MALMBJERG
The Malmbjerg Project (Figure 1) is an open pit pure molybdenum project ("Project") with byproduct magnesium located within Greenland Resources exclusive mineral exploitation 2025-115 in east central Greenland; ~30 km from the coast, ~ 600 km NW of Iceland and ~ 20 Km from Mestersvig airport (Figure 2). The Project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in February 2022, 2024 & 2025 independent due diligence reports on environmental, social and technical for lenders, debt commitments from AAA credit rated lenders for over US$700M, offtake and other agreements with largest EU steel companies and EU roaster, among others. The project can supply 25% of the EU overall molybdenum consumption and 100% of EU defence consumption.
Feasibility Project Highlights:- Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion using US$18 per pound of molybdenum
- Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years using US$18 per pound of molybdenum
- Twenty-year open pit mine life with average annual production in years 1-10 of 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS2 and average annual LOM production of 24.1 million pounds with a cash cost of US$6.38/lb Mo
- Mineral Proven and Probable Reserves of 245 million tonnes at an average grade of 0.176% MoS2 containing 571 million pounds of molybdenum metal with very low impurity elements ideal for European high performance steel products and defence
- Environmental mine design and process plant design focused on reduced CO2 emissions and water usage
- Potential to generate LOM corporate taxes of more than US$900 million to the Greenland Government and increase the country’s GDP by 20%
- Environmentally friendly mine design with lower Scope 1&2 emission than North American producers
