Mining Stock Greenland Resources (TSX:MOLY) Makes TSX Gainer List On Update On Greenland Denmark US Agreement
The stock makes the TSX top gainer list following a corporate update. The stock is trading at 1.8700 +0.2200 (+13.33%) on volume of 1.2 Million shares as of this report. The stock has a morning high of $2.05.
The company today announced it welcomes the recent defence agreement among Greenland, Denmark, and the United States, which the Company believes will strengthen security and certainty, encourage investment, benefit the people of Greenland, and support a sustainable long-term supply of Greenland minerals for end users.
AdvertisementThe Company has signed binding long-term agreements with major global steel companies, including Outokumpu, the EU's largest stainless steel producer and the second largest in the United States, and SSAB, which operates steel mills in Sweden, Finland, and the United States that accounted for 30% of the Company's revenues in 2025. Regarding the project's economics, the Company's Feasibility Study uses a molybdenum price of US$18 per pound, compared with the current market price of approximately US$33 per pound. For after-tax NPV and IRR sensitivities to molybdenum prices, please refer to Tables 1-5 and 1-6 of the Company's NI 43-101 Feasibility Study.
The Company also announces that it will present at the Think Equity Conference on October 15 at the Mandarin Oriental Hotel in New York and hold one-on-one meetings with investors. The Company is listed on the Toronto Stock Exchange under the symbol MOLY and on the over the counter OTCQX in the United States under the symbol GRLRF and is evaluating a potential uplisting to a major U.S. exchange.
Greenland Resources is a publicly listed Canadian and Greenlandic company developing Malmbjerg, a world-class Climax-type primary molybdenum deposit near tidewater in east-central Greenland. The project has a NI 43-101 Definitive Feasibility Study produced by Tetra Tech, a 30-year molybdenum and magnesium exploitation licence, an environmentally responsible mine design, and binding long term offtake agreements with major EU steel producers. Proven and probable reserves total 245 million tonnes grading 0.176% MoS 2, containing 571 million pounds of molybdenum. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS 2, approximately 25% of EU total yearly consumption and 100% of EU defence needs.
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