Greenland Resources Announces Feasibility Study on Malmbjerg Molybdenum Project

Greenland Resources has submitted a final feasibility study prepared by Tetra Tech Canada for the Company's wholly-owned Malmbjerg Molybdenum Project in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The technical report supports the results of the feasibility study for the project located in east-central Greenland, which the Company announced in a press release on February 23, 2022.

The Company continues to hold discussions with strategic partners to advance the project into production and with potential end buyers of the product.

Greenland Resources, a Canadian public company for which the Ontario Securities Commission is the primary regulator, is focused on the development of its 100% owned, world-class Climax-type pure molybdenum deposit in east-central Greenland. the Malmbjerg project is an open-pit operation using an environmentally friendly mine design with proven and probable reserves of 245 million tonnes at a MoS2 content of 0.176% and contained molybdenum metal of 571 million pounds.

Malmbjerg Molybdenum Project image

The project benefited from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022 and was granted a mining license in 2009. The company has an office in Toronto and is led by a management team with extensive experience in the mining industry and capital markets.

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 improves strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. According to the International Molybdenum Association and the European Commission Steel Report, global molybdenum production in 2021 will be about 576 million pounds, with the EU, the world's second-largest steel producer, using about 25 percent of the global molybdenum supply and having no domestic molybdenum production.

The EU's steel-dependent industries of automotive, construction, and engineering account for about 18 percent of the EU's $16 trillion GDP. Greenland Resources' strategically located Malmbjerg Molybdenum Project has the potential to provide the EU with approximately 25 million pounds of environmentally friendly molybdenum per year for decades to come from a responsible EU associate member state. The low impurity content and high quality of the Malmbjerg ore make it an ideal molybdenum source for Europe's world-leading high-performance steel industry.

Malmbjerg Molybdenum Project in Hostakken Mountain image

The Malmbjerg Molybdenum Project is an open-pit pure molybdenum project located within Greenland Resources’ exclusive mineral exploration license MEL 2018/11 in east-central Greenland. The Project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in February 2022 and had a previous exploitation license granted in 2009.

 

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