Issued on behalf of Greenland Mines Ltd.

CHARLOTTE, N.C., Aug. 26, 2026 (GLOBE NEWSWIRE) -- American News Group News Commentary - The Western rare earth build has a sequencing problem that almost nobody states plainly: magnet plants and separation trains are being financed years ahead of the mines meant to feed them. Developing a Western rare-earth supply chain requires more than identifying a mineral deposit. Projects must advance through resource definition, metallurgy, engineering, environmental work, permitting, financing, and commercial arrangements before they can reach production. An Initial Assessment under SK 1300 is an early technical and economic study that can help frame a project’s potential development concepts and identify issues for further work. It does not establish financing, economic viability, Mineral Reserves, or a production decision. But the Initial Assessment study clears the first gate and it puts a project on a very short list. A study that clears it with a nine-year mine plan and a project that has never had one before puts it on a shorter list still. Companies mentioned in today’s commentary include: Greenland Mines Ltd. (Nasdaq: GRML), MP Materials Corp. (NYSE: MP), Perpetua Resources Corp. (Nasdaq: PPTA), Ucore Rare Metals Inc. (OTCQX: UURAF), and Almonty Industries Inc. (Nasdaq: ALM).

What Was Actually Published
Greenland Mines Ltd. (Nasdaq: GRML) released an independent Initial Assessment on the Sarfartoq Nd-Pr Rare Earth Element Project in southwest Greenland, prepared by Agricola Mining Consultants Pty Ltd in Technical Report Summary format under Regulation S-K Subpart 1300, with an effective date of July 31, 2026. It follows the Mineral Resource Estimate the Company released on August 24, 2026, and is built on the hybrid open pit and underground resource from that estimate: 6.9 million tonnes of Indicated Mineral Resources at 1.60% TREO and 5.3 million tonnes Inferred at 0.96% TREO.

The mine plan runs nine years, processing 12.2 million tonnes at 1.4 million tonnes per annum at a delivered head grade of 1.32% TREO. An Initial Assessment is a preliminary study. It may include Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied, there is no certainty its results will be realized, and no Mineral Reserves have been estimated for Sarfartoq.

Read the Case Before the Number
The headline figure is a high case, and the distinction matters more than it usually does. Under that high case the Project shows a pre-tax net present value at an 8% real discount rate of approximately US$2.05 billion with an internal rate of return of 118.6%, including both Indicated and Inferred resources, or approximately US$1.49 billion at a 92.7% IRR on Indicated resources alone.

The high case is defined in the release: a basket price 15% above the base case assumption, operating costs 15% below it, and capital costs 20% below it, with physicals, mine schedule and metallurgical recovery held identical. Three favourable assumptions moving in the same direction compound hard in a discounted cash flow, and an IRR near 120% is the arithmetic of a low-capital case rather than a claim about the orebody. The release does not disclose the base case NPV or IRR alongside it. Anyone weighing this study should want both numbers, and the base case is the one that matters for financing.

What the high case does establish is that the deposit is not marginal. The high case illustrates how the study’s model responds to a more combination of price, operating-cost, and capital-cost assumptions. A project that only works on stretched assumptions usually cannot generate a headline like this at all, and the sensitivity direction is at least the right one to test first given where NdPr pricing has moved. It is a screening result, not a financing case. The sensitivity is one scenario among several possible outcomes and should be considered together with the other cases, project risks, and the limitations of an Initial Assessment.

Why the Basket Does the Work
Rare earth economics are decided by which elements a deposit actually carries. Sarfartoq is a carbonatite-hosted system in which neodymium and praseodymium account for approximately 84% of in-concentrate basket value, hosted in conventional rare earth minerals already processed at commercial scale elsewhere in the world. That second point is easy to skip past and is worth as much as the first. A large share of Western rare earth projects carry mineralogy that no existing plant is set up to treat, which converts a mining problem into a metallurgy research program.

The Company also frames scale in consumption terms: at 2025 consumption levels, Sarfartoq’s planned annual NdPr oxide production from ST1 alone would represent roughly 34% of all NdPr oxide refined outside China, in each of the nine scheduled operating years. That is the Company’s own comparison, it measures planned output against refined production elsewhere, and it depends on the mine plan being executed as modelled. It is nonetheless the clearest available statement of why one deposit in southwest Greenland is drawing this level of attention. This comparison is illustrative only and depends on the mine plan, recovery assumptions, product specifications, commissioning, processing, financing, permitting, and execution. It is not a forecast of production, sales, market share, or revenue.

"Neodymium and praseodymium are the two elements every high-performance magnet on earth depends on, and the West currently has almost nowhere to source them outside of China," said Dr. Bo Møller Stensgaard, President of Greenland Mines. "Sarfartoq changes that equation."

