Interim report for the six months to 30 June 2008

Summary: The Nunaminerals A/S Supervisory Board today reviewed and approved the financial statements for the first six months of 2008.

• The company suffered a net loss of DKK 1.9 million for the six-month period after capitalisation of exploration costs. This financial result is in accordance with the announced plans.

• Activity level has increased 25% compared to 2007.

• In the first six months of 2008, NunaMinerals has invested DKK 9.7 million in exploration, following the plans most recently announced in its 2 June 2008 prospectus.

• The company's listing has been moved from Dansk Autoriseret Markedsplads to the main Nasdaq OMX Nordic Exchange Copenhagen list.

• The company issued new shares in June 2008, increasing its share capital from DKK 80.9 million to DKK 106.6 million. This share offering netted NunaMinerals DKK 97.4 million in proceeds.

• This new capital will ensure continuation of exploration activities until the end of 2009.

• At the beginning of 2008, NunaMinerals entered into an option agreement with the worlds second largest platinum producer Impala Platinum Holding Ltd. (Implats) regarding the Amikoq prospect in the Fiskefjord concession. Cooperation is good and progress is according to plans.

• Visible gold matching auriferous structures on the surface has been found in drillings in the Qussuk prospect all in accordance with the expected geological model. Due to the positive results the drill programme will be expanded.

• In the Vagar project successful georadar measurements have taken place. Due to the positive results drilling at selected locations will take place during the winter.

• Two new exclusive concessions were granted in the first half of 2008, and three existing

concessions expanded. The company has also applied for a new exclusive concession in northern Greenland.

• The projection for the 2008 financial year continues to be an operating loss of DKK 34 million before capitalisation of exploration costs and an operating loss of DKK 4 million before financial items and after capitalisation of exploration costs.

Webcast

A webcast in Danish featuring a review of the most important events of the first six months of 2008 will be posted at 4.00 pm on 14 August at the company's website www.nunaminerals.com.

Nuuk, 13 August 2008 Announcement no.: 2008/31

Page 1 of 14

Interim report for the six months to

For additional information, please contact

Ole Christiansen, president and CEO, on telephone +299 36 20 01 or mobile +299 55 18 57.

Financial Highlights

2004 2005 2006 2007 1H 2008

t.kr. t.kr. t.kr. t.kr. t.kr.

______ ______ _______ _______ _______

5 years key figures

Revenue 83 23 452 3.971 1.032

Amortisation, depreciation and

Impairment losses (485) 245 (565) (2.164) (557)

Profit/(Loss) before financial

Income and expenses (1.807) (5.302) (4.253) (4.236) (1.857) Profit/(loss) before tax (2.334) (12.937) (3.467) 11.197 (1.875) Profit/(Loss) for the year (2.334) (12.937) (3.467) 11.197 (1.875)

Equity 49.001 77.762 74.251 84.957 180.487

Total assets 50.902 79.796 76.798 89.670 192.784

number of shares 577.909 809.101 809.101 809.101 1.066.216

Key ratios

Earnings per share (DKK.) (4,04) (15,99) (4,29) 13,84 (1,76) Operating margin (%) (2.177) (35.347) (941) (107) (180)

Return on equity (%) (6) (20) (5) 14 (1)

Equty ratio (%) 96 97 97 95 94

Net asset value per share 84,79 96,11 91,77 105,00 169,28

Dividends per share 0 0 0 0 0

Investment in property, plant

and equipment 48 2.140 19.062 3.653 293

Investment in intangible assets 3.708 9.281 18.233 23.893 9.742

Full-time equivalents 5 6 9 11 7

Management report for the six months to 30 June 2008 Activities

The 2008 field season started well, with favourable weather conditions all the way through both June and July. The company's plans for the 2008 field season have been followed up to the publication date of this announcement.

Core projects

As described in the prospectus, the company has focused on continuing to develop its core projects: Gold projects Storø, Qussuk and Vagar; Nickel projects Giesecke, Maniitsoq West and Ammassalik/Kitak and the Ymer Ø tungsten gold project.

