Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS MOU WITH GERMAN DILLINGER FOR MOLYBDENUM SUPPLY

As a follow up to Greenland Resources Inc.'s Dec. 3, 2025, press release where the European commission presented RESourceEU and mentioned the company's Malmbjerg project in Greenland as a priority EU (European Union) project, the company has signed a memorandum of understanding (MOU) for long-term molybdenum supply with ROGESA Roheisen-und Rohstoffgesellschaft Saar mbH, a joint subsidiary of the two steel producers Dillinger (Aktien-Gesellschaft der Dillinger Huttenwerke) and Saarstahl (Saarstahl Aktiengesellschaft).

The MOU sets the path for a long-term supply agreement covering ferro-molybdenum, molybdenum-oxide and briquettes produced from molybdenum ore extracted in Greenland by the company that will be refined in Belgium. Dillinger and Saarstahl will be able to ensure a stable and responsibly sourced long-term secured molybdenum supply with high sustainability standards and low scope 1 and 2 emissions from an EU associate country. Dillinger is a producer of heavy plate for highly demanding applications such as oil and gas transport, offshore exploration, wind turbines, boiler construction, mechanical engineering, earth-moving equipment, and steel structures. Saarstahl is an established manufacturer of long products which are used in applications that can be subjected to the most extreme conditions. The innovative products are in demand by the automotive and construction industries, the power engineering industry, by general mechanical engineering and by other steel processing industries. Both companies' products are of key importance to key strategic sectors like renewable power generation, sustainable mobility solutions or defence.

The EU is the second-largest molybdenum user worldwide has a large processing capacity but has no extraction. More than 80 per cent of all the metallic materials (including carbon and stainless steels) to be used for defence applications require molybdenum alloying. Germany is the largest user in the EU, classifying molybdenum in the highest-risk "category 3" of the Germany criticality list of strategic raw materials. Additionally, Canada's critical minerals list also includes molybdenum. Last year in Berlin, Canada and Germany signed a joint declaration of intent to deepen co-operation to secure critical mineral supply chains.

About Dillinger and Saarstahl

Dillinger is a world leader in the manufacture of steel heavy plate for the steel construction, machine manufacturing, offshore, offshore wind power and line pipe sectors. Saarstahl is a world-leading manufacturer of premium wire rod and bar steel for the automotive industry, the construction industry and for general machine manufacturing. Both companies belong to SHS-Stahl-Holding-Saar and want to contribute with innovative products and intelligent technologies -- together with their customers -- to finding answers to global challenges including climate protection, energy efficiency, mobility and safety.

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 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 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 ppm (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 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.

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.

About molybdenum and the EU

The EU is the second-largest molybdenum user worldwide (around 122 million pounds of molybdenum per year, 19 per cent of the global demand according to IMOA), has large processing capacity, produces the best specialty steel products worldwide but has no molybdenum extraction. Green energy technologies, steel and defence are the key drivers for market growth. When molybdenum is added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength and corrosion resistance. To a greater degree, the EU steel-dependent industries like automotive, construction and engineering represent around 18 per cent of EU GDP (gross domestic product). Greenland Resources strategically located Malmbjerg project has the potential to supply in and for the EU approximately 25 per cent of the EU demand of environmentally friendly high-quality primary molybdenum from a responsible EU associate country for decades to come, as well as 100 per cent of EU defence molybdenum consumption. More than 80 per cent of the metallic materials (including carbon and stainless steels) to be used for defence applications require molybdenum alloying. The primary molybdenum in the Malmbjerg project is ideal for EU defence and high performance steel applications because of low deleterious elements and long-term security supply. The EU expects to increase defense expenditures from current 1.5 per cent to around 5 per cent of GDP. Primary molybdenum is only produced in China (87 per cent) and the United States (13 per cent), China imposed export controls on molybdenum and is now a net importer. Molybdenum is categorized as a critical and/or strategic mineral across the top five defence nations in the world: United States, China, Russia, India and South Korea.

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