The Kvanefjeld Project - Perspectives on Developing a

World-Class Project in Greenland

www.ggg.gl | Perspectives on Mining in Greenland, Copenhagen, October, 2015

Key Note Presentation; Arctic Cluster for Raw Materials

This presentation contains only a brief overview of Greenland Minerals and Energy Ltd (Greenland Minerals) and its respective activities and operations. The contents of this presentation may rely onvarious assumptions and subjective interpretations which are not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward looking statements. Known and unknown risks and uncertainties, as well as factors outside of Greenland Minerals’ control, may cause the actualresults, performance and achievements of Greenland Minerals to differ materially from those expressed or implied in this presentation.

To the maximum extent permitted by law, Greenland Minerals and its officers, employees and advisers are not liable for any loss or damage (including, without limitation, any direct, indirect orconsequential loss or damage) suffered by any person directly or indirectly as a result of relying on this presentation or otherwise in connection with it.

The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue and has been prepared without consideration of your objectives andneeds and financial position. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to Greenland Minerals or itsactivates.

JORC Code (2012) Competent Person Statement – Mineral Resources and Ore Reserves

The information in this report that relates to Mineral Resources is based on information compiled by Mr Robin Simpson, a Competent Person who is a Member of the Australian Institute ofGeoscientists. 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 nobeneficial 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 ofdeposit 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, MineralResources 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 information in the statement that relates to the Ore Reserves Estimate is based on work completed or accepted by Mr Damien Krebs of Greenland Minerals and Energy Ltd and Mr Scott McEwing ofSRK Consulting (Australasia) Pty Ltd.

Damien Krebs is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the type of metallurgy and scale of project under consideration, and tothe activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition).The Competent Persons consent to the inclusion of such information in this report in the form and context in which it appears.

Scott McEwing is a Fellow and Chartered Professional of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type ofdeposit under consideration, and to the activity he is undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves (JORC Code, 2012 edition). The Competent Persons consent to the inclusion of such information in this report 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. The ore reserves estimate was released in a CompanyAnnouncement on June 3rd, 2015. There have been no material changes to the mineral resource estimate, or ore reserves estimate since the release of these announcements.

Important Notice

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Developing Kvanefjeld – Greenland’s World ProjectLow-cost, long-life production – Critical Rare Earths and Uranium

The world’s largest undeveloped resource of rare earth elements and uranium (JORC-code, 2012, compliant), with huge upside (>1 Billion tonnes defined, <20% of project area evaluated)

A primary product stream of high-purity critical rare earth concentrates (Nd, Pr, Eu, Dy, Tb, Y), strongly leveraged to permanent magnet sector – major growth area

By-production of U3O8, lanthanum and cerium, zinc and fluorspar, at low incremental cost

By-product revenue streams will see Kvanefjeld become the lowest-cost producer of critical rare earth’s globally

Positioned for permitting and development pipeline as uranium and RE prices rise

View over the Narsaq Valley that will host much of the project infrastructure, toward the North Atlantic Ocean

Kvanefjeld – Ideally Located in South GreenlandDirect Shipping Access Year-Round, Airport Nearby, Hydropower Options

4The Kvanefjeld Project is located optimally, in the most accessible, and climatically mild part of Greenland

Kvanefjeld – A World-Class Project 60 Years in the MakingBuilt on a comprehensive technical foundation

Kvanefjeld – stands to be one of the lowest cost producers of rare earths globally

First large-scale, non-refractory source of rare earths globally – unique and advantageous ore body

Metallurgy proven at large scale; multiple pilot plant campaigns, part of EURARE collaboration

Produces the right proportions of the important rare earth elements

By-product revenues from uranium provide economic stability and strength

On Europe’s doorstep: opportunity for industrial participation, and off-take agreements 5

Kvanefjeld Plateau

Historic adit(900m through resource)

Bulk sample material from adit

Project Area: Northern Ilimaussaq ComplexAn Extraordinary Resource Base, With Huge Upside

•Several large-scale, bulk-tonnage resources defined: Kvanefjeld, Sørensen and Zone 3.

•The deposits represent the outcropping expressions of a mineralised system that geological evidence indicates is interconnected at depth

•Mineralisation is hosted by lujavrite, with the mineral steenstrupine the dominant host to both uranium and REEs.

•Low mining costs due to outcropping, bulk tonnage deposits, highest grades near surface(>400ppm U3O8, >1.4% TREO) Project overall resource inventory:

1.01 Bt containing 593 Mlbs U3O8 , 11.13 Mt TREO, 2.42 Mt zinc

(JORC-code 2012 compliant, Prepared by SRK Consulting)

Overview – Northern Ilimaussaq Complex

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37 Year Ore/Mine Reserves at Kvanefjeld - 2015

Classification (JORC)

Inventory (Mt)

REO (ppm)

U3O8 (ppm)

Zn (ppm)

Proven 43 14,700 352 2,700

Probable 64 14,000 368 2,500

Total 108 14,300 362 2,600

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Advanced Feasibility Program, Permitting Soon To CommenceComprehensive Feasibility Study Complete, EIA, SIA Advanced

Pre-Feasibility Study – March 2012

Mine and Concentrator Study – March 2013

Feasibility Study – May 2015

Environment and Social Impact Assessments completed Q3 2015

Mining license application - late 2015

Kvanefjeld feasibility program has utilised a range of Danish industry groups and expertise

