# Greenland Mines Sarfartoq Nd-Pr Rare Earth Project Valued Up to US$2.05 Billion With Pre-Tax IRR of 118.6% and Significant Additional Upside Potential Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa Original source: https://www.globenewswire.com/news-release/2026/08/25/3350563/0/en/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion-with-pre-tax-irr-of-118-6-and-significant-additional-upside-potential.html Publisher: globenewswire Original announcement: 2026-08-25T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Greenland Mines Ltd - Ticker: GRML - Exchange: Unavailable - Region: southwest Greenland - Primary commodity: Rare earth - Secondary commodities: Neodymium, Praseodymium - Document categories: Resource update, Metallurgy - Extracted: 2026-09-12 02:02:24 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Greenland Mines has released an Initial Assessment for the Sarfartoq Nd-Pr project in Greenland, valuing it at up to US$2.05 billion pre-tax with an IRR of 118.6%. The study includes a maiden hybrid open-pit and underground mineral resource estimate and confirms successful flotation metallurgy. Reasoning: The release announces a highly economic Initial Assessment for a major Nd-Pr project with strong metallurgical results and strategic Western supply chain positioning. - Positive factor: High NPV and IRR from Initial Assessment - Positive factor: Significant strategic importance for Western supply chain - Positive factor: Strong metallurgical recovery results - Positive factor: Maiden combined open-pit and underground resource - Negative factor: Project is in early stage \(Initial Assessment/IA\) - Negative factor: Inferred resource component is significant Facts used in scoring: 7 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The release describes the first combined optimized open-pit and underground Mineral Resource Estimate at Sarfartoq. Evidence · text > First combined optimized open-pit and underground \("Hybrid"\) Mineral Resource Estimate at Sarfartoq. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The release names multiple independent Qualified Persons \(Ronald G. Simpson, Hassan Ghaffari, Malcolm Castle\) who reviewed and approved the technical information. Evidence · text > The scientific and technical information in this news release relating to the Initial Assessment has been reviewed and approved by Malcolm Castle **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The study is prepared under U.S. SEC Regulation S-K Subpart 1300, which is the US equivalent of NI 43-101 for resource reporting. Evidence · text > prepared in the Technical Report Summary format under U.S. Securities and Exchange Commission Regulation S-K Subpart 1300 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (6) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-0) Sarfartoq · rare earth #### Identity - Project: Sarfartoq - Commodity: rare earth - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:6b29021fe5fcd8a338fb - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 1.6 - Grade Unit: % TREO - Contained Metal: 110400 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: High-grade Indicated resource reported as part of a maiden hybrid estimate. - Positive factor: Strong Indicated resource grade Evidence · text > Indicated Mineral Resources of 6.9 Mt @ 1.60% TREO #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-1) Sarfartoq · neodymium #### Identity - Project: Sarfartoq - Commodity: neodymium - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:6b29021fe5fcd8a338fb - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 3070 - Grade Unit: ppm Nd 2 O 3 #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Specific Nd2O3 grade provided for the Indicated resource. Evidence · text > 3,070 ppm Nd 2 O 3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-2) Sarfartoq · praseodymium #### Identity - Project: Sarfartoq - Commodity: praseodymium - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:6b29021fe5fcd8a338fb - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 6900000 - Grade: 963 - Grade Unit: ppm Pr6O 11 #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Specific Pr6O11 grade provided for the Indicated resource. Evidence · text > 963 ppm Pr6O 11 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-3) Sarfartoq · rare earth #### Identity - Project: Sarfartoq - Commodity: rare earth - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:0da0ea6d622c82f4b93d - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 0.96 - Grade Unit: % TREO - Contained Metal: 50880 - Contained Unit: t #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Inferred resource component reported. - Negative factor: Inferred resource is speculative Evidence · text > Inferred Mineral Resources of 5.3 Mt @ 0.96% TREO #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-4) Sarfartoq · neodymium #### Identity - Project: Sarfartoq - Commodity: neodymium - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:0da0ea6d622c82f4b93d - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 1850 - Grade Unit: ppm Nd 2 O 3 #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Specific Nd2O3 grade provided for the Inferred resource. Evidence · text > 1,850 ppm Nd 2 O 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-resource-facts-5) Sarfartoq · praseodymium #### Identity - Project: Sarfartoq - Commodity: praseodymium - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Resource scope - Estimate type: resource - Effective date: 2026-07-31T00:00:00.000Z - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Ronald G. Simpson, Hassan Ghaffari - Resource group id: resource:0da0ea6d622c82f4b93d - Deposit or zone: ST1 - Mining method: combined #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 572 - Grade Unit: ppm Pr6O 11 #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Specific Pr6O11 grade provided for the Inferred resource. Evidence · text > 572 ppm Pr6O 11 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/greenland-mines-sarfartoq-nd-pr-rare-earth-project-valued-up-to-us-2-05-billion--f229a120-d5e3-4dce-8197-bf4d005845aa#fact-metallurgical-facts-6) Sarfartoq · rare earth #### Identity - Project: Sarfartoq - Commodity: rare earth - Region: southwest greenland - Reported Region: southwest Greenland - Ticker: GRML #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: flotation #### Recovery - Recovery: 63.6 % - Recovery Basis: actual\_test - Conc. Grade: 8.25 - Conc. Grade Unit: % TREO #### Lab - Laboratory: SGS Canada \(Lakefield\) #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-25T00:00:00.000Z Reasoning: Metallurgical test work confirms flotation capability with moderate recovery. - Positive factor: Confirmed flotation recovery - Negative factor: Recovery is moderate \(63.6%\) Evidence · text > flotation concentrates of approximately 8.25% TREO at a design TREO recovery of 63.6% #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.