Greenland Resources Issues Corporate Update and Announces Presentation at BMO Conference in Florida
Corporate Update on the Malmbjerg Project
Greenland Resources announced continued progress on its 100% owned Malmbjerg project in Greenland, highlighting key financing, permitting, commercial, and execution milestones that advance the development of the project.
Presentation at BMO Global Metals, Mining & Critical Minerals Conference
The Company will present the Malmbjerg project on February 24, 2026, at 11:15 a.m. EST during the BMO Capital Markets’ 35th Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida, and has also been invited to participate in roundtable discussions with other critical minerals developers to address North American investors on the strategic importance of mineral development in Greenland.
Ongoing Engagement with European and Government Stakeholders
Greenland Resources continues positive discussions with the European Commission under its RESourceEU communique, three national governments, one offtaker, and one commercial bank regarding equity financing and potential grants for the equity portion of the project’s capital expenditure, with further announcements expected during the first quarter of 2026.
Export Development Canada Support
The Company received an updated letter of interest from Export Development Canada, a Canadian Crown corporation wholly owned by the Government of Canada, confirming its support as a Mandated Lead Arranger for the development and construction of the Malmbjerg project for financing of up to US$275 million.
Progress on Long-Term Offtake Agreements
Greenland Resources continues to advance negotiations on new long-term offtake agreements with several of the world’s largest steel producers and has already signed binding long-term offtake agreements offering price floor and ceiling protection, along with memoranda of understanding with leading steel and chemical companies in Germany, Italy, Austria, Sweden, Finland, Denmark, and with a roaster in Belgium.
Participation at PDAC 2026
The Company will present the Malmbjerg project during Greenland Day on March 2, 2026, in Toronto at the Prospectors & Developers Association of Canada (PDAC) convention, further strengthening engagement with the global mining and investment community.
Updated Project Execution Plan
Greenland Resources has finalized an updated Project Execution Plan aligned with the construction schedule outlined in its NI 43-101 Feasibility Study, supporting an efficient pathway toward mine development and construction.
Company Overview and Strategic Focus
Greenland Resources Inc. is a Canadian public company regulated by the Ontario Securities Commission and focused on the development of its Climax-type primary molybdenum deposit located in central east Greenland, with magnesium as a significant byproduct in a global market currently dominated by China.
Environmentally Responsible Mine Design
The Malmbjerg project is designed as an open-pit operation with an environmentally responsible mine layout emphasizing reduced water usage, minimal aquatic disturbance, and a low physical footprint through modularized infrastructure.
NI 43-101 Feasibility Study Highlights
The project benefits from a Definitive Feasibility Study completed by Tetra Tech in 2022, outlining an estimated capital expenditure of US$820 million, a levered after-tax internal rate of return of 33.8%, and a payback period of 2.4 years based on a molybdenum price of US$18 per pound.
Mineral Reserves and Production Profile
Proven and Probable reserves total 245 million tonnes at an average grade of 0.176% MoS₂, representing 571 million pounds of contained molybdenum metal, with higher-grade material mined during the first half of the mine life, resulting in average annual production of 32.8 million pounds of molybdenum for the first ten years at an average grade of 0.23% MoS₂.
Strategic Importance to the European Union
The Malmbjerg project has the potential to supply approximately 25% of total EU molybdenum demand and 100% of EU defense-related molybdenum needs, positioning the project as a critical long-term supply source for high-performance and defense-grade steels.
Magnesium Byproduct and Innovation Initiatives
The project utilizes approximately 35,000 cubic meters per day of saline water containing around 900 ppm of magnesium, and the Company is advancing innovative technologies to extract magnesium from saline water while also evaluating the inclusion of magnesium and rare earth elements contained in molybdenum concentrate into the project’s economic model.
Exploitation License and Regulatory Milestone
On June 19, 2025, Greenland Resources was awarded an exploitation license covering molybdenum and magnesium, marking a major regulatory milestone toward full project development.
European Union Strategic Recognition
On December 3, 2025, the European Commission launched the RESourceEU initiative and identified the Malmbjerg project as a priority EU project, with additional support from the European Raw Materials Alliance, which is managed by EIT RawMaterials GmbH, an entity of the European Union.
Molybdenum Market Dynamics in the EU
The European Union is the world’s second-largest molybdenum consumer at approximately 122 million pounds per year, representing around 19% of global demand, yet has no domestic molybdenum extraction despite extensive processing capacity and reliance on molybdenum for steel, defense, and green energy technologies.
Role of Molybdenum in Industrial and Defense Applications
Molybdenum enhances steel strength, corrosion resistance, weldability, and high-temperature performance, making it essential for EU automotive, construction, engineering, and defense sectors that collectively represent a significant share of EU GDP and future defense spending growth.
Global Supply Constraints and Strategic Mineral Status
Primary molybdenum production is currently concentrated in China and the United States, with China accounting for approximately 87% of global output and having implemented export controls, while molybdenum is classified as a critical or strategic mineral by major defense nations including the United States, China, Russia, India, and South Korea.
Magnesium Market Overview in the EU
The EU consumes approximately 145,000 tonnes of magnesium annually but lacks domestic extraction and processing facilities, relying heavily on imports, primarily from China, which supplies approximately 89% of global magnesium production.
Magnesium Applications and Growth Drivers
Magnesium demand is driven by electric vehicle manufacturing and sustainable production, with applications across automotive and aerospace casting alloys, aluminum-base alloys, steel desulfurization, and a wide range of industrial magnesium compounds used in fertilizers, construction materials, and de-icing solutions.
Strategic Positioning of the Malmbjerg Project
Through its location in an EU-associated country, environmentally responsible design, and long-life high-grade resource base, the Malmbjerg project is positioned to become a long-term, secure, and sustainable supplier of critical molybdenum and magnesium to European markets for decades to come.
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