Greenland Resources Inc. (TSX:MOLY, FSE:M0LY) is pleased to announce that it has entered into an agreement with the Luleå Tekniska Universitet (LTU) of Sweden and twelve other participants to join the BOREAS project that aims to develop autonomous robotic systems, which can be utilized to support certain areas of the development of the Malmbjerg project in Greenland. Pursuant to the agreement Greenland Resources A/S will receive a non-repayable EU grant of €489,125 (C$800 thousand) from Horizon Europe to conduct certain applied research and implementation work over a four-year period. The aggregate grant of the BOREAS Project for all participants is €7,104 660.
The BOREAS project (Beyond Outreach: Robotised Exploration and Mining in the Arctic Subsurface) was proposed by LTU and funded by Horizon Europe Cluster 4 project. The project will deploy fleets of autonomous aerial and ground equipment as robots or add robotic control and capabilities to existing operating equipment with advanced sensors that could be used for various applications in the Malmbjerg project. For example, these robots can potentially undertake mapping and monitor open pit mining activities during dark and inclement winter operations to assist the Company with the geotechnical components of mining operations, such as remote monitoring of potential geohazards and identification of specific geological zones. When the geological zones are identified, they can be selectively targeted for specialized treatment and recovery of byproduct metals (Mg). All data will feed into a real-time digital twin, a virtual model of the mine that predicts enhanced metal recoveries and treatment of contamination by optimizing block models and waste rock management in real time. These enhanced data and information systems will guide operations and promote increased recoveries of the mineral resource as well as environmental compliance. Further details on the project can be found in the BOREAS website (www.boreas-mining.eu/project).
The Company expects to provide updates soon on its press releases dated April 27, 2026 and March 2, 2026.
Qualified Person Statement
The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a director of the Company and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.
About Greenland Resources A/S
Greenland Resources A/S is a Greenlandic company registered in Denmark 100% subsidiary of Greenland Resources Inc, focused on the development of its 100% owned Climax type primary molybdenum deposit located in central east Greenland. The Project has also magnesium as a byproduct, a market dominated 89% by China. The Malmbjerg 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 and innovative strategic European built technology that significantly reduces emissions and opex cost. The Malmbjerg project benefits from an NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with a 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 and 100% of EU defence needs. On byproduct magnesium, the project uses approximately 35,000 m3 per day of saline water with around 900 ppm of magnesium and the Company is working on extracting magnesium from the saline water using innovative technologies. In addition, the molybdenum concentrate has a magnesium and rare earth elements component. The Company is aiming to incorporate magnesium and rare earth elements in the economics of the feasibility study. On June 19, 2025, The Company was awarded an exploitation license for molybdenum and magnesium. With offices in Greenland Nuuk and 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 regulatory filings on Greenland Resources’ profile at http://www.sedarplus.com/
On December 3, 2025, the European Commission presented RESourceEU, and mentioned the Company’s Malmbjerg project in Greenland as a priority EU project. The Project is supported by the European Raw Materials Alliance (ERMA). ERMA is managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.
