Greenland Resources has signed a memorandum of understanding (“MOU”) for long term molybdenum supply with GMH Gruppe SE & Co. KG, (GMH), a leading European producer and processor of steel long products, special bar quality, tool steels, forgings and castings. GMH is a pioneer in sustainable steel production using electric arc furnaces based on scrap recycling thus generating 80 percent fewer CO2 emissions than conventionally produced steel.

The MOU sets the path for a long-term supply agreement covering ferro-molybdenum, molybdenum-oxide and briquettes produced from molybdenum ore extracted in Greenland by the Company that will be refined in Belgium. GMH will be able to ensure a stable and responsibly sourced long term secured molybdenum supply with high sustainability standards and low scope 1&2 emissions from an EU associate country. GMH supplies customized steel solutions out of more than 15 production sites mostly located in Germany. Key markets for these products are the automotive, energy, raw materials, aerospace, defence, agricultural, construction machinery, tooling, mechanical engineering and transportation sectors.

Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources commented:
“Last year I was pleased to travel to Berlin and sign a Declaration of Intent with Germany to Strengthen Cooperation on Critical Minerals. Following that, in October 2025, on the margins of the G7 Energy and Environment Ministers’ Meeting in Toronto, the Government of Canada issued a communique where the Canadian mining company Greenland Resources was highlighted for its contribution to the Italian steel sector – now, I am pleased to see Greenland Resources moving forward and also contributing to the Germany steel industry, another important G7 ally. This is an example of how our government is working with international partners to create a pathway that secures economic and trade opportunity for Canadian businesses, building a more prosperous, sovereign Canada.”

The EU is the second largest molybdenum user worldwide has a large processing capacity but has no extraction. Germany is the largest user in the EU, classifying molybdenum in the highest risk “category 3” of the Germany Criticality List of strategic raw materials. Additionally, Canada’s critical minerals list also includes molybdenum.