Greenland Mines (NASDAQ: GRML) Initial Assessment Values Sarfartoq at Up to $2.05B Pre-Tax NPV

, a Western-aligned critical minerals developer, released an independent Initial Assessment (“IA”) for its Sarfartoq Nd-Pr Rare Earth Element Project in southwest Greenland, outlining a high-case pre-tax net present value of up to approximately $2.05 billion at an 8% real discount rate and an internal rate of return of 118.6%, including Indicated and Inferred Mineral Resources. The high case estimates a pre-tax NPV of up to $1.49 billion and an IRR of 92.7% when Inferred Mineral Resources are excluded. The assessment outlines a nine-year mine life processing 12.2 million tons at 1.4 million tons annually and states that, at 2025 consumption levels, planned Sarfartoq NdPr oxide production would represent approximately 34% of NdPr oxide refined outside China during each scheduled operating year.

At a glance

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

Key figures

High-case pre-tax NPV including Indicated and Inferred Resources: up to approximately $2.05 billion
High-case pre-tax NPV excluding Inferred Resources: up to $1.49 billion
IRR including Indicated and Inferred Resources: 118.6%
IRR excluding Inferred Resources: 92.7%
Mine life: nine-year
Planned processing volume: 12.2 million tons

Products and programs

Sarfartoq Nd-Pr Rare Earth Element Project
ST1 deposit

The IA is based on the ST1 deposit, which occupies well under 1% of the company’s 191-square-kilometer exploration license. Greenland Mines said five other known rare earth occurrences within the license remain largely untested and plans additional exploration beginning in September 2026. The company also expects to conduct targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning and continued environmental and social baseline studies as it advances Sarfartoq toward a Pre-Feasibility Study.

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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 an independent assessment of its Sarfartoq rare earth project in southwest Greenland estimates a high-case pre-tax net present value of about $2.05 billion when Indicated and Inferred Mineral Resources are included. Without Inferred Resources, the high-case estimate is $1.49 billion. The assessment covers the ST1 deposit and describes a nine-year mine plan processing 12.2 million tons. The company says planned neodymium-praseodymium oxide output could equal about 34% of NdPr oxide refined outside China at 2025 consumption levels during operating years. Greenland Mines plans further exploration and project studies, including drilling, metallurgical testing and environmental and social baseline work, as it moves toward a Pre-Feasibility Study.

Key takeaways

The high-case pre-tax NPV is estimated at up to $2.05 billion with Indicated and Inferred Resources included.
Excluding Inferred Resources, the assessment estimates a high-case pre-tax NPV of up to $1.49 billion.
The proposed mine plan spans nine years and processes 12.2 million tons.
The company plans exploration, drilling and technical and baseline studies ahead of a Pre-Feasibility Study.

SEC filings

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