Greenland Resources Signs MOU with German Gmh Gruppe FOR Molybdenum Supply
PRESS RELEASE 26-01
JANUARY 19, 2026
GREENLAND RESOURCES SIGNS MOU WITH GERMAN GMH Gruppe FOR
MOLYBDENUM SUPPLY
TORONTO, ONTARIO -- (January 19, 2026) – Greenland Resources Inc. (TSX:MOLY, FSE:M0LY) (“Greenland
Resources” or the “Company”) is pleased to announce that as a follow up to its December 3, 2025 press release where
the European Commission presented RESourceEU, and mentioned the Company’s Malmbjerg project in Greenland
as a priority EU project, the Company has signed a memorandum of understanding (“MOU”) for long term
molybdenum supply with GMH Gruppe SE & Co. KG, (GMH), a leading European producer and processor of steel
long products, special bar quality, tool steels, forgings and castings. GMH is a pioneer in sustainable steel production
using electric arc furnaces based on scrap recycling thus generating 80 percent fewe r CO2 emissions than
conventionally produced steel.
The MOU sets the path for a long-term supply agreement covering ferro-molybdenum, molybdenum-oxide and
briquettes produced from molybdenum ore extracted in Greenland by the Company that will be refined in Belgium.
GMH will be able to ensure a stable and responsibly sourced long term secured molybdenum supply with high
sustainability standards and low scope 1&2 emissions from an EU associate country. GMH supplies customized steel
solutions out of more than 15 production sites mostly located in Germany. Key markets for these products are the
automotive, energy, raw materials, aerospace, defence, agricultural, construction machinery, tooling, mechanical
engineering and transportation sectors.
Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources commented: “Last year I was
pleased to travel to Berlin and sign a Declaration of Intent with Germany to Strengthen Cooperation on Critical
Minerals. Following that, in October 2025, on the margins of the G7 Energy and Environment Ministers’ Meeting in
Toronto, the Government of Canada issued a communique where the Canadian mining company Greenland Resources
was highlighted for its contribution to the Italian steel sector – now, I am pleased to see Greenland Resources moving
forward and also contributing to the Germany steel industry, another important G7 ally. This is an example of how
our government is working with international partners to create a pathway that secures economic and trade opportunity
for Canadian businesses, building a more prosperous, sovereign Canada.”
The EU is the second largest molybdenum user worldwide has a large processing capacity but has no extraction.
Germany is the largest user in the EU, classifying molybdenum in the highest risk “category 3” of the Germany
Criticality List of strategic raw materials. Additionally, Canada’s critical minerals list also includes molybdenum.
About GMH Gruppe
GMH Gruppe is a full-service provider of steel products, ranging from scrap-based steelmaking to ready-to-install
components. It is one of Europe’s largest privately owned metal-processing companies. The group comprises more
than 20 medium-sized steel, forging and casting industry sites, serving customers in over 50 countries. With around
6,000 employees, GMH Gruppe generates annual revenues of over 2 billion euros. GMH Gruppe is a pioneer in
sustainable steel production and a member of the ‘German Association of Climate Protection Companies’. By
recycling metal scrap, the company produces green steel and contributes to a circular economy. The use of electric
arc furnaces at four sites reduces CO2 emissions by 80% compared to the conventional blast furnace and converter
route. This also reduces the carbon footprint of customers supplied by GMH. These include companies from the
automotive, mechanical engineering, railway, energy, logistics, aerospace, agriculture, and construction machinery
sectors. GMH Gruppe is committed to achieving full climate-neutrality by 2039. https://www.gmh-gruppe.de/en/
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 component. The Company is aiming to incorporate magnesium 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/
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.
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 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; the benefits of the GMH memorandum of understanding; 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; the ability to make delivery and
otherwise satisfy the terms and conditions of the GMH memorandum of understanding favourable outcomes of due
diligence reviews and otherwise enter into a definitive offtake agreement on terms which are acceptable or at all;
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 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.