Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS LETTER OF INTENT WITH FLSMIDTH FOR METALLURGICAL PROCESS EQUIPMENT

Greenland Resources Inc. has signed a letter of intent for supply of metallurgical process equipment, technology, services and technical solutions for the Malmbjerg molybdenum project with Danish company FLSmidth AS, a full flow sheet technology and service supplier to the global mining and cement industries.

The company has now added FLSmidth to the list of Denmark-based companies that are associated with the project, such as the world-class Danish chemical molybdenum end-user announced in the company's press release of Jan. 19, 2023, as well as WSP Danmark AS for environmental and social and COWI AS for navigation. These relationships are expected to facilitate equipment financing from government banks in Denmark.

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.

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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