Aclara Resources Inc. press release

"Amaroq" or the "Corporation" Q3 2022 Financial Results and 2023 Objectives

2022-11-29

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TORONTO, ON / ACCESSWIRE / November 29, 2022 /Amaroq Minerals Ltd. (AIM:AMRQ)(TSXV:AMRQ)(NASDAQ:AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets covering an area of 7,866.85 km2in Southern Greenland, is pleased to announce its Q3 financials and present its exploration and development objectives for 2023.

The Financial Statements and the accompanying Management Discussion and Analysis are available on the Corporation's website at www.amaroqminerals.comand will be filed under the Corporation's SEDAR profile at www.sedar.comlater today. All figures are in Canadian dollars unless otherwise noted.

Q3 2022 Highlights

Significant progress across Amaroq's portfolio within Greenland during the period, with work plans completed on schedule and within budget. Publication of an updated Nalunaq Mineral Resource Estimate (MRE) with reported Total Inferred Mineral Resource of 355.0Kt @ 28.0g/t Au for 320Koz gold, and confirming the project as falling within the top 2% of deposits in terms of grade globally. Commencement of the planning stages of a bulk sampling project at Nalunaq to assess the optimal path forward for mine development, and working towards first cashflow generation. Additional drilling completed across two further projects at Sava and at Vagar Ridge, with results expected in Q4 and follow up exploration and drilling planned for 2023. Geophysical surveys completed at Nanoq and North Sava, with the results currently being processed with further ground exploration conducted in the Eagle's Nest and Kobberminbugt areas. C$11m allocated to exploration and development of the Corporation's significant Greenlandic assets in the nine months ended September 30, 2022.

Post-period Highlights

Promising discovery of Copper, Molybdenum and Gold at the Sava licence during the 2022 exploration programme. Completion of £30m Capital Fundraising (circa C$46.4 million) in London and Iceland to accelerate development of the Company's precious metals portfolio. Signing of final documentation in relation to the ACAM joint venture for the exploration and development of Amaroq's strategic mineral assets and receipt of initial £18m funding (circa C$28.5 million) is expected to close in Q1 2023, subject to limited regulatory conditions being satisfied. Listing of Icelandic Depository Receipts on the Nasdaq First North Growth Market in Iceland with the first day of trading being November 1, 2022.

2023 Precious Metals Objectives

Focus on progressing Nalunaq to the next phase of development, to underpin the development of the wider portfolio. Nalunaq: Extraction of an initial bulk sample to elevate the Inferred Mineral Resources to the Indicated category, provide mining access to the orebody and demonstrate revenue generation potential. Drilling programme to take place, targeting an extension to the Inferred Resources in the Mountain Block and to generate further targets in the Welcome Block. Vagar Ridge: Following limited drilling during 2022 due to weather conditions, Amaroq will finalize the scout drilling programme to improve the understanding of the geology and mineralisation of the discovery. Nanoq: Scout drilling programme to take place following geophysical results, targeting surface exposures to improve understanding of the geology and structure. Regional: Gold target generation programme will continue across the Vagar licence and the greater area.

2023 Strategic Minerals Objectives

Accelerate exploration of Strategic Minerals assets in line with the ACAM Joint Venture agreement. Sava / North Sava: Further scout drilling on 3+ targets as well as infill drilling at Target South and Target West. Systematic surface sampling to expand Target North and define further iron oxide, copper, gold (IOCG) prospectivity. Stendalen: Airborne geophysical survey and a first strategraphic drill hole through the prospective geological units. Paatasoq: Ground-based targeting to take place across Gardar age intrusion targeting Rare Earth mineralisation Kobberminebugt: Airborne geophysical survey to assess the location, size and depth of the skarn style mineralisation.

2023 Operational Priorities

Finalization of ABD Solutions survey to assess the suitability of the Nalunaq site for vehicle automation. Amaroq will continue discussions with ABD Solutions to determine the next steps. Amaroq's development programme will require significant equipment and the Company will be evaluating procurement options in 2023 to ensure availability of equipment and services. Amaroq is in dialogue with the Greenlandic government and a team of experts to assess potential for green energy production in Greenland. The Company's priority focus is to establish how green energy can be sourced to supply Amaroq's sites and how the Company can cooperate with the government to help facilitate the development of green energy within Greenland.

