Greenland Resources Signs Eight Year Off-take Agreement With SSAB to Supply High Quality Molybdenum

Executive Summary

• Greenland Resources Inc. has signed a binding off‑take agreement with SSAB, a major Nordic/US steel producer, securing a price floor and ceiling for low‑carbon ferromolybdenum sourced from the Malmbjerg project.
• The agreement positions Greenland Resources to supply up to 25 % of EU molybdenum demand and 100 % of EU defence‑related molybdenum needs, enhancing long‑term revenue visibility.
• The deal underscores strategic importance of the Malmbjerg deposit amid EU raw‑materials initiatives and growing demand for high‑strength, low‑emission steels.

Key Details

• Parties: Greenland Resources Inc. (TSX:MOLY) and SSAB (global steel producer).
• Product: High‑quality, low‑carbon ferromolybdenum extracted in Greenland and refined in Belgium.
• Pricing Structure: Established price floor and ceiling – specific levels not disclosed.
• Supply Commitment: Enables SSAB to secure a stable primary molybdenum supply for its steel production (annual capacity 8.8 million tonnes).
• Strategic Fit: Provides SSAB with responsible, low‑scope 1&2 emission molybdenum from an EU associate country; aligns with EU sustainability and security of supply goals.
• Project Context: Malmbjerg project – open‑pit primary molybdenum deposit with magnesium by‑product; NI 43‑101 Feasibility Study (2022) shows US$820 M capex, levered after‑tax IRR 33.8 %, payback 2.4 years at $18/lb Mo price.
• Reserves & Production: 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 % of EU consumption, 100 % of EU defence needs).
• Regulatory Milestones: Exploitation license awarded on 19 June 2025 for molybdenum and magnesium.
• EU Recognition: Mentioned by European Commission’s RESourceEU as a priority project; supported by the European Raw Materials Alliance (ERMA).

Notable Quotes

(No direct quotes were provided in the release.)