Toronto headquartered Greenland Resources has signed a non-binding memorandum of understanding for long term molybdenum supply with the Swedish company Scandinavian Steel, a leading distributor of ferrous and non-ferrous metals, pig iron and alloys to the steel, foundry and chemical industry on a worldwide basis.The MOU sets the path for a supply agreement of Molybdenite concentrate as well as secondary products like Ferromolybdenum and Molybdenum Oxide. In order to diversify and maximize molybdenum sales price, the Company marketing strategy targets direct sales to end users, arrangements with roasters to meet downstream end user products specifications, and sales to distributors that can be of strategic importance, with a strong focus on the European Union metallurgical, chemical, and industrial markets.Founded in 1958, Scandinavian Steel has grown to become a leading distributor of ferrous and non-ferrous metals, pig iron and alloys to the steel, foundry, and chemical industry on a worldwide basis. Many of their products are used to produce the raw materials which later become vital components in the automotive, aerospace and electronics industries. With headquarters located in Stockholm, Sweden, they are supported by a network of offices in Europe and Asia.Greenland Resources is focused on Malmbjerg molybdenum project, an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS2, for 571 million pounds of contained molybdenum metal. 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% MoS2. The project had a previous exploitation license granted in 2009.