Greenland Resources Concludes Successful Summer Field Program
Greenland confirms its project schedule following a summer engineering wrap-up and the receipt of an incremental European Union grant.
Greenland Resources Inc. (MOLY) announced the successful and on-schedule completion of its expanded summer field program at the Malmbjerg project on September 17, 2026. The initiative deployed 33 professionals to conduct detailed project engineering, which included glacier geometry interpretation, geotechnical inspections, and the optimization of the RopeCon transportation system.
The company also received a partial payment of €163,025 (C$261k) under the EU Horizon Europe BOREAS project, funds designated to support the development of autonomous robotic systems for the site.
Metallurgical testing preparation advanced as 8 tonnes of diamond drill core and 14 tonnes of saline/fresh water were collected and shipped to SGS Lakefield Vancouver for pilot plant operational testing. This testing is funded by the Government of Canada’s $7 million non-repayable contribution. The project retains its NI 43-101 Definitive Feasibility Study, 30-year exploitation license, and binding long-term offtake agreements.
Greenland Resources Inc. (MOLY) released a routine operational update confirming that engineering and metallurgical preparation activities are proceeding according to plan. The company received a €163k partial grant payment, which is immaterial to the overall $820M project capex but validates continued EU grant disbursement.
No new financing, offtake, or regulatory milestones were announced. The market was already aware of the summer program's scope and the metallurgical testing timeline from the August 24 and June 29 updates. The shipment of core and water for SGS testing is a standard, expected next step following the Canadian grant approval.
Greenland Resources Inc. (MOLY) is developing the Malmbjerg project, a 100%-owned Climax-type primary molybdenum deposit located in east-central Greenland. The project holds a 30-year exploitation license for molybdenum and magnesium.
A 2022 NI 43-101 Definitive Feasibility Study by Tetra Tech outlines $820 million in capital expenditure, a 33.8% levered after-tax internal rate of return, and a 2.4-year payback period, based on a molybdenum price of $18 per pound. The project contains 245 million tonnes of reserves at 0.176% MoS2, representing 571 million pounds of contained molybdenum. Production is projected at an average of 32.8 million pounds of molybdenum per year for years one through ten.
The project is recognized as a priority EU project under RESourceEU and aims to supply approximately 25% of EU molybdenum consumption and 100% of EU defense needs. By-products include magnesium extracted from saline water and potential rare earth elements.