The company expects to collect samples for metallurgical testing from both the BD Zone and the Main Zone in the Storø prospect (gold) during the field season. Data from the field season will be interpreted and evaluated this coming winter, and NunaMinerals will be looking for a partner for the project at the same time, in line with its strategy.

Drilling has already begun in the Qussuk prospect (gold and copper) as planned. The company expects to drill 2000 metres at the identified drilling targets before the field season is over. As published in the company's Announcement No. 2008/25, visible gold was identified in this year's drill cores that confirms and matches the gold- and copper-bearing structures on the surface. The data collected will be interpreted this coming autumn.

In the Vagar prospect (placer gold) the company expects to conduct geophysical surveys of the delta areas and basins. During the field season the company expects to dig test excavations.

With respect to the Ymer Ø prospect (tungsten, gold, antimony and arsenic), currently available hyperspectral data is analysed with a view to localising new mineralisations in the area. To supplement these efforts, the company expects to conduct roughly 2.500 line kilometres of magnetic and electromagnetic surveying of the most prospective areas of Ymer Ø in order to prepare for drilling. The intention is to run a large-scale campaign of exploration in the 2009 field season that includes environmental studies and bulk sampling, if warranted by the data.

Airborne Sky-TEM geophysical surveys were conducted in the Giesecke prospect (nickel), and the results are currently undergoing analysis. The company expects to collect samples for MMI (Mobile Metal Ion) testing with a view to determining whether there is nickel in areas where conductors have been found.

The company expects also to conduct a follow-up field programme to support the current process of interpretation and collation of data.

Exploration of the Ammassalik/Kitak prospect (nickel) is also at the data interpretation and collation stage.

Non-core projects

As regards the remainder of the company's projects, the company will be running a prospecting programme this field season for the purpose of verifying the quality of each prospect in order to provide a basis for making decisions with respect to planning next year's field season. For example, platinum prospecting in Amikoq is currently being carried out together with project partner Implats.

New exclusive concessions and expansions

In the spring of 2008, NunaMinerals applied for two new exclusive concessions and enlargements of three existing concessions. As stated in the company's Announcement No. 2008/27, these applications were granted at the beginning of July 2008.

The two new exclusive concessions are Qapiarfik and Igasoq:

• Qapiarfik is 165 km2 of land between Søndre Isortoq and the Evighedsfjorden with a potential for platinum group metals and gold.

•

The three existing but now also larger concessions are:

• Storø, around the Qussuk prospect, which offers a potential for gold and copper. • Maniitsoq East, which has a potential for nickel.

• Vagar, in areas offering potential gold findings, e.g. in river and delta deposits.

NunaMinerals expects to perform reconnaissance and prospecting activities in these new and larger concessions during the current field season.

In June 2008, NunaMinerals also applied for a new exclusive concession for a 450 km2 _{area of}

land south of Thule Air Base with a view to conducting preliminary surveys to assess the area's iron potential.

Phase model for NunaMinerals prospects as of 30 June 2008 Share Area km2

2007/53 Inglefield Land, North Greenland 1 Inglefield Iron 100% 247 ► 2007/13 Giesecke, West Greenland 2 Giesecke Nickel 100% 337 ► 2007/51 Maniitsoq East, West Greenland 1260

3 Maniitsoq East Gold 100% 310 ►

4 Maniitsoq West Nickel 100% 950 ► 2005/16 Fiskefjord, West Greenland 766

5 Amikoq Platinum group metals 40%-100% 124 ► 6 Fiskevandet Platinum group metals 100% ► 7 Miaggoq Platinum group metals 100% ► 8 Ulamertoq Platinum group metals 100% ► 2002/07 Storø, West Greenland 874

9 Qingaaq Gold 100% 5 ► # Aappalaartoq Gold 100% 10 ► # Bjørneø Gold 100% 80 ► # Sermitsiaq Gold 100% 25 ► # Ivisaartoq Tungsten 100% 120 ► # Qussuk Gold-Copper 100% 534 ► 2005/25 Isua, West Greenland 179

