Dr. Ruben Shiffman reports

GREENLAND RESOURCES SUBMITS UPDATED SOCIAL IMPACT ASSESSMENT

Greenland Resources Inc. has submitted to the Greenland Minerals Licenses and Safety Authority an updated version of the social impact assessment (the SIA) for the Malmbjerg molybdenum project in east Greenland.

The updated SIA incorporates the new legal provisions set under the Mining Act that came into effect in Jan. 1, 2024; provides new positive community engagement updates that occurred since the last SIA submission press released Jan. 3, 2023; and added the green power generation alternatives from the renewable energy report press released by the company on Dec. 18, 2023. Although the SIA is not part of the requirements to obtain an exploitation licence under the new Mining Act, it remains an important regulatory requirement and is relevant for potential capital expenditure investors and offtakers.

The findings of the SIA are very positive for the local communities and stakeholders. When in production, the project has the potential to become the largest public revenue-generating source in Greenland for decades to come and largest molybdenum supplier to the European Union Green Deal.

The company also wishes to announce that it will be participating in the molybdenum symposium "from sustainable mining to high performance steels" in Vienna, Austria, organized by ASMET.

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-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 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 one 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.

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