Toronto Ontario, May 14, 2024 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Corporation" or the "Company") Q1 2024 Financial Results TORONTO, ONTARIO – 14 May 2024 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, presents its Q1 2024 financials. A conference call for analysts and investors will be held today at 16:00 BST (15:00 GMT, 11:00 EST), details of which can be found further down in this announcement. All dollar amounts are expressed in Canadian dollars unless otherwise noted. Eldur Olafsson, CEO of Amaroq, commented: "During the quarter we successfully completed a fundraise to accelerate mining at Nalunaq, whilst continuing to invest in our wider gold and strategic minerals portfolio in South Greenland. I would like to thank all participating shareholders for their strong support shown in this financing. "I have been on site at Nalunaq now for some weeks, participating across all workstreams, and am highly encouraged by how operations are progressing. It has been excellent to be working alongside around 80 people from the Amaroq mining, engineering and site teams, in addition to our contractors Thyssen Schachtbau, Halyard, HK Transport, Scott Steel and Arctic Unlimited. With our new General Manager Jaco Duvenhage hired to oversee all operations at Nalunaq, we are seeing good progress on all fronts, and I would like to thank the team for their hard work. The experience gained this winter, in our first year of year-round operations, has been invaluable to improving our understanding and planning for developing future projects in South Greenland. Construction works over this period were completed despite pack ice conditions, thanks to the foresight of the team who ensured that all the required equipment was mobilised to site ahead of time. In addition, at the end of March, the successful first underground mining blast at Nalunaq was initiated at the 720m level, which was a key milestone. "I look forward to providing the market with a more complete update on Nalunaq operations at our Capital Markets event on 13 June, where we will present visuals of the progress made to date and providing guidance on the cost to complete as well as the expected date of first gold production. In addition, we will present our plan for resource growth at Nalunaq, along with details of our expanded drilling programme at the Stendalen copper-nickel discovery."Finally, progress on new growth opportunities within South Greenland, including Strategic Minerals, Hydro and Servicing are progressing well and we look forward to providing an update to the market in due course, during or before the Capital Markets Day." Q1 2024 Corporate Highlights Amaroq group liquidity of $96.31 million consisting of cash balances, undrawn revolving credit facilities, undrawn revolving credit overrun facility less trade payables ($52.42 million as at December 31, 2023). Gold business working capital of $78.2 million that includes prepaid contractors on the Nalunaq project of $17.47 million as of March 31, 2024 ($37.6 million as at December 31, 2023 including prepaid contractors on the Nalunaq project of $18.68 million) The Gardaq Joint Venture that comprises the Strategic Minerals business has available liquidity of $17.0 million ($18.7 million as at December 31, 2023) on a 100% basis. In February 2024 the Company completed a Fundraising, raising net proceeds of approximately $74.52 million, to accelerate mining of the Target Block at the Nalunaq mine to maintain the processing plant's current nameplate capacity of 300 tonnes of ore processed per day in 2025 and for the extension of the process plant to include a flotation circuit and dry-stack tailings facility. The Company intends to provide an update on the Nalunaq project at a Capital Markets event to be held in Iceland on 13 June 2024 The Company increased the amount placed in escrow from $0.68 million as at December 31, 2023 to $5.70 million as at March 31, 2024 as a pre-requisite for mining and construction permits. Post-period, Jaco Duvenhage was appointed as Nalunaq General Manager to oversee the operation Q1 2024 Operational Highlights Permitting: The public consultation for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) for Nalunaq closed on 1st March 2024 Contracting and Procurement: After the re-scoping of the work, 81% of the key contracts for the processing plant were concluded and procurement was 81% complete at the end of Q1. The last major contract for structural, mechanical, piping and processing plant equipment installation was awarded to Scott Steel Erectors in early April Engineering: Process plant detailed design and engineering was 86% complete at the end of Q1 based on the updated project scope Construction: Processing plant pad construction is 95% complete, Precast foundations received and on site, foundation excavations completed, all plinths installed up to crusher area. Erection of processing plant steel