Greenland Mines (NASDAQ: GRML) announced that it expects to complete its previously announced acquisition of Neo North Star Resources, Inc., owner of the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, before Sept. 1, 2026. The company has received formal approval from the Government of Greenland for the indirect transfer of the Sarfartoq mineral license and completed its recently announced public offering, providing the capital required to fund the $20 million cash portion of the $35 million acquisition. The remaining $15 million will consist of newly issued Greenland Mines common stock, with Neo Performance Materials Inc. (TSX: NEO) becoming a strategic shareholder and retaining offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production.
Following closing, Greenland Mines intends to move directly into 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. The planned acquisition follows the release of an independent Initial Assessment that, under the high case, estimated a pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%, including Indicated and Inferred Mineral Resources. The assessment is based entirely on the ST1 deposit, which occupies well under 1% of the 191-square-kilometer mineral exploration license.
To view the full press release, visit: https://ibn.fm/tJJfN
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.
NOTE TO INVESTORS: The latest news and updates relating to GRML are available in the company’s newsroom at https:/ibn.fm/GRML
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