🇬🇱 Greenland Resources provides update on €50 million equity investment led by Horizon Europe

Greenland Resources (TSX: MOLY, FSE: M0LY) is pleased to announce that it has applied for an equity investment from the European Innovation Council EIC STEP Scale Up (“EIC STEP”). The application stipulates a total equity investment of €50 million partly funded by Horizon Europe with the remainder provided by targeted committed capital providers. The application has successfully passed an eligibility criteria assessment, achieved the Sovereignty STEP Seal project excellence status and was recommended by a panel of jurors to the EIC Fund, which will make a final decision subject to further due diligence. The terms of the financing will be determined at that time.

An official announcement can be found on the EIC STEP website.

Background

The EIC STEP scheme offers equity investments between €10 and €30 million, aiming to leverage private co-investment and achieve financing rounds of €50 to €150 million or more. The program is designed to scale up innovation in Europe’s strategic technology sectors such as clean and resource-efficient technologies, including strategic raw materials. The investment will support project construction, which will incorporate innovative EU-made clean breakthrough technologies. These efforts aim to ensure a cleaner, long-term supply of raw materials for EU offtakers while also creating jobs and fostering prosperity for the people of Greenland.

On July 14, 2025, and February 9, 2026, Greenland Resources A/S (the “Company”) applied for an investment to the EIC STEP. The application passed an eligibility assessment and an interview with an evaluation panel of six jurors that gave a GO Sovereignty STEP Seal status and recommended to the EIC Fund a €10 million equity investment in Greenland Resources A/S. As part of the EIC STEP requirements, the Company has received firm commitments for an additional €40 million from two qualified investors to co-invest alongside the EIC Fund. The Company will provide updates on this and other current capex equity funding efforts in due course.

About Greenland Resources A/S

Greenland Resources A/S is a Greenlandic company registered in Denmark, focused on the development of its 100% owned Climax-type primary molybdenum deposit located in central east Greenland. The Project also has magnesium as a byproduct, a market dominated 89% by China. The Malmbjerg 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 and innovative strategic European-built technology that significantly reduces emissions and opex costs.

The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with a 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 and 100% of EU defence needs.

On byproduct magnesium, the project uses approximately 35,000 m³ per day of saline water with around 900 ppm of magnesium, and the Company is working on extracting magnesium from the saline water using innovative technologies. In addition, the molybdenum concentrate has a magnesium and rare earth elements component. The Company is aiming to incorporate magnesium and rare earth elements in the economics of the feasibility study.

On June 19, 2025, the Company was awarded an exploitation license for molybdenum and magnesium. With offices in Greenland (Nuuk) and Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets.

On December 3, 2025, the European Commission presented RESourceEU and mentioned the Company’s Malmbjerg project in Greenland as a priority EU project. The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.

For further information, please contact:

Ruben Shiffman, PhD
Chairman, President

Keith Minty, P.Eng, MBA
Engineering and Project Management

Jim Steel, P.Geo, MBA
Exploration and Mining Geology

Nauja Bianco, M.Pol.Sci.
Public and Community Relations

Gary Anstey
Investor Relations

Eric Grossman, CPA, CGA
Chief Financial Officer

Greenland office: Qullilerfik 26, 3900 Nuuk, Greenland
Toronto office: Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5
Telephone: 1-844-252-0532
Email: [email protected]
Web: www.greenlandresources.ca

Forward-Looking Statements

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 ability to obtain approval for the EIC STEP financing and the co-investment by private investors for aggregate proceeds of a financing round of €50 million; and the Company’s objectives, goals, or future plans.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic, and regulatory uncertainties and contingencies.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties, and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release.

Neither the Toronto Stock Exchange nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained herein.

Originally published on April 27, 2026 by Greenland Resources.