Mr. Ruben Shiffman reports

GREENLAND RESOURCES UPDATES ON INITIATIVES OF THE EUROPEAN UNION

Greenland Resources Inc. is acknowledging that the European Union and the government of Greenland signed on Nov. 30, 2023, a strategic partnership to help the development of sustainable raw materials projects and to deploy infrastructure required to develop them. The partnership is in line with the Global Gateway strategy, a key EU initiative for investments in high-quality projects, through which Team Europe is planning to mobilize up to 300 billion euros.

Subsequent to that, by invitation of the executive vice-president for the European Green Deal, interinstitutional relations and foresight, Maros Sefcovic, and commissioner for internal market, Thierry Breton, the company participated on Dec. 8, 2023, in a high-level round table of raw materials companies at the European Commission's headquarters in Brussel. The purpose was to discuss how the European Commission can best support potential strategic raw materials projects and speed up their development.

The company believes that these events and the strong interest expressed by the multiple EU metallurgical steel and chemical companies and EU molybdenum processor that signed documentation related to molybdenum offtakes with Greenland Resources are positive for the development of the Malmbjerg molybdenum project in Greenland. The EU is the second-largest molybdenum user worldwide, has significant processing capacity and high-quality end-users but has no extraction. The Malmbjerg project will close the EU circularity gap with very high-quality and sustainable molybdenum.

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-eastern 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 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 1 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.

The project is supported by the European Raw Materials Alliance (ERMA) as stated in its press release Sept. 23, 2023, a Knowledge and Innovation Community of the European Institute of Innovation and Technology (EIT), a body of the European Union.

About molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union as the second-largest steel producer in the world used approximately 24 per cent of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction and engineering, represent around 18 per cent of the EU's $16-trillion (U.S.) gross domestic product. Greenland Resources' strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 per cent of the EU consumption, of environmentally friendly high-quality molybdenum from a responsible EU associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.

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