Kadmíum um 3.040 ppm Cd sem er með því hæsta sem þekkist.
  
  
• Öllum skilyrðum kaupsamnings Amaroq um kaup á Black Angel hefur verið fullnægt, og beðið er endanlegs samþykkis grænlenskra stjórnvalda fyrir yfirtöku á Kangerluarsuk-leyfinu, sem gert er ráð fyrir að verði veitt á fjórða ársfjórðungi 2024.
  
  
• Kaupin styrkja safn þróunarverkefna Amaroq sem og langtímastefnu félagsins um að koma á fót viðveru til lengri tíma á helstu jarðefnabeltum Grænlands. Litið er til Black Angel námunnar sem næsta þróunarverkefnis félagsins.

• West Greenland Hub verður að fullu í eigu Amaroq (100%) og aðskilið frá dótturfélaginu Gardaq JV sem sinnir áfram verkefnum tengdum frumrannsóknum.
  
  

Næstu skref:

• Vettvangsúttekt hefur verið framkvæmd í Black Angel með það að markmiði að greina þörf á endurbótum á búðum og aðstöðu. Auk þess hafa verið skipulagðar jarðeðlisfræðilegar rannsóknir sem verða hluti af vettvangsrannsóknum á næsta ári. Markmiðið er að auka núverandi auðlindamat, sem nú nemur 3,2 milljónum tonna með 8,8% sinki og 3,0% blýi (staðfest auðlind), ásamt 0,5 milljónum tonna með 4,73% sinki og 2,2% blýi (óstaðfest auðlind), áður en hafist verður handa við tæknilegar rannsóknir og mat á mögulegri námuvinnslu.
• Áætlað er að upphafleg vinna muni snúa að hinu svokallaða Deep Ice body, þar sem eldri boranir staðfesta háa málmgráðu, eða 6,9 metra með 13,1% sinki og 19,5% blýi

Myndband með upplýsingum um West Greenland Hub og mikilvægi svæðisins má finna hér: https://youtu.be/iqvWERKrClQ

Frekari upplýsingar má finna á heimasíðu félagsins eða með því að smella hér: https://www.amaroqminerals.com/investors/presentations/

Eldur Olafsson, forstjóri Amaroq:

„Ég er afar ánægður að kynna niðurstöður rannsókna úr Black Angel námunni. Sýnatökur staðfesta ekki eingöngu háan styrk sinks, blýs og silfurs, heldur varpa einnig ljósi á markvert magn germaníum, gallíum og kadmíum, sem ekki kom fram í eldri rannsóknum.

Samkvæmt bandarísku jarðfræðistofnuninni hefur Kína yfirráð yfir aðfangakeðjum þessara mikilvægu málma og framleiðir um 98% af gallium og 68% af germanium á heimsvísu. Núverandi skortur á framboði þessara mikilvægu málma, sem eru lykilhráefni fyrir gervigreind, varnarmál, endurnýjanlega orku og hátækniiðnað, undirstrikar mikilvægi stækkandi verkefnasafns Amaroq fyrir vestrænar aðfangakeðjur. Niðurstöðurnar styðja við trú okkar á þeim miklu möguleikum sem felast í Black Angel verkefninu sem næsta þróunarverkefnis félagsins á Grænlandi.

Þróun Black Angel mun byggja á sömu aðferðafræði og við beittum með góðum árangri í Nalunaq námunni, þar sem við tókum við auðlind með hátt hlutfall af málmi sem hafði innviði til staðar og færðum hana skipulega í átt að framleiðslu. Við sjáum svipað tækifæri í Black Angel, að byggja á núverandi innviðum og skapa aukið virði með markvissri vinnu og ábyrgri fjárfestingu.

Með þessum viðskiptum verður West Greenland Hub annað námusvæði Amaroq á Grænlandi og lykilþáttur í metnaðarfullri vaxtarstefnu félagsins. Auk þess að hýsa Black Angel og Kangerluarsuk mun svæðið gegna hlutverki sem þjónustumiðstöð fyrir dótturfélag okkar Suliaq, sem mun styðja við vaxandi námu- og rannsóknariðnað á Vestur-Grænlandi. Við hlökkum til að þróa West Greenland Hub áfram sem nýja miðstöð námuvinnslu í Grænlandi.’’

