Greenland Mines Ltd expects to complete its acquisition of Neo North Star Resources, owner of the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, prior to September 1, 2026.

The transaction value stands at $35 million in total consideration, split into $20 million in cash and $15 million in newly issued common stock. Greenland Mines funded the cash component through a public offering that closed in late August 2026. In addition, the company secured formal approval from the Government of Greenland for the indirect transfer of the Sarfartoq mineral exploration license under Section 69(1) of the Greenland Mineral Activities Act.

Neo Performance Materials Inc. will become a strategic shareholder in Greenland Mines as part of the transaction and retains offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production.

Earlier in August 2026, Greenland Mines delivered its first S-K 1300 Mineral Resource Estimate for the project, establishing a hybrid open-pit and underground resource totaling 12.2 million tonnes grading 1.32% total rare earth oxides at the ST1 deposit. An independent Initial Assessment for the deposit demonstrated a pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%.

Following the anticipated acquisition closing, Greenland Mines intends to move directly into the next phase of development in September. Planned activities include targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, and continued environmental and social baseline studies to advance the project toward a Pre-Feasibility Study.

“With Greenland’s approval secured and the capital to fund the acquisition now in place, we are ready to close Sarfartoq,” said Dr. Bo Møller Stensgaard, President of Greenland Mines. “This is a transformational asset for Greenland Mines, and we look forward to moving immediately from acquisition to exploration in September.”

— Dr. Bo Møller Stensgaard, President of Greenland Mines

The acquisition marks a central milestone in Greenland Mines' broader corporate strategy to build a multi-asset platform linking critical mineral resources in Greenland with allied downstream industrial infrastructure.

Read the full announcement: Greenland Mines Set to Close Sarfartoq Rare Earths Acquisition by Sept. 1, 2026