Greenland Minerals Ltd. provided update on the Kvanefjeld Project optimization program. This builds on the April 2016 Feasibility Study and addresses both processing performance and civil design and engineering, to establish optimal capital and operating costs. The optimisation program has involved inputs from leading industry specialist groups. Kvanefjeld has a number of unique attributes from the nature of the orebodies to the project setting in Greenland. This necessitated a tailored approach to establish the optimal development strategy, maximising project advantages and minimising costs. Civil Design and Construction: Civil construction costs were previously a large component of the 2016 Feasibility Study capital cost estimate. A group of specialist engineering firms was tasked to review civil design optimisation and utilisation of local site aspects. In August 2018 a multidisciplinary team visited the site. The team of independent consultants were Tetra Tech and PND Engineers, constructors Nuna Logistics and China Communications Construction Co (CCCC). The information gained from the field trip provided input into optimisation design studies and cost estimation. New designs for the following areas were completed: Port Offshore design - PND Engineers; Port Onshore design - CCCC First Harbour Consultants; Civil Design - Tetra Tech and Civil Construction - Nuna Logistics. Nuna Logistics provided updated civil cost information for the Kvanefjeld Project based on the site survey. The costs were reduced significantly while improving the overall design to better match updated project requirements. Nuna Logistics worked closely with other consultants to provide inputs into materials selection and construction methods. Their experience in executing projects in remote locations will contribute strongly to the success of the project. Nuna also has an excellent record of involving the local community. The revised civil costs are now estimated to be USD 175M including indirect costs and contingency. This is an overall capital cost reduction of USD 138M (44%) of the previous 2016 Feasibility Study. Cost reductions were primarily achieved through substantial reductions in civil earth works for site preparation (company announcement October 22nd, 2018), updated port design by specialist groups, and greater use of local materials. Process Plant Optimisation Process plant optimisation addressed both the concentrator circuit and refinery circuit. This was a technical collaboration with Shenghe Resources Holding Co Ltd. and leading Chinese technical institutes. The work is nearing completion with validation of the new concentrator performance being made in current metallurgical test work. Major improvements to the performance of both the concentrator (flotation) and refinery circuits have been achieved. GML has completed an updated process engineering design of the concentrator which includes the production of a highgrade concentrate. Improvements to the refinery flowsheet are also being incorporated into an optimised process design. The increase in concentrate grade will reduce the size of processing equipment required in the refinery.