Greenland Mines Ltd. (NASDAQ: GRML) Draws Expert Attention as Greenland’s Rare Earth Race Shifts from Discovery to Delivery

• In a recent InvestorNews column, metals market analyst Jack Lifton discussed Greenland’s rare earth projects, noting Greenland Mines’ positioning in the space.
• The column arrives at a pivotal moment for the company, which closed its acquisition of Sarfartoq on September 1, 2026.
• After finalizing the acquisition, the company completed a substantial field program that advances the next phase of drilling, technical work and district-scale exploration.

As Western governments and manufacturers work to reduce their reliance on Chinese rare earth supply, Greenland has emerged as one of the most closely watched frontiers. The island hosts significant deposits of the magnet metals essential to electric vehicles, wind turbines and defense systems. Yet as one veteran industry analyst recently observed, a promising deposit is only the first step toward a functioning mine. Greenland Mines (NASDAQ: GRML) is central to that discussion, with its newly acquired Sarfartoq project featured prominently in his assessment of Greenland’s prospects.

In a recent InvestorNews column, metals market analyst Jack Lifton, co-chair of the Critical Minerals Institute, compared two of Greenland’s rare earth projects. He weighed GRML’s Sarfartoq against Critical Metals Corp.’s Tanbreez project and argued that the differences start with the rocks themselves.

Sarfartoq’s ST1 zone hosts bastnäsite and monazite, minerals the industry already knows how to process. Tanbreez relies on eudialyte, a silicate that has been difficult to treat because it can form silica gel. Critical Metals recently reported encouraging test results on that problem, though Lifton noted its refinery economics remain preliminary.

Lifton’s larger point is that chemistry is only part of the test. Any Greenland mine needs access, power, shipping, housing and trained workers, and each must be designed, funded and built. “In Greenland, a workable process is only one requirement,” he wrote, also noting that monazite can contain thorium, which calls for careful measurement and a credible waste plan. Greenland restricts mining where uranium exceeds 100 parts per million. Lifton emphasized that monazite’s presence alone does not mean Sarfartoq breaks those rules.

For Greenland Mines, the column arrives at a pivotal moment. The company closed its acquisition of Sarfartoq on September 1, 2026, following approval from the government of Greenland. It paid $20 million in cash and $15 million in securities value for Neo North Star Resources, the project’s owner.

That deal kept a processing partner close. Neo Performance Materials became a strategic shareholder and holds offtake rights for up to 60% of future Sarfartoq ore or concentrate. That material would be processed at Neo’s Silmet rare earth separation facility in Estonia.

The deposit also has meaningful scale. ST1 holds an Indicated resource of 6.9 million tons grading 1.60% total rare earth oxides, plus 5.3 million tons of Inferred resources at 0.96%. Neodymium and praseodymium, the key magnet metals, make up about 84% of the in-concentrate basket value.

An independent Initial Assessment put the high-case pre-tax net present value at about $2.05 billion, with a 118.6% internal rate of return. Excluding Inferred resources, those figures fall to $1.49 billion and 92.7%. The high case is a sensitivity scenario; it assumes a 15% higher basket price, 15% lower operating costs, and 20% lower capital costs. The company cautions that the study is preliminary and that no mineral reserves have been estimated.

Greenland Mines reports that at 2025 consumption levels, ST1’s planned annual output would equal about 34% of all reported NdPr oxide refined outside China. ST1 also covers well under 1% of the license area. This is an illustrative comparison only and depends on final production, but it illustrates potential impact. Five additional known rare earth occurrences remain largely untested, but the company is moving to test that upside. It has applied for a new 262-square-kilometer license east of Sarfartoq. If approved, the move would expand the project’s position to about 454 square kilometers.

Funding addresses another issue Lifton raised. In late September, Greenland Mines raised more than $42 million from existing investors at $12 per share, noting that it is funded through its 2027 milestones. It also completed an early-stage mapping and sampling program at Sarfartoq.

“Now it’s about execution,” said Greenland Mines President Bo Møller Stensgaard. “At Sarfartoq, we closed the acquisition on September 1 and within weeks completed a substantial field program that advances the next phase of drilling, technical work and district-scale exploration. I’m proud of what this team has accomplished — and even more excited about what comes next. This is the pace and discipline we intend to bring to every asset in the Greenland Mines portfolio.”

All of this work points toward a Pre-Feasibility Study. These are the steps that begin to answer the practical questions Lifton says will separate deposits from mines. Greenland Mines also sees a wider regional role. Its North Atlantic strategy envisions linking Greenland resources with downstream processing and logistics in Iceland. That approach targets the infrastructure gap that Arctic projects face.

“Sarfartoq’s mineral distribution is a real point in its favor,” concluded Lifton, who said he was watching, while reserving judgment on either company’s production timetable. “In Greenland, a workable process is only one requirement. The developer that can combine it with infrastructure, skilled people, financing and lasting local support will have the more valuable achievement: a dependable rare earth mine.”

For Greenland Mines, familiar minerals, a processing partner and fresh capital provide a head start. Turning that head start into a dependable mine is the work now under way.

For more information about the company, visit www.GreenlandMines.com.

NOTE TO INVESTORS: The latest news and updates relating to GRML are available in the company’s newsroom at https://ibn.fm/GRML

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