Dr. Ruben Shiffman reports

GREENLAND RESOURCES EXTENDS MOU WITH ROASTER TO INCLUDE MOLYMET GERMANY

Following its May 10, 2023, press release where Greenland Resources Inc. announced the signing of a memorandum of understanding with binding terms for long-term sales and toll conversion of molybdenum concentrate with Molymet in the presence of the Prime Minister of Belgium, the company has now expanded the agreement to include Molymet Germany in Bitterfeld, in addition to Molymet Belgium NV in Ghent.

Under the amendment, the company's production of molybdenum from Greenland will include molybdenum required to produce in Germany highly specialized molybdenum metal and powders, which are alloy components in consumer goods, electronics, medical equipment and superalloys. In addition, the company's production of molybdenum from Greenland, includes Molymet Belgium in Ghent, one of the most relevant suppliers of molybdenum oxide and ferromolybdenum to the European Union. Molybdenum is allocated to highest-risk Category 3 of the latest 2023 criticality list of strategic raw materials of the German Mineral Resources Agency (DERA).

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 an $820-million (U.S.) capex (capital expenditure) and a levered after-tax IRR (internal rate of return) of 33.8% and a payback of 2.4 years, using a price of $18 (U.S.) per pound molybdenum. The proven and probable reserves are 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 European Union 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 European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT (European Institute of Innovation and Technology), a body of the European Union.

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