Mr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES CAPEX UPDATE COMMENCES PROJECT PRECONSTRUCTION DETAILED ENGINEERING

Greenland Resources Inc. has launched a 2026 field program for its Malmbjerg project. This program aims to prepare for preconstruction and longer-term equipment deliveries, in line with the initial scope of work outlined in the recently produced project execution plan. Additionally, the company will be undertaking an aggressive metallurgical program aimed at recovering magnesium and rare earth elements as discussed below.

Further to the April 27, 2026, press release announcing an update on an equity investment from the European Innovation Council, detailed due diligence has commenced. The company expects the due diligence will be completed by the end of June and, if favourable, an investment decision shortly thereafter. Upon a favourable decision, the investment terms of the 50-million-euro investment will be negotiated and announced. The company is also evaluating additional financing alternatives. Further updates will be provided.

Scope of work

The 2026 Malmbjerg summer field program is scheduled to commence around mid-August and will be completed before the end of September. Up to 25 professionals from Greenland, Canada and Austria will undertake the work, utilizing a vessel from Iceland equipped with a helicopter pad to provide accommodation and an operations/communications centre. The primary focus of the field program is to conduct detailed engineering in several areas above feasibility level to prepare for preconstruction and longer-term equipment deliveries and to undertake an aggressive metallurgical program for magnesium and rare earth element recoveries.

Infrastructure:

• Detailed design work on the mine support buildings (administration, powerhouse, fuel tank farms and maintenance shop, and warehouse facilities) as well as ore and waste rock storage;
• Detailed design work on the glacier access road located on the Mellem, Sirrus and Schuchert glaciers, which will support the main truck transportation route for all equipment and consumables;
• Installation of survey control stations to facilitate the detailed engineering location of mining and infrastructure installations;
• Detailed engineering/geotechnical/geophysics work by Doppelmayr and other consultants on the proposed Doppelmayr RopeCon installation composed of five transfer stations, 11 towers and 23 kilometres of special continuous conveyor belting from the crushing station to the processing plant.

Metallurgy:

• Further to the Jan. 21, 2026, press release regarding reassays for magnesium and rare earth elements, the chemical and mineralogical characterization of the composite samples and flotation testing is under way, including the beneficiation of molybdenum and the assessment of magnesium and rare earth elements content in the flotation tailings. In addition, the company collected around 2,000 kilograms of seawater from Greenland and is conducting magnesium recovery amenability tests using innovative technologies to further advance saline water magnesium recovery studies.
• As part of the coming field program, the company will collect up to eight tonnes of diamond drill core and 14,000 kilograms of sea and freshwater from Greenland and will be undertaking an aggressive metallurgical program including pilot plant testwork. The program will include feasibility-level magnesium recoveries from saline and freshwater using novel technologies as well as magnesium and rare earth element recoveries from the diamond drill core.

Qualified person statement

The news release has been reviewed and approved by Jim Steel, PGeo, MBA, a director of the company, 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 and Greenlandic public company listed in the Toronto Stock Exchange 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 an NI 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 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 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.

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 is managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.

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