Greenland Resources Inc. has received a non-binding letter of interest from the Nordic Investment Bank for up to US$120 million in project funding to support the development of the Malmbjerg molybdenum deposit in east-central Greenland.

The proposed financing is subject to further due diligence reviews and would be structured under one or more export credit agencies covered facilities. The Nordic Investment Bank carries AAA and Aaa credit ratings from S&P Global and Moody’s respectively.

The new expression of interest complements a previously announced expression of interest of up to US$275 million from Export Development Canada, which was established as a mandate lead arranger in February 2025. Those financing discussions follow Greenland Resources securing long-term binding offtake agreements with two major Scandinavian steel producers, alongside a memorandum of understanding signed with Hempel Metallurgical GmbH in September 2025 for molybdenum supply to the German steel industry.

The company is advancing the Malmbjerg project under a 30-year molybdenum and magnesium exploitation licence. The deposit benefits from a definitive feasibility study prepared by Tetra Tech, which outlined proven and probable reserves totaling 245 million tonnes grading 0.176% molybdenum disulfide and containing 571 million pounds of molybdenum. The asset is designed as an open-pit operation intended to supply clean molybdenum to European markets.

Permitting for the project has advanced through key regulatory milestones, including the approval of the terms of reference for the environmental impact assessment and social impact assessment by the Government of Greenland in September 2022.

The current funding proposal compares with earlier capital-raising efforts by Greenland Resources, which included a private placement financing of up to C$2.0 million in October 2022 to advance early capital expenditures and offtake arrangements.

Read the full announcement: Greenland Resources Receives Letter of Intent From Nordic Investment Bank