Future of Kuannersuit, page-16

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Daniel Mamadou, Managing Director of GGG released the following statement:

"We tried to find a constructive solution through dialogue with the Government of Greenland, but they made it clear that they would not move from their position that Act No. 20 applies to us and our exploitation licence will not be granted. In these discussions, the Government also made it clear that they do not consider themselves to be under any obligation to compensate us. Greenland Minerals has spent more than ten years and has invested over $130 million in the Kvanefjeld project. The company followed every Government regulation and request throughout the process. The Project has been through a rigorous environmental assessment and it remains one of the largest undeveloped rare earth assets in the world and a key future source of the technology metals that will be required for the clean energy transition. We are starting the arbitration process to get confirmation on whether Act No. 20 actually does apply to us and blocks our exploitation licence application. Should this be the case, we claim damages in compensation for expropriation. As the Board of GGG, our duty is to protect our shareholders’ interests: the position taken by the Government of Greenland leaves us with no other alternative than to enforce the Company’s right to an exploitation licence.”

Authorised for release by the Board of Greenland Minerals Limited.

https://wcsecure.weblink.com.au/pdf/GGG/02501930.pdf