GlobeNewswire·Aug 27, 2026, 11:30 AM ET

Greenland Mines Set to Close Sarfartoq Rare Earths Acquisition by Sept. 1, 2026

Greenland Mines Ltd expects to close its acquisition of Neo North Star Resources prior to September 1, 2026.
The company secured formal approval from the Government of Greenland for the indirect transfer of the Sarfartoq Nd-Pr rare earths license.
A public offering was completed to provide the $20 million cash component required for the $35 million total acquisition consideration.
The transaction includes $15 million in newly issued Greenland Mines common stock & Neo Performance Materials Inc. will become a strategic shareholder.
Neo Performance Materials retains offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production.
An independent Initial Assessment estimated a pre-tax NPV of approximately $2.05 billion & a pre-tax IRR of 118.6% for the high case scenario.
The assessment focused on the ST1 deposit, which represents less than 1% of the 191-square-kilometer license area.
Five additional rare earth occurrences along the 32-kilometer outer ring structure remain largely untested.
Post-closing plans include targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning, & environmental baseline studies.
Greenland Mines operates a multi-asset platform focused on rare earth magnet materials, precious metals, & midstream processing opportunities.