Dr. Ruben Shiffman reports

GREENLAND RESOURCES APPLIES FOR AN EXPLOITATION LICENSE FOR THE MALMBJERG MOLYBDENUM PROJECT UNDER THE NEW MINING ACT

Greenland Resources Inc. has applied for an exploitation licence under the new Jan. 1, 2024, Mining Act in Greenland which replaces the prior Mineral Resources Act and provides a faster path toward the permitting of an exploitation licence.

The company believes that the Mining Act is very positive and will accelerate capex (capital expenditure) financing, permitting and project development. Among other things, the requirements with regard to an EIA (Environmental Impact Assessment) and SIA (Social Impact Assessment) have been amended to provide that they may be fulfilled subsequent to grant of an exploitation licence.

The Mining Act requirements for the application of an exploitation licence are a viable mineral deposit and project terms of reference for an EIA/SIA that have been subject to public consultation and have been approved by the government of Greenland. Greenland Resources has a viable mineral deposit as defined in the Malmbjerg National Instrument 43-101 definitive feasibility study completed by Tetra Tech, and has approved terms of reference for its EIA/SIA. Accordingly, the company is eligible for and has applied for an exploitation licence.

Executive chairman Dr. Ruben Shiffman noted: "The faster permitting route comes at the right time for our project as we are also advanced in the capex process with our U.K. financial advisers, where we expect further announcements to be made. March was a busy month for the Greenland mining sector. Our company was awarded the Greenland Prospector and Developer of the year during PDAC, the European council adopted the Critical Raw Materials Act (CRMA) and the President of the European Commission Ursula von der Leyen together with the Prime Minister of Greenland and Denmark were in Greenland inaugurating the EU office on the back of the EU-Greenland MOU (memorandum of understanding) on sustainable raw materials. The CRMA and MOU propose to accelerate mining permitting and aim for EU investments in strategic mining projects. Greenland is partnering with liked-minded countries and its new Mining Act reflects its commitment to the local mining industry and the EU Green Deal."

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.

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 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 equals $16-trillion (U.S.) GDP (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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