Greenland Resources Closes Private Placement

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TORONTO, ONTARIO – (May 16, 2025) – Greenland Resources Inc. (“Greenland Resources” or the “Company”; CBOE CA: MOLY | FSE: M0LY) is pleased to announce that it has closed its oversubscribed and upsized nonbrokered private placement announced on May 5, 2025, issuing 3,882,352 units in the capital of the Company (the “Units”) at a price of $0.85 per Unit (the “Offering Price”) for gross proceeds of up to approximately $3,300,000 (the “Offering”). Each Unit consists of one common share of the Company (each, a “Common Share”) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one Common Share at a price of $1.00 for a period of 24 months from the closing of the Offering. PowerOne Capital Markets Limited and Integrity Capital Group Inc. acted as finders in connection with a portion of the Offering. Completion of the Offering is subject to the receipt of all necessary regulatory approvals. The securities issued under the offering were offered by way of private placement pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.

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 Climax type primary molybdenum deposit located in central east Greenland. The Project has also magnesium as a by-product, a market dominated 89% by China. 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 an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with an 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. 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. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedarplus.com.

The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials, an organization within the EIT, a body of the European Union.