Dr. Ruben Shiffman reports

GREENLAND RESOURCES SIGNS EIGHT YEAR OFF-TAKE AGREEMENT WITH SSAB TO SUPPLY HIGH QUALITY MOLYBDENUM

Greenland Resources Inc. has signed a binding offtake agreement with SSAB, a Nordic- and U.S.-based steel producer headquartered in Sweden. The company is a leading producer on the global market for advanced high-strength steels providing solutions to the defence, automotive, infrastructure and energy industries.

The offtake agreement provides an established price floor and price ceiling and will allow SSAB to secure high-quality, low-carbon-emission ferro-molybdenum extracted in Greenland and refined in Belgium. SSAB will be able to ensure a stable and responsibly sourced long-term secured primary molybdenum supply with high sustainability standards and low Scope 1 and Scope 2 emissions from an EU (European Union) associate country. SSAB has an annual steel production capacity of 8.8 million tonnes, has production facilities in Sweden, Finland and in the United States, where it is the largest heavy plate producer.

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 an $820-million (U.S.) capex (capital expenditure) and a levered after-tax IRR (internal rate of return) of 33.8 per cent and 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 (molybdenum disulphide) 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 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 element 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, produces the best specialty steel products around the world 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 such as 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: the United States, China, Russia, India and South Korea.

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