A draft exploitation license for Greenland's resources is received by Investing.com

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TORONTO–( BUSINESS WIRE )– Greenland Resources Inc. The company has now received a draft exploitation license.

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Background

On December 9, 2019, the company submitted the Terms of Reference for Environmental and Social Impact Assessments (ToR EIA/SIA) to the Government of Greenland (Naalakkersuisut). Under the new law, both documents are required for an exploitation permit.

From January 18 to February 22, 2021, the ToR EIA/SIA was the subject of a public consultation process and was approved by the Government of Greenland on September 29, 2022.

On January 10, 2024, the company applied for an exploitation license under the new mining law. The exploitation license replaces the navigation license.

On May 30, 2024, the company received a letter from regulators stating that it had met all the requirements for the exploitation license application and that a draft exploitation license would be issued. The letter requested certain capitalization requirements and confirmation that the Greenland subsidiary’s management would be resident in Greenland after the exploitation license was granted.

On June 6, 2024, the company proposed a plan that would require up to a two-year exemption period from meeting local housing authority requirements pursuant to Sec. 45(2) of the Mining Act and on December 16, 2024, and the exemption was granted.

On December 16, 2024, the company received a letter from the Government of Greenland (Naalakkersuisut) confirming the capitalization requirements pursuant to Sec. 46(3) of the Mining Act is enforced.

In the year On January 19, 2025, the company received a draft exploitation license and comments for further discussions.

More updates will be provided in due course.

Greenland Resources Inc.

Greenland Resources is a Canadian public company with the Ontario Securities Commission as lead regulator and focuses on the 100% owned Climax-type primary molybdenum deposit in central East Greenland. The project has 98% of magnesium and magnesium dominating in China. The Malbjerg Molybdenum Project is an open pit operation with an environmentally friendly mine design. Reduced water use, less water disturbance and less space due to changed infrastructure. The Malbjerg project will benefit from a feasibility study completed by NI 43-101. Tetra Tech (NASDAQ: ) in 2022, with a capex of US$820 million and an after-tax IRR of 33.8% and a payback of 2.4 years, using a molybdenum price of US$18 per pound. Proved and probable reserves contain 245 million tonnes at 0.176% MOS2, for 571 million pounds of molybdenum metal. As high-grade molybdenum is produced in the first half of the mine’s life, the one- to ten-year average annual production is 32.8 million pounds of molybdenum steel with an average grade of 0.23% MoS2 and an average of 25% EU. Total annual consumption. The project was previously licensed for exploitation in 2009. With offices in Toronto, the company is led by a management team with extensive experience in the mining industry and capital markets. Please see our website (www.greenlandresources.ca) and Canadian regulatory filings on the Greenland Resources profile at www.sedarplus.com for additional details.

The project is supported by the European Raw Materials Alliance (ERMA). ERMA is administered by EIT RawMaterials, an organization within the EIT, part of the European Union.

About Molybdenum and the European Union

Molybdenum is a critical metal used in all technologies in the upcoming green energy transition, mainly in metals and chemicals. When added to iron and steel, it increases strength, hardness, flexibility, strength, heat resistance and corrosion resistance. According to a report from the International Molybdenum Association and the European Commissioner for Metals, the world will produce about 576 million pounds of molybdenum in 2021, with the European Union being the world’s second largest steel producer and using 24% of the molybdenum supply. And there is no domestic molybdenum production. At a higher level, EU steel-dependent industries such as automotive, construction and engineering represent 18% of the EU’s ‰ˆ US$16 trillion GDP. Greenland’s strategically located Malbjerg molybdenum project has the potential to supply the EU with approximately 25% of the EU’s consumption of environmentally friendly high-quality molybdenum for decades to come. Malbjerg ore’s high quality, low impurity content of phosphorus, tin, antimony and arsenic make it an ideal source of molybdenum for the leading high-performance steel industry in Europe, particularly the Scandinavian countries and Germany.

