Neo Performance Materials has completed the transfer of its interest in the Sarfartoq Carbonatite Complex in Southwest Greenland to Greenland Mines Ltd. following receipt of approval from the Government of Greenland under the Greenland Mineral Activities Act.

Total consideration for the transaction is US$35 million, comprised of US$20 million in cash and US$15 million in shares of Greenland Mines. Through its wholly-owned subsidiary Neo North Star Holdings LLC, Neo held a 43.47% interest in the transferred holding company and maintains an equity stake in Greenland Mines alongside ongoing offtake rights.

Neo retains offtake rights for up to 60% of the ore or mineral concentrate produced from the Sarfartoq Project, and the company is proceeding with the negotiation and drafting of a definitive offtake agreement.

"With the transaction now closed, Greenland Mines can move ahead with the focused leadership and investment Sarfartoq needs to advance," said Rahim Suleman, President and Chief Executive Officer of Neo. "We remain invested in the project's success as both a shareholder and an offtake partner, while staying focused on Neo's midstream and downstream growth strategy, keeping our capital working where it generates the greatest value for customers and shareholders."

Beyond its continuing interest in Sarfartoq, Neo remains focused on its midstream and downstream growth strategy, including commercial production expected to launch at its European sintered magnet facility in the second half of 2026.

Read the full announcement: Neo Completes Transfer of Sarfartoq Interest to Greenland Mines