Greenland Resources provided an update on a potential €50 million equity financing that could include investment from the European Innovation Council’s EIC STEP program and an industry investor.
The company said the EIC Fund’s due diligence process is progressing while negotiations continue with the other parties involved in the financing.
Greenland Resources has already completed the initial stages of the EIC process, including an eligibility assessment and receipt of the Sovereignty STEP Seal recognizing project excellence. A panel of jurors has also recommended a potential investment by the EIC Fund.
The financing remains subject to the EIC Fund’s final investment decision and completion of definitive documentation with the other potential investors.
Greenland Resources is developing the Malmbjerg molybdenum project in east-central Greenland. The company describes Malmbjerg as a large Climax-type primary molybdenum deposit located near tidewater.
The project has an NI 43-101 Definitive Feasibility Study prepared by Tetra Tech and a 30-year molybdenum and magnesium exploitation license.
Greenland Resources has also entered into binding long-term offtake agreements with major European Union steel producers.
Proven and probable reserves at Malmbjerg total approximately 245 million tonnes grading 0.176% molybdenum disulfide and containing about 571 million pounds of molybdenum.
During years one through ten of production, the company expects Malmbjerg to average about 32.8 million pounds of contained molybdenum annually, at an average grade of about 0.23% molybdenum disulfide.
Greenland Resources said that production would represent approximately 25% of total annual EU molybdenum consumption and an amount equivalent to 100% of the EU’s defense needs.
The company has also received a grant from the Canadian government and is evaluating magnesium and rare earth elements as potential byproducts.
In December 2025, the European Commission identified Malmbjerg as a priority EU project under its RESourceEU initiative.
The prospective €50 million financing would provide additional capital as Greenland Resources advances the project toward development.
