Mr. Ruben Shiffman reports

GREENLAND RESOURCES UPDATES ON CANADA EU AGREEMENT

Greenland Resources Inc. has welcomed the Canada-European Union alliance for the future, launched in Montreal last week by Canadian Prime Minister Carney and European Commission President von der Leyen. The initiative includes an agreement between European Investment Bank and Canada to facilitate EU investment in critical raw materials. The company believes the alliance and EIB agreement are positive for its European market strategy.

This year, the company received a non-repayable contribution from the government of Canada and continues to advance on detailed engineering. It is also working closely with the European Commission and EU steel industry to finance part of its capital expenditures. It has secured binding long-term agreements with major global steel companies, including Outokumpu, the largest stainless steel producer in the EU and second largest in the United States, and SSAB, which operates steel mills in Sweden and Finland and has a substantial U.S. presence. The company has also signed memorandums of understanding with steel companies in Germany, Austria, Italy and Denmark, and is working to convert them into binding agreements. Regarding the project's economics, the company's feasibility study uses a molybdenum price of $18 (U.S.) per pound, compared with the current market price of approximately $33 (U.S.) per pound. For after-tax net present value and internal rate of return sensitivities to molybdenum prices, please refer to tables 1-5 and 1-6 of the company's National Instrument 43-101 feasibility study.

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 an NI 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. The company received a grant from the government of Canada, and is aiming to incorporate magnesium and rare earth elements as byproducts in the feasibility study.

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

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