Eldur Olafsson, CEO of Amaroq, commented:

"Amaroq is now the most active private investor in Greenland, and we continue to make excellent strategic progress in the region. We are now focused on advancing our cornerstone Nalunaq project to the next phase of development, with an initial bulk sample expected in 2023. We also continue to progress exploration work at our key growth targets and remain on schedule with our plans, with geophysical surveys and additional drilling completed throughout the period.

"I am also pleased to present our priority objectives for 2023. We have developed an exciting programme to accelerate growth across our portfolio, and I look forward to providing an update on our progress."

Selected Financial Information

The following selected financial data is extracted from the Financial Statements for the three and nine months ended September 30, 2022.

Financial Results

| | | Three months ended September 30 | | | Nine months ended September 30 | | | | | | | | | | | | | | | 2022

$ | | | 2021

$ | | | 2022

$ | | | 2021

$ | | | | | | | Exploration and evaluation expenses | | | 5,567,361 | | | | 4,196,019 | | | | 11,003,192 | | | | 7,441,215 | | | General and administrative | | | 1,859,725 | | | | 3,022,738 | | | | 6,946,432 | | | | 7,061,387 | | | Net loss and comprehensive loss | | | 7,012,481 | | | | 7,008,968 | | | | 17,472,618 | | | | 14,874,983 | | | Basic and diluted loss per common share | | | (0.04 | ) | | | (0.04 | ) | | | (0.10 | ) | | | (0.08 | ) |

Financial Position

| | | As at September 30 | | | As at December 31 | | | | | | | 2022

$ | | | 2021

$ | | | | | Cash on hand | | | 11,032,487 | | | | 27,324,459 | | | Total assets | | | 26,028,307 | | | | 42,781,664 | | | Total current liabilities | | | 1,227,741 | | | | 2,100,084 | | | Shareholders' equity | | | 24,124,912 | | | | 39,968,502 | | | Working capital | | | 10,065,234 | | | | 25,542,242 | |

Enquiries:

Amaroq Minerals Ltd. Eldur Olafsson, Executive Director and CEO +354 665 2003 eo@amaroqminerals.com

Eddie Wyvill, Investor Relations +44 (0)7713 126727 ew@amaroqminerals.com

Stifel 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)

John Prior Hugh Rich Dougie Mcleod +44 (0) 20 7886 2500

SI Capital Limited (Joint Broker) Nick Emerson Charlie Stephenson +44 (0) 1483 413500

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

Amaroq Minerals: Unaudited Condensed Interim Consolidated Financial Statements for the three and nine Months Ended September 30, 2022 Consolidated Statements of Financial Position (Unaudited, in Canadian Dollars)

