Business
Greenland Resources Provides Update
TORONTO / Jul 23, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce th
About this update from Greenland Resources Inc.
[{"type":"text","content":"TORONTO / Jul 23, 2025 / Business Wire / Greenland Resources Inc. (Cboe CA: MOLY | FSE: M0LY) (“Greenland Resources” or the “Company”) is pleased to announce the Company’s ongoing progress on its Malmbjerg Project (the “Project”). Highlights Following the granting of the exploitation license, the Company is now prioritizing the equity part of the capex and continues positive discussions with strategic investors including supranational banks. The Company has received firm proposals from international banks to act in the Export Credit Agencies (ECA) Coordinator / Agent role, covering relevant tasks up to debt financial close, and post debt financial close, respectively. In addition, the independent environmental and social consultant on behalf of future Project lenders, has produced an updated 2025 environmental and social due diligence report for the lenders. The Company is currently working on converting two of its signed LOIs into binding offtake agreements. Once the agreements are concluded, together with the previously announced offtakes, it will place the Company as one of the two largest molybdenum suppliers to the European Union (including Germany, the largest EU molybdenum consumer). On market developments, the German Minister of Defence is scheduled to visit Greenland next month. Most of the steel companies that signed offtakes and LOIs with Greenland Resources are significant suppliers of defence steel grade to the German defence industry. The EU lead by Germany, intends to increase defence expenditure from 1.5% to 5% of GDP where over 80% of all metallic defence components require molybdenum. Based on data from the International Molybdenum Association (IMOA), China is now a significant net importer of molybdenum for a third year on a row and represents 45% of the global byproduct and primary molybdenum market, and 87% of global primary molybdenum market production followed by the US with 13%. Primary molybdenum is ideal for EU high performance steel and defence applications. The Company is schedule to be in the site next month with some of his consultants working on optimization areas related to engineering and has recently conducted a site visit with certain future lenders. About Molybdenum and the EU The EU is the second largest molybdenum user worldwide, (around 122 million pounds of molybdenum per year, 19% of the ...