🇮🇸 Amaroq confirms high-grade zinc, lead, silver and critical minerals at Black Angel mine

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Exploration helicopter on top of the Nalunaq Mountain. (Amaroq Minerals)

Reykjavík, Nov. 11, 2025 — Amaroq Ltd. (“Amaroq” or the “Company”)

Amaroq (AIM, TSX-V, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development corporation focused on unlocking Greenland’s mineral potential, has announced the results from re-assayed bulk samples from the Black Angel mine and confirmed the fulfilment of all conditions precedent for its acquisition.

Highlights

  • Re-assayed bulk sample confirms 24.6% zinc, 28.1% lead, and 295 g/t silver.

  • Commercial levels of germanium (44 ppm), gallium (21 ppm) and cadmium (1,328 ppm) identified — adding significant value to the project.

  • Concentrate grades of 102 ppm Ge, 48.5 ppm Ga and 3,040 ppm Cd may be achievable in a future zinc concentrate.

  • All conditions precedent for the Black Angel mine acquisition completed; final approval on Kangerluarsuk licences expected in Q4 2025.

  • West Greenland Hub confirmed as 100% owned by Amaroq, separate from the Gardaq JV (Amaroq 51%).

  • Black Angel to be advanced as a standalone mining development project and new hub for the Company.

Next Steps

At Black Angel, site reviews have defined camp and facility upgrade requirements and geophysical surveys are planned ahead of the 2026 field season. These will target growth of the current Mineral Resource of 3.2Mt @ 8.8% Zn and 3.0% Pb (Indicated) and 0.5Mt @ 4.73% Zn and 2.2% Pb (Inferred) before technical studies and mine development assessments begin.

Initial work will focus on the Deep Ice body, where historical drilling confirmed 6.9 m @ 13.1% Zn and 19.5% Pb.

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CEO Statement

“These exciting assay results confirm the impressive zinc, lead and silver grades within the existing resource, and also highlight high levels of germanium, gallium and cadmium,” said Eldur Olafsson, CEO of Amaroq.

    “Given China’s dominance in gallium and germanium production, these findings underscore the strategic importance of Amaroq’s expanding portfolio to Western supply chains. The completion of this transaction establishes the West Greenland Hub as our second mining province and cornerstone for our broader growth strategy.”

    The West Greenland Hub

    The West Greenland Hub combines the past-producing Black Angel mine and adjacent Kangerluarsuk exploration licences, expanding Amaroq’s footprint beyond its South Greenland assets.

    The Hub diversifies Amaroq’s exposure to zinc, lead, silver, and critical minerals, while serving as a logistics base for Amaroq’s Suliaq subsidiary, which supports Greenland’s growing mining sector.

    This acquisition strengthens Amaroq’s goal of building a full-cycle mining company in Greenland and cements its position as a key player in the nation’s mining industry.

    Black Angel

    Originally discovered in the 1930s and operated between 1973 and 1990 by Cominco (now part of Teck) and later Boliden, Black Angel produced about 11.2 million tonnes of ore grading 12.6% Zn, 4.1% Pb and 29 g/t Ag.

    Today, the deposit holds an estimated 3.2Mt @ 8.8% Zn and 3.0% Pb (Indicated) and 0.5Mt @ 4.73% Zn and 2.2% Pb (Inferred). Recent re-assays have revealed commercially significant levels of germanium, gallium and cadmium, enhancing the project’s strategic value.

    Amaroq plans to leverage existing infrastructure — including underground workings, a camp, an aerial tramway, and a deep-water port — to fast-track redevelopment. The Company aims to replicate its successful “Nalunaq model” of refurbishment and phased production.

    Bulk Sample Re-assay Results

    Element Zn (%) Pb (%) Cu (%) Ag (g/t) Ge (ppm) Ga (ppm) Cd (ppm)
    Min 1.13 0.045 0.015 6.00 4.8 1.5 198
    Max 66.1 82.0 1.53 827 93.7 59.4 3500
    Average 24.6 28.1 0.4 295.0 44.4 21.2 1328.2

    Kangerluarsuk

    Located about 12 km north of Black Angel, Kangerluarsuk lies within the same geological belt and has shown zinc-lead-silver mineralisation at surface.

    Historical sampling returned up to 45% zinc and 596 g/t silver, and maiden drilling is planned for 2026 to confirm subsurface continuity.

    This project could provide a satellite deposit to feed Black Angel, consistent with Amaroq’s hub development strategy.

    Ownership Structure

    Amaroq confirms that the West Greenland Hub remains 100% owned by the Company and outside of the Gardaq JV, which will continue focusing on early-stage exploration.

    Sampling and QAQC Disclosure

    All bulk samples were collected by Amaroq geologists, packaged under strict chain-of-custody, and analyzed by ALS Geochemistry in Ireland under ISO/IEC 17025 standards using ICP-AES and OG46 ore-grade methods.

    Routine certified standards, blanks, and duplicates confirmed accuracy and reliability of assay results.

    Enquiries

    Amaroq Ltd.
    Ed Westropp, Head of BD and Corporate Affairs — +44 (0)7385 755711 — [email protected]
    Eddie Wyvill, Corporate Development — +44 (0)7713 126727 — [email protected]

    Panmure Liberum Limited (Nomad & 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

    About Amaroq

    Amaroq is focused on the exploration and development of gold and strategic metal properties in South Greenland, including the Nalunaq Gold Mine and projects in the Stendalen and Sava Copper Belt.

    The Company is incorporated in Ontario, Canada, and wholly owns Nalunaq A/S, registered in Greenland.

    Qualified Person Statement

    The technical information in this release has been approved by James Gilbertson CGeol, VP Exploration at Amaroq and a Chartered Geologist with the Geological Society of London.

    Forward-Looking Information

    This release contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially. Amaroq undertakes no obligation to update forward-looking statements except as required by law.

    Originally published on 11 November by Amaroq Minerals.

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