Greenland Mines Ltd

Greenland Mines has departed Reykjavik for the Skaergaard project in southeast Greenland, launching its 2026 field season with a team of more than 40 experts and a comprehensive program of drilling, bulk sampling, geophysical surveys, and environmental and engineering work. The support vessel Argus is carrying drill rigs, bulk-sampling machinery, drone survey equipment, and environmental monitoring gear, and will serve as the primary offshore logistics and accommodation hub. A dedicated advance survey vessel, MS Byr, is already on-site acquiring seabed and coastal mapping data to identify an optimal anchoring location. The program is designed to support resource upgrading, metallurgical test work, environmental baseline studies, and geotechnical data collection to advance Skaergaard toward its next phase of development, including evaluation of a potential initial open-pit mining scenario. Greenland Mines holds an 80% interest in the project and an option to acquire the remaining 20%.

SRX Global has made a strategic investment in Greenland Mines, a Nasdaq-listed critical and precious minerals development company advancing a portfolio of strategic assets in Greenland. Greenland Mines is focused 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. SRX Global is an AI-driven platform that invests in high-conviction operating companies and assets, leveraging proprietary technology and data analytics. The financial terms of the investment were not disclosed.

Greenland Mines has engaged Tetra Tech and GeoSim to prepare an updated mineral resource estimate for the Sarfartoq neodymium-praseodymium rare earth magnet project in southwest Greenland, targeting completion this summer. The S-K 1300 compliant estimate will integrate historic NI 43-101 resource work from 2011 and 2012 with drilling and technical studies completed by Neo Performance Materials between 2023 and 2025, and is expected to form the basis for an updated preliminary economic assessment. GeoSim's Ronald G. Simpson, who served as qualified person on the historic estimates and 2011 PEA, will lead the resource estimation, while Tetra Tech provides engineering, mine planning, and metallurgical support. The company has also reappointed WSP Denmark to continue environmental baseline data collection, and is in active dialogue with Greenland authorities to transfer the exploration licenses. Greenland Mines views Sarfartoq as a central part of a broader multi-asset strategy, with the project's Nd-Pr content representing approximately 25 to 40 percent of the total rare earth oxide basket, which the company believes is one of the higher ratios reported globally.