Skaergaard

The textbook layered intrusion, and inside it one of the largest undeveloped palladium-gold deposits on Earth. Permitted, 80% owned, three hours from Iceland.

15.0 Moz PdEqIndicated: 153.6 Mt at 3.04 g/t

17.49 Moz PdEqInferred: 177.5 Mt at 3.07 g/t

45,000 mDrilling and channel sampling behind the estimate

$30 millionInvested in the project since the 1990s

Technical report (PDF)

Greenland Mines / Skaergaard Resource Geology Location Licences Growth Documents

The resource, by the book

The first S-K 1300 Technical Report Summary for Skaergaard, prepared by SLR Consulting, effective 3 July 2026. Every ounce below sits inside licence MEL 2007-01.

15.00 MozIndicated PdEq +31.5% on the 2022 estimate

17.49 MozInferred PdEq +24.0% on the 2022 estimate

3.04 g/tIndicated grade +36%, from 2.23 g/t

7.57 Moz Pd, 3.19 Moz AuContained metal in the Indicated category alone

Skaergaard Mineral Resource Estimate, SLR Consulting (Canada) Ltd, effective 3 July 2026. 100% basis, NSR cut-off US$84/t. Each Main row belongs to the North row above it; North lies beyond the Forbindelses Glacier.
Category	Mineralised area	Tonnage Mt	Grade (g/t)				Contained metal (Moz)
Category	Mineralised area	Tonnage Mt	PdEq	Pd	Au	Pt	PdEq	Pd	Au	Pt
Indicated	H5 North	0.2	5.03	0.27	2.22	0.04	0.03	0.00	0.01	0.00
	Main	18.3	5.24	0.58	2.16	0.07	3.09	0.34	1.27	0.04
	H3 North	3.9	3.42	0.43	1.38	0.05	0.43	0.05	0.17	0.01
	Main	39.0	3.02	0.81	1.02	0.06	3.79	1.01	1.27	0.07
	H0 North	18.8	2.64	2.13	0.16	0.15	1.60	1.29	0.10	0.09
	Main	73.3	2.57	2.07	0.15	0.16	6.06	4.87	0.35	0.39
Total Indicated		153.6	3.04	1.53	0.65	0.12	15.00	7.57	3.19	0.60
Inferred	H5 North	34.9	3.90	0.61	1.52	0.06	4.38	0.68	1.71	0.07
	H3 North	13.8	3.42	1.16	1.01	0.11	1.51	0.51	0.44	0.05
	Main	39.1	3.19	0.78	1.11	0.05	4.01	0.99	1.39	0.06
	H3 L1 North	0.1	3.64	0.51	1.46	0.04	0.01	0.00	0.01	0.00
	Main	8.3	3.17	0.95	1.01	0.07	0.85	0.25	0.27	0.02
	H0 North	15.1	2.52	1.92	0.21	0.14	1.22	0.93	0.10	0.07
	Main	66.2	2.59	2.06	0.17	0.16	5.51	4.38	0.35	0.33
Total Inferred		177.5	3.07	1.36	0.75	0.11	17.49	7.75	4.28	0.60

How the estimate was made

Mineral Resources follow the S-K 1300 definitions, which are consistent with CIM (2014) definitions. Prepared by SLR Consulting (Canada) Ltd; Qualified Person Philip A. Geusebroek, M.Sc., P.Geo.
Reported on a 100% ownership basis. Licences MEL 2007-01, MEL 2012-25 and MEL 2021-10 are held by Major Precious Greenland A/S, which is 80% owned by Greenland Mines Ltd and 20% by Intrusion Precious Metals Corp. MEL 2007-01 covers the Skaergaard Intrusion, the host of the deposit.
The Main and North areas are separated by the northern lateral moraine of the Forbindelses Glacier at about 7,563,500N. Main includes material south of that edge and under the glacier; North lies beyond it.
Reported in situ, with factors for mining dilution, mining losses and process losses. Net Smelter Return assumes underground mining at US$32.17/t, processing at US$35/t and G&A at US$16.67/t. NSR value = 91.83 × g/t Au + 40.68 × g/t Pd + 42.63 × g/t Pt.
Reported at an NSR cut-off of US$84 per tonne, using long-term prices of US$3,500/oz gold, US$1,725/oz palladium and US$2,100/oz platinum, recoveries of 89% Au, 86% Pd and 80% Pt, and standard commercial terms for a precious metals concentrate.
Minimum mining width 2.0 m; NSR for thinner intervals was factored to 2.0 m to represent dilution. PdEq (g/t) = g/t Pd + 2.258 × g/t Au + 1.048 × g/t Pt.
Reasonable prospects for economic extraction were tested by building polygons from blocks above cut-off, with a visual check on geometry and continuity. Bulk density 3.12 t/m³.
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.

A deposit of a kind found nowhere else

Skaergaard is the layered intrusion every geologist learns from. What the textbooks did not know until 1986 is that its Middle Zone carries a stack of gold- and palladium-rich layers with grade continuity for kilometres.

The intrusion formed about 56 million years ago as the North Atlantic opened, when a chamber of basaltic magma cooled slowly and settled into layers. It is about 7.5 km east-west by 11 km north-south, sill-like, with mineralisation potential to around 4 km depth.

The precious metals sit in the Triple Group, three prominent leucogabbro layers (L0 to L3) in the Middle Zone. Within them, seven horizons (H0 to H6) carry palladium, gold and platinum in layer-parallel sheets described by their discoverers as a fifty-metre stack of gold-rimmed saucers. H0 is the palladium-rich base; H3 and H5 above it carry most of the gold.

Because the layers are stratiform, drilling on wide spacing has been enough to classify most of the deposit as Indicated. The 2026 estimate rests on roughly 45,000 metres of diamond drilling and channel sampling, including the 35,000 metres Platina Resources drilled between 2007 and 2011 and the 2021 summer campaign.