The Offtake Question, Answered Halfway
Most development-stage rare earth projects cannot say who would buy the concentrate. Sarfartoq has a partial answer embedded in the pending transaction. Neo Performance Materials is to become a strategic shareholder of Greenland Mines and retains offtake rights, described as non-binding, on up to 60% of future Sarfartoq concentrate production, for processing at its Silmet facility in Estonia, which the Company describes as the only rare earth separation and magnet operation of scale currently running at commercial scale in the European Union.

Two qualifications belong in the same breath. Non-binding offtake is a stated intention, not a contract, and it applies to production that does not exist. And Neo is the counterparty to the acquisition of the Sarfartoq licence holder, not a comparable company or an arm’s-length customer. The arrangement identifies a potential route from future Greenlandic concentrate to European separation, which, subject to transaction closing, definitive commercial arrangements, project development, permitting, financing, and execution, is the specific gap that has stranded other Western deposits.

Ninety-Nine Percent of the Licence Is Untouched
The Initial Assessment covers the ST1 deposit only. ST1 occupies well under one percent of the 191-square-kilometre exploration licence, sitting on an outer ring structure that circles the carbonatite complex for roughly 32 kilometres. Five other known occurrences, ST40, ST19, ST24, ST31 and ST43, have returned significant rare earth results on very limited drilling. The Company notes that ST40, four kilometres from ST1 on the same ring structure and marked by coincident magnetic lows and radiometric thorium highs, has historical sampling indicating it is more neodymium-enriched than ST1 itself.

That is an exploration target, not a resource. Historical sampling is not verified data, geophysical signatures are conceptual targets, and a magnetic low is not evidence of mineralization. The Company plans high-resolution drone-based magnetic surveys to prioritize targets across the licence and has its technical team returning to the ground in September 2026, alongside a second year of environmental baseline investigations led by WSP Denmark. That baseline work is a regulatory prerequisite for an exploitation licence, which makes it the slowest clock on the project and the one worth tracking.

The stated path from here is targeted infill drilling to upgrade Inferred resources, pilot-scale metallurgical test work, mine engineering and continued baseline studies, advancing toward a Pre-Feasibility Study. Each of those steps can move the economics in either direction.

Where This Sits on the Ladder
The companies below are referenced solely as market and sector context. None is a peer, competitor or financial comparable of Greenland Mines. They are named because together they mark out the development ladder an Initial Assessment sits at the bottom of, and the distance still to be covered.

MP Materials Corp. (NYSE: MP)
MP Materials is the reference point for what a Western NdPr business looks like once it exists, operating Mountain Pass in California and building magnet capacity in Texas. It reported second quarter 2026 revenue of $108.5 million with adjusted EBITDA of $28.5 million, guided third quarter NdPr production above 1,000 metric tonnes at realized pricing in the high $90s per kilogram, and expects first commercial magnet shipments to General Motors in the fourth quarter of 2026. Its U.S. Department of Defense arrangement includes a US$110 per kilogram NdPr price floor, which applies to that agreement specifically and is not an industry benchmark. Realized pricing at an operating producer is the most useful sanity check available on any developer’s basket price assumption.

Perpetua Resources Corp. (Nasdaq: PPTA)
Perpetua Resources shows what the rung above an Initial Assessment looks like for a Western critical minerals project. Its Stibnite gold-antimony project in Idaho is permitted, in early works construction, and backed by a US$2.9 billion senior secured EXIM loan approved in May 2026 under the Make More in America Initiative, with the Company reporting $574.2 million of cash at the end of the second quarter and targeting a final investment and construction decision in the second half of 2026. It also reported new high-grade gold and antimony discoveries and a new gold-tungsten zone at Stibnite in August. The gap between a study result and a financed construction decision is measured in years and hundreds of millions of dollars, and Perpetua is a live illustration of what closing it requires.

Ucore Rare Metals Inc. (OTCQX: UURAF)
Ucore Rare Metals is working the midstream link that any Greenlandic concentrate would eventually need, building a Strategic Metals Complex in Alexandria, Louisiana around its RapidSX separation technology. It completed its commercial-scale contactor equipment scale-up program in early August 2026 with follow-on factory testing scheduled through August and September, and raised C$60 million in a bought deal that closed in mid-August to fund the build. The complex remains subject to construction completion, commissioning, qualification, funding and permits. Separation capacity without qualified feedstock is the mirror image of a deposit without an offtake route, and the two problems have to be solved in parallel.

Almonty Industries Inc. (Nasdaq: ALM)
Almonty Industries is a different critical mineral, tungsten rather than rare earths, and is included because it is one of the few Western critical minerals developers to have actually arrived. Its Sangdong mine in South Korea moved into processing operations in July 2026, and in August its board approved a share repurchase program of up to 14.4 million shares for up to $300 million over 36 months. A company that spent years as a development story and now buys back stock is the end state every project on this list is aiming at, and a reminder of how long that takes.

