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Magnet rare earths. Western Greenland.

Sarfartoq

A 90 km² carbonatite complex an hour's drive from an international airport, carrying the four rare earths that permanent magnets cannot do without. Acquired 1 September 2026.

6.9 Mt at 1.60% TREOIndicated, the project's first, July 2026

$2.05 billionPre-tax NPV at 8%, Initial Assessment high case

25 to 40%Nd + Pr share of total rare earth oxides

161 holes35,843 m of drilling in the ST1 database

Initial Assessment (PDF)

Greenland Mines / Sarfartoq Resource Economics Geology Sub-sites Location Status Documents

The first Indicated resource in fifteen years of work

An S-K 1300 estimate for the ST1 zone by Ronald G. Simpson of GeoSim Services, effective 31 July 2026. Three mining scenarios were modelled; the hybrid case below is the one the Initial Assessment uses.

6.9 MtIndicated at 1.60% TREO, hybrid scenario

5.3 MtInferred at 0.96% TREO, hybrid scenario

3,070 ppm Nd₂O₃Indicated neodymium oxide grade

< 10 ppmUranium, well below the exploitation threshold

Hybrid (combined open pit and underground) mining scenario. NSR cut-offs US$92.22/t open pit and US$141.22/t underground.
Class	Tonnes 000s	TREO %	Nd₂O₃ ppm	Pr₆O₁₁ ppm	Dy₂O₃ ppm	Tb₄O₇ ppm
Indicated	6,900	1.60	3,070	963	32.3	13.2
Inferred	5,341	0.96	1,850	572	20.4	7.4

Open pit and underground scenarios

Open pit mining scenario
Class	Tonnes 000s	TREO %	Nd₂O₃ ppm	Pr₆O₁₁ ppm	Dy₂O₃ ppm	Tb₄O₇ ppm
Indicated	6,608	1.63	3,114	979	32.9	13.5
Inferred	6,015	0.88	1,648	516	18.9	6.9

Underground mining scenario
Class	Tonnes 000s	TREO %	Nd₂O₃ ppm	Pr₆O₁₁ ppm	Dy₂O₃ ppm	Tb₄O₇ ppm
Indicated	7,475	1.56	3,009	944	31.8	13.0
Inferred	2,603	1.36	2,443	774	25.9	9.3

How the estimate was made

Prepared by Ronald G. Simpson, P.Geo, of GeoSim Services Inc., an independent Qualified Person, with an effective date of 31 July 2026. Estimated consistent with CIM Definition Standards and reported in accordance with S-K 1300.
Resources are constrained by an optimised pit shell using the rare earth oxide prices in the report's Table 1-1, with deductions of 64% metallurgical recovery, 60% payability, 5% royalties and 0.5% insurance.
Cost assumptions: open pit mining US$6 per tonne mined, underground mining US$55 per tonne, processing US$69.72 per tonne, G&A US$16.5 per tonne, using full-basket NSR optimisation.
Base case NSR cut-offs of US$92.22/t (open pit) and US$141.22/t (underground) are believed to give a reasonable margin over operating costs for each mining and processing component.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Indicated and Inferred are reported separately and are not additive. Totals may not sum due to rounding.

What ST1 alone could be worth

An independent S-K 1300 Initial Assessment, released in August 2026, modelled a nine-year mine on the ST1 zone only, processing 1.4 million tonnes a year. It is preliminary, and the high case includes Inferred material.

High case, includes Inferred

$2.05 billion

Pre-tax NPV at an 8% real discount rate
Pre-tax IRR of 118.6%

Indicated only

$1.49 billion

Pre-tax NPV at 8%, excluding all Inferred material
Pre-tax IRR of 92.7%

Mine plan

9 years

1.4 Mt a year through the plant
12.2 Mt of ore at 1.32% TREO head grade
About a third of all NdPr oxide refined outside China, at 2025 consumption, in each operating year

Buyer: Neo Performance MaterialsA shareholder, with offtake rights on up to 60% of production for its Estonian separation plant
Basket value: NdPr about 84% of in-concentrate valueNeodymium and praseodymium carry the economics; dysprosium and terbium add to them

The Initial Assessment is preliminary in nature. It includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves, and there is no certainty that the assessment will be realised.

A carbonatite, which is what you want

Carbonatites host most of the world's producing rare earth mines because their minerals separate cleanly. Sarfartoq is a large one, and its rare earths sit in the minerals the industry already knows how to process.

The Sarfartoq complex is a Proterozoic alkaline intrusion of roughly 90 km², emplaced into the North Atlantic Craton of western Greenland. It was first described in detail by Secher and Larsen in 1980.

The rare earths are carried in bastnäsite, monazite and pyrochlore. Bastnäsite and monazite are the feed minerals at the world's largest rare earth operations, so the flowsheet starts from known ground. Uranium runs under 10 ppm.

All four magnet rare earths are elevated: neodymium, praseodymium, dysprosium and terbium, the inputs for the NdFeB magnets in electric motors, wind turbines and defence systems. Neodymium plus praseodymium make up 25 to 40% of total rare earth oxides across the deposit. Niobium, tantalum, strontium, phosphate and diamonds occur elsewhere on the licence.

