Mr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS MOU WITH NUNA GROUP OF COMPANIES FOR CONSTRUCTION AT MALMBJERG

Greenland Resources Inc. has signed a memorandum of understanding (MOU) with Nuna Group of Companies for the construction and commissioning of the infrastructure at the Malmbjerg molybdenum project.

Nuna is a Canadian majority Inuit-owned world-class civil construction company that specializes in remote Arctic infrastructure, construction and logistics. Nuna's expertise includes mine construction, maintenance and operations, and the construction and oversight of specialty technical services that include maritime structures and docking, fuel farm and storage facilities, electrical reticulation set-up, tailings management facility (TMF) operations, and aviation facilities, among others.

The company views Nuna's successful long record in developing mine projects in the Canadian Arctic, combined with the collaboration of the Nunavut Inuit and the Greenlandic Inuit people, as well as the government of Canada's views of molybdenum as a critical mineral, as very favourable for the development of the project. The MOU sets the path for the construction and commissioning of the mining, processing and TMF management infrastructure to tie in all the unit operations associated with mining, Ropecon conveyor transportation, metallurgical processing and shipping the final product to European Union end-users.

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 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.

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