Dr. Ruben Shiffman reports

GREENLAND RESOURCES CLOSES PRIVATE PLACEMENT AND PROVIDES CAPEX UPDATE

Greenland Resources Inc., further to its news release dated July 7, 2023, has closed the non-brokered private placement on the announced terms.

The company is also pleased to announce it has received several non-binding letters of intent from financial institutions, including AAA credit-rated entities, to finance capital expenditure of its Malmbjerg molybdenum project. The company will provide more information in due course.

The project benefits from a National Instrument 43-101 definitive feasibility study (FS) completed by Tetra Tech in 2022. The FS uses an $18 (U.S.)/pound long-term Mo price (current spot price $22 (U.S.)/lb Mo), and has an initial capex of $820-million (U.S.) and a 20-year life of mine. The estimated expected all-cash base case after-tax internal rate of return is 22.4 per cent with a net present value (6 per cent) of $1.17-billion (U.S.). The levered pretax and after-tax IRR is 40.4 per cent and 33.8 per cent, respectively, and payback is 2.4 years. Readers are encouraged to consult the full text of the definitive feasibility study available on the company's profile on SEDAR for more details.

Qualified person statement

The news release has been reviewed and approved by Jim Steel, PGeo, MBA, a qualified person as defined by Canadian Securities Administrators National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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 a planned 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 an NI 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 an expected 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.

We seek Safe Harbor.