Mr. Ruben Shiffman reports

GREENLAND RESOURCES GRANTED 1,147.76 KM2 MINERAL LICENSE SURROUNDING ITS CURRENT EXPLOITATION LICENSE

The government of Greenland has granted Greenland Resources Inc. exclusive rights of special exploration licence MEL-S 2026-07, consisting of 1,147.76 square kilometres (km) in the Semersooq region surrounding the company's existing exploitation licence for molybdenum and magnesium. The company now has a dominant mineral licence position in the east coast of Greenland.

The new special exploration licence entitles the company to explore for all minerals except hydrocarbons and radioactive elements, and is subject to the application procedures and standard terms of the government of Greenland. Based on previous reports published by the Geological Survey of Denmark and Greenland, the geochemistry data from rock samples available in the new licence area show multiple locations with highly anomalous molybdenum values that could potentially add to our Malmbjerg project. An exploration program, including hyperspectral surveys for the new concession, will be established.

Qualified person statement

The news release has been reviewed and approved by Jim Steel, PGeo, MBA, a director of the company and a qualified person as defined by Canadian Securities Administrators National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 and a levered after-tax IRR (internal rate of return ) of 33.8 per cent and 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 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 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 (ppm) 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 and rare earth elements component. The company is aiming to incorporate magnesium and rare earth elements 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. For further details, please refer to the company's website and its Canadian regulatory filings on Greenland Resources' profile on SEDAR+.

On Dec. 3, 2025 the European Commission presented RESourceEU and mentioned the company's Malmbjerg project in Greenland as a priority EU project. The project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.

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