Greenland Resources Provides Update and Will Present at BMO Conference in Florida

Executive Summary

• Greenland Resources announced a series of high‑profile presentations for its Malmbjerg molybdenum project (Feb 24 at BMO Capital Markets’ Global Metals Conference and Mar 2 at PDAC’s “Greenland Day”).
• The company is in advanced talks with the European Commission, three national governments, an off‑taker and a commercial bank on equity financing and grant support for capex; expects further announcements in Q1‑2026.
• Export Development Canada issued an updated letter of interest to act as Mandated Lead Arranger for up to US $275 million of project financing.

Key Details

• Project Presentation Schedule – Feb 24, 2026 (11:15 am EST) at BMO Capital Markets’ 35th Global Metals, Mining & Critical Minerals Conference in Hollywood, FL; Mar 2, 2026 at PDAC’s “Greenland Day” in Toronto.
• Financing Discussions – Ongoing positive discussions with the European Commission (via RESourceEU), three national governments, one off‑taker and a commercial bank regarding equity financing and grant support for the project’s capital expenditures; further announcements anticipated Q1‑2026.
• Export Development Canada (EDC) Letter of Interest – Updated LOI designating EDC as Mandated Lead Arranger for up to US $275 million to support development and construction of Malmbjerg.
• Offtake Negotiations – Continued advancement of long‑term offtake agreements with major global steel producers; binding agreements include price floor/ceiling protections, plus MOUs with leading steel and chemical firms in Germany, Italy, Austria, Sweden, Finland, Denmark, and a roaster in Belgium.
• Project Execution Plan – Updated plan aligned with construction timeline from the NI 43‑101 Feasibility Study; confirms open‑pit mine design, modular infrastructure, low water usage, and reduced environmental footprint.
• Technical Highlights (from prior feasibility) – US $820 million capex, levered after‑tax IRR 33.8 %, payback 2.4 years at $18/lb Mo price; Proven & Probable reserves: 245 Mt @ 0.176 % MoS₂ (571 M lb Mo). Expected average annual production years 1‑10: 32.8 M lb Mo (≈25 % EU consumption, 100 % EU defence needs).
• By‑product Magnesium – Project processes ~35,000 m³/day saline water (~900 ppm Mg) with plans to extract magnesium and potentially rare earth elements, adding economic upside.

Notable Quotes

(No direct quotes were provided in the release.)