Greenland Mines Reports First S-K 1300 Indicated Resource for Sarfartoq Rare Earths Project

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. The report, prepared by Tetra Tech Canada Inc. and GeoSim Services Inc. with an effective date of July 31, 2026, marks the first time the project has reported a portion of its resource in the Indicated Mineral Resource category under an SEC-recognized reporting standard. It also provides Sarfartoq's first combined open pit and underground resource estimate.

Under the hybrid mining 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 announcement is significant for the rare earth industry and for Texas, as it aligns with efforts to secure a North American supply chain for critical minerals. The Sarfartoq project is focused on neodymium and praseodymium (Nd-Pr), key elements used in permanent magnets for electric vehicles, wind turbines, and various electronics. With global demand for rare earth magnets expected to surge, the development of a resource in a geopolitically stable region like Greenland could reduce reliance on overseas sources.

The hybrid estimate suggests the project could support both open pit and underground mining operations, potentially offering flexibility in extraction methods and improving long-term economic viability. The presence of an Indicated Resource under SEC standards enhances the project's credibility for investors and could accelerate permitting and financing processes.

For Texas businesses, this development could have ripple effects. If the project advances, it may lead to increased investment in downstream processing and manufacturing within the United States, potentially including Texas. The state has a growing presence in advanced manufacturing and energy, making it a likely candidate for rare earth processing facilities. Furthermore, the partnership with Neo Performance Materials, a leader in rare earth processing, could bring specialized expertise to the region.

The report's release is a milestone for Greenland Mines as it progresses its strategy to build a multi-asset platform with exposure to rare earth magnet materials, precious metals, and selected midstream processing opportunities. The company's broader North Atlantic Critical Metals Corridor vision aims to link Greenland resources with allied downstream jurisdictions and industrial infrastructure, which could strengthen supply chain resilience for the United States and its allies.

Investors and industry observers will be watching for the closing of the acquisition and the subsequent Initial Assessment, which will provide more detailed economic projections. As the world transitions to clean energy and advanced technologies, the importance of secure rare earth supply chains cannot be overstated. This report represents a tangible step toward achieving that security.