Greenland Mines (NASDAQ: GRML) Closes Sarfartoq Rare Earths Acquisition, Advances Project Toward Pre-Feasibility

At a glance

Company: Greenland Mines Ltd.
Ticker: NASDAQ: GRML
Announcement: Acquisition
Location: Southwest Greenland

Key figures

Cash transaction consideration: $20 million
Securities transaction consideration: $15 million
High-case pre-tax NPV estimate: approximately $2.05 billion
Pre-tax IRR estimate: 118.6%
Projected share of NdPr oxide refined outside China: approximately 34%
Neo Performance Materials offtake rights: up to 60%

Products and programs

Sarfartoq Nd-Pr Rare Earths Project
ST1 deposit

announced the Sept. 1, 2026, closing of its acquisition of the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, completing a transaction valued at $20 million in cash and $15 million in securities. The company said Sarfartoq planned annual NdPr oxide production would represent approximately 34% of all NdPr oxide refined outside China at 2025 consumption levels during each of the project nine scheduled operating years. An independent Initial Assessment based solely on the ST1 deposit estimates a high-case pre-tax NPV of approximately $2.05 billion and pre-tax IRR of 118.6%, including Indicated and Inferred Mineral Resources.

With the acquisition complete, Greenland Mines plans targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, environmental and social baseline studies and drone-based magnetic surveys as it advances Sarfartoq toward a Pre-Feasibility Study. Neo Performance Materials (TSX: NEO) became a strategic Greenland Mines shareholder through the transaction and retains offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production for processing at its Silmet rare earth separation facility in Estonia.

To view the full press release, visit https://ibn.fm/rTIg0

About Greenland Mines

Greenland Mines Ltd. is a Nasdaq-listed company with two operating divisions: (1) Mining, focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing of the previously announced transaction, the Sarfartoq neodymium-praseodymium (Nd-Pr) rare earths project in southwest Greenland; and (2) Biotech, including Klotho’s KLTO‑202 primary indication for ALS. The Company’s strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.

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In brief

Greenland Mines says it completed the purchase of the Sarfartoq rare earths project in southwest Greenland on Sept. 1, 2026. The consideration comprised $20 million in cash and $15 million in securities. The company plans drilling, metallurgical testing, engineering work, environmental and social studies, and magnetic surveys as it prepares the project for a Pre-Feasibility Study. A company-cited independent assessment, limited to the ST1 deposit, estimates a high-case pre-tax net present value of about $2.05 billion and a 118.6% pre-tax internal rate of return; those estimates include Indicated and Inferred Mineral Resources. Greenland Mines also says projected annual output would equal approximately 34% of NdPr oxide refined outside China at 2025 consumption levels. Neo Performance Materials received a strategic shareholder position and retained rights to buy up to 60% of future project ore or concentrate.

Key takeaways

Greenland Mines completed its acquisition of the Sarfartoq project in southwest Greenland.
The transaction involved $20 million in cash and $15 million in securities.
The company plans studies and fieldwork to move Sarfartoq toward a Pre-Feasibility Study.
Neo Performance Materials retains rights to as much as 60% of future ore or concentrate.

SEC filings

Earlier from Greenland Mines

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