Greenland Mines Ltd. (NASDAQ: GRML), a Western-aligned critical minerals developer, has released an independent Initial Assessment (IA) for its Sarfartoq Nd-Pr Rare Earth Element Project in southwest Greenland. The assessment outlines a high-case pre-tax net present value (NPV) of up to approximately $2.05 billion at an 8% real discount rate, with an internal rate of return (IRR) of 118.6%, including Indicated and Inferred Mineral Resources. When Inferred resources are excluded, the high-case pre-tax NPV is estimated at up to $1.49 billion with an IRR of 92.7%.
The IA outlines a nine-year mine life, processing 12.2 million tons at a rate of 1.4 million tons annually. According to the company, at 2025 consumption levels, planned production of neodymium-praseodymium (NdPr) oxide from Sarfartoq would represent approximately 34% of NdPr oxide refined outside China during each scheduled operating year. This highlights the project's potential significance in diversifying the global supply chain for rare earth elements, which are critical for magnets used in electric vehicles, wind turbines, and other advanced technologies.
The Initial Assessment is based on the ST1 deposit, which occupies well under 1% of the company's 191-square-kilometer exploration license. Greenland Mines noted that five other known rare earth occurrences within the license remain largely untested, with additional exploration planned to begin in September 2026. The company also intends to conduct targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, and continued environmental and social baseline studies as it advances Sarfartoq toward a Pre-Feasibility Study.
The announcement comes at a time when Western nations are seeking to reduce dependence on China for rare earth elements, which are essential for modern technologies and defense applications. The Sarfartoq project, if developed, could provide a new source of NdPr oxide outside of China, potentially enhancing supply chain security for allied countries.
Greenland Mines is a Nasdaq-listed company with two operating divisions: Mining and Biotech. The mining division is focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing of a previously announced transaction, the Sarfartoq project. The company's strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals, and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.
The full press release is available at this link. For more information about Greenland Mines, visit the company's newsroom at https://ibn.fm/GRML.
