Amaroq Minerals Regulatory News (AMRQ)

NOTIFICATION OF MAJOR HOLDINGS

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:

Amaroq Minerals Ltd.

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

X

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Details of person subject to the notification obligation

Name

Akta sjóðir hf., an alternative investment fund manager, acting on behalf of funds operated by the company.

City and country of registered office (if applicable)

Reykjavík, Iceland

4. Full name of shareholder(s) (if different from 3.)

Name

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi:

22/08/2023

6. Date on which issuer notified (DD/MM/YYYY):

23/08/2023

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B) vii

Resulting situation on the date on which threshold was crossed or reached

4.028%

10,619,870

Position of previous notification (if

applicable)

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type ofshares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

 (DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

IS0000034569

10,619,870

4.028%

SUBTOTAL 8. A

10,619,870

4.028%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expirationdate x

Exercise/Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expirationdate x

Exercise/Conversion Period xi

Physical or cash

Settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv

X

Name

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Akta HS1 hs.

Akta HL1 hs.

Akta Stokkur hs.

Akta HS2 slhf.

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information

Akta sjóðir hf. is an alternative investment fund manager according to the Icelandic Act no. 45/2020 on alternative investment fund managers.

Akta sjóðir hf. does not own any shares in Amaroq Minerals Ltd. directly but holds the direct voting rights over the votes that are attached to the depositary receipts in Amaroq Minerals Ltd. owned by funds operated by Akta sjóðir hf., as per items 7 and 8 above.

Place of completion

Reykjavík, Iceland

Date of completion

23 August 2023