Greenland Resources talks Malmbjerg project

Executive Summary

• Greenland Resources provided an operational update on its Malmbjerg project in Greenland, highlighting progress on financing, offtake agreements, and regulatory support.
• The company received an updated letter of interest from Export Development Canada (EDC) for up to $275 million in debt financing and is engaged in positive discussions with the European Commission, national governments, an offtaker, and a commercial bank for equity financing and grants.
• The company has signed binding long-term offtake agreements with price protections and MOUs with major steel and chemical companies in Europe, while concluding an updated project execution plan aligned with its NI 43-101 feasibility study.

Key Details

• Financing Updates:
  • Received an updated letter of interest from Export Development Canada (EDC) to support development and construction in an amount up to $275 million (U.S.).
  • Engaged in positive discussions with the European Commission (per RESourceEU Communique), three national governments, one offtaker, and one commercial bank regarding equity financing and grants for the equity portion of project capex.
  • Expects further announcements in Q1 2026.
• Offtake Agreements:
  • Signed binding long-term offtake agreements with leading steel and chemical companies in Germany, Italy, Austria, Sweden, Finland, and Denmark, as well as a roaster in Belgium.
  • Agreements include price floors and ceilings protection.
  • Memorandums of Understanding (MOUs) are in place with these entities.
• Project Execution:
  • Concluded an updated project execution plan aligned with the construction timeline stated in the National Instrument 43-101 feasibility study.
• Regulatory & Strategic Status:
  • The Malmbjerg project was mentioned as a priority EU project by the European Commission on Dec. 3, 2025, under the RESourceEU initiative.
  • Supported by the European Raw Materials Alliance (ERMA).
  • Awarded an exploitation licence for molybdenum and magnesium on June 19, 2025.
• Upcoming Presentations:
  • Will present at the BMO Capital Markets' 35th Global Metals, Mining & Critical Minerals Conference in Hollywood, Fla., on Feb. 24, 2026, at 11:15 a.m. ET.
  • Will present during Greenland Day on March 2, 2026, in Toronto at the Prospectors & Developers Association of Canada (PDAC).
• Project Fundamentals (from "About" section):
  • Asset: 100%-owned Climax type primary molybdenum deposit in central east Greenland; magnesium is a byproduct.
  • Feasibility Study: NI 43-101 definitive feasibility study completed by Tetra Tech in 2022.
  • Capex: $820 million (U.S.).
  • Financials: Levered after-tax IRR of 33.8% and payback of 2.4 years, based on $18/lb molybdenum price.
  • Reserves: 245 million tonnes at 0.176% MoS2, containing 571 million pounds of contained molybdenum metal.
  • Production: Average annual production of 32.8 million pounds per year of contained molybdenum metal for years one to 10 at an average grade of 0.23% MoS2.
  • Market Position: Production represents approximately 25% of EU total yearly consumption and 100% of EU defence needs for molybdenum.
  • Magnesium: Project uses ~35,000 cubic metres/day of saline water (~900 ppm magnesium); company is working on extraction technologies and aims to incorporate magnesium and rare-earth elements into feasibility study economics.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.