# Baseline Conductor Base metals 100% ► # Tangent Showing Gold 100% ► 2007/10 Kang East, West Greenland 1223

# Tikiusaaq REE, Diamonds 100% ► # No Name Copper-Gold 100% ► 2005/24 Paamiut, West Greenland 182

# Akuliaq Gold 100% 20 ►

# B Gold 100% 27 ►

# Nigerlikasik Nickel-Copper 100% 50 ► # Nigerleq Palladium, Tungsten, Gold 100% 85 ► 2006/10 Vagar, South Greenland 287

# Nanisiaq Gold 100% ► # Lake 410 Gold 100% ► # Qoorormiut Placer-Gold 100% ► # Niaqornaarsuk Placer-Gold-Tungsten 100% ► # Kirkespirdalen Placer-Gold 100% ► # Lake 410 Placer-Gold 100% ► 2007/12 Hugin, South East Greenland 1074

# Stendalen Nickel, Titanium 100% 150 ► # Sorte Nunataq Gold, Copper 100% 30 ► # Kutseq Gold 100% 20 ► # Kangerluluk Gold-Copper 100% 25 ► # Resten af Hugin Unknown 85%-100% 849 ► 2005/11 Kitak, East Greenland # Kitak Nickel 48 ► 2007/49 Ammassalik, East Greenland # Ammassalik Nickel 149 ► 2007/50 Ymer Ø, North East Greenland 1226

# Margeries Dal Tungsten-Antimony 100% ► # Noa Dal Gold-Tungsten 100% ►

2008/37 Igasoq, West Greenland # Igasoq Gold 100% 193 ► 3008/38 Qapiarfik, West Greenland # Qapiarfik Gold, Platinum group metals 100% 165 ►

FEASIBILITY PHASE MINING PHASE GRASS ROOT PHASE PROSPECTING PHASE CONTINUITY PHASE RESSOURCE DEFINITION

PHASE

PHASE 3 PHASE 4 PHASE 5 PHASE 6 Concession Prospect

Successful listing and capital increase on the OMX Nordic Exchange Copenhagen

On 8 April this year, NunaMinerals announced that it intended to transfer its listing to the Nasdaq OMX Nordic Exchange Copenhagen and, in connection with such transfer, to offer new shares.

The listing was transferred from Dansk AMP to the OMX effective 4 June, and on 9-17 June, current and new shareholders subscribed for new shares with a total nominal value of DKK 25.7 million. This meant the company received net proceeds of DKK 97.4 million plus more than 700 new shareholders as a result of the issue.

These proceeds will ensure that exploration activities can continue until the end of 2009, and they will be used in combination with the company's existing capital to promote the company's core projects. Also, small portion of the funds will be spent on developing the company’s other projects and on starting up new projects.

Financial results

There are no comparative figures from the same six months of 2007, as NunaMinerals did not previously prepare interim reports.

The company suffered a net loss for the period of DKK 1.9 million after DKK 9.7 million in capitalised exploration costs.

The financial results for the first six months of 2008 are as expected and in keeping with previously announced projections.

A total of DKK 9.7 million was invested in intangible assets in the form of capitalised exploration costs and DKK 0.3 million in property, plant and equipment.

The share offering in June resulted in an increase in company capital from a nominal value of DKK 80,910,100 to DKK 106,621,600 Net proceeds amounted to DKK 97.4 million.

At the end of the first six months of 2008, NunaMinerals had funds totalling DKK 111.1 million, of which DKK 98.1 million was bank deposits and DKK 13.0 million an unutilised credit facility.

Transactions with related parties

There were no transactions with related parties in the first six months of 2008.

Events after 30 June 2008

In July 2008, the company's share capital increased by 1400 shares as a result of an

overallotment connected with the June 2008 share offering. This netted NunaMinerals proceeds of DKK 0.6 million.

In line with the positive results from the first part of the drillings at Qussuk is has been decided to extend the drilling programme.

In line with the positive results from the first phase of the field programme at Vagar is has been decided to conduct winter drilling at selected locations.

Aside from the above-mentioned new and larger concessions, no events have occurred since 30 June 2008 which change the assessment of this interim report.

Projected developments and financial results

NunaMinerals’ accounting policies remain unchanged. Exploration costs are capitalised at cost in accordance with the successful effort principle.

