Greenland Resources Inc.
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Company Description
- CEO
- Ruben Shiffman
- Full Time Employees
- - -
- Sector
- Non-energy minerals
- Industry
- Precious metals
- Address
- 25 York Street Toronto ON Canada M5J 2V5
- IPO Date
- Sep 20, 2021
- Website
- greenlandresources.ca
- Similar Companies
- Business
- Greenland Resources Inc. is a Canadian mineral exploration and development company focused on the acquisition, exploration and advancement of critical raw material projects, with its principal asset being the Malmbjerg Molybdenum Project in east Greenland. Founded in 2014 through a name change from Primera Bioscience Research Inc., the company is headquartered in Toronto, Ontario, and maintains operations in Canada and Greenland through its wholly owned Greenlandic subsidiary, Greenland Resources A/S. The company’s common shares trade on the Toronto Stock Exchange under MOLY and on the Frankfurt Stock Exchange under M0LY, with OTCQB Venture Market trading in the U.S. under GRLRF. The company’s core business is the development of the Piiaaffik Høstakken (Malmbjerg) Project, a Climax-type primary molybdenum deposit that is also expected to produce magnesium as a by-product and may contain recoverable rare earth elements. Greenland Resources states that the project is designed as an open-pit operation with a low-footprint, environmentally friendly mine plan, supported by an NI 43-101 definitive feasibility study completed in 2022 and updated permitting and engineering work in 2025 and 2026. The company has no recurring operating revenue and is financed principally through equity issuance, grants and strategic funding arrangements. Greenland Resources’ products and services therefore consist of mineral exploration and project development, specifically the future production of high-quality molybdenum concentrate and magnesium from the Malmbjerg project, together with potential rare earth by-products; related services include feasibility studies, engineering, permitting, metallurgical test work, and project execution planning. The company targets steel producers and industrial customers requiring molybdenum for high-strength, corrosion-resistant and low-emission steel applications, as well as European and North American counterparties involved in critical minerals supply chains. In 2025 and 2026, the company accelerated its strategic and financing profile through a series of major changes. It received a 30-year exploitation licence for molybdenum and magnesium in June 2025, later received exclusive special exploration rights over 1,147.76 km2 surrounding the project in February 2026, and secured conditional and then final approval for a $7 million non-repayable contribution from the Government of Canada in March and June 2026. The company also advanced project financing through a EUR 50 million equity investment process led by Horizon Europe, a letter of interest from the Nordic Investment Bank for up to US$120 million, and EU grant support tied to the BOREAS robotic mining project with Luleå University of Technology. Commercially, Greenland Resources strengthened its offtake and supply agreements in Europe during 2025 and 2026. It signed a ten-year off-take agreement with Outokumpu in February 2025, extended a long-term molybdenum supply arrangement with Molymet in November 2025, signed a memorandum of understanding with GMH Gruppe in January 2026, signed an MOU with ROGESA in March 2026, and entered into an eight-year off-take agreement with SSAB in April 2026. The company also reported in August 2026 that the summer field program in east Greenland was advancing detailed engineering, optimizing mine-construction infrastructure and supporting lenders’ due diligence, while further environmental and government work continued.
Company News
Greenland Resources Announces Voting Results
Greenland Resources Updates on Magnesium and Rare Earth Elements Work
Greenland Resources Updates on Greenland Denmark US Agreement
Greenland Resources Concludes Successful Summer Field Program
Greenland Resources Receives Letter of Intent From Nordic Investment Bank
Greenland Resources Inc. Begins Trading on OTCQX Best Market
Greenland Resources Provides Capex Update Commences Project Preconstruction Detailed Engineering
Greenland Resources Joins Sweden Luleå University of Technology in Robotic Mining Project and Receives EU Grant
Greenland Resources Provides Update on EUR 50 Million Equity Investment Led by Horizon Europe
Greenland Resources Signs Eight Year Off-take Agreement With SSAB to Supply High Quality Molybdenum
Greenland Resources Signs MOU With German Dillinger for Molybdenum Supply
Greenland Resources Conditionally Approved for up to $7 Million From the Government of Canada
Greenland Resources Granted 1,147.76 km2 Mineral License Surrounding Its Current Exploitation License
Greenland Resources Provides Update and Will Present at BMO Conference in Florida
Greenland Resources Reassays for Magnesium and Finds Critical Minerals Including Rare Earth Elements
Greenland Resources Signs MOU With German GMH Gruppe for Molybdenum Supply
Greenland Resources Update on Strategic EU Equity Investment