Dr. Ruben Shiffman reports

GREENLAND RESOURCES UPDATES ON MAGNESIUM AND RARE EARTH ELEMENTS WORK

Following the non-repayable contribution from the government of Canada on evaluating the potential recovery of rare-earth elements (REE) and magnesium as byproducts from the Malmbjerg orebody and saline water, more than eight tonnes of core and 14 tonnes of saline and fresh water were collected by Greenland Resources Inc. during the recent summer field program. The materials are expected to arrive at SGS Lakefield Ontario around Oct. 12. The test program aims to verify key performance indicators, including metallurgical recoveries and concentration grades, and will continue until March, 2028.

China accounts for approximately 69 per cent of global rare-earth element production and 89 per cent of global magnesium production and most of the processing. As a result, the European Union and the North America depend heavily on China for these metals. The EU sources 97 per cent of its magnesium from China (EC 2025), while United States net import reliance on magnesium exceeded 75 per cent of consumption in 2025 (USGS 2025).

Scope of work

Approximately eight tonnes of drill core above the 0.06 per cent MoS2 cut-off grade were collected for sampling and testing, including REE recovery tests. A qualified geologist familiar with the historical core supervised the collection. The core was then transported to Greenland Resources' chartered vessel at Nyhavn, with precautions taken throughout handling, loading and transport to prevent contact with or contamination by saline water. Pallets of selected core intervals were securely wrapped in plastic and stored in the vessel's holds, protected from saline water and moisture during transport from Greenland to Iceland. At the Port of Reykjavik, Greenland Resources personnel supervised the transfer of the core into a secure, enclosed shipping container for onward transport to Canada by the shipping agent.

Twelve tonnes of saline water for the pilot plant testwork and magnesium recovery was collected at a depth of approximately eight metres below sea level from a location within 30 metres of the modelled saline water intake location within the Noret Inlet perimeter. The water was collected in new 1,000-litre plastic tanks secured within aluminum-frame shipping structures. Prior to filling each tank, the collection system was flushed under free-flow conditions for approximately one minute to minimize the potential for contamination. Two tonnes of fresh water was collected using a similar methodology from a mid-flow location in the Mellem River. Chain of custody was maintained under the supervision of Greenland Resources personnel from collection in Greenland through transportation to Iceland, where the water containers were transferred to the shipping agent and placed in secure container storage for onward transportation to the SGS testwork facility.

The Malmbjerg project molybdenum optimization, and magnesium and rare-earths byproduct feasibility study received $7-million from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program to evaluate the feasibility of molybdenum and magnesium flotation using fresh and saline water, and assess the potential recovery of magnesium and REE byproducts from the Malmbjerg ore.

The program includes characterization of representative ore samples and process water, optimization of molybdenum flotation performance under fresh and saline water conditions, and evaluation of potential magnesium and REE recovery pathways. Representative ore composites will be prepared from selected drill core intervals aligned with the mine plan for use in the laboratory and pilot-scale testwork.

The magnesium recovery study will include characterization of the saline water and evaluation of potential recovery processes for magnesium separation, concentration and recovery. The assessment will consider conventional membrane-based technologies, as well as other emerging selective technologies. The REE program will include evaluation of potential preconcentration methods, followed by preliminary leaching testwork. Based on the bench-scale results, each of the programs may progress to continuous pilot-scale testing to confirm process performance and key performance indicators including metallurgical recoveries, concentrate grades, and generate engineering data for process development and scale-up. The company will update as results become available.

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 and Greenlandic company 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 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 Dec. 3, 2025, the European Commission presented RESourceEU, and mentioned the company's Malmbjerg project in Greenland as a priority EU project.

We seek Safe Harbor.