Greenland Resources Granted 1,147.76 KM2 Mineral License Surrounding Its Current Exploitation License

PRESS RELEASE 26-04

February 24, 2026

GREENLAND RESOURCES GRANTED 1,147.76 KM2 MINERAL LICENSE

SURROUNDING ITS CURRENT EXPLOITATION LICENSE

TORONTO, ONTARIO -- (February 24, 2026) – Greenland Resources Inc. (TSX:MOLY | FSE: M0LY)

(“Greenland Resources” or the “Company”) is pleased to announce the government of Greenland has granted the

Company exclusive rights of special exploration license MEL-S 2026-07 consisting of 1,147.76 km2 in the Semersooq

region surrounding the Company’s existing exploitation license for molybdenum and magnesium. The Company now

has a dominant mineral licence position in the east coast of Greenland.

The new special exploration licence entitles the Company to explore for all minerals except hydrocarbons and

radioactive elements and is subject to the Application Procedures and Standard Terms of the government of Greenland.

Based on previous reports published by the Geological Survey of Denmark and Greenland, the geochemistry data

from rock samples available in the new license area show multiple locations with highly anomalous molybdenum

values that could potentially add to our Malmbjerg project. An exploration program including hyperspectral surveys

for the new concession will be established.

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. 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 public company with the Ontario Securities Commission as its principal regulator

and is focused on the development of its 100% owned Climax type primary molybdenum deposit located in central

east Greenland. The Project has also magnesium as a byproduct, a market dominated 89% 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 an NI

43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an US$820 million capex and a levered

after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable

Reserves are 245 million tonnes at 0.176% 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 one to ten

is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2, approximately

25% of EU total yearly consumption and 100% of EU defence needs. On byproduct magnesium, the project uses

approximately 35,000 m3 per day of saline water with around 900 ppm 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 license for molybdenum and magnesium. With offices in Toronto, the Company is led by a management

team with an extensive track record in the mining industry and capital markets. For further details, please refer to our

web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile

at http://www.sedarplus.com/

On December 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% of the global demand according to IMOA), has large processing capacity, produces the best specialty steel

products worldwide 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 like automotive, construction, and engineering, represent around 18% of EU GDP. Greenland Resources

strategically located Malmbjerg project has the potential to supply in and for the EU approximately 25% 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% of EU defence molybdenum consumption. More than 80% 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 defense expenditures from current

1.5% to around 5% of GDP. Primary molybdenum is only produced in China (87%) and the USA (13%), 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: U.S., China, Russia, India, and South Korea.

About Magnesium and the EU

The EU uses around 145,000 tonnes of magnesium per year (15% of the global demand) but has no treatment facilities

nor extraction. Electric vehicle production and sustainable manufacturing practices are key drivers for market growth.

Magnesium is a light metal with a high strength-to-weight ratio, primarily utilized in the form of magnesium metal or

magnesium compounds such as caustic-calcined magnesia, magnesium chloride, hydroxide and sulfates. Magnesium

metal is primarily used as casting alloy in automotive and aerospace industries (64%), aluminum-base alloys for

packaging and transportation (18%), and in the desulfurization of iron and steel (4%). Smelter production of

magnesium metal in 2024 was 1 million metric tonnes, 85% coming from seawater, while smelter capacity worldwide

is double. Also, approximately 75% of magnesium compounds serve industrial purposes including fertilizers, cattle

feed, Epsom salts, heat-resistant bricks, de-icing etc. (USGS 2024). China produces 89% of the world’s magnesium

and Europe sources 97% of its magnesium from China (EC, 2023).

For further information please contact:

Ruben Shiffman, PhD Chairman, President

Keith Minty, P.Eng, MBA Engineering and Project Management

Jim Steel, P.Geo, MBA Exploration and Mining Geology

Nauja Bianco, M.Pol.Sci. Public and Community Relations

Gary Anstey Investor Relations

Eric Grossman, CPA, CGA Chief Financial Officer

Corporate office Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5

Telephone 1-844-252-0532

Email [email protected]

Web www.greenlandresources.ca

Forward Looking Statements

This news release contains "forward-looking information" (also referred to as "forward looking statements"), which

relate to future events or future performance and reflect management’s current expectations and assumptions. Often,

but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects",

"is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations

(including negative variations) of such words and phrases, or state that certain actions, events or results "may",

"could", "would", "might" or "will" be taken, occur or be achieved. Such forward -looking statements reflect

management’s current beliefs and are based on assumptions made by and informat ion currently available to the

Company. All statements, other than statements of historical fact, are forward-looking statements or information.

Forward-looking statements or information in this news release relate to, among other things: the prospectivity of the

new mineral exploration licence and the ability to enhance the molybdenum resource estimate ; the Company’s

objectives, goals or future plans; the Company’s objectives, goals or future plans; statements, exploration results,

potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine

development plans, timing of the commencement of operations and estimates of market conditions.

These forward-looking statements and information reflect the Company’s current views with respect to future events

and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are

inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These

assumptions include: the ability to conduct successful mineral exploration programs on the new mineral exploration

licence; mineral reserve estimates and the assumptions upon which they are based, including geotechnical and

metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to

be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the

technical studies; estimated valuation and probability of success of the Company’s Malmbjerg molybdenum project;

prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds

for the Company’s projects on terms which are acceptable or at all; capital decommissioning and reclamation

estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy

inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned

delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory

approvals are received in a timely manner or at all; and the ability to comply with environmental, health and safety

laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks,

uncertainties and other factors that may cause actual results and developments to differ materially from those

expressed or implied by such forward-looking statements or information contained in this news release and the

Company has made assumptions and estimates based on or related to many of these factors. Such factors include,

without limitation: continued acceptance of the results of the SIA (Social Impact Assessment) and EIA (Environmental

Impact Assessment); favourable local community support for the Project’s development; the projected demand for

molybdenum both in the EU and elsewhere, including by companies that expressed an interest in p urchasing

molybdenum; the current initiatives and programs for resource development in the EU and abroad; the projected and

actual status of supply chains, labour market, currency and commodity prices interest rates and inflation; the projected

and actual status of the global and Canadian capital markets, fluctuations in molybdenum and commodity prices;

fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations

in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards

inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment

breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather);

inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all

necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government

practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to

mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified

personnel; the availability of additional capital; title matters and the additional risks identified in our filings with

Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Although the Company has

attempted to identify important factors that could cause actual results to differ materially, there may be other factors

that cause results not to be as anticipated, estimated, described, or intended. Investors are cautioned against undue

reliance on forward-looking statements or information. These forward-looking statements are made as of the date

hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume

any obligation, to update the forward-looking information. Neither the Toronto Stock Exchange nor its regulation

services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or

other regulatory authority has approved or disapproved the information contained herein.