NunaMinerals expects to carry out all activities planned: in addition to the activities outlined above, it is primarily a question of conducting preliminary surveys to determine the iron potential in Inglefield Land and in the area south of Thule Air Base for which the company has recently submitted an exclusive concession application.

The projection for the 2008 financial year continues to be an operating loss of DKK –34 million before capitalisation of exploration costs and an operating loss of DKK 4 million before financial items and after capitalisation of exploration costs.

OTHER INFORMATION Shareholder information

It is NunaMinerals' policy to inform investors, analysts and other stakeholders openly, completely and in due time of company circumstances in accordance with legal requirements and on the basis of currently applicable standards and recommendations that the company finds relevant. The company emphasises continuity, quality and consistency in its communication of information and seeks to live up to the highest standards in this respect at all times.

Immediately after its announcement, news about the company is published at the NunaMinerals website www.nunaminerals.com, where interested parties may also sign up for the company's news service to automatically receive announcements and other company news by e-mail.

Following its most recent share offering, NunaMinerals has more than 1,900 registered

shareholders. The following shareholders owned more than five per cent of the company's share capital at 30 June 2008:

• The Government of Greenland: 37.1% • Rudersdal A/S: 19.5%

• The Employees’ Capital Pension Fund (LD): 17.9% Financial calendar

NunaMinerals plans the following activities for 2008 and 2009: 28 October 2008 Interim report, Q3 2008

31 March 2009 2008 full-year profit announcement 14 April 2009 2008 annual report

Stock exchange releases 2008

15. January 2008 (# 1) Impala Platinum Holdings Limited (“Implats”) of South Africa 30. January 2008 (# 2) The Storø Gold Prospect

4. February 2008 (# 3) Qussuk update

29. February 2008 (# 4) Chasing nickel and copper at Ammassalik and Nassuttooq 13. March 2008 (# 5) Insider transactions

19. March 2008 (# 6) Insider transactions 8. April 2008 (# 9) Move to Nasdaq OMX 14. April 2008 (# 10) Quarterly Report Q1-2008 20. May 2008 (# 11) Storø Bulk samples

20. May 2008 (# 12) Updated business plan 30. May 2008 (# 14) Investor meetings

2. June 2008 (# 15) NunaMinerals issues prospectus 4. June 2008 (# 16) Financial Calendar 2008

7. June 2008 (# 17) NunaMinerals announces price range for share offering 18. June 2008 (# 18) NunaMinerals announcing results of offering

23. June 2008 (# 19) Greenland Home Rule gives Major Share announcement 23. June 2008 (# 20) Rudersdal gives major shareholder announcement 23. June 2008 (# 21) NunaMinerals publishes new Articles of assoication 23. June 2008 (# 22) Insiders' dealings in connection to the capital raise 30. June 2008 (# 23) Updated Financial Calander

30. June 2008 (# 24) NunaMinerals share capital and votes have changed due to the capital raise

30. June 2008 (# 25) Drilling confirms visible gold at Qussuk

2. July 2008 (# 26) Insiders' dealing in connection with the offering 3. July 2008 (# 27) New exclusive concessions

30. July 2008 (# 28) Stabilisation Notice

31. July 2008 (# 29) NunaMinerals publish new articles of association

STATEMENT BY THE SUPERVISORY BOARD AND THE EXECUTIVE BOARD

We have today presented the interim report for the six months to 30 June 2008 for NunaMinerals A/S.

The interim report is presented in accordance with the Danish Financial Statements Act and Danish accounting standards. We consider the accounting policies to be adequate, to the effect that the interim report gives a true and fair view of the company’s assets, liabilities, financial position, results of operations and cash flows.

Nuuk, 13 August 2008

Executive board

Ole Christian Anthon Christiansen President, CEO

Supervisory Board

Anton Marinus Christoffersen (Chairman)

Carsten Michael Berger (Deputy Chairman)

Kaare Vagner Jensen

Income statement

1H 2008 2007

kr. t.kr.