The West Greenland Hub – Amaroq’s next mining district in Greenland
The creation of the “West Greenland Hub”; centred on high-grade base and critical metals, comprising the past-producing Black Angel and the adjacent Kangerluarsuk exploration licences expands Amaroq’s footprint beyond its South Greenland gold and critical metal assets and diversifies its commodity exposure into zinc, lead, silver, and the recently identified, high value associated critical minerals. The West Greenland Hub is envisaged as Greenland’s next mining district, as well as serving as a western logistics centre for Amaroq’s wholly owned Suliaq services and logistics subsidiary, given the established infrastructure already in place at Black Angel (including port facilities and camps). Suliaq provides essential equipment, supplies, and support to Greenland’s growing mining sector, and providing it with a base at Black Angel will enable streamlined exploration and development activities in the area, facilitating the creation of a new mining district. Overall, the Hub acquisition underpins Amaroq’s vision of building a full-cycle mining company in Greenland, aiming to create long-term shareholder value while cementing Amaroq’s position as a key player in Greenland’s mining industry.

Black Angel
The Black Angel mine is a famous Greenlandic deposit, renowned for its very high grades of zinc, lead, and silver. The deposit was first discovered in the 1930s and then developed by Cominco (under Greenex A/S). Between 1973 and 1990 it was operated by Cominco (now part of Teck) and later Boliden, producing circa 11.2 million tonnes of ore at roughly 12.6% Zn, 4.1% Pb and 29 g/t Ag¹, making it Greenland’s most productive base metal mine of that era. During this operation, ore was mined via a room and pillar operation with crushed material transported via cable car to a flotation plant at the camp site, to produce a pre concentrate with final flotation and refining conducted off-site. It is reported that two concentrates were made, a zinc concentrate containing ~59.4% Zn with a 93.9% recovery and a lead concentrate containing ~61.1% Pb at a 95% recovery. Silver was also recovered at a rate of 89.9% into the lead concentrate.²

Today, Black Angel holds an estimated Mineral Resource of 3.2Mt @ 8.8% Zn and 3.0% Pb Indicated and 0.5Mt @ 4.73% Zn and 2.2% Pb Inferred³, indicating significant remaining mineralisation. Recent re-assays of historical core have also revealed noteworthy concentrations of critical by-product metals such as germanium, gallium and cadmium, considerably enhancing the strategic value of the deposit. Amaroq’s development plan for Black Angel draws clear parallels to its approach at the Nalunaq gold mine, another brownfield project successfully being brought back into production. The Company intends to leverage Black Angel’s extensive in-situ infrastructure (including underground workings, a 20+ person camp, aerial tramway and deep-water port) to fast-track redevelopment. A comprehensive data review and site reconnaissance in 2025, confirmed significant resource upside in zones adjacent to past workings; reinforcing the potential for a near-term restart. By applying the “Nalunaq model” of refurbishment and phased production, Amaroq aims to transform Black Angel into a modern operation again, capitalising on its high-grade nature while managing risk through existing infrastructure and experience. This strategy is expected to shorten the timeline to first concentrate production and mirrors the company’s core philosophy of revitalising proven assets with fresh investment and expertise.

Bulk sample re-assaying results

Amaroq have conducted a programme of re-assaying of a historical bulk sample, taken by the previous owner, from the Angel and Cover deposits. The result of these are as follows:

These sample provide confidence in the high-grade nature of the deposits in terms of zinc, lead and silver. However, it also suggests potentially commercial grades of germanium, gallium and cadmium as by-products. Assuming all these metals would report to a future zinc concentrate of ~85% sphalerite suggests concentrate grades in the order of 102 ppm Ge, 48.5 ppm Ga and 3,040 ppm Cd may be achievable in future saleable zinc concentrates. All these grades are considered potentially commercially significant⁴.

Kangerluarsuk
The Kangerluarsuk project represents a highly prospective exploration opportunity for Amaroq within the same geological belt as Black Angel. Located only circa 12 km north of the Black Angel mine, Kangerluarsuk lies in the Palaeoproterozoic Karrat Group – the sedimentary formation that hosts Black Angel’s mineralisation. The area contains widespread showings of zinc-lead-silver mineralisation at surface, and historical sampling programmes have yielded extreme high grades, returning up to ~45% zinc and 596 g/t silver (with high lead and copper values) in mineralised float and outcrops⁵https://bio-protocol.org/exchange/minidetail?id=8524273&type=30. Prior operators including Cominco, Rio Tinto and Bluejay Mining (now 80-Mile) conducted extensive geophysical and geochemical surveys, delineating multiple untested anomalies and high-grade channel sample sites (e.g. 41% Zn over 1 m)⁶https://www.investegate.co.uk/announcement/rns/80-mile--80m/kangerluarsuk-survey-programme/7314002. Despite this demonstrated potential, Kangerluarsuk remains drill-ready and undrilled to date, representing a compelling target for discovery. Amaroq plans to launch maiden drilling here as early as 2026, aiming to confirm subsurface continuity of the rich surface mineralisation. Success at Kangerluarsuk could define a satellite deposit to feed the nearby Black Angel infrastructure, in line with Amaroq’s hub strategy. More broadly, advancing Kangerluarsuk aligns with the Company’s vision of growing a portfolio of critical mineral assets in Greenland.

