Greenland Mines updates Skaergaard resource estimate under SEC standard

Greenland Mines Ltd (NASDAQ: GRML) reported an updated mineral resource estimate for its Skaergaard gold, palladium, and platinum project in southeast Greenland, showing grade and contained-metal increases compared to a 2022 baseline.

The 2026 Mineral Resource Estimate, prepared by independent firm SLR Consulting (Canada) Ltd. and effective July 3, 2026, was filed under the U.S. Securities and Exchange Commission's S-K 1300 standard. It is the first S-K 1300-compliant technical report for the project.

Compared to the November 2022 NI 43-101 estimate, the updated report shows a 31% increase in Indicated palladium-equivalent contained metal, rising from 11.41 million ounces to 15.00 million ounces. Inferred PdEq contained metal increased 24%, from 14.11 million ounces to 17.49 million ounces. Indicated PdEq grade rose 36%, from 2.23 g/t to 3.04 g/t, while Inferred PdEq grade increased 44%, from 2.14 g/t to 3.07 g/t.

The company said the grade increases were driven primarily by updated metal price assumptions, including gold at $3,500 per ounce, and a switch from a panel-based geological model to an industry-standard block model. The updated estimate draws on the same drill database used in 2022, consisting of 93 diamond drill holes and 30 channel samples totaling 42,050 meters of drilling.

Indicated tonnage declined slightly by 3.4%, from 158.95 million tonnes to 153.6 million tonnes, while Inferred tonnage fell 13.6%, from 205.42 million tonnes to 177.5 million tonnes. The company attributed the tonnage reduction to a tighter economic cut-off applied at current metal prices.

Greenland Mines stated the S-K 1300 conversion establishes the regulatory foundation needed to proceed to an Initial Assessment, the S-K 1300 equivalent of a Preliminary Economic Assessment, which will evaluate potential open-pit and underground mining scenarios.

The company holds an 80% interest in the three Mineral Exploration Licenses covering the Skaergaard project through its subsidiary Major Precious Greenland A/S. The technical report summary will be filed as an exhibit with the SEC.

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