TORONTO--(BUSINESS WIRE)--Greenland Resources Inc. (NEO: MOLY, FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that on 30 November 2022, the Company plans to present at the EIT RawMaterials Innovation Hubs North and Baltic Sea Stakeholder Days in Helsinki, Finland, the Malmbjerg Molybdenum project located in central east Greenland. The event gathers mining companies, large industry suppliers, start-ups, and research institutes and calls for collaboration among the North and Baltic sea stakeholders to achieve a circular economy in the European Union Green Deal. The Raw Materials program can be found at EIT RawMaterials Innovation Hubs North and Baltic Sea Stakeholder Days.
The event is relevant because European Union (EU) suppliers will help Greenland Resources build a mine which is consistent with the new EU initiatives like the €300b EU Gateway that can help fund infrastructure needs for the EU circular economy. It also aligns with the recent 2022 State of the Union Address, where the EU President Ms. Ursula von der Leyen revealed plans to create the Critical Raw Materials Act as well as to increase the financial support for the European Raw Materials Fund.
Dr. Ruben Shiffman, Chairman, commented, “In addition to our efforts of raising funds through infrastructure support programs, we continue to talk capex with commercial and supranational banks, with the valued support of the European Raw Material Alliance. Furthermore, we continue to talk directly to molybdenum end users, roasters and potential strategic partners on selling our product on a long-term basis. In this way, EU steel and chemical companies will be able to get very clean high quality sustainable molybdenum from an EU associate country, produced with the highest ESG standards, and will be able to track every single pound of the molybdenum extracted in Greenland and comply with responsible sourcing policy”.
The European Institute of Innovation and Technology (EIT) RawMaterials, was initiated and funded by the European Union and has the overarching mandate to support securing the supply of critical and other strategically important raw materials to the European industry by driving innovation along the raw materials value chain. The European Raw Materials Alliance (ERMA), was launched by the European Commission in 2020 as part of an action plan aiming to reduce Europe’s raw materials’ dependency on third countries, diversifying supply from both primary and secondary sources and improving resource efficiency and circularity while promoting responsible sourcing worldwide. ERMA is managed by EIT RawMaterials. Greenland Resources is part of the investment portfolio of ERMA.
Qualified Person Statement
The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.
About Greenland Resources Inc.
Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced CO2 emissions and water usage, low aquatic disturbance and low footprint due to modularized infrastructure with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion (€1.02 billion) and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years.
The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com
About Molybdenum and the European Union
Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.
Forward Looking Statements
CAUTIONARY NOTE REGARDING 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 upcoming involvement in conferences, discussions, and initiatives, results of discussions with stakeholders, future consumers, and other parties, 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: 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; 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 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 U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against 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 regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information. Neither the NEO Exchange Inc. nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information please contact:
Ruben Shiffman, PhD 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
Gary Anstey Investor Relations
Eric Grossman, CPA, CGA Chief Financial Officer
Corporate office Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7
Telephone +1 647 273 9913
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