Greenland Mines Ltd (NASDAQ: GRML) reported a mineral resource estimate for the Sarfartoq rare earth project in southwest Greenland, marking the first time the project has included an Indicated category classification in a public technical report.
The estimate, prepared by Tetra Tech Canada Inc. and GeoSim Services Inc., covers the ST1 deposit and totals 6.9 million tonnes of Indicated resources grading 1.60% total rare earth oxides, alongside 5.3 million tonnes of Inferred resources at 0.96%. Combined, the deposit contains approximately 40,700 tonnes of neodymium and praseodymium oxides across both categories. The estimate is based on data from 94 core holes totaling 23,094 meters, with infill drilling completed in 2023.
The project’s enriched elements—neodymium, praseodymium, dysprosium, and terbium—are critical inputs for permanent magnets used in electric vehicles and wind turbines. Metallurgical testing conducted by SGS in 2026 confirmed flotation concentrates grading 19-20% total rare earth oxides at recoveries of 57-58%. Neo Performance Materials Inc. (TSX: NEO), a shareholder of the project’s former license holder, will retain offtake rights on up to 60% of future production.
Greenland Mines acquired Neo North Star Resources Inc., the Sarfartoq license holder, in May 2026 and published the technical report on August 24, 2026, effective as of July 31, 2026. The company plans to advance toward an Initial Assessment following the license transfer and acquisition closing. The report was prepared under SEC reporting standards (S-K 1300) and notes that mineral resources lack demonstrated economic viability.
