Dr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES UPDATE AND WILL PRESENT AT BMO CONFERENCE IN FLORIDA

Greenland Resources Inc. has discussed progress on it Malmbjerg project in Greenland.

Highlights

• The company will present the project on Feb. 24, 2026, at 11:15 a.m. ET at the BMO Capital Markets' 35th Global Metals, Mining & Critical Minerals Conference in Hollywood, Fla. The company has also been invited to participate in round table discussions amongst other critical minerals developers speaking to North American investors about the importance of mineral development in Greenland.
• The company continues positive discussions with the European Commission as per its RESourceEU Communique, three national governments, one offtaker and one commercial bank on equity financing, and grants for the equity part of the project capex (capital expenditure). The company expects further announcements in Q1 2026.
• The company received an updated letter of interest from Export Development Canada (EDC), a Canadian Crown corporation wholly owned by the government of Canada to support the company as a mandated lead arranger, for the development and construction of the project in an amount up to $275-million (U.S.).
• The company continues to advance negotiations on new long-term offtake agreements with some of the largest steel companies worldwide. The company have signed binding long-term offtake agreements that offer price floors and ceilings protection and MOUs (memorandums of understanding) with leading steel and chemical companies in Germany, Italy, Austria, Sweden, Finland, Denmark and with the roaster in Belgium.
• The company will present the project during Greenland Day on March 2, 2026, in Toronto at the Prospectors & Developers Association of Canada (PDAC).
• The company has concluded an updated project execution plan aligned with the construction timeline to build the mine stated in its National Instrument 43-101 feasibility study.

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 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). 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 and 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 defence 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.

About magnesium and the EU

The EU uses around 145,000 tonnes of magnesium per year (15 per cent of the global demand) but has no treatment facilities nor extraction. Electric vehicle production and sustainable manufacturing practices are key drivers for market growth. Magnesium is a light metal with a high strength-to-weight ratio, primarily utilized in the form of magnesium metal or magnesium compounds such as caustic-calcined magnesia, magnesium chloride, hydroxide and sulphates. Magnesium metal is primarily used as casting alloy in automotive and aerospace industries (64 per cent), aluminum-base alloys for packaging and transportation (18 per cent), and in the desulphurization of iron and steel (4 per cent). Smelter production of magnesium metal in 2024 was one million metric tonnes, 85 per cent coming from seawater, while smelter capacity worldwide is double. Also, approximately 75 per cent of magnesium compounds serve industrial purposes including fertilizers, cattle feed, Epsom salts, heat-resistant bricks, deicing, et cetera (USGS 2024). China produces 89 per cent of the world's magnesium and Europe sources 97 per cent of its magnesium from China (EC, 2023).

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