Dr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES UPDATE

Greenland Resources Inc. has provided an update on its continuing H2 2023 progress on its Malmbjerg molybdenum project.

Highlights:

• The company has been diligently focusing on advancing capital expenditure (capex) financing and on repermitting the project. Both activities are progressing favourably according to plan, on time and on budget.
• On the capex financing, the company received various letters of intent from financial institutions and export credit agencies to finance capex and significant progress on the due diligence reports prepared by the independent consultants acting on behalf of the banks has been made and will be soon circulated to the banks. Banks ordinarily rely on independent due diligence reports for their investment decisions.
• The due diligence teams, acting on behalf of future project capex investors and the company's financial advisers, visited the project as part of their detailed assessment on compliance with national legislation, technical review and international standards (including the Equator Principles, IFC performance standards and EHS guidelines).
• On the permitting, the company has been addressing favourably comments received from the regulators on the previously submitted environmental impact assessment (EIA) and is working on a new version of the EIA. The new version includes the nearly finalized analysis of the work conducted during the last summer on water, tailings and baseline studies, among others.
• The company expects to conclude a project renewable energy feasibility report this year as part of the company's commitment to decarbonize at the same pace as potential end-users.
• Greenland Resources continues to have discussions with strategic investors as well as converting the remaining non-binding agreements from end-users into binding agreements.
• Management has been purchasing shares of the company's common stock in the open market, reinforcing confidence in the company's commitment to its long term success.

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 European Union 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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