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GREENLAND MINERALS LIMITED

(GGG)
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Greenland Minerals : Indicative Timeline for Review of Kvanefjeld Project Environmental Impact Assessment

04/22/2020 | 06:17am EDT

Greenland Minerals Ltd ('GML' or 'the Company') is pleased to update on the status of the Environmental Impact Assessment (EIA) for the Company's 100% owned Kvanefjeld Rare Earth Project.

Prior to submission of updated EIA material, the Company commissioned an independent review, which is scheduled to be finalised in the week commencing April 27. All documentation will then be lodged with the Greenland Government.

In ongoing communications, Greenland's Environmental Agency for Mineral Resource Activities (EAMRA) has provided an indicative period of eight weeks to review the final Environmental Impact Assessment Report (EIA). Once the EIA is approved by EAMRA, the Ministry of Mineral Resources will manage the remainder of the licensing process, that includes formalising the public consultation process.

The Company has appointed Shared Resources, a renowned consultant to conduct the review of the final EIA. With numerous independent consultancies contributing to different aspects of the EIA, this comprehensive review has been undertaken to ensure consistency and cross referencing, and to ensure that feedback from the Greenland Government and their advisors is appropriately addressed.

Shared Resources lead consultant Ms Liz Wall who has extensive experience in the preparation of impact assessments has led this review. Ms Wall has had the opportunity to speak with key personnel of Greenland's EAMRA to discuss aspects of the EIA as part of this process.

Following EIA reviews in 2019, Greenland's EAMRA produced a short list of 'Type 1' issues for further clarification and study (Company Announcement 22 October 2019). Meetings were then held with EAMRA to discuss the Type 1 issues and determine what additional work should be done to address them.

Studies by independent consultants to address the Type 1 issues have since been completed (Company Announcement 23 March 2020), and these studies have now been reviewed by Shared Resources. In addition, the Danish Centre for Environment (DCE), primary advisors to Greenland's EAMRA, have reviewed the additional tailings storage and closure studies. Respective consultancies are currently updating reports to address Shared Resources' and DCE's recommendations, which will be completed in the coming days. These additional EIA technical studies and the updated EIA report will then be submitted to EAMRA.

Managing Director Dr John Mair commented: 'Travel restrictions resulting from the COVID 19 situation have resulted in key consultants having greater availability that we have looked to utilise. The additional review undertaken by Shared Resources has delayed the submission of EIA material by approximately three weeks but will ensure a more thorough and robust EIA. Given the extensive number of technical reports associated with the EIA and the numerous consultancies involved, this additional step has improved the consistency and overall quality of the Kvanefjeld EIA. We anticipate that this will also facilitate Greenland's review of the updated EIA report.'

Background

The Kvanefjeld Rare Earth Project is one of the most significant and advanced emerging rare earth projects globally. Rare earth elements are critical to the electric vehicle revolution, as well as many other energy efficient applications. Kvanefjeld is well placed to meet the major surge in rare earth demand that will be generated by the transition to electric vehicles.

The Kvanefjeld Project is forecast to be a globally significant producer of all commercially important rare earth elements including neodymium, praseodymium, terbium and dysprosium, over an initial 37 year mine life. These rare earths are used to make high powered permanent magnets that are utilised in electric vehicles, along with many other applications.

Greenland Minerals Ltd has an internationally diverse shareholder base. The largestshareholder (11%) is Shenghe Resources Holding Co Ltd, a leading international rare earth company that supplies end user industries globally with high purity rare earth metals and oxides. Shenghe have also played a key role in the successful restart of the Mountain Pass rare earth mine in the United States.

ABOUT GREENLAND MINERALS LTD.

Greenland Minerals Ltd (ASX: GGG) is an exploration and development company focused on developing high quality mineral projects in Greenland. The Company's flagship project is the Kvanefjeld Rare Earth Project. A pre-feasibility study was finalised in 2012, and a comprehensive feasibility study was completed in 2015 and updated following pilot plant operations in 2016. The studies demonstrated the unique and highly advantageous strengths of the Kvanefjeld Project and outlined the potential for Kvanefjeld to be developed as a long life, low cost, and large scale producer of rare earth elements; key enablers to the electrification of transport systems.

GML is working closely with majorshareholder and strategic partner Shenghe Resources Holding Co Ltd to develop Kvanefjeld as a cornerstone of future rare earth supply. An exploitation (mining) license application for the initial development strategy was reviewed by the Greenland Government through 2016 19 and was updated in 2019 following addition supporting studies.

In 2017 18, GML undertook technical work programs with Shenghe Resources Holding Co Ltd that improved the metallurgical performance and simplified the development strategy and infrastructure footprint in Greenland, with optimised Feasibility Study outcomes announced in mid-2019. This defined a significantly enhanced project cost structure and a direct alignment with downstream processing. In addition, the Company continues its focus on working closely with Greenland's regulatory bodies on the processing of the mining license application and maintaining regular stakeholder updates.

Contact:

Dr John Mair

Tel: +61 8 9382 2322

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 0,16 M 0,12 M 0,12 M
Net income 2020 -3,08 M -2,36 M -2,36 M
Net cash 2020 36,0 M 27,6 M 27,6 M
P/E ratio 2020 -102x
Yield 2020 -
Capitalization 141 M 108 M 108 M
EV / Sales 2019 2 293x
EV / Sales 2020 2 018x
Nbr of Employees 28
Free-Float 81,4%
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Managers and Directors
NameTitle
John Lefroy Mair Managing Director & Executive Director
Miles Simon Guy Chief Financial Officer & Secretary
Peng Ho Non-Executive Chairman
Simon Kenneth Cato Non-Executive Director
Xiaolei Guo Non-Executive Director
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