Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS MOU WITH COWI ON SUSTAINABILITY

Greenland Resources Inc. has signed a memorandum of understanding with COWI AS, an integrated engineering and environmental company based in Denmark.

The MOU strengthens current continuing work with COWI (see press release dated Dec. 18, 2023) and is designed to set the basis for further binding agreements and engineering financing during the construction and life of mine on engineering sustainability solutions, including the new Corporate Sustainability Reporting Directive (CSRD) required by the European Union.

The new CSRD expands the scope and content of current EU non-financial reporting obligations to capture a wider range of environmental, social and governance (ESG) topics that are also required by the export credit agencies as well as European commercial and supranational banks. Greenland Resources already received letters of intent to finance capex (capital expenditure) from German and Danish commercial and export development banks, respectively. In the case of Denmark, COWI has a contract to help the Export and Investment Fund of Denmark (EIFO) and its clients to meet CSRD and environmental investment criteria. The company believes that the MOU with COWI provides strong support on CSRD compliance and capex financing.

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 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 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 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 global mining industry, capital markets, and environmental and social governance.

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

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