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Company highlights the closing of the Sarfartoq acquisition, a productive 2026 field season at Skaergaard, its North Atlantic Critical Metals Corridor strategy – and the milestones ahead
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CHARLOTTE, N.C., Sept. 03, 2026 (GLOBE NEWSWIRE) — via IBN — Greenland Mines Ltd (“Greenland Mines” or the “Company”) (Nasdaq: GRML) today issued the following letter to shareholders from President Dr. Bo Møller Stensgaard.
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Dear Fellow Shareholders,
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Six months ago, on March 12, 2026, we rang in a new chapter for this Company. We became Greenland Mines Ltd, took the ticker GRML, and set out to build something truly differentiated: a Western-aligned, dual-commodity critical minerals platform anchored in one of the most strategically important places on earth.
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This week, with the closing of our acquisition of the Sarfartoq Neodymium-Praseodymium Rare Earths Project, that vision took a decisive step from ambition to execution. Two flagship projects. One corridor. And a team on the ground in both East and West Greenland this month, doing the work.
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We want to use this letter to thank you for your trust, to take stock of what our team has built together in a remarkably short period of time, and to lay out the milestones ahead.
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SIX MONTHS AT A GLANCE
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In less than six months since the rebrand, Greenland Mines has:
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- Closed the acquisition of Sarfartoq – one of the Western world’s most advanced, highest-grade undeveloped magnet rare earth projects – on September 1, following formal approval from the Government of Greenland.
- Published an independent Initial Assessment for Sarfartoq showing a high-case pre-tax NPV of approximately US$2.05 billion at a 118.6% IRR, alongside the first Indicated Mineral Resource in the project’s more than 15-year exploration history.
- Welcomed Neo Performance Materials as a strategic shareholder, with offtake rights on up to 60% of Sarfartoq’s future production for its Silmet rare earth separation facility in Estonia.
- Completed a $20 million public offering with new and existing mining-focused institutional investors, funding the cash component of the Sarfartoq acquisition.
- Delivered a materially upgraded S-K 1300 Mineral Resource Estimate for Skaergaard – Indicated PdEq grade up 36% and contained Indicated PdEq ounces up 31% versus the 2022 estimate.
- Assembled an experienced in-house execution team with deep in-country Greenlandic relationships, appointed leading technical advisors, and secured an Arctic logistics platform for a full field season.
- Launched a comprehensive 2026 development, drilling and bulk-sampling program at Skaergaard – now well into an active season – and completed a high-resolution bathymetric survey of the project’s approach fjords.
- Put WSP environmental baseline studies to work at both projects, building the permitting foundation for the future.
- Secured a strategic first right of refusal on the Helguvík industrial complex in Iceland, a potential midstream hub for the North Atlantic Critical Metals Corridor.
- Rebuilt our capital structure through last month’s 1-for-50 reverse split, positioning the Company for its next stage of growth.
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SARFARTOQ: THE DEAL IS CLOSED, THE TEAM IS ON SITE
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On September 1, following formal approval from the Government of Greenland, we completed the acquisition of the Sarfartoq Nd-Pr rare earths project in southwest Greenland. One of the Western world’s most advanced, highest-grade undeveloped magnet rare earth deposits is now a Greenland Mines asset.
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The numbers behind this deal are, frankly, extraordinary. At 2025 consumption levels, the neodymium-praseodymium oxide we plan to produce from the ST1 deposit alone would represent roughly a third of all NdPr oxide refined outside China – in every one of the project’s nine scheduled operating years. Neodymium and praseodymium, the elements that power the permanent magnets inside every EV motor, wind turbine and precision defense system built today, account for approximately 84% of the value in Sarfartoq’s rare earth concentrate – hosted in conventional rare earth minerals already being processed at commercial scale elsewhere in the world.
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Our independent Initial Assessment, released just days before closing, put a high-case pre-tax net present value on the project of approximately US$2.05 billion at a 118.6% internal rate of return including Indicated and Inferred Mineral Resources (approximately US$1.49 billion at a 92.7% IRR excluding Inferred). These figures speak to the quality of the resource, and they represent only the starting point for what further exploration and development could unlock. Behind them sits an updated Mineral Resource Estimate of 6.9 Mt of Indicated resources at 1.60% TREO and 5.3 Mt of Inferred resources at 0.96% TREO – the first Indicated resource in Sarfartoq’s more than 15-year exploration history, and its first combined open-pit and underground estimate.