Greenland Resources signs 8-year molybdenum supply deal with SSAB

Greenland Resources Inc. (TSX: MOLY) has entered into a binding off-take agreement with Swedish steel producer SSAB to supply molybdenum over an eight-year period, according to a company statement.

The agreement includes established price floor and ceiling provisions and will provide SSAB with ferromolybdenum extracted in Greenland and refined in Belgium. SSAB, which has annual steel production capacity of 8.8 million tonnes, operates facilities in Sweden, Finland and the United States.

Greenland Resources owns the Malmbjerg molybdenum project in central east Greenland. The company received an exploitation license for molybdenum and magnesium on June 19, 2025. According to a 2022 feasibility study by Tetra Tech, the project has proven and probable reserves of 245 million tonnes at 0.176% MoS2, containing 571 million pounds of molybdenum metal.

The study estimated average annual production of 32.8 million pounds of contained molybdenum metal for years one through ten, with capital expenditure of $820 million. The European Commission mentioned the Malmbjerg project as a priority EU project in its December 3, 2025 RESourceEU presentation.

SSAB produces advanced high-strength steels for defense, automotive, infrastructure and energy industries. The company has operations across more than 50 countries and shares listed on Nasdaq Stockholm with secondary listing on Nasdaq Helsinki.

The agreement aims to provide SSAB with what it describes as responsibly sourced molybdenum supply with low carbon emissions from an EU associate country. Molybdenum is used to enhance steel strength, hardenability and corrosion resistance.

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