Dr. Ruben Shiffman reports

GREENLAND RESOURCES INCREASES SUPPORT FOR THE LOCAL COMMUNITY OF ITTOQQORTOORMIIT IN EAST GREENLAND

Greenland Resources Inc. has finalized and expanded the scope of the financial sponsorship agreement originally announced on July 14, 2022, to support the local community of Ittoqqortoormiit. The local community of Ittoqqortoormiit is the only nearby settlement located 190 kilometres to the southeast of the Greenland Resources Malmbjerg project with around 354 inhabitants.

Upon further consultations with the Kommuneqarfik Sermersooq municipality and the Ittoqqortoormiit local council (the parties), and after receiving feedback from the local community during the stakeholders meetings conducted in December, 2022, the parties agreed to amend the July 14, 2022, sponsorship agreement in order to increase the amount of financial support and include provisions for mining training, improving Internet infrastructure, and greater grants for financing of the coming 100-year anniversary of the founding of Ittoqqortoormiit and the restoration of the new curation museum, with the museum also planned to be used as school facilities for children.

Avaaraq Olsen, the mayor of Kommuneqarfik Sermersooq, stated: "Kommuneqarfik Sermersooq is very enthusiastic about the collaboration with Greenland Resources. As Sermersooq municipality covers such a vast geographic area, it is important that we manage to include all towns and settlements in the municipality, when it comes to urban renewal, infrastructure and, not least, cultural dissemination. Our most sincere thank you to Greenland Resources, and their willingness to support the culture in Ittoqqortoormiit as well as future upcoming support in other areas."

Dr. Ruben Shiffman, executive chairman of Greenland Resources, said: "We are committed to help provide new life skills for the community and improve the quality of life of the population. Despite the nearby community of Ittoqqortoormiit being 190 km away and having no presence, hunting nor fishing in the project area, we aim to have principally Greenlandic people from the community working, participating and training in our project. Our planned support goes beyond any legal obligation, and is part of our corporate culture. Among the world's largest molybdenum producers (China, U.S., Chile, Peru, Mexico), Greenland ranks: No. 1 in education and health spending as percentage of GDP, No. 1 best GINI social inequality index, is the jurisdiction with the lowest poverty rates, No. 1 in hospital beds per capita, and second in GDP per capita. In addition, while most producing mines are between 7,514 km and 12,072 km away from Rotterdam, the main harbour for the EU metallurgical steel companies, our project is only 2,150 km away and is one of the top 5 per cent highest reserves grade deposit worldwide."

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 at 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 one 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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