___________ _______

Revenue 1.031.515 3.971

Work performed for own account and capitalised 9.741.570 23.893

Other operating income 0 1.023

Other external expenses (8.275.107) (22.994)

Staff costs (3.797.624) (7.964)

Amortisation, depreciation and impairment losses (557.310) (2.164)

___________ _______

Operating loss (1.856.955) (4.236)

Net loss in associates 0 13.054

Other financial income 57.829 3.208

Financial expenses (76.056) (829)

___________ _______

loss from ordinary activities before tax (1.875.182) 11.197

Tax on operating loss 0 0

___________ _______

Net loss for the year (1.875.182) 11.197

___________ _______

___________ _______

Proposed distribution of loss

Balance sheet at 30 Juni 2008 1H 2008 2007 kr. t.kr. ___________ _______ Concessions ___________ 65.728.040 _______ 55.986 Intangible assets ___________ 65.728.040 _______ 55.986

Land and buildings 20.543.708 20.754

Other fixtures and fittings, tools and equipment ___________ 2.138.590 _______ 2.193

Property, plant and equipment ___________ 22.682.299 _______ 22.946

Investments in associates 2.000.000 2.000

Other investments ___________ 150.000 _______ 150

Fixed asset investments ___________ 2.150.000 _______ 2.150

Fixed assets

Inventories 641.968 0

other stocks ___________ 657.641 _______ 789

Inventories 1.299.609 789

Trade receivables 1.597.456 1.269

Receivables from associates 1.201.084 1.534

Other receivables 7.333 26 Prepayments ___________ 0 _______ 182 Receivables ___________ 2.805.872 _______ 3.010 Cash ___________ 98.117.709 _______ 4.788

Current assets

Assets

Balance sheet at 30 Juni 2008 1H 2008 2007 kr. t.kr. ___________ _______ Share capital 106.621.600 80.910 Treasury shares (566.413) (566)

Share premium account 71.694.078 0

Reserve for treasury shares 0 0

Retained earnings ___________ 2.738.235 _______ 4.613

Equity

Trade payables 8.654.862 2.474

Other payables ___________ 3.641.166 _______ 2.239

Short-term liabilities other than provisions ___________ 12.296.029 _______ 4.713

Liabilities other than provisions

Equity and liabilities

Statement of changes in equity for 30 Juni 2008

Share Share Reserve Retained Total

capital premium for own earnings

account invest- ments t. kr. t. kr. t. kr. t. kr. t. kr. Equity at 01.01.2007 80.910 0 (75) (6.584) 74.251 Capital increase 0 0 0 0 0 Treasury shares 0 0 (491) 0 (491)

Cover of accumulated loss 0 0 0 0 0

Net loss for the year 0 0 0 11.197 11.197

______ _____ _____ _______ ______

Equity at 31.12.2007 80.910 0 (566) 4.613 84.957

Capital increase 25.712 71.694 0 0 97.406

Treasury shares 0 0 0 0 0

Cover of accumulated loss 0 0 0 0 0

Net loss for the year 0 0 0 (1.875) (1.875)

Equity at 30.06.2008 106.622 71.694 (566) 2.738 180.487

Cash flow statement for 2008

1H 2008 2007

kr. t.kr.

___________ _______

Operating loss (1.856.955) (4.236)

Amortisation and depreciation 557.310 2.164

Working capital changes ___________ 7.277.055 _______ (820)

Cash flows from primary operating activities 5.977.409 (2.891)

Interest income etc receive 57.829 3.208

Interest income, etc received ___________ (76056) _______ (492)

Cash flows from operating activities 5.959.182 (175)

Income taxes paid 0 0

Cash flows from operating activities ___________ 5.959.182 _______ (175)

Acquisition of intangible assets (9.741.570) (23.893)

Sale of intangible assets 0 0

Acquisition of property, plant and equipment (293278) (3.653)

Sale of property, plant and equipment 0 0

Fixed asset investments 0 0

Fixed asset divestments 0 0

Trade with treasury shares net ___________ 0 _______ (491)

Cash flows from investment activities ___________ (10.034.848) _______ (6.230)

Contributed share capital and share premium account ___________ 97.405.578 _______ 0

Cash flows from financing activities ___________ 97.405.578 _______ 0

Increase/decrease in cash and cash equivalents 93.329.912 (6.405)

Cash and cash equivalents at 01.01.2008 ___________ 4.787.796 _______ 11.192