| | | | | | As at September 30, | | | As at December 31, | | | | | | | | Notes | | | 2022 | | | 2021 | | | | | | | | | | | $ | | | $ | | | | | | ASSETS | | | | | | | | | | | | | | Current assets | | | | | | | | | | | | | | Cash | | | | | | 11,032,487 | | | | 27,324,459 | | | | Sales tax receivable | | | | | | 65,431 | | | | 51,250 | | | | Prepaid expenses and others | | | | | | 195,057 | | | | 266,617 | | | | Total current assets | | | | | | 11,292,975 | | | | 27,642,326 | | | | | | | | | | | | | | | | | | Non-current assets | | | | | | | | | | | | | | Deposit | | | | | | 27,944 | | | | 9,805 | | | | Escrow account for environmental monitoring | | | | | | 396,953 | | | | 424,637 | | | | Mineral properties | | 3 | | | | 62,244 | | | | 62,244 | | | | Capital assets | | 4 | | | | 14,248,191 | | | | 14,642,652 | | | | Total non-current assets | | | | | | | 14,735,332 | | | | 15,139,338 | | | TOTAL ASSETS | | | | | | | 26,028,307 | | | | 42,781,664 | | | | | | | | | | | | | | | | | LIABILITIES AND EQUITY | | | | | | | | | | | | | | Current liabilities | | | | | | | | | | | | | | Trade and other payables | | | | | | | 1,156,834 | | | | 2,049,249 | | | Lease liabilities - current portion | | 5 | | | | 70,907 | | | | 50,835 | | | | Total current liabilities | | | | | | | 1,227,741 | | | | 2,100,084 | | | | | | | | | | | | | | | | | Non-current liabilities | | | | | | | | | | | | | | Lease liabilities | | 5 | | | | 675,654 | | | | 713,078 | | | | Total non-current liabilities | | | | | | | 675,654 | | | | 713,078 | | | Total liabilities | | | | | | | 1,903,395 | | | | 2,813,162 | | | | | | | | | | | | | | | | | Equity | | | | | | | | | | | | | | Capital stock | | | | | | | 88,726,405 | | | | 88,500,205 | | | Contributed surplus | | | | | | | 4,703,551 | | | | 3,300,723 | | | Accumulated other comprehensive loss | | | | | | | (36,772 | ) | | | (36,772 | ) | | Deficit | | | | | | | (69,268,272 | ) | | | (51,795,654 | ) | | Total equity | | | | | | | 24,124,912 | | | | 39,968,502 | | | TOTAL LIABILITIES AND EQUITY | | | | | | | 26,028,307 | | | | 42,781,664 | | | | | | | | | | | | | | | |

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Consolidated Statements of Comprehensive Loss (Unaudited, in Canadian Dollars)

| | | | | | Three months

ended September 30, | | | Nine months

ended September 30, | | | | | | | | | | | | | | | | Notes | | | 2022 | | | 2021 | | | 2022 | | | 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Expenses | | | | | | | | | | | | | | | | | | | | | | Exploration and evaluation expenses | | 7 | | | | 5,567,361 | | | | 4,196,019 | | | | 11,003,192 | | | | 7,441,215 | | | | General and administrative | | 8 | | | | 1,859,725 | | | | 3,022,738 | | | | 6,946,432 | | | | 7,061,387 | | | | Foreign exchange loss (gain) | | | | | | | (391,133 | ) | | | (185,986 | ) | | | (417,826 | ) | | | 461,705 | | | Operating loss | | | | | | | 7,035,953 | | | | 7,032,771 | | | | 17,531,798 | | | | 14,964,307 | | | Other expenses (income) | | | | | | | | | | | | | | | | | | | | | | Interest income | | | | | | | (32,837 | ) | | | (33,700 | ) | | | (87,554 | ) | | | (119,629 | ) | | Finance costs | | | | | | | 9,365 | | | | 9,897 | | | | 28,374 | | | | 30,305 | | | | | | | | | | | | | | | | | | | | | | | | | Net loss and comprehensive loss | | | | | | | (7,012,481 | ) | | | (7,008,968 | ) | | | (17,472,618 | ) | | | (14,874,983 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted average number of common shares outstanding - basic and diluted | | | | | | | 177,341,889 | | | | 177,098,737 | | | | 177,184,305 | | | | 177,098,737 | | | Basic and diluted loss per common share | | | | | | | (0.04 | ) | | | (0.04 | ) | | | (0.10 | ) | | | (0.08 | ) | | | | | | | | | | | | | | | | | | | | | | |

Consolidated Statements of Changes in Equity (Unaudited, in Canadian Dollars)

| | | Number of common shares

outstanding | | | Capital

Stock | | | Contributed surplus | | | Accumulated other comprehensive loss | | | Deficit | | | Total

