Heads of Terms Agreed for US$35 million Revolving Credit Facility

Amaroq Minerals Ltd., a mine development company with assets in Southern Greenland, has agreed on terms for US$35 million in three Revolving Credit Facilities with Landsbankinn. This new agreement, subject to final documentation, replaces an undrawn US$18.5 million facility for construction activities.

CEO Eldur Olafsson stated that the new facilities simplify their debt structure and enhance financial flexibility, supporting the company's commitment to a strong capital management plan. The facilities will aid the development of the Nalunaq project, aiming for production later this year.

The financing includes a US$28.5 million facility with a margin of 9.5% per annum, reducing to 7.5% once specific financial conditions are met. An additional US$6.5 million facility, with a 7.5% margin, will be available for general corporate purposes.

The arrangement includes a 1.5% fee, 0.4% commitment fee on unutilized amounts, and a maturity date of October 1, 2026. Amaroq expects to finalize legally binding documents by year-end, with current debt facilities remaining in place until then.