STARBOARD TO FILE EARLY WARNING REPORT

SÃO PAULO, Aug. 5, 2026 /CNW/ -- This press release is being disseminated as required by securities legislation in connection with the filing of an early warning report (the "Early Warning Report") to be made by Starboard Asset Ltda. ("Starboard"), a restructuring and private equity firm based in Brazil, regarding the common shares ("Common Shares") of Amapá Minerals Holdings Inc. ("Amapá" or the "Company") with its head office located at Estrada do Taperebá, km 15, S/N, Pedra Branca do Amapari, State of Amapá, Brazil.

The requirement to file the Early Warning Report was triggered on August 4, 2026, when Classe Roca Magma Multiestratégia Responsabilidade Limitada do SSF IV Coinvestimento I Fundo de Investimento em Participações ("FIP Roca Magma"), an investment fund incorporated and registered in Brazil and managed by Starboard, exercised (the "Warrant Exercise") 25,581,117 share purchase warrants ("Warrants") for 25,581,117 common shares of Amapá ("Common Shares") at an exercise price of $1.00 per warrant (the "Exercise Price") for an aggregate purchase price of $25,581,117.

Immediately prior to the Warrant Exercise, Starboard, through FIP Roca Magma and Classe A Multiestratégia Responsabilidade Limitada do Starboard Special Situations IV Fundo de Investimento em Participações ("SSF IV"), an investment fund incorporated and registered in Brazil and managed by Starboard, owned or controlled 194,120,409 Common Shares and 55,946,250 Warrants, representing 55.65% of the issued and outstanding Common Shares on a non-diluted basis, and 61.78% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of all of FIP Roca Magma's Warrants). In connection with the Warrant Exercise, Starboard, through FIP Roca Magma, disposed of ownership or control of 25,581,117 Warrants and acquired ownership or control of 25,581,117 Common Shares.

Following the Warrant Exercise, Starboard, through FIP Roca Magma and SSF IV, owns or controls 219,701,526 Common Shares and 30,365,133 Warrants, representing approximately 58.68% of the issued and outstanding Common Shares on a non-diluted basis, and 61.78% of the issued and outstanding Common Shares on a partially-diluted basis (assuming the exercise of all of FIP Roca Magma's Warrants). The Warrant Exercise resulted in a 3.03% increase in Starboard's ownership or control of Common Shares on a non-diluted basis, and no change in Starboard's ownership or control of Common Shares on a partially-diluted basis, as the Warrants were already included in Starboard's partially diluted ownership from its last report filed on July 31, 2026.

Starboard and its joint actors hold their Common Shares for investment purposes. Depending on various factors, including, without limitation, market conditions, general economic and industry conditions, and the Company's business and financial condition, Starboard and its joint actors may take such actions with respect to its investment in the Company as they deem appropriate, including, without limitation, acquiring additional securities of the Company, or selling or otherwise disposing of securities of the Company from time to time, in each case subject to applicable laws and the terms of the Investor Rights Agreement and the lock-up agreements, each as described in the early warning report to be filed in connection with this news release. 

The address of Starboard is Avenue Brigadeiro Faria Lima, 3311- 1° floor - Itaim, São Paulo, São Paulo - 04538-133 - Brazil.

For further information, including a copy of the corresponding early warning report to be filed by Starboard with the applicable Canadian securities regulatory authorities, please visit www.sedarplus.ca or contact José Eduardo Siqueira, Legal Manager of the Company, at [email protected] or [phone].

SOURCE Starboard Asset Ltda.