Dr. Ruben Shiffman reports

GREENLAND RESOURCES STRENGTHENS MALMBJERG SUSTAINABILITY WITH COWI

Greenland Resources Inc. has received a positive renewable energy report from COWI AS on wind and solar power generation to further decarbonize the Malmbjerg molybdenum project. Utilization of renewable energy at the Project will also help the country with jobs and critical infrastructure and is aligned with the recently signed agreement between Greenland and the European Union ("EU") on developing strategic sustainable raw materials projects and deploying infrastructure required to develop them.

Currently, approximately 50% of the total power consumption and decarbonization in the Project is solved with the use of the aerial rope conveyor. The conveyor transports 35,000 tonnes of ore per day from the mine site to the processing facilities using gravity that requires no energy input and therefore generates no carbon emissions and generates electricity from braking. The COWI Report concludes that a mix of onshore wind and solar energy production near the mine site can decarbonize some 35% of total power consumption giving an approximately 33MW of peak power, similar to the existing wind farm operating in comparable arctic conditions and latitude on Havoygavlen island in the north of Norway. The remaining 15% of the total power consumption has the potential to be decarbonized with carbon capture technologies or alternative green fuel. The Report also estimates economics and investigates the owned and leased model.

President and Group CEO, COWI, Jens Hojgaard Christoffersen stated: "At COWI we are proud to contribute to the Malmbjerg Molybdenum Project's vision of sustainability. Our commitment to excellence, coupled with Greenland Resources' ambitious goals, paves the way for innovative use of renewable energy in challenging Arctic conditions. Together, we're aiming at setting a precedent for eco-conscious industrial development that honours the nature and prioritizes the well-being of the people of Greenland."

Executive Chairman Dr. Ruben Shiffman noted, "We are setting strict sustainability goals and have a clear path to become one of the lowest carbon footprint molybdenum mines worldwide, where COWI will play an important role. Over 3,100 wind turbines were manufactured last year in Denmark, each of them containing over 100 kg of molybdenum per MW installed capacity, which makes Denmark one of the largest per capita users of molybdenum worldwide. This combined with the interest we received from Danish molybdenum end users and mining equipment providers increases the Danish content in our Project. Overall, our Project has the potential to supply 25% of total molybdenum demand in and for the EU. The EU is the second largest molybdenum user worldwide and has no molybdenum production."

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 "Standards of Disclosure for Mineral Projects".

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% 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 NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS2, 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 ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources' profile at www.sedarplus.com.

The Project is supported by the European Raw Materials Alliance (ERMA) as stated in their press release September 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 ("EU") as the second largest steel producer in the world used approximately 24% 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% of the EU's = US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25% 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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