Greenland Mines Ltd (Nasdaq: GRML) said it welcomed the European Commission's selection of Neo Performance Materials Inc.'s Silmet 2.0 development plan as one of 46 new Strategic Projects under the European Union's Critical Raw Materials Act.

The European Commission announced the second group of EU Strategic Projects on Oct. 9, 2026, selecting 46 projects across 16 member states to diversify European supplies of critical raw materials.

Silmet 2.0 is Neo's plan to adapt infrastructure and production processes at its rare earth separation facility in Sillamäe, Estonia, to accommodate new sources of raw material. The initiative is intended to support diversification of Europe's critical-mineral supply chains.

Neo is a strategic shareholder in Greenland Mines and holds offtake rights for up to 60% of future production from the company's Sarfartoq rare earth project in southwest Greenland.

Greenland Mines said the EU recognition is relevant to its Sarfartoq project, which it describes as an NdPr-dominated rare earth resource that could serve as an upstream feedstock source for the Silmet facility.

"Processing capacity is essential - but processing facilities must also have access to reliable, responsibly produced and geopolitically aligned raw materials," said Dr. Bo Møller Stensgaard, President of Greenland Mines. "Our focus is execution - advancing the technical, environmental, regulatory and commercial work required to move Sarfartoq through development milestones."

The company also noted that a security agreement among the United States, Greenland, and Denmark was signed on Sept. 22, 2026. Greenland Mines operates two projects in Greenland: the Sarfartoq rare earth project and the Skaergaard palladium-platinum-gold project in southeast Greenland.