structure is in progress. Overall processing plant construction is 24% complete Mining: Mine rehabilitation was completed in mid-March, and the successful first underground blast at Nalunaq was initiated on March 30, 2024. Development work continues, with Rehabilitation of 570L access commenced to establish underground diamond drill location for drilling-off the Target Block extension. Mine equipment, including the second development drill and two ST-7 scoops, are on route to Greenland and awaiting delivery to site as per schedule Exploration: The Company has been busy finalising interpretation and preparing for a busy 2024 field season to include a targeted Mineral Resource growth plans at Nalunaq and Copper-Nickel-Cobalt drilling at Stendalen among other project development programmes Nalunaq Project KPIs 60,372 total hours worked during Q1 2024 Daily average of 55 people working on site at Nalunaq in Q1 2024 Zero Lost Time Injuries in Q1 2024 Ratio of Greenlandic personnel at Nalunaq standing at 53% in Q1 2024 Outlook Following the announcement that Jaco Crouse would step down as Chief Financial Officer and as a Director of the Company with effect from 3 June 2024, the recruitment process to appoint a new CFO is well advanced. The Company will update the market in due course All engineering for the process plant will be completed during quarter two and the procurement packages will be issued to the market for these. Post period, activities at Nalunaq continue to progress well, with 80 people now present on site. Construction of the processing plant structure is underway and expected to complete in June 2024. Management intends to provide a further update on the Nalunaq Project at a Capital Markets Day in Iceland, to take place on 13 June 2024 Exploration activities overview Gold projects: Nalunaq Additional 75 vein intersections from historical core drilling have been selected using core photography and will be assessed and sampled during Q2 2024 A Resource development exploration programme has been developed to work alongside continued underground rehabilitation and development activities Nanoq Further desk-based modelling from the ALS Goldspot interpretation has allowed the Company to produce detailed resource drilling plans that can be progressed in 2024/25 Vagar Ridge The Corporation has progressed with the construction of a robust geological and mineralization model to inform future exploration at Vagar as well as designing future exploration options Strategic Minerals: Sava Copper Belt (Sava/North Sava) Amaroq has continued to assess the results from the 2023 field season alongside recognised subject matter experts in porphyry mineralisation as the Company develops its 2024 exploration programmes Stendalen Geophysical data reviewed points to the likely feeder zone and other sulphide accumulation areas. 2024 exploration drilling plans have been developed Kobberminebugt: High resolution geophysical data (MT) has been received and inverted for the Kobberminebugt licence and is currently being reviewed ahead of the development of a 2024 field programme Nunarsuit High resolution geophysical data (Magnetics, Gravity and Radiometics) has been received for the western sections of the licence and is currently being reviewed ahead of the development of a 2024 field programme Regional Exploration The Company has continued its desk based regional exploration programmes developing further targets to be assessed as part of the 2024 field programmes Details of conference call A conference call for analysts and investors will be held today at 16:00 BST (15:00 GMT, 11:00 EST), including a management presentation and Q&A session. To join the meeting, please register at the below link: https://us06web.zoom.us/webinar/register/WN_nfp5J0EwQy6ZI6VB522KOg Notice of Iceland Capital Markets Day The Company intends to hold a Capital Markets Day in Iceland on 13 June 2024, during which Management will provide an update on the Nalunaq Project. Details of registration and remote access will be provided in advance of the session. Amaroq Financial Results The following selected financial data is extracted from the Financial Statements for the three months ended March 31, 2024. Financial Results   Three months ended March 31   2024$ 2023$ Exploration and evaluation expenses 875,213 1,181,653 General and administrative 3,959,226 2,577,035 Share of 3-month loss of an equity-accounted joint arrangement 646,432 - Unrealized loss on derivative liability 4,300,213 - Net loss and comprehensive loss 9,217,515 3,376,893 Basic and diluted loss per common share (0.03) (0.01) Financial Position   As at March 31 As at December 31   2024$ 2023$ Cash on hand 65,086,851 21,014,633 Total assets 179,887,713 106,953,183 Total current liabilities (before convertible notes liability) 7,371,146 6,354,185 Total current liabilities (including convertible notes liability) 48,922,487 42,097,312 Shareholders' equity 130,283,503 64,278,637 Working capital-gold business (before convertible notes liability) 78,210,475 37,614,068 Working capital-gold business (after convertible notes liability) 36,659,134 1,870,941 Gold business liquidity (excludes $17.0 and $18.7M ring-fenced for strategic mineral exploration as of March 31, 2024 and Dec 31, 2023) 96,303,850 52,419,243 Ends Enquiries:  Amaroq Minerals Ltd.  