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Greenland Minerals and Energy : December 2015 Quarterly Report

02/01/2016 | 01:23pm EDT



December 2015 Quarterly Report

January 29th, 2016

  • Government of Greenland approve Kvanefjeld pre-hearing 'White Paper' and 'Terms of Reference', which set an agreed initial development strategy

  • First project in Greenland to progress through a public pre-hearing process, and clear path for permitting phase to commence

  • Substantial progress made by Government of Greenland on regulatory matters:

    • Ratification of accession to six international safety conventions relating to the safety and handling of radioactive materials

    • Greenland and Denmark then progressed on to finalise an agreement on uranium exports from Greenland in January, 2016

  • Exploitation (mining) licence documents including a full feasibility study and environmental and social impact assessments completed, handed over to Greenland's Mineral Licensing and Safety Authority
    • Study components then distributed to relevant technical departments and agencies

    • Indicative cost estimate received outlining quarterly breakdown for the key processing steps

  • Tetra Tech Proteus recognised for work on Kvanefjeld through winning the Bentley Award for Innovation in Mining, 2015

  • Following the completion of major technical study programs, substantial cost-cutting implemented through a reduction in staffing, and administrative and corporate overheads

  • With key regulatory developments and completion and lodgement of an exploitation license application, GMEL enters a new phase in 2016, with a focus on permitting and commercial development, and further value add initiatives

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:info@ggg.glABN: 85 118 463 004


December Quarter Activities 1 Kvanefjeld Pre-Hearing Approvals 1 Regulatory Advances in Greenland 2 International Safety Conventions Ratified 2 Landmark Uranium Export Agreement Reached 3 Exploitation License Application Completed 3 Tetra Tech Proteus Recognised for Work on Kvanefjeld 4 Sector Update - Uranium 4 Sector Update - Rare Earth 5 Changes to Substantial Shareholdings 5 About the Kvanefjeld Project 6 Tenure, Permitting, and Location 7 Capital Structure 8 Kvanefjeld Project - Statement of Identified Mineral Resources 9

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:info@ggg.glABN: 85 118 463 004

December 2015 Quarterly Activities

A productive fourth quarter saw Greenland Minerals and Energy Ltd ('GMEL' or 'the Company') complete a successful year, through the achievement of key objectives and milestones, including the completion and lodgement of a mining licence application for the Kvanefjeld Project. This represented the culmination of work conducted on and associated with the project since 2007 across technical, corporate and stakeholder focussed areas.

Major progress was made by Greenland with support from Denmark on regulatory aspects to ensure that Greenland's system is proficient in regards to radioactive materials, and compliance with international standards and best practice. This represented the result of substantial work programs by both Greenlandic and Danish government departments over the last three years.

As a result of these developments, 2016 marks the beginning of a significant next phase for GMEL. The key areas of focus will be working closely with Greenland to advance the exploitation license application, areas of commercial development, and also identifying value-add opportunities afforded by the license area, and the substantial mineral resources beyond the Kvanefjeld Ore Reserve. This includes looking to increase uranium output, primarily through recovery from flotation tailings.

With this transitional phase, and the challenging global economic backdrop, the Company has completed major cost-cutting initiatives to appropriately streamline the organisation. With major multi- year technical work programs coming to a close in 2015, this has seen a reduction in both technical and administrative staffing, and a reduction in corporate and general overheads. The Company is anticipating a research and development rebate from the Australian Government of approximately

$400,000 AUD in mid-2016.

Through 2016, GMEL will consolidate its position as driving one of the most advanced and significant projects in the uranium and rare earth spaces globally. Few projects have advanced in these respective sectors in recent times, where GMEL has materially progressed and is well-positioned for rejuvenation in the critical rare earth and uranium markets.

The outlook for nuclear power continues to build, particularly in the wake of growing international support for the phase out of fossil fuel driven base-load energy supply (i.e. 2015 UN Climate Change Conference, Paris) and the commitment of UN member nations to reduce their CO2emissions. This will have a positive impact on uranium. Demand forecast for rare earths key to the permanent magnet industry are strong (praseodymium, neodymium, dysprosium, terbium), with very few advanced new supply options.

Pre-Hearing Process and Approvals

The Greenland Government introduced a public pre-hearing period for mining projects as part of the approval of the Terms of Reference (ToR). This allowed increased input from individuals and stakeholder

groups, as part of establishing a preferred development strategy, before projects move into the permitting phase.

Through the latter half of 2013 and early 2014, GMEL conducted a number of workshops with representatives of Greenland's Minerals Licencing and Safety Authority (MLSA), the Ministry of Industry and Mineral Resources, the Environmental Agency for the Mineral Resources Area (EAMRA) and the Kommune Kujalleq (Southern Municipality), to discuss the various development options available.

On the basis of these workshops, and in order to meet the requirements of Greenland's Mineral Resources Act that necessitates maximum possible in-country processing, GMEL set the preferred development strategy in mid-2014, with both the concentrator and refining stages to be conducted in Greenland.

Further information on the path to setting the ToR and the extensive studies that contribute to the environmental and social impact assessments were outlined in a company announcement released on August 11th, 2015.

GMEL lodged the ToR documents to the government in late 2014, and conducted a 35 day public hearing period. Comments from 13 stakeholder groups, non-government organisations (NGO's) and individuals were compiled by Greenland's MLSA, and forwarded to GMEL.

Responses to the questions and comments were compiled by the Company then reviewed by the MLSA and advisory bodies prior to translation to Danish and Greenlandic. The White Paper and ToR were then approved by the Greenland Government during the parliamentary sitting in the latter half of 2015.

Regulatory Advances in Greenland

Since 2013, the Governments of Greenland and Denmark have been undertaking work to identify the respective responsibilities, and required regulatory advances, associated with Greenland being able to produce and export uranium in accordance with international best practice. Major progress has been made in this area, with key developments taking place in 2015, and early 2016.

During the fall sitting of parliament in late 2015, the Government of Greenland ratified its accession to a series of international conventions that relate to the safety and handling of radioactive materials. The conventions had been identified though work programs by the Greenland and Danish governments on the regulation of uranium production and export.

International Conventions Implemented by Greenland Government

  • International Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste Management.

Greenland Minerals and Energy Limited issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 February 2016 18:22:10 UTC

Original Document: http://www.ggg.gl/docs/quarterly-reports/December-2015-Quarterly-Report-Final.pdf

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