Greenland Mines Ltd has completed its acquisition of the Sarfartoq rare earths project in southwest Greenland following formal approval from the Government of Greenland, bringing one of the Western world's most advanced undeveloped magnet rare earth deposits into its active mining portfolio.

The transaction establishes a dual-project operating platform in Greenland, anchoring the company alongside its second flagship asset, the Skaergaard palladium-gold-platinum project in southeast Greenland. The Sarfartoq project is backed by more than 15 years of historical exploration and over 23,000 metres of drilling across 94 core holes, providing a robust geological foundation as the operational team transitions directly from acquisition into active field execution.

Under the terms of the transaction, Neo Performance Materials became a strategic shareholder in Greenland Mines and secured offtake rights for up to 60% of Sarfartoq's future ore or mineral concentrate production for its Silmet rare earth separation facility in Estonia, establishing a direct supply pathway to a Western separation plant.

Operational momentum is running concurrently at Skaergaard, where an active 2026 field program is underway. The campaign is supported by a logistics vessel and a team of more than 40 people conducting drilling, core sampling, and bathymetric surveys of the approach fjords.

The field work builds upon a July S-K 1300 Technical Report Summary that upgraded Skaergaard's resource profile, delivering an Indicated palladium-equivalent grade 36% higher and contained Indicated palladium-equivalent ounces 31% higher than the 2022 estimate, despite a modest decrease in total tonnage. The revised technical assessment underpins the company's efforts to advance Skaergaard toward an Initial Assessment evaluating a formal mining scenario.

To support these dual programs, Greenland Mines deployed its field team to Sarfartoq in September to reopen the exploration camp and launch a structural geologist-led mapping program aimed at refining structural controls on mineralization. Concurrently, the company is preparing to ship the multi-tonne bulk sample collected at Skaergaard to GTK Mintec’s facility in Finland for large-scale metallurgical and processing flowsheet test work, advancing both assets through their respective technical milestones.

Read the full announcement: Greenland Mines Shareholder Letter Recaps Six Months of Achievement; Highlights Coming Milestones for Q4 2026