Greenland Resources Inc. announced that the Government of Greenland, as per the recommendation of the Ministry of Mineral Resources (MMR) and the Environmental Agency for Mineral Resource Activities (EAMRA), approved the Terms of Reference (ToR) for the Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA), which constitute the first of two Government approvals needed to obtain an exploitation license for the Malmbjerg Molybdenum Project in Greenland. The first approval involves the Government of Greenland approval of the ToR EIA/SIA. To achieve this, mining companies seeking an exploitation license in Greenland, need to submit and receive MMR and EAMRA acceptance of a draft ToR EIA and SIA in Greenlandic, Danish and English; publish the documents on the Government's hearing portal for 35 days to receive public comments; address all comments in the three languages in a White Paper and resubmit a revised ToR EIA/SIA and White Paper in the three languages for MMR and EAMRA acceptance.

After acceptance, MMR and EAMRA recommend the ToR EIA/SIA for approval to the Government of Greenland. The company was notified by the MMR that the Government of Greenland (Naalakkersuisut) approved the ToR EIA/SIA on September 29, 2022. The second part of the process involves: the approval of the EIA/SIA that follows a similar process as the one described above for the ToR EIA/SIA; the submission of the Navigational Safety Investigation report (NSI); and the signing of an Impact Benefit Agreement (IBA).

The EIA and SIA are based on the ToR EIA/SIA and include mainly more detailed engineering that is available in the Company's NI 43-101 Definitive Feasibility Study, and additional environmental data that is available from the company's work conducted in 2021, 2022 and the extensive historical environmental data available from the last 15 years. Therefore, the Company will soon submit the EIA and SIA. Regarding the NSI, on May 12, 2022, the company submitted the report to the Ministry of Housing, Infrastructure and Transport and in relation to the IBA, the company has maintained positive contact with relevant stakeholders and signed a sponsorship agreement beyond the legal license obligations to help the only nearby community, located some 190 km to the southeast of the project.