LOS ANGELES, CA - Greenland Mines Ltd. (NASDAQ: GRML) has issued a shareholder letter from President Dr. Bo Moller Stensgaard, outlining key developments since the company's rebranding in March. The letter details the successful closing of the Sarfartoq Neodymium-Praseodymium (Nd-Pr) Rare Earths Project acquisition on September 1, as well as ongoing progress at the Skaergaard palladium-gold-platinum project in southeast Greenland.
At Sarfartoq, located in southwest Greenland, an independent Initial Assessment has reported a high-case pre-tax Net Present Value (NPV) of approximately $2.05 billion with an Internal Rate of Return (IRR) of 118.6%, including both Indicated and Inferred Mineral Resources. The updated resource estimate reveals 6.9 million tonnes of Indicated resources at 1.60% Total Rare Earth Oxides (TREO) and 5.3 million tonnes of Inferred resources at 0.96% TREO. These figures underscore the project's potential to become a significant source of neodymium and praseodymium, critical components for permanent magnets used in electric vehicles and wind turbines.
In a strategic move, Greenland Mines highlighted that Neo Performance Materials has become a shareholder and holds offtake rights for up to 60% of future Sarfartoq production. This partnership is expected to secure a market for the project's output, reducing offtake risk and aligning with the growing demand for rare earth materials.
Meanwhile, at the Skaergaard project, Greenland Mines reported that its July 2026 S-K 1300 Technical Report Summary has significantly upgraded the resource estimate. Compared to the 2022 estimate, the Indicated Palladium Equivalent (PdEq) grade increased by 36%, and contained Indicated PdEq ounces rose by 31%. This improvement highlights the project's enhanced economic viability and strategic importance for palladium, a key metal in catalytic converters and electronics.
The company is currently conducting a 2026 field program at Skaergaard, which includes drilling, bulk sampling, geotechnical work, environmental baseline studies, and surveys. Bulk material from the site is slated for metallurgical and processing flowsheet testing at GTK Mintec in Finland, a step that will inform future processing methods.
Looking ahead, Greenland Mines has outlined its remaining milestones for 2026. At Sarfartoq, the company aims to advance toward targeted infill drilling and a Pre-Feasibility Study, which will further de-risk the project and refine economic assessments. For Skaergaard, the focus is on moving toward an Initial Assessment that evaluates a potential mining scenario. These efforts are part of a broader strategy to develop the North Atlantic Critical Metals Corridor, linking Greenland's mineral resources with allied downstream jurisdictions and industrial infrastructure.
Greenland Mines operates with two divisions: Mining, focused on the Skaergaard and Sarfartoq projects, and Biotech, which includes 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.
As Greenland Mines advances these projects, the implications extend beyond the company. The development of rare earth projects like Sarfartoq aligns with global efforts to diversify supply chains for critical minerals, reducing dependence on dominant producers. Similarly, Skaergaard's palladium resources contribute to the supply of metals essential for clean energy technologies and industrial applications. The progress at these projects signals a step toward enhancing resource security and supporting the transition to a more sustainable economy.
Investors and stakeholders can access the full shareholder letter for more detailed information [here](https://ibn.fm/pxuR2).
