Greenland Mines Ltd (NASDAQ: GRML) reported a maiden Indicated mineral resource estimate for its Sarfartoq rare earth project in southwest Greenland, marking the first public technical report in 15 years to include an Indicated category classification.
The ST1 deposit hosts 6.9 million tonnes at 1.60% total rare earth oxides in the Indicated category, alongside 5.3 million tonnes at 0.96% in the Inferred category, according to a technical report summary prepared under SEC S-K 1300 standards and dated July 31, 2026. The combined resource contains approximately 40,700 tonnes of neodymium and praseodymium oxide, key inputs for permanent magnets used in electric vehicles and wind turbines.
The estimate is based on data from 94 core holes totaling 23,094 meters, with infill drilling completed in 2023. Metallurgical testing by SGS in 2026 produced flotation concentrates grading 19–20% total rare earth oxides at recoveries of 57–58%. The project’s rare earth minerals include bastnasite and monazite, with enriched elements including neodymium, praseodymium, dysprosium, and terbium.
Greenland Mines also disclosed plans to acquire Neo North Star Resources, the holder of the Sarfartoq license, from shareholders including Neo Performance Materials Inc. (TSX: NEO). Under the agreement signed May 20, 2026, Neo will retain offtake rights on up to 60% of future production. The company intends to advance toward an Initial Assessment following the license transfer and acquisition closing.
The technical report cautions that mineral resources lack demonstrated economic viability and are not mineral reserves.
