Greenland Resources (TSX:MOLY | FSE:M0LY) announced Tuesday it has received a letter of interest (LOI) from the Nordic Investment Bank (NIB) to provide funding of up to $120 million under one or more export credit agencies covered facilities. 

The LOI follows the company’s long-term binding offtake agreements with two major Scandinavian steel producers, announced in April 2026 and in February 2025. The LOI adds to the expression of interest from Export Development Canada (EDC) as a mandate lead arranger in an amount up to $275 million. 

The Canadian junior explorer is advancing its flagship Malmbjerg project in the Semersooq region. Earlier this year, it secured exclusive rights to an approximate 1,147 km2 land package surrounding the company’s existing exploitation license for molybdenum and magnesium. 

At the time, the company said the special licence granted by the Greenland government gives it a “dominant mineral licence position” on the island’s east coast. 

Last year, Greenland Resources inked a long-term offtake agreement with Finland’s Outokumpu, the largest producer of stainless steel in Europe, for the supply of molybdenum oxide produced at Malmbjerg.

The project has a NI 43-101 definitive feasibility study and a 30-year molybdenum and magnesium exploitation licence. Proven and probable reserves total 245 million tonnes grading 0.176% MoS₂, 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% MoS₂, approximately 25% of EU total yearly consumption and 100% of EU defence needs, the company said.  

Greenland Resources stock closed the day up 1.3% in Toronto for a market capitalization of C$203 million ($146 million).