Mr. Ruben Shiffman reports

ERMA AND GREENLAND RESOURCES MARK SUCCESSFUL PARTNERSHIP ADVANCING RESPONSIBLE MINING IN EUROPE

The European Raw Materials Alliance (ERMA) and Greenland Resources Inc. have highlighted their successful collaboration on the Malmbjerg molybdenum project, a prime example of cross-regional mining for a secure and sustainable European raw materials value chain for the Green Deal.

Outstanding collaboration supporting ESG (environmental, social and governance) standards and EU (European Union) circularity.

The Malmbjerg molybdenum project, exemplifying responsible mining practices with top-tier environmental, social and governance standards, will supply high-quality molybdenum to meet a substantial portion of Europe's demand. Notably, among the world's largest molybdenum producers -- China, the United States, Chile, Peru and Mexico -- Greenland leads in education and health spending as a percentage of GDP (gross domestic product) and boasts the lowest poverty rates.

The outstanding collaboration with ERMA has allowed Greenland Resources to sign documentation on offtake agreements directly with six major EU metallurgical steel and chemical companies, as well as secure letters of intent to finance the Malmbjerg molybdenum project capex (capital expenditures) from AAA credit-rated financial institutions like the Export and Investment Fund of Denmark (EIFO), among other development banks, and commercial banks like Deutsche Bank AG. ERMA has also played an important role in securing documentation with major European and Canadian mining equipment suppliers like Danish FLSmidth A/S and Austrian Doppelmayr Transport Technology GmbH.

Malmbjerg molybdenum project will answer 25 per cent of Europe's total molybdenum demand.

Molybdenum is a fundamental element in the manufacturing of all clean renewable energy technologies such as wind, geothermal, solar and hydro, as well as in the manufacturing of most mining equipment, making it vital for Europe's green transition. Currently, China produces around 45 per cent of world's molybdenum, while the EU is the second-largest molybdenum user worldwide and has no production of its own. Greenland Resources will be able to supply approximately 25 per cent of Europe's total molybdenum demand for over 20 years from a responsible EU source with one of the highest-grade and clean molybdenum deposits in the world.

As global demand for molybdenum continues to soar, its prices have surged, making it one of 2023's top-performing metals. The London Metal Exchange reported a closing price of $23.95 (U.S.)/lb (pound) Mo (molybdenum) on Sept. 22, nearly 33 per cent higher than the base case price used in the company's National Instrument 43-101 feasibility study.

Naaja H. Nathanielsen, Greenland's Minister of Finance, Minerals, Justice and Gender Equality, underscores Greenland's unique advantage in providing a high-quality, easily accessible molybdenum supply chain to Europe, while prioritizing responsible mining:

"Greenland is committed to fostering responsible mining ventures that not only tap into our abundant natural resources but also prioritize the well-being and empowerment of our local communities. It's crucial that we set a benchmark for environmental, social and governance standards while maintaining our competitive advantage. Projects such as the Malmbjerg project, with proximity to Europe and high-quality ore, serve as a model of responsible mining practices, and they hold immense importance for our region in terms of growth and job creation."

Strengthening co-operation and training between Canadian and Greenlandic Inuit communities.

In June, Greenland Resources expanded its support to Ittoqqortoormiit, the nearest community to the Malmbjerg project. This included a boost in financial support and mining training, enhancing Internet infrastructure, and allocating funding to strengthen culture and education initiatives. In addition, Greenland Resources recently signed an MOU (memorandum of understanding) with Nuna Group of Companies, a world-class, Canadian, majority-Inuit-owned civil construction company that specializes in Arctic construction and contract mining operations. This will add to the co-operation and training between Canadian and Greenlandic Inuit communities.

Bernd Schafer, chief executive officer and managing director of EIT RawMaterials, expresses his enthusiasm for this impactful collaboration: "The partnership between ERMA and Greenland Resources is a great example of a win-win scenario. We are excited about the development of multicountry value chains for this indispensable raw material, and our commitment in seeking global partners goes far beyond this project. EIT RawMaterials and ERMA, together with the European Commission, are actively engaging in dialogue with partners, including the upcoming strategic partnership on responsible raw materials value chains between the European Union and Greenland."

Dr. Ruben Shiffman, executive chairman of Greenland Resources, highlights the collaboration's achievements, including capex finance support from financial institutions, successful offtake documentation with prominent European steel and chemical companies, and with leading mining equipment suppliers:

"ERMA's support has been instrumental in our success. Recently, in the presence of the Prime Minister of Belgium, we signed terms with Molymet, the world's largest molybdenum roaster, to convert our molybdenite concentrate in Belgium to ferromolybdenum, molybdenum oxide and ammonium dimolybdate, and sell them directly to the EU steel and chemical industry. We expect a significant percentage of our 2022 feasibility study $820-million (U.S.) capex to come from EU and Canadian financial institutions. Also, over $300-million (U.S.) on mining equipment will be sourced from the EU and a similar amount from Canada."

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.

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.

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