Greenland Resources Inc. announced a permitting update on its Malmbjerg Molybdenum Project in central east Greenland (the “Project”). The Company also wishes to note that the closing spot price for Molybdenum on December 9, 2022 at the London Metal Exchange was $23.78/lb. The highest molybdenum price used in the Company's NI 43-101 Feasibility Study sensitivity analysis was USD 22.50/lb showing an after-tax base case IRR of 30.9% with an NPV6 of $1.96 billion, and an after-tax levered case IRR of 46.5%.

NI 43-101 Definitive Feasibility Study completed, and SEDAR filed on April 11, 2022 Terms of Reference (ToR) for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) approved by the Government of Greenland (Naalakkersuisut) on September 29, 2022 Revised version of the Navigational Safety Investigation report submitted on November 18, 2022 Nearly eighteen months of recent field work EIA studies correlated with over thirteen years of extensive historical environmental data in the area where the project is located is now completed SIA data collection was completed and extensive regulatory informative meetings with stakeholders in Greenland were conducted and documented during the months of November and December 2022 The Company plans to submit the EIA and SIA to the relevant authorities within the next few weeks and will commence the regulatory review process, followed by public consultation, White Paper, and final EIA /SIA The studies relating to the EIA process were conducted by WSP Danmark A/S according to EIA Guidelines on the process and preparation of EIA report for mineral projects. WSP is a company with significant experience in the preparation of EIA studies in Greenland. The EIA related activities concluded over eighteen months of continuous environmental investigations, reviewed and correlated with extensive historical data available generated in the past thirteen years in the area where the Project is located.

The environmental program included sampling of lichens; survey of freshwater, water and sediments; registration of freshwater macro-invertebrates and Arctic char; botanic transect surveying; collection of marine fauna samples; remotely operated vehicle marine underwater video for mapping habitats; bathymetric survey using multibeam sensors; set up of two weather stations; collection of meteorological ocean data; a distribution map for Muskox and Polar Bears, and field observation studies of birds and mammals. Collection of data was from monitoring stations installed in the Schuchert Valley and MestersVig; documentation of vegetation transects, as well as documentation of seasonal pack ice in King Oscars fjord at Nyhavn and MestersVig Inlet. In addition, the Company and WSP conducted various programs including ice radar surveying on the glaciers to assess ice thicknesses along the planned mine access site, seismic refraction surveying to determine overburden layering and bedrock information at the port facilities, the process water storage location, and at the tailings management facility (TMF) site, a site reconnaissance by land and air of the area to confirm planned facilities locations.

The various field programs that led to the collection of EIA data included coordination with various logistic providers, customers as well as regulators.