Forward-looking statements

This news release contains “forward-looking information” (also known 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,” “expect,” “anticipate,” “anticipate,” “budget,” “scheduled,” “estimate.” Predictions, “plans”, “expects”, or “believes” or variations (including negative variations) of such words and phrases, or certain actions, events or results “could”, “could”, “could”, “possible” or “Allows” can be taken, happen or succeed. Such forward-looking statements reflect management’s current beliefs and are based on the assumptions made 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; Granting a valid or fully final exploitation license; Results of proposed Caps financing and due diligence reviews; construction and engineering initiatives for the Malbjerg molybdenum project; Descriptions, search results, potential minerals, mineral resources and reserves estimation, and their evaluation, exploration and mineral development plans, timing of operations and estimation of market conditions.

These forward-looking statements and information reflect the Company’s current view of future events and are necessarily based on a number of assumptions that are believed to be reasonable by the Company, but are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. . These assumptions include: failure to obtain valid or fully final exploitation licenses; future planned development and other activities on the project; Good results for due diligence evaluations; Projected energy needs of the project; Obtaining the permit on the project in time; No adverse changes to the planned activities of the project; maintaining good relations with local communities; Current EU and other future initiatives; Molybdenum demand in the EU and abroad, including companies interested in buying molybdenum; Our mineral reserve estimates and the assumptions on which they are based, including the geotechnical and metallurgical characteristics of rock that confirm sampling results and metallurgical performance. tons for mining and processing; Mineral grades and recoveries; Accurately apply estimates and discount rates to technical studies; the estimation and probability of success of the Company’s projects, including the Malbjerg molybdenum project; Estimated residual values for molybdenum; Amount of currency remaining; Availability of funds for company projects; Capital loss and recovery estimates; Mineral Reserve and Resource Estimates and Estimates on Which They Are Based; Prices for energy inputs, labor, goods, supplies and services (including transportation); No labor-related interruptions; any unplanned delays or interruptions in planned construction and production; all necessary licenses, permits and regulatory approvals will be received on a timely basis or at all; and the ability to comply with environmental, health and safety laws. The above list of assumptions is not comprehensive.

The Company cautions the reader that forward-looking statements and information may involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those contained in this news release or forward-looking statements. and the Company has made assumptions and assumptions based on or related to many factors. Such factors include without limitation: good results of SIA (Social Impact Assessment) and EIA (Environmental Impact Assessment); Local community support for the development of the project; Molybdenum demand in the EU and elsewhere, including companies interested in buying molybdenum; Current initiatives and programs for resource development in the EU and abroad; the expected and actual conditions of supply chains, labor markets, currency and commodity prices, interest rates and inflation; projected and actual conditions of global and Canadian capital markets, molybdenum and commodity prices; exchange of prices for energy inputs, labor, materials, supplies and services (including transportation); currency exchange markets (such as the Canadian dollar against the US dollar and the euro); Operational hazards and risks associated with mining operations (including environmental hazards and hazards, industrial hazards, equipment breakdowns, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); Inadequate insurance or inability to obtain insurance to cover these risks and hazards; our ability to obtain all necessary licenses, permits and regulatory approvals in a timely manner, changes in laws, regulations and government procedures, including environmental, export and import laws and regulations in Greenland; legal restrictions related to mining; Risks associated with acquisition; increased competition for equipment and skilled workers in the mining industry; availability of additional capital; Subject Matters and Additional Risks to Canadian Securities Regulators on SEDAR+ in Canada (available at www.sedarplus.ca). You can. Investors are cautioned not to place undue reliance on forward-looking statements or information. These forward-looking statements are made as of the date hereof, and except as required by applicable securities laws, the Company does not intend, and undertakes no obligation, to update such forward-looking information. Neither Cboe Canada Exchange nor its regulatory service provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

Check out the source version at businesswire.com:

For more information please contact:

Ruben Shiffman, Ph.D
Chairman, President

Keith Minty, P.Eng, MBA
Engineering and project management

Jim Steel, P.Geo, MBA
Exploration and Mining Geology

Nauja Bianco, M.Pol.Sci.
Public and community relations

Mrs. Gary
Investor relations

Eric Grossman, CPA, CGA
Chief Financial Officer

Corporate office
Suite 1810, 25 York Street, Toronto, Ontario, Canada M5J 2V5
Phone 1-844-252-0532
Email info@greenlandresourcesinc.com
Web www.greenlandresources.ca

Source: Greenland Resources Inc.