Hole_ID m From m To m Interval U3O8 ppm TREO ppm Zn ppm

K006

46

61

15

535

12559

1113

K006

64

77

13

502

15562

1235

K006

82

87

5

461

15343

1375

K006

27

44

17

371

8780

1617

K015

23

41

18

534

10504

2314

K015

66

89

23

495

14805

2347

K015

42

57

15

403

14408

2912

K017

83

110

27

479

16862

864

K017

38

69

31

379

14702

2920

K020

33

44

11

579

11342

2095

K020

56

61

5

415

14767

1778

K020

83

99

16

385

12890

2164

K020

3

20

17

374

14564

3788

K020

21

30

9

352

12004

4396

K021

85

102

17

506

13825

2232

K021

60

82

22

442

11111

2713

Hole_ID

m From

m To

m Interval

U3O8 ppm

TREO ppm

Zn ppm

K021

39

59

20

439

9916

1983

K021

104

118

14

336

14125

2325

K027

22

28

6

516

15761

1175

K027

30

37

7

461

15308

1003

K027

8

18

10

405

13651

1731

K027

42

67

25

397

16207

3124

K030

3

31

28

597

15788

2795

K030

32

47

15

341

12184

3193

K031

26

49

23

501

11821

1891

K031

59

92

33

431

12780

2278

K042

100

107

7

661

18874

2591

K042

55

91

36

515

16256

3076

K042

1

10

9

514

13835

2237

K042

146

155

9

427

13215

3187

K042

16

38

22

317

10412

3248

K050

64

85

21

370

9329

2056

K050

2

63

61

353

10448

2397

K050

88

105

17

296

12956

3427

K055

20

47

27

354

10692

2535

K055

48

68

20

333

7738

2012

K055

4

9

5

325

9642

2599

K057

66

72

6

565

16930

2973

K057

75

161

86

386

11545

2516

K057

166

173

7

264

9250

2128

K058

65

113

48

420

13742

2676

K058

114

171

57

336

9418

2303

K061

10

43

33

506

16304

2784

K061

65

76

11

460

14483

2253

K061

77

99

22

459

15811

2634

K062

18

103

85

420

11432

2696

K062

122

136

14

341

12948

3698

K062

194

201

7

281

6600

1470

K065

9

79

70

382

11322

2574

K065

90

100

10

262

9667

2342

Hole_ID Depth Orig_Grid_ID Easting Northing RL_MSL Dip Azimuth

K006

117.8

WGS84_23N

446177.89

6760150.28

636.5

‐90

0

K015

92.5

WGS84_23N

446131.26

6760103.62

635.6

‐90

0

K017

118.7

WGS84_23N

446292.87

6760212.10

657.9

‐90

0

K020

100.6

WGS84_23N

446128.74

6760045.14

632.5

‐90

0

Hole_ID

Depth

Orig_Grid_ID

Easting

Northing

RL_MSL

Dip

Azimuth

K021

121.6

WGS84_23N

446264.20

6760154.41

648.6

‐90

0

K027

70.2

WGS84_23N

446052.42

6759944.24

615.6

‐90

0

K030

76.6

WGS84_23N

446087.16

6760066.18

626.0

‐90

0

K031

98.9

WGS84_23N

446223.59

6760089.11

629.9

‐90

0

K042

167.6

WGS84_23N

446244.14

6760340.96

665.5

‐70

290

K050

200.6

WGS84_23N

446133.01

6760786.40

623.4

‐90

0

K055

199.9

WGS84_23N

446246.89

6760882.30

620.8

‐90

0

K057

200.7

WGS84_23N

446261.52

6760704.46

613.5

‐90

0

K058

200.6

WGS84_23N

446183.45

6760577.17

606.7

‐90

0

K061

200.3

WGS84_23N

446106.56

6760454.36

590.8

‐90

0

K062

201.3

WGS84_23N

445906.28

6760434.03

558.5

‐90

0

K065

199.6

WGS84_23N

446049.33

6760581.19

568.1

‐90

0

Dr John Mair

David Tasker

Christian Olesen

Managing Director

Professional PR

Rostra Communication

+61 8 9382 2322

+61 8 9388 0944

+45 3336 0429

Multi‐Element Resources Classification, Tonnage and Grade

Contained Metal

Cut‐off

Classification M tonnes TREO2 U3O8 LREO HREO

REO

Y2O3

Zn

TREO

HREO Y2O3

U3O8

Zn

Criteria

JORC Code explanation

Commentary

Sampling

techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where 'industry standard' work has been done this would be relatively simple (eg

'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Diamond drilling has been carried out at the Kvanefjeld project on the northern section of the Ilimaussaq complex in south Greenland. Historic drilling by Danish research agencies between the 1950's and late 1970's returned 9,800 m of 46mm diameter core. Drilling by GMEL since 2007 has returned approximately 38,000m of core. Drill hole spacing ranges from 70x70 m to 70x140m over the Kvanefjeld deposit. Locally drill hole spacing is closer to evaluate variation.

