Greenland Resources receives €375,000 from EU-backed funding program

Greenland Resources Inc. (Cboe CA: MOLY) received €375,000 (approximately C$611,250) from EIT RawMaterials GmbH as the first tranche of funding under a previously announced agreement, according to a company statement.

The funding represents 75% of the total amount due under the initial option exercise. In exchange, EIT RawMaterials received 370,455 company shares at $1.65 per share. EIT RawMaterials is a public-private partnership co-funded by the European Union under its Horizon Europe program.

Greenland Resources also completed a private placement of 112,122 common shares at $1.65 per share, raising $185,001 in gross proceeds. An insider of the company participated in this private placement for the full amount.

The company stated it intends to use the proceeds to test extraction of magnesium from process saline water at its Malmbjerg molybdenum project in Greenland using innovative technologies, as well as for general corporate and working capital purposes.

Greenland Resources has applied for additional funding from other Horizon Europe supported programs to help finance a portion of the Malmbjerg project's capital expenditure requirements.

The Malmbjerg project is a molybdenum deposit located in central east Greenland. The company received an exploitation license for molybdenum and magnesium in June 2025. A 2022 feasibility study estimated the project would require $820 million in capital expenditure.

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