Dr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES SUMMER UPDATE

Greenland Resources Inc. has provided an update on its continuing 2023 summer progress on its Malmbjerg molybdenum project.

Highlights:

• The company continues to be very active with the process for debt and equity on capital expenditure financing with the banks that provided letters of intent as previously announced.
• Molybdenum remains one of the best performing metals this year where molybdenum prices quoted by the London Metal Exchange closed yesterday at $24.97 (U.S.)/pound Mo, nearly 40 per cent higher than the base case price used in the company's National Instrument 43-101 feasibility study.
• The company scheduled five trips to Greenland this summer. The first trip in July included a visit to the project site from a global integrated mining company. WSP Denmark also joined the trip and conducted fieldwork as part of comments received by the Environmental Agency for Mineral Resource Activities (EAMRA).
• During the second trip in August, a mini-bulk sample of 200 kilograms was taken from historic core storage in Kangerlussuaq for further metallurgical testing in a saline process water environment. The third trip this week consists of the company's financial advisers and their team visiting the project site as part of the work required by the banks that have expressed written interest in financing the project capex. Draft reports for the banks are expected to be ready during the month of September.
• The fourth trip next week will include a visit to the Minister of Mineral Resources and meetings with the EAMRA in Nuuk, to provide an update on the project permitting process. The fifth trip in early September is expected to include collecting additional saline and freshwater samples from the planned Noret tailings management facility in the project area as part of the environmental studies.
• On July 12, 2023, the company closed a financing with one of Denmark's leading asset management and private equity companies. Also on June 28, the company, beyond legal obligations, expanded the scope of the financial sponsorship agreement to support the local community of Ittoqqortoormiit, the only nearby settlement.
• The Greenland government has invited the company to present the project in relation to the coming European Union-Greenland strategic partnership on raw material value chains in an event to be held in October with the participation of the Greenland government and the European Commission.
• During the summer, the company engaged the Danish international engineering and environmental consulting group COWI A/S on wind and solar energy alternatives. The study looks promising and could also help Ittoqqortoormiit. Currently, the project is expected to require zero energy in nearly 45 per cent of its operation due to the transport of the ore using gravity with an aerial rope conveyor, and the company is committed to decarbonize at the same pace as end-users.
• The company is scheduled to attend the 35th International Molybdenum (IMOA) annual general meeting Sept. 3 to 8 in Santiago, Chile, and is expected to meet, among others, the metallurgical steel and chemical companies that have signed with the company documentation related to offtakes.

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 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 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23 per cent MoS2, approximately 25 per cent of EU total yearly consumption. 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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