Greenland Resources provides timeline for feasibility study

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TORONTO – (COMMERCIAL THREAD) – Greenland Resources Inc. (NEO: MOLY, FSE: 2LF) (“Greenland Resources” or the “Company”) is pleased to announce a schedule for the feasibility study of the Malmbjerg Molybdenum Project (the “Project”) NI 43-101 which is being prepared by Tetra Tech Canada Inc.

In 2018, the company, in association with many world-class consultants, began optimizing the previous 2008 feasibility study prepared by Wardrop, now Tetra Tech. The Company’s engineering work completed to date includes a successful design study (DRA, 2019) that proposed the use of modularization of processing equipment and the establishment of a shorter material handling route to the north to the tide, with the aim of reducing construction and operating costs and project commissioning time. In addition, during the summer of 2021, an ambitious field program was successfully completed and confirmed the information and processes necessary for the conclusion of the feasibility study as described in the press release of the Company as of September 15, 2021. On October 12, 2021, the Company’s press published a larger NI 43-101 mineral resource estimate (Tetra Tech, 2021), and recent metallurgical flotation tests at the scale of the company. bank of mineralized samples collected as part of the summer field program have improved the pro forma metallurgical recovery response compared to the test work of the 2008 feasibility study. In addition, the Company announced on the 19th October the creation of a European Advisory Board and the appointment of its first Senior Advisor in order to strengthen its presence on the European markets. As buildability workshops, engineering design and our marketing efforts gain momentum, the company is now ready to provide a project schedule and aims to release the feasibility study in the first quarter of 2022.

Dr Ruben Shiffman, Chairman, commented: “We aim to have proven and probable reserves of molybdenum and a new NI 43-101 feasibility study early next year. This is relevant for our project and also for the European Union (EU) and its associated member countries like Greenland, given that the EU has no reserves of molybdenum, despite being the second largest user. of molybdenum to the world. The time is right and there is a strong economic focus for our world class project as the EU moves towards securing minerals in Europe for their Green Deal and molybdenum, a green energy transition metal, is trading above a thirteen-year high in the past six months. ”

Qualified Person Declaration

Mr. Jim Steel, P.Geo., MBA, a qualified person under National Instrument 43-101 has reviewed and approved the technical information contained in this press release.

About Greenland Resources Inc.

Greenland Resources is a Canadian reporting issuer for which the Ontario Securities Commission is the primary regulator and is focused on the development of its 100% owned Climax-type pure molybdenum deposit located in east-central Canada. Greenland. Malmbjerg molybdenum deposit has pit limited measured and indicated resources of 281 million tonnes at 0.18% MoS2, for 661 million pounds of molybdenum metal contained (Tetra Tech, 2021). The Malmbjerg project benefits from a feasibility study carried out in 2008 by Wardrop (now Tetra Tech), an environmental and social impact assessment (SRK, 2007), a technical optimization concept study (DRA, 2019) and a previous operating license granted in 2009. With offices in Toronto, the Company is led by a management team with extensive experience in the mining industry and financial markets. For more details, please see our website (www.greenlandresources.ca) as well as our Canadian regulatory documents on the profile of Greenland Resources at www.sedar.com

About molybdenum and the European Union

Molybdenum is a metal used primarily in steel and chemicals that is needed in all technologies of the next green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it improves strength, hardenability, weldability, toughness, temperature resistance and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 546 million pounds of molybdenum in 2020, where the European Union (“EU”) as that the world’s second-largest steel producer used about 25% of global steel production. molybdenum supply and has no domestic molybdenum production. To a greater extent, European steel-dependent industries, such as automobiles, construction and engineering, account for around 18% of the EU’s $ 16 trillion GDP. Greenland Resources Malmbjerg’s molybdenum project has the potential to provide in and for the EU around 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU associate member country, for decades future.

CAUTION: This press release includes certain “forward-looking statements” which are not made up of historical facts. Forward-looking statements include estimates and statements that describe the company’s future plans, objectives or goals, including words indicating that the company or management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will”, or “will”. and include, but are not limited to statements regarding: future opportunities, future operating and investment costs, timelines, permit schedules and the ability to obtain required permits, economics and returns partners of the Malmbjerg molybdenum deposit, the technical viability of the Malmbjerg deposit the molybdenum deposit, the future market and price and demand for molybdenum, the environmental impact of the Malmbjerg molybdenum deposit and the continued ability to work cooperatively with stakeholders, including local government levels. Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, without limitation, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, mineral resource estimate, mine exploration and development plans, timing of commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from this forward-looking information include, but are not limited to, inability to identify mineral resources, inability to convert estimated mineral resources into reserves, inability complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failing to obtain government, environmental or other approvals, political risks, relative uncertainties the availability and costs of funding needed in the future, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in project development, investment and operating costs vary widely from estimates and other risks involved in the mining exploration and development industry, the ability to anticipate and counter the effects of the COVID-19 pandemic on the Company’s business, including without limitation the effects of COVID-19 on capital markets, commodity prices, supply chain disruptions, restrictions on labor and workplace presence and local and international travel, and the risks set out in the documents Company’s public filings on SEDAR. Although the Company believes that the assumptions and factors used in the preparation of forward-looking information in this press release are reasonable, one should not place undue reliance on such information, which only applies as of the date of this press release. press release, and no assurance can be given as such events will occur within the timeframe disclosed or will not occur at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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