Greenland Mines Highlights Sarfartoq Closing and Skaergaard Progress in Shareholder Letter

Greenland Mines Ltd. (NASDAQ: GRML) has issued a shareholder letter from President Dr. Bo Møller Stensgaard, outlining key milestones since the company's rebranding in March. The letter highlights the Sept. 1 closing of the acquisition of the Sarfartoq Neodymium-Praseodymium Rare Earths Project and ongoing development at the Skaergaard palladium-gold-platinum project.

The Sarfartoq acquisition is a significant step for Greenland Mines as it expands its portfolio into rare earth elements, which are critical for magnets used in electric vehicles and wind turbines. An independent Initial Assessment cited a high-case pre-tax net present value of approximately $2.05 billion with an internal rate of return of 118.6%, including Indicated and Inferred Mineral Resources. The updated resource estimate shows 6.9 million tonnes of Indicated resources at 1.60% total rare earth oxides (TREO) and 5.3 million tonnes of Inferred resources at 0.96% TREO. This positions Sarfartoq as a potentially major source of neodymium and praseodymium, vital for permanent magnets.

Greenland Mines also highlighted Neo Performance Materials as a strategic shareholder with offtake rights for up to 60% of future Sarfartoq production. This partnership ensures a ready market for the project's output and underscores the project's strategic importance in the rare earth supply chain, particularly for Western markets seeking alternatives to Chinese dominance.

At the Skaergaard project, the company reported that its July 2026 S-K 1300 Technical Report Summary increased the Indicated palladium-equivalent (PdEq) grade by 36% and contained Indicated PdEq ounces by 31% compared with the 2022 estimate. Skaergaard is one of the world's largest undeveloped palladium resources, and these upgrades enhance its economic viability. A 2026 field program is underway, encompassing drilling, bulk sampling, geotechnical work, environmental baseline studies, and surveys. Bulk material is slated for metallurgical and processing flowsheet testing at GTK Mintec in Finland, which will be crucial for optimizing extraction methods.

Looking ahead, Greenland Mines' remaining 2026 milestones include advancing Sarfartoq toward targeted infill drilling and a Pre-Feasibility Study, moving Skaergaard toward an Initial Assessment that evaluates a mining scenario, and developing its broader North Atlantic Critical Metals Corridor strategy. This corridor aims to link Greenland's mineral resources with allied downstream jurisdictions and industrial infrastructure, reducing reliance on non-allied supply chains.

The progress at both projects underscores Greenland Mines' commitment to becoming a multi-asset critical minerals company. With the Sarfartoq closing, the company now has exposure to both rare earths and precious metals, diversifying its revenue potential and aligning with global trends toward electrification and sustainable technologies.

For more details, the full press release is available at https://ibn.fm/pxuR2. Investors can also follow the company's newsroom at https://ibn.fm/GRML for updates.