Strong Growth Prospects in REE Industry

Greenland Minerals and Energy Ltd. (Greenland or the Company) is an Australia based
mineral exploration and development company, primarily focusing on rare earth elements
(REE) in southern Greenland. The Company's current focus is on the Kvanefjeld project, a
multi-element deposit (rare earth elements (REEs), uranium and zinc) located near the
southwest tip of Greenland. Its subsidiaries include Chahood Capital Limited, Greenland
Minerals and Energy (Trading) A/S.

We have valued the Company based on present value of future cash flows from its projects
starting 2016 and a mine life of about 22 years (current estimate). With a discount rate of
14.8%, we arrive at a fair value of A$2.36 for the stock.