Dr. Ruben Shiffman reports

GREENLAND RESOURCES RECEIVES FINAL APPROVAL FOR A $7 MILLION NON-REPAYABLE CONTRIBUTION FROM THE GOVERNMENT OF CANADA

As a follow-up to Greenland Resources Inc.'s press release dated March 2, 2026, on a conditional approval, the government of Canada concluded its final due diligence and has signed an agreement for a non-repayable contribution of $7-million through Natural Resources Canada's Critical Minerals Research, Development and Demonstration (CMRDD) program. Canada is now the first G7 government to invest in mining in Greenland.

The metallurgical program will evaluate, using Canadian expertise, the feasibility of processing primary molybdenum using saline and fresh water for flotation as well as assess the potential recovery of magnesium and rare earth element as byproducts contained within the Malmbjerg orebody and saline water. The program will run until March, 2028, with progress updates to be provided in due course.

The company expresses gratitude to the government of Canada, Minister Tim Hodgson and his team for their leadership and support.

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 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 a National Instrument 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 a molybdenum price of $18 (U.S.) per pound. 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 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 (European Institute of Innovation and Technology), a body of the European Union.

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