Greenland Resources Secures Exclusive Exploration Rights in Greenland
February 24, 2026 — Leads & Copy —
Greenland Resources Inc. has been granted exclusive rights to special exploration license MEL-S 2026-07 by the government of Greenland. The license covers 1,147.76 km2 in the Semersooq region, surrounding the company’s existing exploitation license for molybdenum and magnesium.
According to the company, this gives them a dominant mineral license position on the east coast of Greenland. The new special exploration license allows the company to explore for all minerals except hydrocarbons and radioactive elements, subject to the Greenland government’s Application Procedures and Standard Terms.
Previous reports from the Geological Survey of Denmark and Greenland indicate that geochemistry data from rock samples in the new license area show multiple locations with high molybdenum values. These values could potentially add to the Malmbjerg project.
The company plans to establish an exploration program that includes hyperspectral surveys for the new concession.
According to Mr. Jim Steel, P.Geo., M.B.A., a director of the Company and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101, the news release has been reviewed and approved.
Greenland Resources is a Canadian public company focused on developing its wholly-owned Climax type primary molybdenum deposit in central east Greenland. The Malmbjerg project also produces magnesium as a byproduct, a market largely dominated by China. The project is an open pit operation with an environmentally friendly mine design.
A NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022 showed an US$820 million capex, a levered after-tax IRR of 33.8%, and a payback of 2.4 years, using US$18 per pound molybdenum price. The Proven and Probable Reserves are 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal.
The average annual production for years one to ten is projected to be 32.8 million pounds of contained molybdenum metal per year at an average grade of 0.23% MoS2. This represents approximately 25% of the EU’s total yearly consumption and 100% of EU defense needs.
The project uses approximately 35,000 m3 per day of saline water with around 900 ppm of magnesium, and the company is working on extracting magnesium from the saline water using innovative technologies. The molybdenum concentrate also contains magnesium and rare earth elements, which the company aims to incorporate into the economics of the feasibility study. The Company was awarded an exploitation license for molybdenum and magnesium on June 19, 2025.
The European Commission presented RESourceEU on December 3, 2025, mentioning the Company’s Malmbjerg project as a priority EU project. The Project is supported by the European Raw Materials Alliance (ERMA), managed by EIT RawMaterials GmbH, an organization within the EIT, a body of the European Union.
The EU is the second largest molybdenum user worldwide, consuming around 122 million pounds per year, which is 19% of the global demand, according to IMOA. The EU has large processing capacity and produces the best specialty steel products globally but has no molybdenum extraction.
Green energy technologies, steel, and defense are key drivers for market growth. Molybdenum enhances the strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance of steel and cast iron.
EU steel-dependent industries like automotive, construction, and engineering represent around 18% of EU GDP. Greenland Resources’ Malmbjerg project has the potential to supply approximately 25% of the EU demand of environmentally friendly high-quality primary molybdenum and 100% of EU defense molybdenum consumption.
More than 80% of the metallic materials used for defense applications require molybdenum alloying. Primary molybdenum is only produced in China (87%) and the USA (13%). China has imposed export controls on molybdenum and is now a net importer. Molybdenum is categorized as a critical and/or strategic mineral across the top five defense nations in the world: U.S., China, Russia, India, and South Korea.
The EU uses around 145,000 tonnes of magnesium per year (15% of the global demand) but has no treatment facilities nor extraction. Electric vehicle production and sustainable manufacturing practices are key drivers for market growth.
Magnesium metal is primarily used as casting alloy in automotive and aerospace industries (64%), aluminum-base alloys for packaging and transportation (18%), and in the desulfurization of iron and steel (4%). Smelter production of magnesium metal in 2024 was 1 million metric tonnes, 85% coming from seawater, while smelter capacity worldwide is double.
Approximately 75% of magnesium compounds serve industrial purposes including fertilizers, cattle feed, Epsom salts, heat-resistant bricks, de-icing etc. (USGS 2024). China produces 89% of the world’s magnesium, and Europe sources 97% of its magnesium from China (EC, 2023).
Source: Greenland Resources
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