Greenland Resources Announces Voting Results

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TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce the voting results from the Company’s ordinary-course annual general and special meeting held on May 23, 2025 (the “Meeting”).

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Election of Directors

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Each of the four director nominees proposed by management were elected by over 98% of the votes cast, demonstrating robust shareholder confidence and support for the board. Details of the voting results are as follows:

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Reappointment of Auditors

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The reappointment of McGovern Hurley LLP, Chartered Professional Accountants, to serve as the independent auditors of the Company for the ensuing year, and authorization of the board of directors to fix the remuneration of the auditors, was approved by the votes cast.

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Continuation of Long-Term Incentive Plan

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The continuation of the Company’s long-term incentive plan, including all unallocated entitlements thereunder, was approved by the votes cast.

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About 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 Malmbjerg molybdenum project (the “Project”) has also magnesium as a bi-product, a market dominated 89% by China. The 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.ca.

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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, 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.