Greenland receives 1,147 square km exploration licence

Executive Summary

• Greenland Resources Inc. has been granted an exclusive special exploration license (MEL-S 2026-07) covering 1,147.76 square kilometers in the Semersooq region, surrounding its existing exploitation license for molybdenum and magnesium.
• The new license provides a dominant mineral position on the east coast of Greenland and allows for exploration of all minerals except hydrocarbons and radioactive elements.
• Geochemical data from the new area indicates highly anomalous molybdenum values, which could potentially expand the resource base of the company's Malmbjerg project.

Key Details

• License Details:
  • License Number: MEL-S 2026-07
  • Area: 1,147.76 square kilometers (km²)
  • Location: Semersooq region, surrounding the company's current exploitation license on the east coast of Greenland.
  • Rights: Exclusive rights for special exploration for all minerals except hydrocarbons and radioactive elements.
  • Terms: Subject to application procedures and standard terms of the Government of Greenland.
• Geological Potential:
  • Previous reports by the Geological Survey of Denmark and Greenland indicate multiple locations within the new license area with highly anomalous molybdenum values.
  • These anomalies have the potential to add to the company's Malmbjerg project resources.
• Next Steps:
  • An exploration program, including hyperspectral surveys for the new concession, will be established.
• Company Context (Malmbjerg Project):
  • Project Type: 100%-owned Climax type primary molybdenum deposit with magnesium as a byproduct.
  • Feasibility Study: Definitive feasibility study completed by Tetra Tech in 2022.
  • Financials: $820 million (U.S.) capex; levered after-tax IRR of 33.8%; payback of 2.4 years (based on $18/lb Mo price).
  • Reserves: 245 million tonnes at 0.176% MoS2, containing 571 million pounds of contained molybdenum metal.
  • Production Profile: Average annual production of 32.8 million pounds of contained molybdenum metal per year for years 1 to 10 at an average grade of 0.23% MoS2.
  • Strategic Importance: Represents approximately 25% of EU total yearly consumption and 100% of EU defense needs for molybdenum.
  • Recent Recognition: On Dec. 3, 2025, the European Commission’s RESourceEU initiative mentioned the Malmbjerg project as a priority EU project, supported by the European Raw Materials Alliance (ERMA).
  • Current Status: Exploitation license for molybdenum and magnesium was awarded on June 19, 2025.

Notable Quotes

• None explicitly quoted in the text, though the Qualified Person statement confirms the release was reviewed and approved by Jim Steel, PGeo, MBA.