Greenland Mines Ltd (Nasdaq: GRML) released an independently prepared S-K 1300 Technical Report Summary for its Sarfartoq rare earths project in southwest Greenland, marking the first time the project has carried a portion of its resource in the Indicated Mineral Resource category under an SEC-recognized reporting standard.

The report, prepared by Tetra Tech Canada Inc. and GeoSim Services Inc. with an effective date of July 31, 2026, also delivers the first combined open pit and underground mineral resource estimate for the project's ST1 deposit. Three mining scenarios were modeled: underground only, open pit only, and a hybrid combining both methods.

Under the hybrid scenario, which the company describes as its preferred development view, the estimate totals 12.2 million tonnes at 1.32% total rare earth oxide, comprising an Indicated resource of 6.9 million tonnes grading 1.60% TREO and an Inferred resource of 5.3 million tonnes grading 0.96% TREO. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The company stated that combined neodymium and praseodymium oxide in the Indicated and Inferred categories totals approximately 40,700 tonnes. Metallurgical test work conducted in 2026 by SGS confirmed flotation concentrates grading approximately 19–20% TREO at 57–58% recovery, with hydrometallurgical leach recoveries of up to approximately 98–99% for neodymium.

The report follows a definitive agreement signed May 20, 2026, for Greenland Mines to acquire Neo North Star Resources Inc., the Sarfartoq license holder, from stockholders including Neo Performance Materials Inc. (TSX: NEO). Under that transaction, Neo will become a strategic shareholder and retain offtake rights on up to 60% of future Sarfartoq ore or mineral concentrate production.

Greenland Mines said it intends to advance planning toward an Initial Assessment, subject to closing of the acquisition and transfer of the exploration license from the Government of Greenland.