Greenland Mines Ltd has achieved full compliance with Nasdaq listing requirements following formal approval of its transaction-related application, anchoring a corporate restructuring centered on its critical minerals portfolio.

The regulatory milestone coincides with the recently closed acquisition of the Sarfartoq neodymium-praseodymium rare earth project in southwest Greenland following formal approval from the Government of Greenland. Backed by more than 15 years of historical exploration and over 23,000 metres of drilling across 94 core holes, Sarfartoq joins the Skaergaard palladium-gold-platinum project in southeast Greenland to establish a dual-project operating platform.

An independent Initial Assessment for the ST1 deposit estimates a high-case pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%. The economic projections evaluate an area occupying well under 1% of Sarfartoq’s approximately 191-square-kilometer exploration license. Planned annual neodymium-praseodymium oxide production from ST1 alone would represent approximately 34% of all such oxide currently refined outside China during each of the project's nine scheduled operating years. Neo Performance Materials holds offtake rights for up to 60% of future ore or mineral concentrate production for its Silmet rare earth separation facility in Estonia.

“This is the beginning of a new era for Greenland Mines,” said Bo Møller Stensgaard, President of Greenland Mines. “Our superlative portfolio of critical mineral assets, strengthened balance sheet and shareholder and Nasdaq approvals now bring the Company into focus around one mission: building a globally significant rare earths and critical minerals company in Greenland.”

To sharpen its corporate focus on rare earths and critical minerals, Greenland Mines has set the spin-off of its biotechnology division for the fourth quarter of 2026. Dr. Joseph Sinkule and Dr. Shalom Hirschman are expected to join the separated biotechnology business following the spin-off.

The company is also reshaping its board to align with its mining focus. Riad El-Dada and Dr. Shalom Hirschman are stepping down from the board, while Jason Hawkins joins with more than 25 years of capital markets experience across investment and merchant banking. Greenland Mines expects to call its annual shareholder meeting before the end of 2026. Environmental baseline studies at Sarfartoq are advancing through WSP Denmark in 2026 in preparation for a future Environmental Impact Assessment.

“The pieces are now in place,” Stensgaard concluded. “Sarfartoq is closed. Nasdaq’s review is complete. Our shareholders have approved the transaction. Our capital structure is aligned. Our Board is transitioning, and the biotech spin-off is set for Q4. Greenland Mines is emerging as a focused rare earths and critical minerals company with exceptional assets in one of the world’s most strategically important mining jurisdictions. It’s the dawn of a new era for Greenland Mines.”

— Bo Møller Stensgaard, President of Greenland Mines

Read the full announcement: Greenland Mines Enters New Era as Rare Earths and Critical Minerals Company, Achieves Full Nasdaq Compliance and Sets Biotech Spin-Off for Q4