EIA and SIA conducted by Danish experts (Orbicon, NIRAS), with input from technical agencies, along with international expertise and leading consultancies

Kvanefjeld Project – A Lead Project For the EU-Backed EURARE Program

Large-Scale Pilot Plant Operations

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Pilot plant – SGS Perth, 2012Kvanefjeld Ore Sample

(GMEL, Greenland)

Beneficiation Pilot Plant Operations(GTK, Outokumpu, Finland)

Refinery Demo Plant(Outotec, Pori Laboratory, Finland)

Separation Demo Plant(MEAB, Aachen, Germany)

Metal Production(RWTH Aachen Uni with LCM England)

Dididium Metal Production from Greenland(Magnet Evaluation)

Ore 1.3% REO

Mineral Concentrate 15% REO

Mixed Rare Earth Carbonate 60% REO

Pr & Nd oxide 99.9% REO

Pr and Nr Electron Metal

La & Ce SEG and Heavy Mix

Material Flow During EURARE Demonstration Work Package for Kvanefjeld Ore

The EURARE program is a collaboration between universities, commercial laboratories, and mining companies

Kvanefjeld ores are well understood down to the mineral level

The beneficiation pilot plant has been successfully completed

The refinery demonstration plant is being concluded, and has yielded excellent results

Rare earth concentrates can now be passed on to the separation phase that comes next in the program

Growth of the value of the magnet metal marketPermanent magnet sector – key driver to rare earth demand increase

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FOB China prices, REO oxides

Growth Areas for Magnet Sector Wind turbines Transport/automotive Consumer electronic goods Medical equipment

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Kvanefjeld - Value Distribution Across ProductsCurrent [Aug 2015] spot prices

UraniumPr+LaCeCeOHLaOZincFluorspar

Kvanefjeld will produce a series of productsThe main product being ‘Pr-plus’ which accounts for 75% of the project revenues

Pr-plus is a concentrate that contains Praseodymium plus neodymium and important heavy rare earths (Dy, Tb, Y)

By-products are recovered at low incremental cost and include uranium oxide, LaCe products, zinc and fluorspar

Pr-Plus Value DistributionMost of the value is spread amongst the four magnet metals

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Magnet MetalsYttrium

LaCe

Praseodymium

Neodymium

Terbium

Dysprosium

Magnet Metals

‘Pr-plus’ is a high purity product with much of the valuespread across the four important ‘magnet metals’

Other REEs within Pr-plus primarily include yttrium

The permanent magnet sector is the major driver for rare earth demand with strong growth projections

World demand profile forecast for 2020, and producer profiles (by value)

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DysprosiumTerbiumPraseodymiumNeodymiumLaCeOther

Kvanefjeld output – well aligned to market, minimising risk

Peer Projects

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Market outlook and pricing assumptions: Adamas Intelligence

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Kvanefjeld has the potential to be the lowest-cost producer of critical rare earths globally, due to by-product revenue streams, and simple low-risk metallurgy

Initial mine-life of 37 years, with potential to both expand production and increase mine-life significantly

The project generates approximately $100M USD/annum in revenues to Greenland, drawing on the base-case assumptions

Approximately 780 jobs in operation, with an estimated 320 jobs for Greenlanders, which will increase over time

A high profile project that can be internationally competitive and demonstrate that quality projects can be successfully and sustainably developed in Greenland

Strong potential to utilise hydro-electric power, further improve on cost structure

Feasibility Study Demonstrates the Potential Benefits and OpportunitiesKvanefjeld Multi-Element Project

Mining Projects in Greenland

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Greenland has the resources and the political will to become an important source of raw materials

Support infrastructure is part of the cost burden for developing mining projects in Greenland: this includes power solutions, port and accommodation facilities

Investment in support infrastructure for mining projects in Greenland is a genuine opportunity, a potential growth area, and will increase the viability of mining projects in Greenland – ‘a win-win situation’

Denmark and EU has the funds which are looking for a decent return in a low-interest rate era, and the industrial groups and competency to deliver - power solutions, port facilities, accommodation facilities, as well as project finance

EU can establish strong, reliable raw material supply channels and benefit economically through participation in developing quality projects in Greenland – it is simply a matter of willpower

The Opportunity and Role For Denmark and the EU

Comprehensive stakeholder engagement program

NARSAQ OPEN DAY – Introducing local stakeholders to the mine project evaluation15

Greenland Minerals and Energy - Community Engagement

Qaqortoq Open Day – Outlining the steps in Kvanefjeld’s development path

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Greenland Minerals and Energy - Community Engagement

Opportunity through careful planning, rigorous studies, and local participation

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Greenland Minerals and Energy

1. One of the most technically advanced rare earth projects globally, large-scale pilot plant tested

2. Stable, supportive country and government with EU affiliation via Denmark

3. Scale – long-life justifies investment in down-stream value opportunities

4. Simple processing, pilot plant tested, cost competitive

5. Cost-structure – multiple revenue drivers, lowest-cost quartile critical rare earth producer

6. By-product revenues strengthen economics (low incremental cost of recovery)

7. Permitting soon to commence, firming timelines, clearing path for off-take agreements

Kvanefjeld Multi-Element ProjectPremier Specialty Metal Project Soon to Commence Permitting