Greenland Mines (NASDAQ: GRML) announced the closing of its acquisition of the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland on September 1, 2026. The transaction, valued at $20 million in cash and $15 million in securities, positions the company to significantly impact the global supply chain for neodymium-praseodymium (NdPr) oxide, a critical component in permanent magnets used in electric vehicles, wind turbines, and electronics.
The Sarfartoq project is projected to produce NdPr oxide at an annual rate that would represent approximately 34% of all NdPr oxide refined outside China at 2025 consumption levels, for each of its nine scheduled operating years. This underscores the project’s strategic importance in diversifying rare earth supply away from China, which currently dominates global refining. An independent Initial Assessment based solely on the ST1 deposit indicates a high-case pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%, based on Indicated and Inferred Mineral Resources.
With the acquisition complete, Greenland Mines is advancing the project toward a Pre-Feasibility Study. The company plans to conduct targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, environmental and social baseline studies, and drone-based magnetic surveys. These activities are designed to further delineate the resource and inform the feasibility of commercial production.
As part of the transaction, Neo Performance Materials has become a strategic shareholder in Greenland Mines and retains offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production. This material will be processed at Neo’s Silmet rare earth separation facility in Estonia, reinforcing a Western supply chain for rare earth elements.
The acquisition aligns with Greenland Mines’ broader strategy of building a multi-asset platform with exposure to rare earth magnet materials, precious metals, and midstream processing opportunities. The company is also advancing its North Atlantic Critical Metals Corridor vision, linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.
The Sarfartoq project is part of Greenland Mines’ Mining division, alongside the Skaergaard Project in southeast Greenland. The company also operates a Biotech division, including Klotho’s KLTO‑202 program for ALS treatment.
For more details on the acquisition, visit the full press release at https://ibn.fm/rTIg0. The latest news and updates regarding Greenland Mines are available at https://ibn.fm/GRML.
