Greenland Resources, Hempel enter MOU for Mo supply

Mr. Ruben Shiffman reports GREENLAND RESOURCES SIGNS MOU WITH HEMPEL TO STRENGTHEN MOLYBDENUM SUPPLY TO THE GERMAN STEEL INDUSTRY Greenland Resources Inc. has signed a memorandum of understanding for long-term molybdenum supply with Dusseldorf-based company Hempel Metallurgical GmbH, a leading supplier of molybdenum to the German steel industry. Based on Greenland Resources' National Instrument 43-101 feasibility study and the previously announced offtake and roasting agreements, the company is positioned to become the largest worldwide molybdenum supplier to Germany. The company expects further announcements related to direct offtake agreements with German steel companies. The MOU sets the path for a supply agreement of molybdenite concentrate, as well as secondary products like ferromolybdenum and molybdenum oxide. The partnership focuses on supplying high-quality low-emission molybdenum from Greenland to the German steel industry with roasting in Belgium. According to the International Molybdenum Association, in 2024, Germany used 16.3 million pounds of molybdenum, making it the largest molybdenum user in the European Union followed by Italy and Finland, countries with large steel companies that have also entered into direct offtake agreements with the company. The European Union is the second-largest user of molybdenum worldwide, has a self-sufficient roasting capacity but has no molybdenum extraction. The primary molybdenum in the Malmbjerg project is ideal for EU defence and high performance steel applications because of low deleterious elements and long-term security supply. More than 80 per cent of the metallic materials (including carbon and stainless steels) to be used for defence applications require molybdenum alloying. Germany expects to increase defence expenditures from the current 1.5 per cent to around 5 per cent of gross domestic product. Primary molybdenum is produced in China (87 per cent) and the United States (13 per cent). About Greenland Resources Inc. Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator, and is focused on the development of its 100-per-cent-owned Climax-type primary molybdenum deposit located in central-east Greenland. The project has also magnesium as a byproduct, a market dominated 89 per cent by China. The Malmbjerg project is an open-pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from an NI 43-101 definitive feasibility study completed by Tetra Tech in 2022, with $820-million (U.S.) in capital expenditures, a levered after-tax internal rate of return of 33.8 per cent and a payback of 2.4 years, using $18 (U.S.) per pound molybdenum price. The proven and probable reserves are 245 million tonnes at 0.176 per cent MoS2 for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to 10 is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23 per cent MoS2, approximately 25 per cent of EU total yearly consumption and 100 per cent of EU defence needs. On byproduct magnesium, the project uses approximately 35,000 cubic metres per day of saline water with around 900 parts per million of magnesium, and the company is working on extracting magnesium from the saline water using innovative technologies. In addition, the molybdenum concentrate has a magnesium component. The company is aiming to incorporate magnesium in the economics of the feasibility study. On June 19, 2025, the company was awarded an exploitation licence for molybdenum and magnesium. With offices in Toronto, the company is led by a management team with an extensive record in the mining industry and capital markets. The project is supported by the European Raw Materials Alliance. ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union. We seek Safe Harbor.