Greenland Resources Submits Updated Environmental Impact Assessment

Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it submitted to the Greenland Minerals Licenses and Safety Authority an updated version of the Environmental Impact Assessment (the “EIA”) for the Malmbjerg Molybdenum Project in east Greenland (the “Project”) authored by WSP Danmark A/S.

The updated EIA incorporates the new legal provisions set under the Mining Act that came into effect in January 1, 2024 as well as numerous current studies and empirical results highlighted below. Although the EIA is not part of the requirements to obtain an exploitation license under the new Mining Act (where the Company expects positive news soon), it remains an important regulatory and industry requirement to advance towards production.

Executive Chairman Dr. Ruben Shiffman noted, “We have invested a great deal of care in the environmental aspects of our mine design. While most of the existing mines are old and have large environmental bonds posted with regulators due to more stringent current environmental rules than in the past; offer lower quality product and are far away from the EU (the 2nd largest Mo and Mg user where EU has no extraction), our Project offers high quality product, a new mine design, no environmental liabilities, and high sustainability with lower CO2 vs existing mines in a like-minded EU associate country”.

Highlights of the updated version include:

- On environmental impacts of the Project, using an assessment risk scale of very low, low, medium and high, sixteen out of nineteen environmental impacts analyzed are assessed to be low or very low and four medium. On environmental risks due to accidents and natural disasters, all three risks analyzed which include risk of tailings disposal from the Tailings Management Facility (TMF), contamination of land and fresh water and contamination of the sea due to shipping accidents are assessed to be of low environmental risk.

- Results from an updated independent TMF feasibility study (2024) that among others, determine the dam classification risk factor under the Canadian Dam Association (CDA) guidelines. CDA guidelines rank in severity from Low, Significant, High, Very High to Extreme potential losses, including catastrophic scenarios, under four areas (population, life, environmental and cultural, infrastructure and economics). The proposed contained TMF was assigned a Low Dam Classification risk in all four areas under CDA.

- Conclusions of a six-month study on saturated columns testing and water quality predictions studies for the TMF supernatant concentrations (from the concentrator to before the discharge into the TMF, while in the TMF and in any potential dilution zone) over the life of mine to be below water quality guidelines.

- A prefeasibility study on renewable energy generation to power a significant part of the energy required in the Project using wind and solar energy. This adds to the significant decarbonization achieved with the proposed aerial conveyor that transports downhill 35,000 tonnes per day of ore from the mine to the concentrator, producing no CO2 and generating electricity through regenerative braking.

- Results from the Project’s sustainability report published in 2024 that among others estimates the Scope 1 and 2 greenhouse gas emissions of the Project ranking it 35% lower of CO2-eq/lb Mo emissions vs comparable mines under the current NI 43-101 Feasibility Study scenario and 73% lower CO2-eq/lb Mo emissions using the renewable scenario of wind and solar energy.

- Results of a technical report on a Malmbjerg dust dispersion model showing that Total Suspended Particulate concentrations for regulated metals using geostatistical methods and a 90th percentile confidence interval scaling method within a 10km project area radius, to be below the regulatory metal criteria concentrations.

- Estimations of salinities and fresh water supply in the project area; an updated closure plan; a mitigation plan for rock storage facilities a review of various alternative TMF options and locations and conclusions on the preferred TMF.