Dr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES UPDATE ON EUR 50 MILLION EQUITY INVESTMENT LED BY HORIZON EUROPE

Greenland Resources Inc. has applied for an equity investment from the European Innovation Council EIC STEP Scale Up (EIC STEP). The application stipulates a total equity investment of 50 million euros partly financed by Horizon Europe with the remainder provided by targeted committed capital providers. The application has successfully passed an eligibility criteria assessment, achieved the Sovereignty STEP Seal project excellence status and was recommended by panel of jurors to the EIC Fund which will make a final decision subject to further due diligence. The terms of the financing will be determined at that time. An official announcement can be found in the EIC STEP website.

Background

The EIC STEP scheme offers equity investments between 10 million euros and 30 million euros, aiming to leverage private co-investment and achieve financing rounds of 50 million euros to 150 million euros or more. The program is designed to scale-up innovation in Europe's strategic technology sectors such as clean and resource efficient technologies including strategic raw materials. The investment will support project construction which will incorporate innovative European Union-made clean breakthrough technologies. These efforts aim to ensure a cleaner critical long-term supply of raw materials for EU offtakers while also creating jobs and fostering prosperity for the people of Greenland.

On July 14, 2025, and Feb. 9, 2026, Greenland Resources A/S applied for an investment to the EIC STEP. The application passed an eligibility assessment and an interview with an evaluation panel of six jurors that gave a GO Sovereignty STEP Seal status and recommended to the EIC Fund a 10-million-euro equity investment in Greenland Resources A/S. As part of the EIC STEP requirements, the company has received firm commitments for an additional 40 million euros from two qualified investors to co-invest alongside the EIC Fund. The company will provide updates on this and other current capex (capital expenditure) equity funding efforts in due course.

About Greenland Resources A/S

Greenland Resources A/S is a Greenlandic company registered in Denmark, 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 and innovative strategic European built technology that significantly reduces emissions and opex cost. The Malmbjerg project benefits from a National Instrument 43-101 definitive feasibility study completed by Tetra Tech in 2022, with a $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 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 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 Greenland Nuuk and 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.

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