Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS MOU / TERMS WITH MOLYMET IN THE PRESENCE OF THE PRIME MINISTER OF BELGIUM

On the 20-year anniversary of Molymet Belgium, and in the presence of Belgium Prime Minister Alexander De Croo and John Graell, chief executive officer of Molymet, Greenland Resources Inc. signed a memorandum of understanding with binding terms for long-term sales and toll conversion of molybdenum concentrate with Molibdenos y Metales SA (Molymet). Molymet is an international investment-grade-rated company with the world's largest molybdenum processing capacity and sales, with production facilities in Germany, Belgium, Mexico and Chile, and sales offices in nine different countries. A communique from Molymet Belgium can be found on its website.

The MOU sets the path for the sales and tolling conversion of a significant part of the long-term production of the Malmbjerg molybdenum project concentrate, and contains both binding and non-binding clauses, as well as detailed pro forma terms and conditions. This MOU will give the company the option to both sell its molybdenite concentrate to Molymet, and also to toll process only, and sell secondary products like ferromolybdenum, molybdenum oxide and ammonium dimolybdate directly to various steel and chemical companies. The company has seen strong interest from large EU (Europan Union) investment-grade metallurgical steel and chemical companies to source molybdenum from Greenland, and has already signed documentation with many of them. As an example, see the company's Jan. 19, 2023, press release.

The company thanks Molymet, the Prime Minister and EIT (European Institute of Innovation & Technology) RawMaterials/ERMA (European Raw Materials Alliance), which was also was represented at the event. The event had coverage in various national newspapers and photos can be found in the company's website gallery.

About Greenland Resources Inc.

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100-per-cent-owned world-class Climax-type pure molybdenum deposit located in central-east Greenland. The Malmbjerg molybdenum project is an open-pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from a National Instrument 43-101 definitive feasibility study completed by Tetra Tech in 2022, with proven and probable reserves of 245 million tonnes (Mt) at 0.176 per cent MoS2 (molybdenum disulphide), for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years 1 to 10 is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23 per cent MoS2. The project had a previous exploitation licence granted in 2009. With offices in Toronto, the company is led by a management team with an extensive record in the mining industry and capital markets.

The project is supported by the European Raw Materials Alliance (ERMA), as stated in its June 13, 2022, press release, a Knowledge and Innovation Community of the European Institute of Innovation and Technology (EIT), a body of the European Union.

About molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition. When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021, where the European Union, as the second-largest steel producer in the world, used approximately 25 per cent of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel-dependent industries like the automotive, construction and engineering, represent around 18 per cent of the EU's $16-trillion (U.S.) GDP (gross domestic product). Greenland Resources' strategically located Malmbjerg molybdenum project has the potential to supply the EU with approximately 24 million pounds per year of environmentally friendly molybdenum from a responsible EU associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.

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