Business
Greenland Resources Closes Private Placement and Provides Capex Update
TORONTO / Jul 12, 2023 / Business Wire / Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that fu
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Jul 12, 2023 / Business Wire / Greenland Resources Inc. (“Greenland Resources” or the “Company”; NEO: MOLY | FSE: M0LY) is pleased to announce that further to its news release dated July 7, 2023 it has closed the non-brokered private placement on the announced terms. The Company is also pleased to announce it has received several non-binding letters of intent from financial institutions, including AAA credit rated entities, to finance capex of its Malmbjerg molybdenum project (the “Project”). The Company will provide more information in due course. The Project benefits from a NI 43-101 Definitive Feasibility Study (“FS”) completed by Tetra Tech in 2022. The FS uses US$18/lb long term Mo price (current spot price US$22/lb Mo), has an initial capex of US$820 million and a 20 year life of mine. The estimated expected all cash Base case after-tax IRR is 22.4% with an NPV6% of US$1.17 billion. The Levered pre-tax and after tax IRR is 40.4% and 33.8% respectively, and payback is 2.4 years. Readers are encouraged to consult the full text of the Definitive Feasibility Study available on the Company’s profile at www.sedar.com for more details. 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 a planned 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 a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 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 an expected 32.8 million pounds per year of contained molybdenum metal at an average grade ...