TORONTO - Greenland Resources Inc. (NEO: MOLY, FSE: M0LY) ('Greenland Resources' or the 'Company') is pleased to announce that it received a non-binding letter of intent ('LOI') for long term molybdenum supply from the Danish company Topsoe A/S, a global leader in the production of clean transportation fuels for energy-efficient technologies such as ammonia, methanol and hydrogen that are universally seen as the most important fuels and chemicals of the future.
The LOI sets the path for a long-term supply agreement of Ammonium Dimolybdate (ADM) and Mo-oxide based on specific criteria set by Topsoe for strategic suppliers, which include among others delivery of net-zero molybdenum products (in line with the Science Based Targets Initiative Net-Zero Standard) by 2040. The particularly clean molybdenite concentrate from our Malmbjerg deposit in Greenland, once roasted is perfectly suited as a feed stock for the production of such compounds.
In order to diversify and maximize molybdenum sales price, the marketing strategy of the Company targets direct sales to end users, arrangements with roasters to meet downstream end user products specifications, and sales to intermediaries that can be of strategic importance, with a strong focus on the European Union market. End users like Topsoe will be able to ensure a stable responsible sourcing secured supply of high-quality molybdenum extracted with high ESG standards for decades to come from Greenland, a country that is part of the Kingdom of Denmark.
About Topsoe
Founded in 1940, Topsoe is a leading global developer and supplier of decarbonization technology, catalysts, and services for the energy transition. Their mission is to combat climate change by helping their partners and customers achieve their decarbonization and emission-reduction targets, including those in hard-to-abate sectors such as aviation, shipping, and the production of raw materials. From carbon reduction chemicals, to renewable fuels and plastic upcycling, we are uniquely positioned to aid humanity in realizing a sustainable future. Topsoe is headquartered in Denmark, with over 2,100 employees serving customers all around the globe.
About Greenland Resources Inc.
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 world-class Climax type pure molybdenum deposit located in central east Greenland. 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 a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 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. 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.
About Molybdenum and the European Union
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union ('EU') as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU's US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 24 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.
Contact:
Tel: +1 647 273 9913
Email: info@greenlandresourcesinc.com
Web: www.greenlandresources.ca
GREENLAND RESOURCES INC. 
