Company Announcement, April 1st, 2015

Exploration License over Kvanefjeld Project Area Renewed

Greenland Minerals and Energy Ltd ('GMEL' or 'the Company') is pleased to advise that the Company's key exploration license over the Kvanefjeld Project area (EL 2010/02) has been renewed for a further three years. License EL 2010/02 covers the northern Ilimaussaq Complex, located in southern Greenland, and hosts the Kvanefjeld, Sørensen and Zone 3 rare earth - uranium deposits (Figure 1).

Collectively, the three deposits account for a global polymetallic resource base of greater than 1 billion tonnes (JORC-code, 2012 compliant). The license has been renewed in accordance with Greenland's rules and regulations, and is in good standing.

Importantly, license EL 2010/02 features an addendum that allows for the exploration of radioactive elements, which are not otherwise covered by standard exploration licenses in Greenland.

GMEL is currently working to complete all the necessary studies that are required to apply for an exploitation license. These include a comprehensive feasibility study, and social and environmental impact assessments. Upon approval by the Greenland government, the exploration license will be converted to exploitation (mining) license.

445000mE 450000mE 455000mE

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O 2km

445000mE

Figure l. Overview of license El 2010/02 that contains the Kvanefjeld project area, centred on the northern llimaussaq Complex in south Greenland. Three JORC­ code {2012) compliant resources have been defined; Kvanefjeld, S0rensen, and Zone 3. Numerous mineralised drill intercepts occur outside the resource shells, highlighting the clear potential for further increases to the resource base.

Statement of Identified Mineral Resources, Kvanefjeld Project, Independently Prepared By SRK Consulting

Multi-Element Resources Classification, Tonnage and Grade Contained Metal

Cut-off Classification M tonnes TREO2 U O

LREO HREO REO Y2O3

Zn TREO HREO Y2O3

U3O8 Zn

(U3O8 ppm)
Mt ppm ppm ppm ppm ppm ppm ppm Mt Mt Mt M lbs Mt

Kvanefjeld - February 2015

150 Measured 143 12,100 303 10,700 432 11,100 978 2,370 1.72 0.06 0.14 95.21 0.34
150 Indicated 308 11,100 253 9,800 411 10,200 899 2,290 3.42 0.13 0.28 171.97 0.71
150 Inferred 222 10,000 205 8,800 365 9,200 793 2,180 2.22 0.08 0.18 100.45 0.48
150 Total 673 10,900 248 9,600 400 10,000 881 2,270 7.34 0.27 0.59 368.02 1.53
200 Measured 111 12,900 341 11,400 454 11,800 1,048 2,460 1.43 0.05 0.12 83.19 0.27
200 Indicated 172 12,300 318 10,900 416 11,300 970 2,510 2.11 0.07 0.17 120.44 0.43
200 Inferred 86 10,900 256 9,700 339 10,000 804 2,500 0.94 0.03 0.07 48.55 0.22
200 Total 368 12,100 310 10,700 409 11,200 955 2,490 4.46 0.15 0.35 251.83 0.92
250 Measured 93 13,300 363 11,800 474 12,200 1,105 2,480 1.24 0.04 0.10 74.56 0.23
250 Indicated 134 12,800 345 11,300 437 11,700 1,027 2,520 1.72 0.06 0.14 101.92 0.34
250 Inferred 34 12,000 306 10,800 356 11,100 869 2,650 0.41 0.01 0.03 22.91 0.09
250 Total 261 12,900 346 11,400 440 11,800 1,034 2,520 3.37 0.11 0.27 199.18 0.66
300 Measured 78 13,700 379 12,000 493 12,500 1,153 2,500 1.07 0.04 0.09 65.39 0.20
300 Indicated 100 13,300 368 11,700 465 12,200 1,095 2,540 1.34 0.05 0.11 81.52 0.26
300 Inferred 15 13,200 353 11,800 391 12,200 955 2,620 0.20 0.01 0.01 11.96 0.04
300 Total 194 13,400 371 11,900 471 12,300 1,107 2,530 2.60 0.09 0.21 158.77 0.49
350 Measured 54 14,100 403 12,400 518 12,900 1,219 2,550 0.76 0.03 0.07 47.59 0.14
350 Indicated 63 13,900 394 12,200 505 12,700 1,191 2,580 0.87 0.03 0.07 54.30 0.16
350 Inferred 6 13,900 392 12,500 424 12,900 1,037 2,650 0.09 0.00 0.01 5.51 0.02

350 Total 122 14,000 398 12,300 506 12,800 1,195 2,570 1.71 0.06 0.15 107.45 0.31

Statement of Identified Mineral Resources, Kvanefjeld Project, Independently Prepared By SRK Consulting

3 8 2 3

1

2 3 3 8

(U3O8 ppm)

Sørensen - March 2012

Mt ppm ppm ppm ppm ppm ppm ppm Mt Mt Mt M lbs Mt

1There is greater coverage of assays for uranium than other elements owing to historic spectral assays. U3O8 has therefore been used to define the cutoff grades to maximise the confidence in the resource calculations.

2Total Rare Earth Oxide (TREO) refers to the rare earth elements in the lanthanide series plus yttrium. Note: Figures quoted may not sum due to rounding.

-ENDS-

ABOUT GREENLAND MINERALS AND ENERGY LTD.

Greenland Minerals and Energy Ltd (ASX: GGG) is an exploration and development company focused on developing high-quality mineral projects in Greenland. The Company's flagship project is the Kvanefjeld multi- element deposit (Rare Earth Elements, Uranium, Zinc), that stands to be the world's premier specialty metals project. A comprehensive pre-feasibility study was finalised in 2012, and the feasibility study will be completed in 2015. The studies demonstrate the potential for a large-scale, cost-competitive, multi-element mining operation. Through 2015, GMEL is focussed on completing a mining license application in order to commence project permitting, in parallel to advancing commercial discussions with development partners. For further
information on Greenland Minerals and Energy visit http://www.ggg.gl or contact:

Greenland Minerals and Energy Ltd will continue to advance the Kvanefjeld project in a manner that is in accord with both Greenlandic Government and local community expectations, and looks forward to being part of continued stakeholder discussions on the social and economic benefits associated with the development of the Kvanefjeld Project.

Competent Person Statement

The information in this report that relates to Mineral Resources is based on information compiled by Robin Simpson, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr Simpson is employed by SRK Consulting (UK) Ltd ("SRK"), and was engaged by Greenland Minerals and Energy Ltd on the basis of SRK's normal professional daily rates. SRK has no beneficial interest in the outcome of the technical assessment being capable of affecting its independence. Mr Simpson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the

2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Robin Simpson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The mineral resource estimate for the Kvanefjeld Project was updated and released in a Company Announcement on February 12th, 2015. There have been no material changes to the resource estimate since this announcement.