Mr. Ruben Shiffman reports

GREENLAND RESOURCES CLOSES FIRST TRANCHE OF EIT RAWMATERIALS FINANCING AND CONCURRENT PRIVATE PLACEMENT

Pursuant to the initial option exercise, Greenland Resources Inc.'s wholly owned Greenlandic subsidiary, Greenland Resources A/S, has received the first tranche of 375,000 euros (approximately $611,250 (Canadian)), representing 75 per cent of the financing from EIT RawMaterials GmbH, a public-private partnership co-funded by the European Union under Horizon Europe, and EIT RawMaterials has accordingly received 370,455 company shares at a price of $1.65 per company share, as disclosed in the news release of the company dated Nov. 10, 2025. In addition, the company has completed a non-brokered private placement of 112,122 common shares in the capital of the company at a price of $1.65 per company share for aggregate gross proceeds to the company of $185,001. (All dollar figures in this news release are in Canadian dollars, except as noted.)

The company intends to use the proceeds from the offering to test, using innovative technologies, the extraction of magnesium from process saline water used at the company's Malmbjerg molybdenum project in Greenland, and for general corporate and working capital purposes. No finders' fees, commissions or other compensation were paid in connection with the offering. The company has also made applications for further financing from other Horizon Europe supported programs with which it would aim to fulfill a significant portion of the equity part of the Malmbjerg project's capex.

An insider of the company was issued 112,122 company shares pursuant to the offering, for gross proceeds to the company from such participation of $185,001. The participation of the insider in the offering constituted a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the company shares purchased by the insiders, nor the consideration for the company shares paid by the insiders, exceeded 25 per cent of the company's market capitalization. The company did not file a material change report relating to the insider participation under the offering less than 21 days before completion of the offering as it was not possible to do so while completing the offering contemporaneously with the initial option exercise as disclosed in the news release of the company dated Nov. 10, 2025.

About EIT RawMaterials GmbH

EIT RawMaterials is the largest and most active raw materials knowledge and innovation network globally, comprising over 300 partner organizations across the entire raw materials value chain. EIT RawMaterials demonstrates its dedication to advancing and supporting a circular economy in Europe by fostering innovation, collaboration and sustainable practices. Mandated by the European Commission, EIT RawMaterials leads the European Raw Materials Alliance (ERMA), which includes 800 members and an advanced project pipeline of over 40 projects, representing an investment potential of more than 25 billion euros. Supported by the European Institute of Innovation and Technology (EIT), a body of the European Union, EIT RawMaterials was established in 2015 to advance Europe's transition to a sustainable economy. Its mission is to secure a sustainable supply of raw materials for Europe, close material loops and design innovative product solutions, with the goal to position raw materials as a strategic strength for Europe through innovation, education and entrepreneurship.

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 primary molybdenum deposit, located in central-east Greenland. The project has also magnesium as a byproduct, a market dominated 89 per cent by China. The Malmbjerg 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 $820-million (U.S.) in capital expenditures, a levered after-tax internal rate of return of 33.8 per cent and a payback of 2.4 years, using an $18 (U.S.) per pound molybdenum price. The proven and probable reserves are 245 million tonnes at 0.176 per cent 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 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 and 100 per cent of EU defence needs. On byproduct magnesium, the project uses approximately 35,000 cubic metres per day of saline water with around 900 parts per million of magnesium, and the company is working on extracting magnesium from the saline water using innovative technologies. In addition, the molybdenum concentrate has a magnesium component. The company is aiming to incorporate magnesium in the economics of the feasibility study. On June 19, 2025, the company was awarded an exploitation licence for molybdenum and magnesium. With offices in Toronto, the company is led by a management team with an extensive record in the mining industry and capital markets.

The project is supported by the ERMA. ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.

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