Greenland Resources Provides Update ON EUR 50 Million Equity Investment Led BY Horizon Europe
PRESS RELEASE 26-08
April 27, 2026
GREENLAND RESOURCES PROVIDES UPDATE ON EUR 50 MILLION EQUITY
INVESTMENT LED BY HORIZON EUROPE
NUUK, GREENLAND -- (April 27, 2026) – Greenland Resources (TSX:MOLY, FSE:M0LY) is pleased to
announce that it has applied for an equity investment from the European Innovation Council EIC STEP Scale Up
(“EIC STEP”). The application stipulates a total equity investment of €50 million partly funded by Horizon Europe
with the remainder provided by targeted committed capital providers. The application has successfully passed an
eligibility criteria assessment, achieved the Sovereignty STEP Seal project excellence status and was recommended
by panel of jurors to the EIC Fund which will make a final decision subject to further due diligence. The terms of the
financing will be determined at that time. An official announcement can be found in the EIC STEP website.
Background
The EIC STEP scheme offers equity investments between €10 and €30 million, aiming to leverage private co-
investment and achieve financing rounds of €50 to €150 million or more. The program is designed to scale-up
innovation in Europe's strategic technology sectors such as clean and resource efficient technologies including
strategic raw materials. The investment will support project construction which will incorporate innovative EU-made
clean breakthrough technologies. These efforts aim to ensure a cleaner critical long-term supply of raw materials for
EU offtakers while also creating jobs and fostering prosperity for the people of Greenland.
On July 14, 2025, and February 9, 2026, Greenland Resources A/S (the “Company”) applied for an investment to the
EIC STEP. The application passed an eligibility assessment and an interview with an evaluation panel of six jurors
that gave a GO Sovereignty STEP Seal status and recommended to the EIC Fund a €10 million equity investment in
Greenland Resources A/S. As part of the EIC STEP requirements, the Company has received firm commitments for
an additional €40 million from two qualified investors to co-invest alongside the EIC Fund. The Company will provide
updates on this and other current capex equity funding efforts in due course.
About Greenland Resources A/S
Greenland Resources A/S is a Greenlandic company registered in Denmark, 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 and innovative strategic European built technology that significantly reduces emissions
and opex cost. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra
Tech in 2022, with a 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 Greenland Nuuk and 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 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.
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
Greenland office Qullilerfik 26, 3900 Nuuk, Greenland
Toronto 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 ability to obtain
approval for the EIC STEP financing and the co-investment by private investors for aggregate proceeds of financing
round of €50 million; and, the Company’s objectives, goals or future plans.
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 obtain approval for the EIC STEP financing and acceptance by co-investors for a
financing round of €50 million on terms which are acceptable or at all; future planned development and other activities
on the Project; planned energy requirements of the Project; obtaining the permitting on the Project in a timely manner;
no adverse changes to the planned operations of the Project; continued favourable relati onships with local
communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum
in the EU and abroad, including by companies that expressed an interest in purchasing molybdenum; our 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 projects, including the Malmbjerg
molybdenum project; prices for molybdenum remaining as estimate d; 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.