Greenland Mines closes Sarfartoq acquisition, updates shareholders

Greenland Mines Ltd (Nasdaq: GRML) issued a shareholder letter on Sept. 3, 2026, outlining developments over the six months since the company rebranded from its prior identity in March 2026.

The company completed its acquisition of the Sarfartoq neodymium-praseodymium rare earths project in southwest Greenland on Sept. 1, following approval from the Government of Greenland. An independent initial assessment of the project reported a high-case pre-tax net present value of approximately $2.05 billion at an internal rate of return of 118.6%, including indicated and inferred mineral resources. Excluding inferred resources, the figures were approximately $1.49 billion at a 92.7% IRR. The mineral resource estimate stands at 6.9 million tonnes of indicated resources at 1.60% total rare earth oxide and 5.3 million tonnes of inferred resources at 0.96% TREO.

Neo Performance Materials joined as a strategic shareholder in connection with the deal and holds offtake rights on up to 60% of Sarfartoq's future production for its Silmet rare earth separation facility in Estonia. Greenland Mines also completed a $20 million public offering to fund the cash component of the acquisition and conducted a 1-for-50 reverse stock split.

At the company's Skaergaard palladium-gold-platinum project in southeast Greenland, a July 2026 S-K 1300 technical report showed indicated palladium-equivalent grade rose 36% and contained indicated palladium-equivalent ounces rose 31% compared to a 2022 estimate. The indicated category holds approximately 7.6 million ounces of palladium and 3.2 million ounces of gold. A field team of more than 40 people is conducting drilling, bulk sampling, and environmental baseline work at the site.

The company also secured a first right of refusal on the Helguvík industrial complex in Iceland, which it describes as a potential midstream processing hub as part of its stated North Atlantic Critical Metals Corridor strategy.

Greenland Mines said upcoming milestones include completing the Skaergaard field season, shipping bulk samples to GTK Mintec in Finland for metallurgical testing, and advancing Sarfartoq toward a pre-feasibility study.

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