Equity | | | | | | | | | | | | | | $ | | | $ | | | $ | | | $ | | | $ | | | | | | | | | Balance at January 1, 2021 | | | 177,098,737 | | | | 88,500,205 | | | | 2,925,952 | | | | (36,772 | ) | | | (27,106,415 | ) | | | 64,282,970 | | | Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | (14,874,983 | ) | | | (14,874,983 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock-based compensation | | | - | | | | - | | | | 360,000 | | | | - | | | | - | | | | 360,000 | | | Balance at September 30, 2021 | | | 177,098,737 | | | | 88,500,205 | | | | 3,285,952 | | | | (36,772 | ) | | | (41,981,398 | ) | | | 49,767,987 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at January 1, 2022 | | | 177,098,737 | | | | 88,500,205 | | | | 3,300,723 | | | | (36,772 | ) | | | (51,795,654 | ) | | | 39,968,502 | | | Net loss and comprehensive loss | | | - | | | | - | | | | - | | | | - | | | | (17,472,618 | ) | | | (17,472,618 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options exercised | | | 260,000 | | | | 226,200 | | | | (96,200 | ) | | | - | | | | - | | | | 130,000 | | | Stock-based compensation | | | - | | | | - | | | | 1,499,028 | | | | - | | | | - | | | | 1,499,028 | | | Balance at September 30, 2022 | | | 177,358,737 | | | | 88,726,405 | | | | 4,703,551 | | | | (36,772 | ) | | | (69,268,272 | ) | | | 24,124,912 | |

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Consolidated Statements of Cash Flows (Unaudited, in Canadian Dollars)

| | | Notes | | | Nine months

ended September 30, | | | | | | | | | | | | | 2022 | | | 2021 | | | | | | | | | | | | $ | | | $ | | | | | | | | | | | | | | | | | | | | Operating activities | | | | | | | | | | | | | | Net loss for the period | | | | | | (17,472,618 | ) | | | (14,874,983 | ) | | | Adjustments for: | | | | | | | | | | | | | | Depreciation | | 4 | | | | 638,039 | | | | 190,309 | | | | Stock-based compensation | | | | | | | 1,499,028 | | | | 360,000 | | | Other expenses | | | | | | | 9,048 | | | | - | | | Foreign exchange | | | | | | | (413,443 | ) | | | 403,826 | | | | | | | | | | (15,739,946 | ) | | | (13,920,848 | ) | | Changes in non-cash working capital items: | | | | | | | | | | | | | | Sales tax receivable | | | | | | | (14,181 | ) | | | 7,338 | | | Prepaid expenses and others | | | | | | | 71,561 | | | | (30,975 | ) | | Trade and other payables | | | | | | | (843,483 | ) | | | 2,273,639 | | | | | | | | | | (786,103 | ) | | | 2,250,002 | | | Cash flow used in operating activities | | | | | | | (16,526,049 | ) | | | (11,670,846 | ) | | | | | | | | | | | | | | | | Investing activities | | | | | | | | | | | | | | Acquisition of capital assets | | 4 | | | | (301,958 | ) | | | (5,415,805 | ) | | | Deposit on order | | | | | | | - | | | | (6,610,868 | ) | | Cash flow used in investing activities | | | | | | | (301,958 | ) | | | (12,026,673 | ) | | | | | | | | | | | | | | | | Financing activities | | | | | | | | | | | | | | Principal repayment - lease liabilities | | 5 | | | | (39,659 | ) | | | (49,115 | ) | | | Exercise of stock options | | | | | | | 130,000 | | | | - | | | Cash flow from financing activities | | | | | | | 90,341 | | | | (49,115 | ) | | | | | | | | | | | | | | | | Net change in cash before effects of exchange rate changes on cash during the period | | | | | | | (16,737,666 | ) | | | (23,746,634 | ) | | Effects of exchange rate changes on cash | | | | | | | 445,694 | | | | (276,137 | ) | | Net change in cash during the period | | | | | | | (16,291,972 | ) | | | (24,022,771 | ) | | Cash, beginning of period | | | | | | | 27,324,459 | | | | 61,874,999 | | | Cash, end of period | | | | | | | 11,032,487 | | | | 37,852,228 | | | | | | | | | | | | | | | | | Supplemental cash flow information | | | | | | | | | | | | | | Interest received | | | | | | | 87,554 | | | | 119,629 | | | Additions in capital assets included in trade and other payables | | | | | | | - | | | | 551,762 | | | Exercise of stock options credited to capital stock | | | | | | | 96,200 | | | | - | | | | | | | | | | | | | | | |

