Dr. Ruben Shiffman reports

GREENLAND RESOURCES ANNOUNCES EQUITY INVESTMENT FROM DANISH INVESTMENT FUNDS ADVISED BY MAJ INVEST

Greenland Resources Inc. has entered into a subscription agreement for a private placement financing with investment funds advised by Maj Invest. Under the terms of the private placement, Greenland Resources will issue 4,225,352 common shares in the capital of the company at a price of 71 cents per common share for gross proceeds of $3-million. The company intends to use the net proceeds from the private placement to advance capital expenditure and permitting of its Malmbjerg molybdenum project in Greenland and for general corporate and working capital purposes. The company welcomes Maj Invest as a partner with a long-term focus and strategic support for the development of the project.

Closing of the private placement is anticipated to occur on or around July 12, 2023, and is subject to certain customary conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Neo Exchange. The common shares issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. No finders' fees or commissions are payable on the private placement.

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 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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