Greenland Mines Ltd (NASDAQ: GRML) has announced an independently prepared S-K 1300 Technical Report Summary (TRS) for its Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, marking the first time the project has reported a portion of its resource in the Indicated Mineral Resource category under an SEC-recognized reporting standard. The report, prepared by Tetra Tech Canada Inc. and GeoSim Services Inc. with an effective date of July 31, 2026, also provides Sarfartoq's first combined open pit and underground resource estimate.
Under the hybrid scenario, which Greenland Mines considers the most representative view of the project's development potential, Sarfartoq contains an Indicated Mineral Resource of 6.9 million tonnes grading 1.60% total rare earth oxides (TREO) and an Inferred Mineral Resource of 5.3 million tonnes grading 0.96% TREO, totaling approximately 12.2 million tonnes at 1.32% TREO. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The TRS incorporates data from the project's 2023 infill drilling and 2026 metallurgical test work and provides underground, open pit and hybrid mining scenarios. Greenland Mines said the report establishes the technical foundation for planning toward an updated Initial Assessment, subject to closing its previously announced acquisition of Neo North Star Resources Inc., the Sarfartoq license holder. As part of that transaction, Neo Performance Materials Inc. (TSX: NEO) will become a strategic Greenland Mines shareholder and retain offtake rights on up to 60% of future Sarfartoq ore or mineral concentrate production.
This development is significant because it provides a more robust and compliant resource estimate for Sarfartoq, enhancing its credibility and investment appeal. The inclusion of an Indicated Resource category under S-K 1300 aligns with SEC standards, which could facilitate future financing and permitting. The hybrid mining scenario suggests a flexible development approach that could optimize extraction and processing, potentially lowering costs and increasing project viability.
Moreover, the strategic partnership with Neo Performance Materials underscores the project's importance in the rare earth supply chain, particularly for neodymium and praseodymium, which are critical for permanent magnets used in electric vehicles and wind turbines. The offtake agreement ensures a market for future production, reducing market risk and strengthening the project's economic case.
Greenland Mines is a Nasdaq-listed company with two operating divisions: 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 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.
For more information, visit the company's newsroom at https://ibn.fm/GRML.
