Greenland Mines (NASDAQ: GRML) 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.
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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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