Mr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS MOU WITH COWI ON SUSTAINABILITY

Greenland Resources Inc. is clarifying the press release of Feb. 14, 2024, announcing that the company has signed a memorandum of understanding (the MOU) with COWI A/S, an integrated engineering and environmental company based in Denmark.

The MOU strengthens current ongoing work with COWI (see Press Release December 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 Directives ("CSRD") required by the European Union.

The new CSRD expand 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 from German and Danish commercial and export development banks, respectively. In the case of Denmark, COWI has a framework agreement with the Export and Investment Fund of Denmark ("EIFO") to provide consultancy services for environmental and social risk management and sustainability, including the EU Taxonomy for sustainable finance. The Company believes that the MOU with COWI provides strong support on CSRD compliance and capex financing.

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 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 global mining industry, capital markets, and environmental and social governance. For further details, please refer to our web site and our Canadian regulatory filings on Greenland Resources' profile on SEDAR+.

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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