West Greenland Hub will remain 100% owned by Amaroq
Amaroq is pleased to announce that the West Greenland Hub will remain part of the Amaroq portfolio, and not within the subsidiary strategic metals focused Gardaq JV, (in which Amaroq owns 51%) which will remain an exploration only vehicle. Under the joint venture agreement with the other shareholder within Gardaq, they have a right of first refusal on non-gold opportunities within Greenland. However, the JV partners would like Gardaq A/S to remain focussed on high impact exploration in Greenland for critical metals and minerals, an example of which is the announcement on 4 November 2025 of the discovery of high grade rare earth elements on the JV’s licence area.

Sampling and QAQC Disclosure 
A previous bulk sample taken from within the Angel and Cover deposits, stored in Iceland, was provided to Amaroq as part of the acquisition. A series representative subset samples from this were taken by Amaroq geologists. All were collected and placed into calico cotton sample bags with a numbered sample ticket.

All samples were securely packaged and dispatched under chain-of-custody to ALS Geochemistry in Loughrea, Ireland – an ISO/IEC 17025 accredited laboratory – for professional analysis.
Preparation scheme PREP-31BY was applied to every sample, involving crushing the rock to 70% passing <2 mm, splitting out a 1 kg subsample with a rotary splitter, and pulverizing that split to 85% passing 75 µm (200 mesh) to ensure homogeneity. The pulverized pulps were then analysed using ALS’s ore-grade ICP-AES methods. A multi-element analysis (ALS code ME-ICP81) was undertaken for base metals, accompanied by dedicated high-grade assays for lead (Pb-ICP81) and zinc (Zn-ICP81) to target those elements specifically. These ICP81 methods employ a robust sodium peroxide fusion digestion on a 0.2 g sample, which acts as a powerful oxidizing flux to completely dissolve resistant minerals (e.g. silicates and sulphides), followed by measurement of the analytes with inductively coupled plasma atomic emission spectroscopy (ICP-AES). This technique achieves near-total digestion and is suitable for quantifying ore-grade concentrations of metals (capable of accurately measuring, for example, up to ~30% Pb and ~60% Zn in the sample matrix).

Any results that exceeded the upper detection limits of the ICP81 method were automatically re-assayed using ALS’s OG46 ore-grade protocols for that element. In particular, over-limit lead and zinc values were re-analysed by methods Pb-OG46 and Zn-OG46, which involve an aqua regia digestion (a concentrated 3:1 HCl-HNO₃ acid mixture) with an ICP-AES finish to ensure accurate quantification at percent-grade levels.

ALS Geochemistry maintained strict internal quality controls throughout the analytical process, and the Company’s QA/QC program included the routine insertion of certified reference standards, blanks, and duplicates at appropriate intervals to monitor precision and accuracy. These measures, together with the laboratory’s own quality control checks, confirm the reliability and integrity of the assay results reported.

Enquiries:

Amaroq Ltd.        
Eldur Olafsson, Executive Director and CEO         

Ed Westropp, Head of BD and Corporate Affairs                         
+44 (0)7385 755711
ewe@amaroqminerals.com

Eddie Wyvill, Corporate Development                         
+44 (0)7713 126727
ew@amaroqminerals.com

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

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

Camarco (Financial PR)
Billy Clegg
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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

In the event of any discrepancy between the Icelandic translation and the English version of this document, the English version shall prevail.

Inside Information

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").

Qualified Person Statement

The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq Minerals and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

¹ Geological Survey of Greenland (GEUS) – Geology and Ore No. 2 (2003), and B. Thomassen, Rapport Grønlands Geologiske Undersøgelse 152 (1991)
² Black Angel NI43-101 Mineral Resource Report, October 2016 – Wardell Armstrong LLP
³ Black Angel NI43-101 Mineral Resource Report, October 2016 – Wardell Armstrong LLP
⁴ RFC Ambrian – Germanium, China in Control, But New Production Coming in the West, Critical Minerals Commodity Report, April 2025 & NI 43-101 Technical Report, Macmillan Pass Project Yukon Territory, Canada – SLR Consulting (Canada) Ltd, Oct 18, 2024 & T.Werner et al 2024 Environ. Res. Lett 19, Cadmium: a global assessment of mineral resources, extraction, and indicators of mine toxicity potential
⁵ Coppard J., Swatton S., Harris C.J. 1992 Year end Report. Internal Report. RTZ Mining and Exploration Ltd.; 1992. Karrat exclusive exploration licence. pp 19
⁶ Bluejay Mining plc Press Release 14 September 2022

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