Greenland Resources Receives Letter of Intent From Nordic Investment Bank
Greenland Resources Receives Letter of Intent From Nordic Investment Bank
TORONTO--(BUSINESS WIRE)--August 31, 2026--Greenland Resources Inc. (TSX:MOLY |
FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that the
Company has now received a letter of interest (LOI) from the Nordic Investment Bank (NIB),
the international financial institution of the Nordic and Baltic countries.
This LOI provides a non-binding expression of interest subject to further due diligence to support
the Company by providing funding of up to US$120 million under one or more export credit
agencies covered facilities. The LOI follows the Company’s long-term binding offtake
agreements with two major Scandinavian steel producers, announced on April 1, 2026 and
February 24, 2025. The LOI adds to the expression of interest from Export Development Canada
(EDC) to support the Company as a mandate lead arranger in an amount up to US$275 million as
per press release dated February 21, 2025. As an international financial institution of the Nordic
and Baltic countries, NIB carries a AAA/Aaa credit ratings from S&P Global and Moody’s,
respectively.
About Greenland Resources
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 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% MoS 2,
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 ten is 32.8 million
pounds per year of contained molybdenum metal at an average grade of 0.23% MoS 2,
approximately 25% of EU total yearly consumption and 100% of EU defence needs. For more
information, visit www.greenlandresources.ca or view the Company’s Canadian regulatory
filings at 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 supportedby
the European Raw Materials Alliance and EIT RawMaterials GmbH, a body of the European
Union.
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 information 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 Company’s objectives, goals
or future plans; planned capex financing and outcomes of due diligence reviews; construction
and engineering initiatives for the Malmbjerg molybdenum project; 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:
future planned development and other activities on the Project; favourable outcomes of due
diligence reviews; 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 relationships 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 estimated; currency exchange rates remaining as estimated;
availability of funds for the Company’s projects; 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: the favourable 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 Cboe Canada 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.
Contacts
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
Toronto office Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5
Greenland office Qullilerfik 26, 3900 Nuuk, Greenland
Telephone 1-844-252-0532
Email [email protected]
Web www.greenlandresources.ca