Host complex: Proterozoic carbonatite, about 90 km²
Ore minerals: Bastnäsite, monazite, pyrochlore
Magnet rare earths: Nd, Pr, Dy, TbPlus La and Ce
Other commodities on the licence: Nb, Ta, Sr, P, diamonds

Geological map of the Sarfartoq carbonatite complex showing the carbonatite core, fenite alteration zones and radial faults — The carbonatite complex: a carbonatite core inside a wide halo of altered rock, cut by radial faults.

Regional geology of the Kangerlussuaq area with the Sarfartoq carbonatite complex between the Sukkertoppen and inland ice caps — Regional setting: Archean gneiss reworked in the Proterozoic, with the complex sitting south of Kangerlussuaq.

Ground magnetic survey image draped over the terrain from ST1 toward ST40 — Ground magnetics from ST1 towards ST40. The magnetic highs follow the carbonatite; ST40 is the next target along them.

Trays of drill core from Sarfartoq — Core from the ST1 zone. Ninety-four core holes, more than 23,000 metres, feed the resource model.

Drill rig and crew on a platform above the Sarfartoq valley — Drilling at ST1. The full database is 161 holes for 35,843 metres.

One zone drilled, thirty-nine to go

Licence MEL 2020-32 covers 687 km² in 40 sub-sites. Only ST1 has a resource. The Initial Assessment values ST1 alone.

Most advanced

ST1

Indicated 6.9 Mt at 1.60% TREO, Inferred 5.3 Mt at 0.96% (hybrid)
161 holes, 35,843 m, including 94 core holes
Metallurgical testing and environmental baseline already done
Shortest path to a Pre-Feasibility Study

Adjacent, higher NdPr

ST40

Next to ST1 along the magnetic trend
Higher neodymium-praseodymium indications
Drives the upside case for magnet-grade material
Priority target for definition drilling

Pipeline

38 more

Across the rest of the 687 km² licence
Five known rare earth occurrences along a 32 km outer ring structure, largely untested
Rare earths, niobium, tantalum, strontium, phosphate and diamonds

Infrastructure most Arctic projects only dream of

An international airport within 60 km, tidewater within 20 km, workable terrain, and hydroelectric potential next door. From the coast, bulk carriers reach Europe and North America directly.

Map of southwest Greenland showing licence MEL 2020-32 south of Kangerlussuaq, with Sisimiut and Maniitsoq on the coast — MEL 2020-32 sits south of Kangerlussuaq airport, inland from the Davis Strait coast.

Map of the western hemisphere with bulk carrier routes from Sarfartoq to North America and Europe — Bulk carrier routes from western Greenland to North America and Europe. Midstream processing is planned for Iceland.

Jurisdiction: Western GreenlandNear established infrastructure corridors
Airport: About 60 km from Kangerlussuaq International Airport
Tidewater: About 20 km
Terrain: Accessible compared with most Arctic projects
Power: Adjacent to areas with hydroelectric potential
Licence: MEL 2020-32687 km², 40 sub-sites ST1 to ST40

Field camp in the Sarfartoq valley with an early snowfall on the slopes — Camp in the valley. The team returned and reopened it in September 2026.

Where the work stands

Fifteen years of exploration came with the acquisition. The programme now runs toward a Pre-Feasibility Study.

Drilling database161 holes totalling 35,843 metres, including 94 core holes of more than 23,000 metres, all in the ST1 resource model.
Resource estimateThe first Indicated resource in the project's history: 6.9 Mt at 1.60% TREO, with 5.3 Mt Inferred at 0.96%, in the hybrid scenario.
MetallurgyTest work has been done. Processing monazite and bastnäsite is well understood across the industry, which takes real risk out of the flowsheet.
EnvironmentPreliminary baseline studies are complete. WSP Denmark is collecting the second year of data in 2026, completing the two-year dataset a future Environmental Impact Assessment needs.
Q4 2026 field programmeStructural-geologist-led mapping, low-level drone magnetic surveys across the licence, and planning for infill drilling, pilot-scale metallurgy and mine engineering.
ST40 and the pipelineDefinition drilling at ST40 next to ST1, then the five untested occurrences on the outer ring.

Read the source

Two independent reports stand behind this page. Ask investor relations and the answer will cite them.

S-K 1300 Initial Assessment, Sarfartoq ST1Agricola Mining Consultants, 24 August 2026PDF, 5.8 MB S-K 1300 Technical Report Summary and Mineral Resource EstimateGeoSim Services Inc., effective 31 July 2026, issued 16 August 2026PDF, 12.9 MB Corporate presentationAugust 2026PDF SEC filings on EDGARGreenland Mines Ltd, CIK 0001907223, including the 4 September 2026 8-K on the acquisitionsec.gov

Mineral resources are not mineral reserves and do not have demonstrated economic viability. Indicated and Inferred figures are reported separately and are not additive. Reference: Secher, K. and Larsen, L. M. (1980), Geology and mineralogy of the Sarfartôq carbonatite complex, southern West Greenland, Lithos 13(2), 199–212.

Ask investor relations anything about Sarfartoq

The offtake terms, the acquisition price, what the Initial Assessment assumes. Answers come from the filings, with the document cited.