Greenland Resources Inc. announced the Company's ongoing 2023 summer progress on its Malmbjerg Molybdenum Project. Highlights: The Company continues to be very active with the process for debt and equity on capex financing with the banks that provided letters of intent as previously announced. Molybdenum remains one of the best performing metals this year where molybdenum prices quoted by the London Metal Exchange closed at USD 24.97/lb Mo, nearly 40% higher than the base case price used in the Company's NI 43-101 Feasibility Study.

WSP Denmark also joined the trip and conducted field work as part of comments received by the Environmental Agency for Mineral Resource Activities (EAMRA). During the second trip in August, a mini bulk sample of 200 kg was taken from historic core storage in Kangerlussuaq for further metallurgical testing in a saline process water environment. The third trip this week consists of the Company's financial advisors and their team visiting the Project site as part of the work required by the banks that have expressed written interest in financing the project capex.

Draft reports for the banks are expected to be ready during the month of September. The fourth trip next week will include a visit to the Minister of Mineral Resources and meetings with EAMRA in Nuuk, to provide an update on the project permitting process. The fifth trip in early September is expected to include collecting additional saline and fresh water samples from the planned Noret tailings management facility in the Project area as part of the environmental studies.

On July 12, 2023 the Company closed a financing with one of Denmark's leading asset management and private equity companies.