Greenland Resources Receives Final Approval FOR a $7 Million Non- Repayable Contribution from the Government of Canada
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PRESS RELEASE 26-11
June 29, 2026
GREENLAND RESOURCES RECEIVES FINAL APPROVAL FOR A $7 MILLION NON-
REPAYABLE CONTRIBUTION FROM THE GOVERNMENT OF CANADA
TORONTO, ONTARIO -- (June 29, 2026) – Greenland Resources Inc. (TSX:MOLY | FSE: M0LY) (“Greenland
Resources” or the “Company”) is pleased to announce that, as a follow up to its press release dated March 2, 2026 on
a conditional approval, the Government of Canada concluded its final due diligence and has signed an agreement for
a non-repayable contribution of $7,000,000 through Natural Resources Canada's Critical Minerals Research,
Development and Demonstration (CMRDD) program. Canada is now the first G7 government to invest in mining in
Greenland.
The metallurgical program will evaluate, using Canadian expertise, the feasibility of processing primary molybdenum
using saline and fresh water for flotation, as well as assess the potential recovery of magnesium and rare earth element
as by-products contained within the Malmbjerg ore body and saline water. The program will run until March 2028
with progress updates to be provided in due course.
The Company expresses gratitude to the Government of Canada, Minister Tim Hodgson, and his team for their
leadership and support.
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 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% 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.
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 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 benefits of the
CMRDD non-repayable contribution and the intended use of the funding proceeds, the feasibility of processing
primary molybdenum using saline and fresh water for flotation to recover magnesium and rare earth element by -
products, the potential to recover magnesium contained in the saline water using innovative technologies, and the
ability to enhance the molybdenum resource estimate; the improved profitability of the project as a result of the
increase in the price of molybdenum; the improved profitability of the project and the ability to contribute to resilient
critical minerals value chains by extracting biproduct magnesium and potential rare earth elements and thereby realize
synergies in the opex and capex of the primary molybdenum operation; the prospectivity of the market for
molybdenum, magnesium and rare earth elements; 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: satisfaction of all terms and conditions of the Natural Resources Canada's Critical Minerals
Research, Development and Demonstration non repayable contribution with completion of funding and successful
application of the grant proceeds, positive outcomes from the Malmbjerg Molybdenum Optimization & Magnesium
and Rare Earth By-product Feasibility Study project, 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 purchasing
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.