What Would Actually Move This Forward
Four things, and none of them is a headline number. Disclosure of the base case NPV and IRR alongside the high case, because financing conversations happen on the base case. Closing of the pending acquisition of the Sarfartoq licence holder. The September field season converting drone magnetics and historical sampling at ST40 into something drill-tested. And the second year of environmental baseline data, without which no exploitation licence is available regardless of what the economics say.

The wider context has not changed and does not need to. Magnet-grade neodymium and praseodymium remain concentrated in Chinese refining, Western separation and magnet capacity is being financed faster than the feedstock to run it, and the projects capable of closing that gap are few and mostly unfinanced. Sarfartoq has now been independently costed for the first time in its history, which moves it from a geological argument to an economic one. That is a real step and a narrow one. Between a preliminary study and a mine sit infill drilling, pilot metallurgy, a pre-feasibility study, permitting, and construction capital, and most projects that reach this point never reach the next.

There’s More To The Story

Take the time to read the full, in-depth report on Greenland Mines by visiting the official report, only available on American News Group

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Article Sources:
[1] Greenland Mines Ltd., "Greenland Mines’ Sarfartoq Nd-Pr Rare Earth Project Valued at Up to US$2.05 Billion With Pre-Tax IRR of 118.6% and Significant Additional Upside Potential," August 25, 2026 (Initial Assessment results, high case assumptions, mine plan, resource basis, metallurgy, Neo offtake terms, district exploration detail and Dr. Bo Møller Stensgaard commentary).
[2] Greenland Mines Ltd., Sarfartoq S-K 1300 Mineral Resource Estimate release, August 24, 2026 (hybrid open pit and underground resource figures).
[3] Public disclosures of the referenced companies (MP Materials, Perpetua Resources, Ucore Rare Metals, Almonty Industries) as cited in the body of this article.

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Cautionary Note Regarding the Initial Assessment: The scientific and technical information relating to the Initial Assessment described in this article has been reviewed and approved by Malcolm Castle, MAusIMM, of Agricola Mining Consultants Pty Ltd, an independent Qualified Person as defined under S-K 1300. The Mineral Resource Estimate referenced was prepared by Ronald G. Simpson, P.Geo., of GeoSim Services Inc. and Hassan Ghaffari, P.Eng., M.A.Sc., of Tetra Tech Canada Inc., each an independent Qualified Person. An Initial Assessment is a preliminary technical and economic study under Regulation S-K Subpart 1300. It may include Inferred Mineral Resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the Initial Assessment will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No Mineral Reserves have been estimated for the Sarfartoq Project. The net present value and internal rate of return figures cited in this article are pre-tax and are drawn from the Company’s high case, which assumes a basket price 15% above the base case, operating costs 15% below the base case and capital costs 20% below the base case; they are sensitivity outputs, not a base case result, and the base case net present value and internal rate of return were not disclosed in the Company’s release. Metallurgical figures are test work results and do not guarantee commercial-scale performance.

Cautionary Note Regarding Exploration Targets: The ST40, ST19, ST24, ST31 and ST43 occurrences are exploration targets, not Mineral Resources. Historical sampling referenced in connection with them has not been verified by a current Qualified Person and should not be relied upon. Coincident magnetic and radiometric signatures are conceptual exploration targets only, and a geophysical anomaly is not evidence of mineralization. There is no assurance that further exploration will define a Mineral Resource on any of these occurrences.

Cautionary Note Regarding the Pending Transaction: The acquisition of the Sarfartoq licence holder has not closed and remains subject to the satisfaction of remaining conditions, including governmental and regulatory approvals in Greenland. There is no assurance the transaction will close on the terms described or at all. Offtake rights described in this article are stated by the Company to be non-binding and relate to potential future production that does not currently exist and may never exist. Neo Performance Materials Inc. is a counterparty to that transaction and a prospective strategic shareholder of Greenland Mines Ltd., and is not a peer, competitor or financial comparable of the Company.

References to MP Materials Corp., Perpetua Resources Corp., Ucore Rare Metals Inc. and Almonty Industries Inc. are provided solely as market and sector context. None of them is a peer, competitor, or financial comparable of Greenland Mines Ltd. They are at materially different stages of development, in different commodities and jurisdictions and, in several cases, in different segments of the critical minerals value chain; their resources, studies, financings, earnings and share performance are not indicative of Greenland Mines’ prospects. Greenland Mines Ltd. is a pre-revenue exploration and development company. No partnership, affiliation, sponsorship, or endorsement is implied, and none of the companies named has any involvement in Greenland Mines Ltd., this article, or its distribution.

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