Eldur Olafsson, Executive Director and Wyvill, Corporate Development+44 (0)7713 Nicolaus Europe Limited (Nominated Adviser and Broker)  Callum Stewart  Varun Talwar  Simon Mensley  Ashton Clanfield  +44 (0) 20 7710 7600    Panmure Gordon (UK) Limited (Joint Broker)  Hugh Rich  Dougie Mcleod  +44 (0) 20 7886 2500    Camarco (Financial PR)  Billy Clegg  Elfie Kent  Charlie Dingwall  +44 (0) 20 3757 4980   For Company updates:  Follow @Amaroq_minerals on Twitter  Follow Amaroq Minerals Inc. on LinkedIn   Further Information:   About Amaroq Minerals   Amaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Greenland. The Company's principal asset is a 100% interest in the Nalunaq Project, a development stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act. Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration, refurbishment, development or mining programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. 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. Glossary Ag silver Au gold Bt Billion tonnes Cu copper g grams g/t grams per tonne km kilometers Koz thousand ounces m meters Mo molybdenum MRE Mineral Resource Estimate MT Magnetotelluric data Nb niobium Ni nickel oz ounces REE Rare Earth Elements t tonnes Ti Titanium t/m3 tonne per cubic meter U uranium USD/ozAu US Dollar per ounce of gold V Vanadium Zn zinc 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. Amaroq Minerals Ltd. UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTSFor the three months ended March 31, 2024 The attached financial statements have been prepared by Management of Amaroq Minerals Ltd. and have not been reviewed by the auditor             As at March 31, As at December 31,   Notes 2024 2023     $ $ ASSETS       Current assets       Cash   65,086,851 21,014,633 Due from a related party 3,12 - 3,521,938 Sales tax receivable         144,108         69,756 Prepaid expenses and others   17,469,706 18,681,568 Inventory       2,880,956        680,358 Total current assets   85,581,621 43,968,253 Non-current assets       Deposit   27,944 27,944   Escrow account for environmental rehabilitation   5,697,903 598,939   Financial Asset - Related Party 3,12 4,200,379 - Investment in equity accounted joint arrangement 3 22,846,379 23,492,811   Mineral properties 4 48,683 48,821   Right of use asset 7 715,898 574,856   Capital assets 5 60,768,906 38,241,559   Total non-current assets   94,306,092 62,984,930 TOTAL ASSETS   179,887,713 106,953,183 LIABILITIES AND EQUITY       Current liabilities       Accounts payable and accrued liabilities   7,258,359 6,273,979 Convertible notes 6 41,551,341 35,743,127                 Lease liabilities – current portion 7 112,787 80,206 Total current liabilities   48,922,487 42,097,312 Non-current liabilities       Lease liabilities 7 681,723 577,234 Total non-current liabilities   681,723 577,234 Total liabilities   49,604,210 42,674,546 Equity       Capital stock   206,698,546 132,117,971 Contributed surplus   7,367,374 6,725,568 Accumulated other comprehensive loss   (36,772) (36,772) Deficit   (83,745,645) (74,528,130) Total equity   130,283,503 64,278,637 TOTAL LIABILITIES AND EQUITY   179,887,713 106,953,183       The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.   Three months ended March 31,   Notes 2024 2023     $ $ Expenses       Exploration and evaluation expenses 9 875,213 1,181,653   General and administrative 10 3,959,226 2,577,035   Loss on disposal of capital assets   - 37,791   Foreign exchange loss (gain)   79,509 (197,004)   Operating loss   4,913,948 3,599,475   Other expenses (income)         Interest income   (15,326) (231,319)   Gardaq management income and allocated cost   (636,326) -   Share of net losses of joint arrangement 3 646,432 -   Unrealized loss on derivative liability 6 4,300,213 -   Finance costs 11 8,574 8,737   Net loss and comprehensive loss   (9,217,515) (3,376,893)   Weighted average number of common shares outstanding - basic and diluted   290,574,484 263,203,347 Basic and diluted loss per common share   (0.03) (0.01) The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements. Amaroq Minerals Ltd.Consolidated Statements of Changes in Equity(Unaudited, in Canadian Dollars) Number of commonshares outstanding Capital Stock Contributed surplus Accumulated other comprehensiveloss Deficit Total Equity       $ $ $ $ $ Balance at January 1, 2023   263,073,022 131,708,387 5,250,865    (36,772) (73,694,617)     63,227,863 Net loss and comprehensive loss   - - - - (3,376,893) (3,376,893) Options exercised