TORONTO, January 23, 2023 – (BUSINESS WIRE) – Greenland Resources Inc. (NEO: MOLY, FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it has signed a non-binding Memorandum of Understanding. which is a leading distributor of ferrous and non-ferrous metals, cast iron and alloys worldwide. steel, foundry and chemical industries.
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        The MoU serves as the basis for the supply agreement for molybdenite concentrate and secondary products such as ferromolybdenum and molybdenum oxide. In order to diversify and maximize molybdenum selling prices, the company’s marketing strategy focuses on direct sales to end users, agreements with calciners to ensure end-user product specifications are met, and sales to strategically important distributors with a focus on European steel, chemical and industrial markets. .
        Andreas Keller, vice president of Scandinavian Steel, said: “Demand for molybdenum is strong and there are structural supply issues going forward; we are excited to be involved in this upcoming primary molybdenum mine in the United States of the European Union, which will supply very pure molybdenum for decades to come.” Molybdenum with high ESG standards”
        Dr. Reuben Schiffman, Chairman of Greenland Resources, commented: “Northern Europe accounts for a significant portion of EU molybdenum consumption and is the second largest consumer of molybdenum in the world, but does not produce it itself. Scandinavian steel companies have a strong reputation. record Documented and will help us diversify our sales and strengthen relationships in the region. With the exception of China, about 10% of the world’s supply of molybdenum comes from primary molybdenum mines. Primary molybdenum is cleaner, higher quality, meets all industry standards, and is more environmental friendly processing. Malmjerg has the potential to provide 50% of the world’s primary supply.”
        Founded in 1958, Scandinavian Steel has grown into a leading distributor of ferrous and non-ferrous metals, cast iron and alloys for the steel, foundry and chemical industries worldwide. Many of their products are used to produce raw materials that later become important components in the automotive, aerospace and electronics industries. They are headquartered in Stockholm, Sweden and are supported by a network of offices in Europe and Asia.
        Greenland Resources is a Canadian publicly traded company, whose principal regulator is the Ontario Securities Commission, which develops a 100% owned world-class pure molybdenum Climax deposit in east-central Greenland. The Malmbjerg molybdenum project is an open pit mine with an environmentally friendly mine design that focuses on reducing water consumption, aquatic impacts and land area through a modular infrastructure. The Malmbjerg project relies on a Tetra Tech NI 43-101 final feasibility study due to be completed in 2022, with proven and probable reserves of 245 million tonnes at 0.176% MoS2 containing 571 million pounds of molybdenum metal. As a result of producing high quality molybdenum during the first half of the life of the mine, the average annual production during the first ten years is 32.8 million pounds of molybdenum-containing metal per year with an average MoS2 grade of 0.23%. In 2009, the project received a mining license. Based in Toronto, the firm is led by a management team with extensive mining and capital markets experience. Additional information can be found on our website (www.greenlandresources.ca) and in our documentation for Canadian regulations on the Greenland Resources profile at www.sedar.com.
       The project is supported by the European Raw Materials Alliance (ERMA), the knowledge and innovation community of the European Institute of Innovation and Technology (EIT), a European association of institutions, as described in its press release EIT/ERMA_13 June 2022.
        Molybdenum is a key metal mainly used in the steel and chemical industries and is required for all technologies in the upcoming clean energy transition (World Bank 2020; IEA 2021). When added to steel and cast iron, it improves strength, hardenability, weldability, toughness, heat resistance, and corrosion resistance. According to the International Molybdenum Association and the European Commission Steel Report, global molybdenum production in 2021 will be approximately 576 million pounds, with the European Union (“EU”), the world’s second largest steel producer, using approximately 25% of global molybdenum production. Molybdenum supply Insufficient, no molybdenum production in China. To a greater extent, EU steel industries such as automotive, construction and engineering account for about 18% of the bloc’s roughly $16 trillion GDP. The strategically located Greenland Resources molybdenum project in Malmbjerg could supply the EU with around 24 million pounds of environmentally friendly molybdenum per year from a responsible EU associated country over the next few decades. Malmbjerg ore is of high quality and low in impurities of phosphorus, tin, antimony and arsenic, making it an ideal source of molybdenum for the high-performance steel industry in which Europe, especially the Scandinavian countries and Germany, lead the world.