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

Condensed Notes to the interim Consolidated Financial Statements Three and nine months ended September 30, 2022 and 2021 (Unaudited, in Canadian Dollars)

1. NATURE OF OPERATIONS, BASIS OF PRESENTATION

Amaroq Minerals Ltd. (the "Corporation") (previously known as AEX Gold Inc.) was incorporated on February 22, 2017, under the Canada Business Corporations Act. The Corporation's head office is situated at 3400, One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4, Canada. The Corporation operates in one industry segment, being the acquisition, exploration and development of mineral properties. It owns interests in properties located in Greenland. The Corporation's financial year ends on December 31. Since July 2017, the Corporation's shares are listed on the TSX Venture Exchange (the "TSX-V"), since July 2020, the Corporation's shares are also listed on the AIM market of the London Stock Exchange ("AIM") and from November 1, 2022, on Nasdaq First North Growth Market Iceland ("Nasdaq") under the AMRQ ticker.

These unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2022 ("Financial Statements") were approved by the Board of Directors on November 28, 2022.

1.1 Basis of presentation

The Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") including International Accounting Standard ("IAS") 34, Interim Financial Reporting. The Financial Statements have been prepared under the historical cost convention.

The Financial Statements should be read in conjunction with the annual financial statements for the year ended December 31, 2021, which have been prepared in accordance with IFRS as issued by the IASB. The accounting policies, methods of computation and presentation applied in these Financial Statements are consistent with those of the previous financial year ended December 31, 2021.

2. CRITICAL ACCOUNTING JUDGMENTS AND ASSUMPTIONS

The preparation of the Financial Statements requires Management to make judgments and form assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and reported amounts of expenses during the reporting period. On an ongoing basis, Management evaluates its judgments in relation to assets, liabilities and expenses. Management uses past experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments. Actual outcomes may differ from these estimates under different assumptions and conditions.

In preparing the Financial Statements, the significant judgements made by Management in applying the Corporation accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Corporation's audited annual financial statements for the year ended December 31, 2021. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. MINERAL PROPERTIES

| | | As at December 31, 2021 | | | Additions | | | As at September 30, 2022. | | | | | | | | $ | | | $ | | | $ | | | | | | Nalunaq - Au | | | 1 | | | | - | | | | 1 | | | Tartoq - Au | | | 18,431 | | | | - | | | | 18,431 | | | Vagar - Au | | | 11,103 | | | | - | | | | 11,103 | | | Nuna Nutaaq - Au | | | 6,076 | | | | - | | | | 6,076 | | | Anoritooq - Au | | | 6,389 | | | | - | | | | 6,389 | | | Naalagaaffiup Portornga - Strategic Minerals | | | 6,334 | | | | - | | | | 6,334 | | | Saarloq - Strategic Minerals | | | 7,348 | | | | - | | | | 7,348 | | | Sava - Strategic Minerals | | | 6,562 | | | | - | | | | 6,562 | | | Total mineral properties | | | 62,244 | | | | - | | | | 62,244 | |

| | | As at December 31, 2020 | | | Additions | | | As at December 31, 2021 | | | | | | | | $ | | | $ | | | $ | | | | | | Nalunaq | | | 1 | | | | - | | | | 1 | | | Tartoq | | | 18,431 | | | | - | | | | 18,431 | | | Vagar | | | 11,103 | | | | - | | | | 11,103 | | | Nuna Nutaaq | | | 6,076 | | | | - | | | | 6,076 | | | Anoritooq | | | 6,389 | | | | - | | | | 6,389 | | | Naalagaaffiup Portornga | | | 6,334 | | | | - | | | | 6,334 | | | Saarloq | | | 7,348 | | | | - | | | | 7,348 | | | Sava | | | 6,562 | | | | - | | | | 6,562 | | | Total mineral properties | | | 62,244 | | | | - | | | | 62,244 | |