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Microsoft Word - Denmark U Export Legislation V3

Company Announcement, June 8th2016

Greenland and Denmark Pass Uranium Export Legislation, Solid Foundation Set for Kvanefjeld Project

• Danish Parliament passes legislation to create legal framework for uranium exports from Greenland

• Greenland Parliament adopts laws in relation to non‐proliferation commitments

• Key parliamentary developments conclude a comprehensive program by the Governments of Greenland and Denmark to establish the regulatory framework required to manage uranium production and export from Greenland

• Sets a solid foundation for the permitting and development of the Kvanefjeld rare earth and uranium project

Greenland Minerals and Energy Limited ('GMEL' or 'the Company') is pleased to advise that both the Greenland and Danish parliaments have now passed legislation which will regulate uranium export from Greenland. This is a very significant milestone for the Company as it confirms that a regulatory framework for the export uranium will be in place for the development of the Company's Kvanefjeld Project.

In Greenland's parliament on May 25th, four bills were passed to ensure that uranium mining and export is done in a manner that meets the Kingdom of Denmark's international non‐proliferation commitments. Greenland now has a regulatory and legislative framework in place which will permit the production and export of uranium.

On June 2ndand 3rdthe Danish parliament passed legislation that creates the legal framework which will allow Greenland to export uranium. In enacting the two pieces of legislation, Denmark assumes responsibility for the application of international safeguards to ensure peaceful use of Greenland's uranium. This clears the path for international sales of uranium from Greenland in accordance with the conditions established by the legislation which will come into force on 1 July, 2016.

These latest political developments were the final steps in an extensive program to create the framework and regulations which would allow exports of uranium from Greenland while ensuring compliance with international treaties and conventions concerning trade in uranium. This program has involved the formal agreement between Greenland and Denmark on managing uranium exports and associated responsibilities, Greenland ratifying its accession to a series of international safety conventions, and the adoption of new laws in Greenland and Denmark concerning non‐proliferation.

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:[email protected] ABN: 85 118 463 004

GMEL's Kvanefjeld Project is the only advanced minerals project in Greenland that is projected to produce uranium. The Kvanefjeld Project area has defined JORC‐code compliant resources of >1 billion tonnes containing 11.1Mtonnes rare earth oxide, and 593Mlb's U3O8.

The initial development strategy is projected to produce rare earth metals critical to energy efficient technologies, with uranium to be an important by‐product. An exploitation (mining) license application for the Kvanefjeld Project is currently under assessment by the Greenland government.

Dr John Mair, GMEL Managing Director commented:

'The establishment of a regulatory framework within the Kingdom of Denmark to manage uranium exports from Greenland is an important prerequisite for Kvanefjeld's successful development. The parliamentary approvals that have completed this process represent a significant milestone, and set a solid foundation for Kvanefjeld's progress toward development. The developments provide a further demonstration of Greenland's efforts to support the resources industry and attract foreign investment.'

Background:

Key Steps in Establishing a Uranium Export Regulatory Framework

The recent parliamentary developments in Greenland and Denmark stem from a Danish/Greenlandic 2013 report which identified the need to establish a special system to meet international obligations in regards to the safeguarding of nuclear materials.

Since this point considerable work has been conducted by Greenland and Danish government departments to establish and implement such a system. Important developments toward concluding this program have included:

• In December 2015, Greenland parliament ratified its participation in a series of international regulatory conventions concerning the safety and handling of radioactive materials. This followed a public‐hearing on regulatory conventions through the middle of 2015.

• In January 2016 Greenland and Denmark signed uranium export agreements. The agreements reaffirmed Greenland's full authority over its natural resources including environmental, health and safety at any uranium production facility in Greenland. The agreements also establish a framework under which Denmark will assume responsibility for nuclear non‐proliferation and safeguards matters.

• On May 25thGreenland passed the enabling legislation to adopt the laws relating to the export of uranium in accordance with international best practice.

• On June 2ndand 3rd, the Danish parliament passed legislation that creates the legal framework to allow Greenland to export uranium

There is now a solid foundation for the development of the Kvanefjeld Project with both a robust regulatory framework implemented, and extensive technical studies addressing project feasibility, and the environmental and social impact assessments completed. The Company looks forward to providing further updates on the permitting process.

‐ENDS‐

Statement of Identified Mineral Resources, Kvanefjeld Project, Independently Prepared By SRK Consulting (February, 2015)

Multi‐Element Resources Classification, Tonnage and Grade Contained Metal

Cut‐off (U3O8ppm)1	Classification	M tonnes Mt	TREO2 ppm	U3O8 ppm	LREO ppm	HREO ppm	REO ppm	Y2O3 ppm	Zn ppm	TREO Mt	HREO Mt	Y2O3 Mt	U3O8 M lbs	Zn Mt
Kvanefjeld ‐ Fe 150	bruary 2015 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

Multi‐Element Resources Classification, Tonnage and Grade Contained Metal

PERTH: Unit 6, 100 Railway Road, Subiaco Western Australia 6008POSTAL: PO Box 2006, Subiaco WA 6904 Telephone: +61 8 9382 2322 Facsimile: +61 8 9382 2788

GREENLAND: PO Box 156, Narsaq, Greenland 3921

WEB:www.ggg.glEMAIL:[email protected] ABN: 85 118 463 004

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