Greenland Resources Inc. announced the Company’s ongoing H2-2023 progress on its Malmbjerg Molybdenum Project.

The Company has been diligently focusing on advancing capex financing and on re-permitting the Project. Both activities are progressing favourably according to plan, on time and on budget.

On the capex financing, the Company received various letters of intent from financial institutions and export credit agencies to finance capex and significant progress on the due diligence reports prepared by the independent consultants acting on behalf of the banks has been made and will be soon circulated to the banks. Banks ordinarily rely on independent due diligence reports for their investment decisions.

The due diligence teams acting on behalf of future Project capex investors and the Company’s financial advisors, visited the Project as part of their detailed assessment on compliance with national legislation, technical review and international standards (including the Equator Principles, IFC Performance Standards and EHS Guidelines).

On the permitting, the Company has been addressing favourably comments received from the regulators on the previously submitted Environmental Impact Assessment (EIA) and is working on a new version of the EIA. The new version includes the nearly finalized analysis of the work conducted during the last summer on water, tailings and baseline studies, among others.

The Company expects to conclude a Project renewable energy feasibility report this year as part of the Company’s commitment to decarbonize at the same pace as potential end users.

Greenland Resources continues to have discussions with strategic investors as well as converting the remaining non-binding agreements from end users into binding agreements.

Management has been purchasing shares of the Company’s common stock in the open market reinforcing confidence in the Company’s commitment to its long term success.

Source: Business Wire