Greenland Resources Inc. announced that it received a non-binding letter of intent ("LOI") for long term molybdenum supply from the Danish company Topsoe A/S ("Topsoe"). The LOI sets the path for a long-term supply agreement of Ammonium Dimolybdate (ADM) and Mo-oxide based on specific criteria set by Topsoe for strategic suppliers, which include among others delivery of net-zero molybdenum products (in line with the Science Based Targets Initiative Net-Zero Standard) by 2040. The particularly clean molybdenite concentrate from Malmbjerg deposit in Greenland, once roasted is perfectly suited as a feed stock for the production of such compounds.

In order to diversify and maximize molybdenum sales price, the marketing strategy of the Company targets direct sales to end users, arrangements with roasters to meet downstream end user products specifications, and sales to intermediaries that can be of strategic importance, with a strong focus on the European Union market. End users like Topsoe will be able to ensure a stable responsible sourcing secured supply of high-quality molybdenum extracted with high ESG standards for decades to come from Greenland, a country that is part of the Kingdom of Denmark.