Most drill holes are between 200‐300m in depth, with the deepest holes extending to approximately 500m. Samples are taken from logged sections of lujavrite (rock‐type that hosts REE‐U‐Zn mineralization) and their immediate peripheries. These wide, semi horizontal zones can be >200m in thickness with recoveries of generally 100%.

Drill holes are placed in the field by handheld GPS but have been survey by an independent contractor using differential GPS. Samples from drilling by GMEL have primarily been chemically assayed at Genalysis in Perth for rare earth elements, uranium, and zinc, but routinely also for other elements including Li, Be, F, Na, Mg, Al, P, S, K, Ca, Sc, Ti, Mn, Fe, Ga, Rb, Zr, Nb, Mo, Sn, Hf, Ta, Pb and Th. The analytical method used for most samples is a four acid digest followed by ICP‐MS and ICP‐OES assay technique. QAQC procedures include but are not limited to submission of duplicate sub set of samples digested by fusion methods, and 5% of pulps are sent to an umpire laboratory and certified reference materials are routinely added.

Drilling

techniques

Drill type (eg core, reverse circulation, open‐

hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face‐sampling bit or other type, whether core is oriented and if so, by what method, etc).

Diamond core drilling; the majority of core drilled at Kvanefjeld had

BQ and NQ diameter, core was not oriented as drill holes were vertical, all recent drill holes for exploration and resource development were down‐hole surveyed utilizing an Auslog deviation tool.

Drill sample

recovery

Method of recording and assessing core and

chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Core recoveries were generally around 100% due to the competent

nature of the rocks in the deposit area.

Logging

Whether core and chip samples have been

geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Whether logging is qualitative or quantitative

All drill core was geologically logged with a standard protocol; every

lithology documented, and at least once every six metres a point load test was completed and recorded. All core is then

photographed both wet and dry which also shows the zones marked for sampling, the location where point load tests and bulk density tests were completed, and displays the logging of geological

in nature. Core (or costean, channel, etc)

photography.

The total length and percentage of the relevant intersections logged.

domains and RQD's.

Sub‐sampling

techniques and sample preparation

If core, whether cut or sawn and whether

quarter, half or all core taken.

If non‐core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub‐sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second‐half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The core was split using a core splitter, as water soluble minerals

made cutting impractical. Samples were bagged, then packed in drums, delivered to Genalysis (Perth) in sealed 20 foot containers. In the Genalysis quarantine section in Perth the samples are removed, sorted and laid out into hole number and sample depth sequence as per the manifest within each barrel. Samples are then placed on trays in metal mobile racks and heated to 40°C for 24 hours in an oven. Samples are then moved to the Sample Preparation Section where:

 Each sample is entirely crushed to ‐3mm;

 A 1kg sub‐sample is rotary split & Robot pulverised to

 A 50gm split is placed in a Kraft envelope and sent for multi‐element analysis;

 A new 50gm split is taken from approximately every 10th sample and sent to another laboratory for check analysis;

 A second set of 1kg crusher splits comprising approximately every 10th sample is pulverised to ‐

75micron; and

 A 50gm split is taken, placed in a Kraft envelope and sent to the original laboratory for multi‐element analysis

Quality of

assay data and

laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

Genalysis was used for primary analysis work with UltraTrace used as an umpire laboratory for the diamond core samples. The method described above is considered appropriate for the style of mineralisation and as close to a full digest as possible. Extensive test work using both fusion and four acid digestion methods confirms

the suitability of the four acid digest to the Kvanefjeld samples, owing the non‐refractory nature of economic minerals.

QAQC procedures include but are not limited to submission of duplicate fusion samples, 5% of pulps are sent to an umpire laboratory and certified reference material is routinely added.

Verification

of sampling and assaying

The verification of significant intersections by

either independent or alternative company personnel.

The use of twinned holes.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

Discuss any adjustment to assay data.

At least two AusIMM‐accredited company personnel verify all

significant intercepts.

All field geological data is logged into excel, assay data files are received directly from the laboratory and transferred to dedicated database and copies are kept for later validation by SRK Consulting as part of the resource estimation.

Chemical assays are not adjusted.

