The Company also wishes to note that molybdenum prices have increased significantly in the past few months. The closing price for molybdenum on
Highlights
On an impact scale of low, medium, and high, WSP assessed the Project to have high positive social impact on direct jobs, education, and public economy
All negative social impacts analyzed including the local use of the Project area are assessed to be low negative
Around 500 local direct high quality jobs during construction and 200 during the twenty-year mine life
Potential to create critical infrastructure in east
Stakeholder meetings conducted show strong support for the project
Potential to generate over
Project capable to produce 25% of European molybdenum demand from an EU Associate country with high ESG. Molybdenum is used in all clean renewable energy generation and storage technologies, the EU is second largest molybdenum user worldwide and has no production of its own.
Dr.
The studies relating to the SIA process have been undertaken according to the Greenland SIA Guidelines on the process and preparation of the SIA report for mineral projects. The SIA follows the requirements determined in the Company's Terms of Reference (ToR) for the SIA approved by the Government of
The SIA submitted is based upon the development of the molybdenum proven and probable reserves contained in the Company's license as outlined in the FS published in 2022. The Company anticipates production of 24.1 million pounds of contained molybdenum metal per year for twenty years. 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. During the approval process, the SIA may lead to modifications based on comments received from regulators and the consultation process and will aim to be consistent with the approved ToR SIA.
Qualified Person Statement
The news release has been reviewed and approved by Mr.
About
The Project is supported by the
About Molybdenum and the
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (
Forward Looking Statements
This news release contains 'forward-looking information' (also referred to as 'forward looking statements'), which relate to future events or future performance and reflect management's current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans,' 'hopes,' 'expects,' 'is expected,' 'budget,' 'scheduled,' 'estimates,' 'forecasts,' 'intends,' 'anticipates,' or 'believes' or variations (including negative variations) of such words and phrases, or state that certain actions, events or results 'may,' 'could,' 'would,' 'might' or 'will' be taken, occur or be achieved. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company's objectives, goals or future plans, the Company's environmental and social assessment studies, results of discussions with stakeholders, future consumers, and other parties, and changes to the Company's plans as a result of such discussions, the Company's relationship with local communities, the Company's permitting process for the Project; statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the results of SIA reports on the Project being positive and allowing the Company's current plans with respect to the Project to be carried out; obtaining the permitting on the Project in a timely manner; no adverse changes to the planned operations of the Project as a result of the SIA; continued favourable relationships with local communities; current EU and other initiatives remaining in place into the future; expected demand for molybdenum in the EU and abroad; our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company's projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company's projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner or at all; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the favourable results of the SIA; favourable local community support for the Project's development; the projected demand for molybdenum both in the EU and elsewhere; the current initiatives and programs for resource development in the EU and abroad; the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the
These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the
Contact:
Chairman, President
Gary Anstey Investor
CGA Chief Financial Officer
Corporate office Suite 1410
181 University Av.
Telephone: +1 647 273 9913
Email: info@greenlandresourcesinc.com
Web: www.greenlandresources.ca
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