Deposit type: Stratiform PGE-Au in a mafic layered intrusion
Host rock: Leucocratic gabbro layers L0 to L3, Middle Zone
Geometry: 7.5 km × 11 km, sill-likePotential to about 4 km depth
Mineralised horizons: Seven, H0 to H6Pd-, Au- and Pt-bearing zones

Geological map of the Skaergaard Intrusion showing its zones and the Triple Group PGE-Au horizons between Watkins Fjord and the Atlantic — Geological map of the intrusion (SLR). The dashed red line traces the Triple Group PGE-Au horizons across the Middle Zone.

North-south and east-west geological sections through the Skaergaard Intrusion — North-south and east-west sections. The mineralised horizons dip gently toward the centre of the body, under the glacier.

Outcrop photograph with the Triple Group leucogabbro layers marked — The Triple Group on the outcrop: three pale gabbro layers that host the deposit.

Igneous layering in the Skaergaard gabbro — Igneous layering in the gabbro. The same layers continue through the deposit, which is why the grade is so predictable.

Closer to Iceland than to Nuuk

The project sits on the fjord system of southeast Greenland, about 300 km west of Iceland and inside the GIUK corridor. Ships reach it through Mikis and Watkins Fjords; people reach it through Sødalen.

ReykjavikCharter aircraft and the supply vessel both leave from Iceland. The 2026 season's M/V Argus sailed on 31 July with equipment for a team of more than 40.
Sødalen airstripAbout 2.5 hours by charter flight. The gravel strip and camp sit on licence MEL 2012-25.
Helicopter to siteShort hop from Sødalen to the intrusion and the drill sites.
Field seasonIce-free window from July to October. Seasonal sea access through Mikis Fjord for heavy cargo and the bulk sample.

Map of the North Atlantic region showing Skaergaard on the east coast of Greenland, Iceland and the routes between them — The North Atlantic. Skaergaard is less than 1,600 km from North America and a morning's flight from Reykjavik.

Aerial conceptual illustration of a future Skaergaard mine with an open pit, mining camp, road to the fjord and the Sødalen airstrip — Conceptual illustration only: open pit, camp, road to tidewater on Mikis Fjord, and Sødalen two hours from Iceland. Not a mine plan.

Three licences, one owner, no third-party royalties

Greenland Mines holds 80% of Major Precious Greenland A/S, the Danish company that owns the licences outright, with an option on the remaining 20%. The only royalty is the Government of Greenland's.

Licence	Area	Covers	Status
MEL 2007-01	107 km²	The Skaergaard Intrusion and the whole mineral resource2021 summer drilling campaign	Renewed, active to 31 December 2027Extendable for three more years thereafter
MEL 2012-25	16 km²	Sødalen camp and airstripHelicopter access, Miki and Watkins Fjords	Renewed, active to 31 December 2026
MEL 2021-10	754 km²	The new area north and west of the deposit	Not renewed, expires 31 December 2026

Ownership: 80% Greenland Mines LtdVia Major Precious Greenland A/S; 20% Intrusion Precious Metals Corp, with an option to acquire it
Government royalty: 2.5% of production revenueGreenland's standard gross sales royalty for most minerals. No other royalties or encumbrances.

Map of the three mineral exploration licences around the Skaergaard Intrusion on the Kangerlussuaq fjord system — The three licences on the Kangerlussuaq fjord system. MEL 2007-01 (south) holds the deposit; MEL 2012-25 holds the camp; MEL 2021-10 is the large northern block.

Open in every direction

The company's target is to double the resource to around 50 million contained ounces of gold, palladium and platinum, and to add vanadium and gallium to the critical metals it can sell.

A major upgrade already deliveredThe 2026 report lifted Indicated ounces 31.5% and Inferred ounces 24.0% over the 2022 estimate, with grade up 36% and 44%, on the same drilling database.
Mineralisation open in all directionsOre-grade intercepts in zones never tested before, beneath the glacier and on the Northern Plateau.
New near-surface zonesThe 2021 drilling found additional palladium-gold-copper mineralisation near surface that may suit open-pit mining alongside underground.
Metallurgy and environment under wayA 30 to 50 tonne bulk sample goes to GTK Mintec in Finland for pilot-scale test work; WSP ran the first modern environmental baseline in 2026. Multi-metal credits in iron, titanium, vanadium, gallium and copper are being evaluated.
Next study: an Initial AssessmentThe S-K 1300 equivalent of a preliminary economic assessment, looking at open-pit and underground scenarios.
Higher gold prices, higher equivalent gradeSLR's sensitivity work indicates PdEq grades could rise a further 45 to 55% at contemporary gold prices.

Field camp on the shore of the fjord below the Skaergaard Intrusion — Camp on the fjord. Work on the deposit began in the 1980s and about $30 million has gone into it since the 1990s.

The Forbindelses Glacier crossing the Skaergaard Intrusion — The Forbindelses Glacier divides the Main and North areas. Drilling confirmed ore-grade intercepts beneath it.

Read the source

The technical report is the document behind every figure on this page. Ask investor relations and the answer will cite it.

S-K 1300 Technical Report Summary, Skaergaard ProjectSLR Consulting (Canada) Ltd, effective 3 July 2026, issued 13 July 2026PDF, 7.9 MB Corporate presentationAugust 2026PDF SEC filings on EDGARGreenland Mines Ltd, CIK 0001907223sec.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. Figures on this page are from the company's July 2026 Technical Report Summary and September 2026 shareholder letter; verify on EDGAR.

Ask investor relations anything about Skaergaard

Grades by horizon, the licence terms, what the bulk sample is for. Answers come from the filings, with the document cited.