Greenland Resources Announces Private Placement Financing

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TORONTO, May 05, 2025 (GLOBE NEWSWIRE) — Greenland Resources Inc. (“Greenland Resources” or the “Company”; Cboe CA: MOLY | FSE: M0LY) is pleased to announce that it will be conducting a best efforts non-brokered private placement of up to 3,529,412 units of the Company (the “Units”) at a price of C$0.85 per Unit (the “Offering Price”) for gross proceeds of up to approximately C$3,000,000 (the “Offering”). Each Unit will be comprised of one common share of the Company (a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price of C$1.00 per Warrant Share for a period of 24 months from the closing of the Offering. Finder’s fees may be paid to eligible finders in accordance with the policies of the CBOE consisting of a cash commission equal to up to 7% of the gross proceeds raised under the Offering and finder Warrants. The Company intends to use the net proceeds from the Offering to continue detailed engineering studies and magnesium metallurgical studies for the Malmbjerg Project in Greenland, as well as fund capex and offtaking negotiations and for general corporate and working capital purposes.

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The securities to be issued under the Offering will be offered by way of private placement in each of the provinces of Canada and such other jurisdictions outside of Canada and the United States as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Closing of the Offering (the “Closing”) is anticipated to occur on or around May 15, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the Cboe Exchange. The Units to be issued under the Offering will have a standard hold period of four months and one day from Closing.

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Greenland Resources Inc.

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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% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has also magnesium as a bi-product, a market dominated 89% by China. The Malmbjerg molybdenum 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 an US$820 million capex and a levered after-tax IRR of 33.8% and payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% 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 ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS₂, approximately 25% of EU total yearly consumption. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedarplus.com.

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The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.

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For further information please contact:

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Forward Looking Statements

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This news release contains “forward-looking information” (also referred to as “forward looking statements”), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “hopes”, “expects”,”is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans, receipt of regulatory and other approvals, anticipated closing date and completion of the Offering, anticipated size of the Offering, the Offering Price, anticipated use of proceeds from the Offering, exploration results, potential mineralization, the estimation of mineral resources and reserves and their valuation, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, the Company’s ability to supply molybdenum to the EU, the EU’s future expected demand for molybdenum, the Company’s ability to commercialize the project, the applications and benefits of magnesium, and the Company’s intentions regarding its objectives, goals or future plans and statements.