Dr. Ruben Shiffman reports

GREENLAND RESOURCES PROVIDES UPDATE

Greenland Resources Inc. has provided an update on its summer field program in east Greenland and other activities. The program commenced on Aug. 22 and will advance detailed engineering, optimize key mine-construction infrastructure, including the Austrian-manufactured rope conveyor and support lenders' due diligence reports. It will also advance activities financed by the government of Canada and complete the final environmental work required by the government of Greenland.

Summer field program

• On July 21, 2026, the Greenland Ministry of Business and Mineral Resources approved the application for the 2026 field program following consultations with the Environmental Agency for Mineral Resource Activities, the Greenlandic Police, the Ministry of Health and Persons with Disabilities, and the Defence Command Denmark.
• The field program has expanded to 30 participants from Austria, Canada and Greenland. To simplify logistics, participants arrived in Reykjavik in two groups before continuing to Greenland by air and sea. Field activities will continue until Sept. 20, 2026, with personnel based near Nyhavn. A chartered vessel was secured and now serves as the project's accommodation, operations and communications hub, supported by two AS350/H125 helicopters.
• The planned work includes the Year Minus Four construction activities outlined in the June 15, 2026, press release; activities to support the government of Canada non-repayable contribution announced in the June 29, 2026, press release as well as specific work that relates to the lenders due diligence reports and the environmental impact assessment.
• The company has prepared a health and safety manual and secured an insurance policy in addition to the coverage required for its consultants.

Other

• Further to the April 27, 2026, press release, the company continues to make progress on its various equity capital expenditure financing efforts and expects to provide detailed information in September.
• The company extended the MOU with binding terms with the roaster in Belgium.
• The company will attend the International Molybdenum Association (IMOA) meeting in Salt Lake City from Sept. 8 to Sept. 10, 2026, and meet with industry stakeholders.
• China currently produces 88 per cent of the world's primary molybdenum, which is ideal for European Union consumption, and 45 per cent of the overall market when byproduct molybdenum is included. Despite this position, China has remained a net importer for the last four consecutive years, with annual imports averaging about 15 per cent of domestic production and reaching 25 per cent in 2025. Molybdenum currently trades at about $33.50 (U.S.) per pound.

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 publicly listed Canadian company with a wholly owned Greenlandic subsidiary developing Malmbjerg, a world-class Climax-type primary molybdenum deposit near tidewater in east-central Greenland. The project has a National Instrument 43-101 definitive feasibility study produced by Tetra Tech, a 30-year molybdenum and magnesium exploitation licence, an environmentally responsible mine design, and binding long-term offtake agreements with major EU steel producers. Proven and probable reserves total 245 million tonnes grading 0.176 per cent MoS2, containing 571 million pounds of molybdenum. 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 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 and EIT RawMaterials GmbH, a body of the European Union.

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