Location of

data points

Accuracy and quality of surveys used to locate drill holes (collar and down‐hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Quality and adequacy of topographic control.

Drill holes at Kvanefjeld were placed in the field using a handheld GPS, once completed ASIAQ surveyors completed a DGPS pickup with results added to the drill hole database. The recent holes, and many of the historical holes, were surveyed down‐hole using an Auslog Deviation Tool. Orientation data at 0.5 m increments are stored in the drill hole database. End‐of‐hole Eastman camera shots are available for most of the historical holes that could not be accessed by the downhole surveying tool

Data spacing

Data spacing for reporting of Exploration

Drill hole spacings are 70 to 140m apart and considered reasonable

and

distribution

Results.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

Whether sample compositing has been applied.

to establish geological continuity and for the estimation of Mineral

Resources. In central areas, the drill spacing is approximately 70 x

70m.

All samples are 1m increments of split core.

Orientation

of data in

relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

Vertical holes have been used to intersect sub‐horizontal mineralization that is hosted in flat‐lying lenses of lujavrite; a hyper‐ agpaitic nepheline syenite.

Sample

security

The measures taken to ensure sample

security.

Samples from Kvanefjeld are put in calico bags, and then into plastic

bags, packed into drums, four drums are placed on a pallet and then loaded into a 20 foot sea container which is secured for shipping directly to Genalysis quarantine area in Perth, WA.

Audits or

reviews

The results of any audits or reviews of sampling techniques and data.

All drilling, sampling, QAQC, analysis, logging and other data collection methods has been reviewed by SRK Consulting and found to be appropriate.

Mineral

tenement and land tenure status

Type, reference name/number, location and

ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

All drilling has been completed within exploration license 2010/02 in

accordance with the license terms outlined by Greenland's Mineral Licence and Safety Authority (MLSA). The tenement is classified as being for the exploration of minerals. The Holder is Greenland Minerals and Energy A/S a wholly owned subsidiary of Greenland Minerals and Energy Ltd.

The tenure is in good standing with no impediments.

Exploration

done by other

parties

Acknowledgment and appraisal of exploration by other parties.

The deposit was found in 1956 by radiometric reconnaissance survey and the first drilling completed by the Danish government in

1958. Further drilling was completed in 1962, 1969 and 1977. In total 70 drill holes were completed as a precursor to historic feasibility work on the extraction of uranium in the early 1980's, where considerable metallurgical test work was completed. The Ilimaussaq Complex that hosts the Kvanefjeld and associated deposits is the subject of many technical and academic research papers; owing to the unique geological features. Many of these technical papers are peer‐reviewed and published.

Geology

Deposit type, geological setting and style of

mineralisation.

The Ilimaussaq intrusive complex is a large layered alkaline

intrusion. It is Mesoproterozoic in age and the type locality globally of agpaitic nepheline syenite and hosts a variety of highly unusual rock types and minerals.

Drill hole

Information

A summary of all information material to the

understanding of the exploration results including a tabulation of the following information for all Material drill holes:

Details are tabulated in the announcement

‐easting and northing of the drill hole collar

‐elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

‐dip and azimuth of the hole

‐down hole length and interception depth

‐hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

Data

aggregation

methods

In reporting Exploration Results, weighting

averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut‐off grades are usually Material and should be stated.

Where aggregate intercepts incorporate

short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Exploration results are calculated using 1m samples that are

weighted by length, an intercept must achieve 250ppm U3O8 for more than 5m and have maximum 2m internal waste. Also calculated are TREO and Zn. Uranium content is more variable than REO and zinc content, and is appropriate to constrain divisions of grade and geological character within the deposit.

TREO is all rare earth element oxides plus yttrium oxide.

Relationship

between

mineralisatio n widths and intercept lengths

These relationships are particularly

important in the reporting of Exploration

Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

The intercept widths are similar to the true widths of the

mineralisation.

Diagrams

Appropriate maps and sections (with scales)

and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Appropriate maps and sections are included in the announcement.

Balanced

reporting

Where comprehensive reporting of all

Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

This is considered to be representative reporting of intercepts,

similar methods have been used in the past for reporting and so are not misleading.

Other

substantive exploration data

Other exploration data, if meaningful and

material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test

Numerous geological, metallurgical, mining and feasibility studies

have been completed on the Kvanefjeld Project and are available publicly.

results; bulk density, groundwater,

geotechnical and rock characteristics; potential deleterious or contaminating substances.

Further work

The nature and scale of planned further work

(eg tests for lateral extensions or depth extensions or large‐scale step‐out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

This sampling was completed so that a new Resource/Reserve

estimation can be completed for the Kvanefjeld Project