Mr. Ruben Shiffman reports

GREENLAND RESOURCES UPDATE ON STRATEGIC EU EQUITY INVESTMENT

The European Commission has presented RESourceEU, which stated that the EC, European Investment Bank and member states are ready to unlock significant financial support for priority projects, such as Vulcan's lithium extraction project in Germany and Greenland Resources Inc.' Malmbjerg molybdenum project in Greenland.

European Union's Commissioner for International Partnerships, Jozef Sikela, mentioned: "This project will provide European industry with stable supplies of molybdenum, a mineral essential for advanced steel, clean technologies and many defence applications. With it, we will develop a fully European supply chain and support industrial development in Greenland. This project can meet all of Europe's defence needs for molybdenum and around a quarter of our total demand. With processing taking place inside the EU and long-term offtake agreements secured with European companies, it will create a fully European value chain and significantly reinforce our strategic autonomy."

Naalakkersuisut's Minister of Natural Resources, Business, Trade, Judicial Affairs and Gender Equality, Naaja Nathanielsen, expressed: "It is very good news for Greenland that the EU now launches its RESourceEU plan. The plan is needed to implement and complement the EU Greenland strategic partnership to develop specific mineral resources project in Greenland. Naalakkersuisut (the government of Greenland) granted Greenland Resources an exploitation licence for molybdenum and magnesium in June, 2025, and we have great hopes for progression of the project. I am therefore pleased that the EU Commission also sees the potential in the Malmbjerg project and recognizes the value. This is good for the EU and Greenland both, and will help accelerate mining in Greenland for the benefit of our local communities and businesses."

Dr. Ruben Shiffman, chief executive officer of the company, stated: "Historic day for the EU, and we thank the outstanding team of the EC (DG INTPA and DG GROW) for their consideration in a strategic equity investment. The company has now signed letters of intent and offtake agreements for the long-term supply of molybdenum with EU steel and chemical companies in Germany, Italy, Belgium, Austria, Sweden, Denmark and Finland, and with a roaster and processor in Belgium and Germany. These agreements include a take or pay 10-year offtake agreement on approximately $1.8-billion (U.S.) of molybdenum oxide with Outokumpu, the largest stainless steel company in Europe and second largest in North America. The company has also signed high-quality letters of intent with main European export credit agencies like EKN, FInnvera, EIFO and Canadian EDC to support the approximately 70-per-cent debt part of the bankable feasibility capex (approximately $700-million (U.S.))."

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 a 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 $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 European Raw Materials Alliance. ERMA is managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.

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