ERMA Supports Greenland Resources in Development of Malmbjerg Molybdenum Project

The European Raw Materials Alliance (ERMA) has announced that it will support Greenland Resources Inc. in securing financing for the Malmbjerg molybdenum project and strengthening its relationship with downstream molybdenum users in the EU industrial ecosystem. Europe is currently the world's second-largest user of molybdenum but has no production of its own, and the development of the Malmbjerg molybdenum mine may change that.

In the coming decades, the green energy transition will significantly increase global demand for molybdenum, a key material for the manufacture of clean renewable energy generation and storage technologies such as wind, geothermal, solar, nuclear, and hydro. The project is a perfect fit for the institute, whose main goal is to reduce Europe's dependence on strategic and critical raw materials from outside Europe and to promote environmental, social, and governance (ESG) standards.

Bernd Schäfer, CEO and Managing Director of EIT Raw Materials, which manages ERMA, said, "The Russian-Ukrainian conflict has increased the urgency of Europe's transition to green energy, and we need molybdenum produced to the highest ESG standards to achieve this goal. We need reliable European production to guarantee the security of our supply and our future sustainability."

The Malmbjerg molybdenum project, located in eastern Greenland, has the potential to supply 23 percent of Europe's total molybdenum demand within 20 years. Molybdenum is an important alloying element in steel production, improving the corrosion resistance and high-temperature strength of steel. This makes it a key material for the EU's steel-dependent industries. Because the Malmbjerg ore body contains few harmful elements, it is an ideal source of clean molybdenum for the high-performance steel industry.

Dr. Ruben Shiffman, Executive Chairman of Greenland Resources, commented, "European steelmakers are world leaders in producing high-performance steels that improve the efficiency of power generation, transportation, mobility, and construction. the uniquely high quality of Malmbjerg ore, with low impurity levels of phosphorus, tin, antimony, and arsenic, is critical to the production of high-performance steel, the future of steel, is critical."

The project will also make an important economic and social contribution to Greenland, with the potential to generate $800 million (€750 million) in LOM corporate taxes and create job security for local residents, according to the company's recently released NI 43-101 final feasibility study.

Metals, minerals, and advanced materials are key enablers of a globally competitive, green, and digital Europe. ERMA is committed to ensuring reliable, secure, and sustainable access to raw materials. The Agency's vision is to ensure access to critical and strategic raw materials, advanced materials, and processing technologies for the EU industrial ecosystem.

Greenland Resources Corporation, a Canadian public company for which the Ontario Securities Commission is the primary regulator, is focused on developing its 100% owned, world-class pure molybdenum deposit in east-central Greenland. Malmbjerg molybdenum project is a 20-year open-pit mining project with an environmentally friendly mine design focused on reducing CO₂ emissions and water use, with proven and probable reserves of 245 million tons at 0.176 percent MoS₂ and 571 million pounds of contained molybdenum metal.

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