Greenland Resources Conditionally Approved for up to $7 Million From the Government of Canada

Executive Summary

• The Government of Canada conditionally approved a non‑repayable contribution of up to C$7,000,000 for Greenland Resources’ Malmbjerg Molybdenum Optimization & Magnesium and Rare Earth By‑product Feasibility Study.
• Funding will be provided through Natural Resources Canada’s Critical Minerals Research, Development and Demonstration (CMRDD) program, pending final diligence and definitive documentation.
• The grant supports research into processing primary molybdenum with saline/fresh water flotation to recover magnesium and rare earth element by‑products, enhancing the project’s economic case and strategic importance for Canadian and EU critical mineral supply chains.

Key Details

• Grant Amount: Up to C$7 million (non‑repayable).
• Program: Natural Resources Canada – Critical Minerals Research, Development and Demonstration (CMRDD) program.
• Project Scope: Feasibility study for:
• Processing primary molybdenum using saline and fresh water flotation.
• Recovering magnesium and rare earth element (REE) by‑products from the Malmbjerg ore body.
• Evaluating innovative technologies to extract magnesium from saline water.
• Strategic Rationale:
• Addresses global supply concentration – China supplies ~69 % of REEs and ~89 % of magnesium.
• Supports EU and Canadian defense‑critical molybdenum needs (potentially 100 % of EU defence consumption).
• Announcement Venue: Made by Honourable Tim Hodgson, Minister of Energy and Natural Resources, at the PDAC conference in Toronto on March 2, 2026.
• Company Statements:
• Minister Hodgson highlighted the role of R&D in building sustainable critical‑mineral supply chains.
• Chairman Dr. Ruben Shiffman expressed gratitude and noted potential GDP increase of >25 % for Greenland and new skill development for Inuit communities via partnership with Nuna Group of Companies.
• Qualified Person: Release reviewed and approved by Jim Steel, P.Geo., M.B.A., director and Qualified Person under NI 43‑101.
• Project Background (contextual):
• Malmbjerg is a 100 % owned open‑pit primary molybdenum deposit with magnesium as a by‑product; NI 43‑101 Feasibility Study (2022) indicated US$820 M capex, levered after‑tax IRR of 33.8 %, payback of 2.4 years at $18/lb Mo price.
• Proven & Probable Reserves: 245 Mt @ 0.176 % MoS₂ (571 M lb Mo).
• Average annual production (yrs 1‑10): 32.8 M lb Mo, ~25 % of EU consumption and 100 % of EU defence needs.

Notable Quotes

• Tim Hodgson, Minister of Energy and Natural Resources: “Research and development are essential to building the sustainable and reliable critical mineral supply chains that power clean energy, advanced manufacturing and defence readiness.”
• Dr. Ruben Shiffman, Chairman: “Canada first! … The contribution will help to secure long‑term supply of critical minerals for Canada and the EU with high sustainability standards.”