Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland
Resources” or the “Company”) is pleased to announce that further to
its press release dated June 11, 2024 on the exploitation license
update, the Company and its financial advisors, Endeavour
Financial, entered into a new phase with numerous prospective
financiers of the debt portion of the capex, including the AAA and
AA credit rated export credit agencies and commercial banks that
already provided letters of intent to the Company. In addition, the
independent engineering firm Tetra Tech completed a positive United
Nations Framework Classification for Resources (“UNFC”) report for
the Malmbjerg project, a document required by various European
sovereign funds that the Company is engaging with that invest in
equity. The UNFC is a classification system for defining the
environmental-socio-economic viability and technical feasibility of
raw material projects. Updates will be provided in due course.
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the full release here:
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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 Climax type primary
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 water usage, low aquatic
disturbance and low footprint due to modularized infrastructure.
The Malmbjerg project benefits from an NI 43-101 Definitive
Feasibility Study completed by Tetra Tech in 2022, with an US$820
million capex and a levered after-tax IRR of 33.8% and payback of
2.4 years, using US$18 per pound molybdenum price. The Proven and
Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571
million pounds of contained molybdenum metal. 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, approximately 25% of EU total yearly consumption.
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.sedarplus.com.
The Project is supported by the European Raw Materials Alliance
(ERMA). ERMA is managed by EIT RawMaterials, an organization within
the EIT, a body of the European Union.
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 24% 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% of the EU consumption, of environmentally friendly high-quality
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
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; planned capex
financing and outcomes of due diligence reviews; construction and
engineering initiatives for the Malmbjerg molybdenum 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: future
planned development and other activities on the Project; favourable
outcomes of due diligence reviews; planned energy requirements of
the Project; obtaining the permitting on the Project in a timely
manner; no adverse changes to the planned operations of the
Project; 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,
including by companies that expressed an interest in purchasing
molybdenum; 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 (Social Impact
Assessment) and EIA (Environmental Impact Assessment); favourable
local community support for the Project’s development; the
projected demand for molybdenum both in the EU and elsewhere,
including by companies that expressed an interest in purchasing
molybdenum; the current initiatives and programs for resource
development in the EU and abroad; the projected and actual status
of supply chains, labour market, currency and commodity prices
interest rates and inflation; the projected and actual status of
the 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.sedarplus.ca). 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 Cboe Canada Exchange 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240715080594/en/
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 1810, 25
York Street, Toronto, Ontario, Canada M5J 2V5 Telephone
1-844-252-0532 Email info@greenlandresourcesinc.com Web
www.greenlandresources.ca
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