Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS A LETTER OF INTENT WITH OUTOKUMPU TO STRENGTHEN THEIR FUTURE SUPPLY CHAIN OF LOW-EMISSION HIGH-QUALITY MOLYBDENUM

Greenland Resources Inc. has signed a letter of intent (LOI) with Outokumpu Europe Oy for the supply of a significant amount of molybdenum from the Malmbjerg molybdenum project. Outokumpu is a major global stainless steel producer and one of the largest molybdenum consumers worldwide and has a long history as a mining company before focusing on stainless steel. Greenland Resources sees a very good fit on Outokumpu and looks forward to continuing negotiations on further detailed co-operation. A joint press release from Outokumpu can be found on its website.

Outokumpu, the global leader in sustainable stainless steel, has been exploring opportunities to secure sustainable molybdenum supplies from Western suppliers -- as a part of its long-term strategy for value chain integration. Molybdenum is a critical and strategically important raw material for Outokumpu's stainless steel production. Greenland Resources has therefore signed an LOI with Outokumpu, with the goal of providing molybdenum oxide and carbon-free briquettes from the project.

Greenland Resources is developing one of the highest-grade molybdenum deposits in the world with an orebody that contains very few deleterious elements, in a high ESG (environmental, social, governance) standard jurisdiction part of Denmark, approximately 2,300 kilometres west of Helsinki. The project is supported by the European Institute of Innovation and Technology (EIT) RawMaterials and European Raw Material Alliance (ERMA), a body of the European Union, as per its press release of Sept. 23, 2023. The project is an open-pit molybdenum mine that could supply around 25 per cent of the European molybdenum demand. Europe is the second-largest molybdenum user worldwide and has no production of its own. The project is planned to have a low footprint due to modularized infrastructure, low carbon dioxide emissions, low aquatic disturbance and clean contained tailings. The transport of 35,000 tonnes of ore per day uses a gravity-based aerial rope conveyor that requires no energy and therefore generates no carbon emissions and generates electricity from braking.

"The carbon footprint of Outokumpu's stainless steel is already the lowest in the industry. It is a competitive advantage for us, and we want to drive green transition and further decarbonize our product -- and the whole industry. Co-operation within our value chain allows us to reduce our supply chain emissions, and at the same time we also want to ensure access to the most sustainable molybdenum suppliers like the Canadian company Greenland Resources. Long-term co-operation with Greenland Resources could also provide us an access to a stable supply of molybdenum and protect us from volatile market pricing and supply. We are excited about the collaboration and are looking forward to continue the good dialogue aiming at a binding long-term co-operation," says Marc-Simon Schaar, chief procurement officer at Outokumpu.

"We plan to extract quality molybdenum with high ESG standards from Greenland, a jurisdiction that is not only part of the Kingdom of Denmark but has very similar living standards as Finland. The Malmbjerg primary molybdenum deposit is one of the richest and cleanest of its kind. The resulting ferroalloys are perfectly suited to be used in high-quality steels produced by Outokumpu. Outokumpu will be able to source a long-term reliable supply of molybdenum oxide and carbon-free briquettes, know from where every single pound of molybdenum is being extracted, and can follow the high ESG standards over the 20-year mine life. Adding to EU circularity, the extraction will be done in an associate EU country, the processing of the concentrate and steel production will also be done in the EU; and a significant part of the mining equipment, team and funding will be EU sourced," says Greenland Resources chairman Dr. Ruben Shiffman.

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, 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.

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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