Greenland Resources Updates on Canada EU Agreement

Greenland Resources Inc. (MOLY) released information on November 2, 2026, highlighting the strategic alignment between the newly launched Canada-EU Alliance for the Future and an agreement with the European Investment Bank (EIB). This positioning places the Malmbjerg project favorably within European critical raw materials policy. The company confirmed it has secured binding long-term offtake agreements with major global steel producers Outokumpu and SSAB, alongside Memorandums of Understanding (MOUs) with additional steel companies across Germany, Austria, Italy, and Denmark.

The release reiterated that the NI 43-101 Definitive Feasibility Study utilizes a conservative molybdenum price assumption of US$18 per pound, which is significantly below the prevailing market price of approximately US$33 per pound. Management noted ongoing efforts to incorporate magnesium and rare earth elements (REEs) as byproducts into the feasibility study economics.

Greenland Resources Inc. acknowledged receipt of a non-repayable contribution from the Government of Canada and confirmed active discussions with the European Commission and the EU steel industry to finance a portion of the capital expenditures. The Malmbjerg project maintains its designation as a priority EU project under the European Commission's RESourceEU initiative.

Greenland Resources Inc. (MOLY) has reinforced the commercial and geopolitical viability of its Malmbjerg project by confirming binding offtake commitments and aligning the asset with high-level Canada-EU strategic frameworks. The company’s feasibility study employs conservative pricing assumptions, providing a margin of safety that indicates the project remains economically viable even if molybdenum prices revert to historical averages.

An update regarding byproduct recovery, specifically magnesium and rare earth elements (REEs), adds potential optionality to the project's revenue profile, although these initiatives remain in the testing phase. The release serves as a strategic progress update rather than a new capital event or operational milestone. It validates management’s narrative concerning supply chain security and European industrial demand, supporting the long-term development thesis without altering immediate capital requirements or the project timeline.

Greenland Resources Inc. (MOLY) is a development-stage critical minerals company focused on 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, granted in June 2025.

Proven and Probable Reserves total 245 million tonnes grading 0.176% MoS2, containing 571 million pounds of contained molybdenum. A Definitive Feasibility Study (DFS) by Tetra Tech outlines an average annual production of 32.8 million pounds of contained molybdenum metal for years one through ten, at an average grade of 0.23% MoS2.

Project economics from the DFS indicate a US$820 million capital expenditure, a 33.8% levered after-tax IRR, and a 2.4-year payback period, based on a conservative US$18 per pound molybdenum price. The project is designed to supply approximately 25% of EU total yearly molybdenum consumption and 100% of EU defense-related molybdenum needs.

Magnesium extraction from approximately 35,000 cubic meters per day of process saline water (~900 ppm magnesium) and potential rare earth element recovery are integrated into the development strategy.