Greenland Mines Reports First S-K 1300 Indicated Resource for Sarfartoq Rare Earths Project

Greenland Mines Ltd (NASDAQ: GRML) has announced an independently prepared S-K 1300 Technical Report Summary (TRS) for its Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, marking a significant milestone as the project reports its first Indicated Mineral Resource under an SEC-recognized standard. The report, prepared by Tetra Tech Canada Inc. and GeoSim Services Inc. with an effective date of July 31, 2026, also provides Sarfartoq's first combined open pit and underground resource estimate.

Under the hybrid mining scenario, which Greenland Mines considers the most representative view of the project's development potential, Sarfartoq contains an Indicated Mineral Resource of 6.9 million tonnes grading 1.60% total rare earth oxides (TREO) and an Inferred Mineral Resource of 5.3 million tonnes grading 0.96% TREO, totaling approximately 12.2 million tonnes at 1.32% TREO. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The TRS incorporates data from the project's 2023 infill drilling and 2026 metallurgical test work, providing underground, open pit, and hybrid mining scenarios. Greenland Mines said the report establishes the technical foundation for planning toward an updated Initial Assessment, subject to closing its previously announced acquisition of Neo North Star Resources Inc., the Sarfartoq license holder. As part of that transaction, Neo Performance Materials Inc. (TSX: NEO) will become a strategic Greenland Mines shareholder and retain offtake rights on up to 60% of future Sarfartoq ore or mineral concentrate production.

This development is important because it provides a more robust resource classification under SEC rules, potentially enhancing the project's attractiveness to investors and partners. The hybrid estimate indicates the potential for both open pit and underground mining, which could optimize extraction and reduce environmental footprint. The involvement of Neo Performance Materials as a strategic shareholder and offtake partner underscores the project's significance in the rare earth supply chain, particularly for neodymium and praseodymium used in permanent magnets for electric vehicles and wind turbines.

Greenland Mines operates with two divisions: Mining, focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing the acquisition, the Sarfartoq project; and Biotech, including Klotho's KLTO-202 primary indication for ALS. The company's strategy centers on building a multi-asset platform with exposure to rare earth magnet materials, precious metals, and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.

For more information on the full press release, visit https://ibn.fm/ylbR8. To view the latest news and updates relating to GRML, visit the company's newsroom at https://ibn.fm/GRML.