        This press release contains “forward-looking information” (also known as “forward-looking statements”) relating to future events or future results that reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as “plan”, “hope”, “expect”, “project”, “budget”, “schedule”, “estimate”, “… and similar words. predicts, “intends,” “anticipates,” or “believes,” or variants of such words and phrases (including negative variants), or states that certain actions, events, or results “may,” “could,” “will,” can” or “will” be accepted, happen or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on the assumptions made by the company and information currently available to the company. All statements other than historical statements Statements are in fact forward-looking statements or information. Forward-looking statements or information in this press release relate to, among other things: the ability to enter into supply agreements with end users, roasters and distributors on economic terms or no terms at all; goals, targets or future plans, statements, exploration results, potential salinity, mineral resource and reserve estimates and estimates, exploration and development plans, start dates for operations and estimates of market conditions.
        Such forward-looking statements and information reflect the Company’s current understanding of future events and must be based on assumptions that, while the Company believes to be reasonable, are by their nature subject to significant operational, business, economic and regulatory uncertainties and unforeseen circumstances. These assumptions include: Our Mineral Reserve estimates and the assumptions on which they are based, including geotechnical and metallurgical characteristics of rocks, reasonable sampling results and metallurgical properties, Tonnage of ore to be mined and processed, Ore grade and recovery; assumptions and discount rates consistent with technical studies; estimated estimates and probabilities of success for the company’s projects, including the Malmbjerg molybdenum project; estimated prices for the remaining molybdenum; exchange rates to confirm estimates; availability of financing for the company’s projects; mineral reserve estimates and the resources and assumptions on which they are based; prices for energy, labor, materials, supplies and services (including transportation); absence of failures related to work; and no unplanned delays in planned construction and production or interruption; obtaining all necessary permits, licenses and regulatory approvals in a timely manner, and the ability to comply with environmental, health and safety laws. The above list of assumptions is not exhaustive.
        The Company cautions readers that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that could cause actual results and events to differ from those expressed or implied by such forward-looking statements or information in this press release. release. made assumptions and estimates based on or related to many of these factors. These factors include, but are not limited to: the predicted and actual impact of the COVID-19 coronavirus on factors related to the Company’s business, including the impact on supply chains, labor markets, currencies and commodity prices, and global and Canadian capital markets. , molybdenum and raw materials Price fluctuations Price fluctuations in energy, labor, materials, supplies and services (including transportation) Foreign exchange market fluctuations (e.g. Canadian dollar versus US dollar versus euro) Operational risks and hazards inherent in mining ( including environmental incidents and hazards, industrial accidents, equipment failures, unusual or unexpected geological or structural formations, landslides, floods and severe weather); insufficient or unavailable insurance to cover these risks and dangers; we obtain all necessary permits, licenses and regulatory approvals in a timely manner Performance; Changes in Greenlandic laws, regulations and government practices, including environmental, import and export laws and regulations; Legal restrictions related to mining; Risks associated with expropriation; Increased competition in the mining industry for equipment and qualified personnel; Availability of additional capital; Ability to enter into and enter into supply and purchase agreements with qualified counterparties on economic or unconditional terms; as set out in our filings with Canadian securities regulators at SEDAR Canada (available at www.sedar.com) Ownership Issues and Additional Risks . While the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results to differ from expectations, estimates, descriptions or expectations. Investors are warned not to place too much reliance on forward-looking statements or information.
       These forward-looking statements are made as of the date of this document, and the company does not intend and assumes no obligation to update forward-looking information, except as required by applicable securities rules.
        Neither NEO Exchange Inc. nor its regulatory service provider is responsible for the adequacy of this press release. No stock exchange, securities commission or other regulatory body has endorsed or denied the information contained herein.
        Ruben Schiffman, Ph.D. Chairman, President Keith Minty, M.S. Public and Community Relations Gary Anstey Investor Relations Eric Grossman, CPA, CGA Chief Financial Officer Corporate Office Suite 1410, 181 University Ave. Toronto, Ontario, Canada M5H 3M7