Issued on behalf of Greenland Mines Ltd (Nasdaq: GRML)

Days after signing to acquire the project, a site team was inspecting drill rigs on an Arctic plateau — a speed of execution that says as much about the opportunity as the ore itself.

CHARLOTTE, N.C., June 05, 2026 (GLOBE NEWSWIRE) -- American News Group News Commentary – The race to build a rare earth supply chain outside of China is usually fought in laboratories, boardrooms and government offices. Occasionally it is fought on a windswept plateau in southwest Greenland. In late May, a team from Greenland Mines Ltd (Nasdaq: GRML) flew into the Sarfartoq neodymium‑praseodymium rare earths project to walk the ore zones, inspect the drill rigs and size up a camp that had been waiting for them — barely a week after the company signed the agreement to buy the project. The speed of that move is the story beneath the story.

On May 20, 2026, Greenland Mines signed a definitive agreement to acquire Neo North Star Resources, Inc., the owner of the Sarfartoq Project, from its stockholders including Neo Performance Materials. Eight days later, on May 28, the company’s Greenland operations team completed an inaugural site visit. For a project in one of the more logistically demanding corners of the mining world, landing a team on the ground that quickly is not a routine feat — and Greenland Mines is presenting it as evidence of both the strength of its in‑country platform and the quality of what it is inheriting.

What the Team Found
Country Manager Hans Jensen and Permitting and Community Manager Robert Møller inspected the ST1 Nd‑Pr ore zone within exploration license MEL 2020‑32 and assessed several of the other ST targets, with particular emphasis on the ST40 target and the roughly 2.5‑kilometre corridor that runs between ST1 and ST40. That corridor matters: continuity between two mineralized zones is exactly the kind of geometry that can expand a resource beyond a single deposit. The team also reviewed the existing infrastructure, including two diamond drill rigs stored at site and the fully equipped Sarfartoq camp.

The verdict, in the company’s telling, was encouraging. The drill rigs, camp facilities and field‑support infrastructure were described as being in excellent condition and well suited to supporting new exploration and project development campaigns. The camp is designed to accommodate approximately 25–30 personnel and provides full support facilities for geological, drilling and environmental work across the license area. While on site, the team also overflew and inspected several locations previously identified in earlier studies as potential sites for future infrastructure tied to a possible mining scenario — useful context for the technical and permitting work ahead.

“Seeing Sarfartoq on the ground so soon after signing the acquisition agreement was both impressive and motivating,” Jensen said. “The ST1 and ST40 zones and the corridor between them show exactly the kind of scale and continuity we want to be working on, and the existing camp, drill rigs and logistics setup are some of the most well‑organized field assets I have seen in Greenland. That gives us real confidence that we can get ‘boots on the ground’ quickly and move the Project forward without losing seasons.”

A Deep Database, Awaiting Fresh Eyes
One reason Greenland Mines can talk about moving quickly is that it is not starting from a blank map. The drilling history at Sarfartoq is unusually deep for a project at this stage. Neo North Star Resources completed an infill drill program on the ST1 Nd‑Pr ore body in 2023, alongside geophysical and geochemical surveys, drilling approximately 4,607 meters of core at ST1. That sits on top of more than 18,000 meters of historic drilling previously completed at ST1 and other targets. All told, 161 drill holes totaling roughly 35,800 meters have been drilled across the Sarfartoq property.

Crucially, the 2023 data have only been used in internal studies by Neo and have not yet been publicly disclosed. Greenland Mines intends to have that drilling and the associated datasets validated and interpreted by an independent geological consultancy as a priority — a necessary step before any of it can support an updated, public Mineral Resource for ST1. In other words, the company believes there may be value sitting in a dataset that the market has never seen, but it is being appropriately careful to frame that as something requiring independent verification rather than a foregone conclusion.

That validation work is one strand of a broader 2026 field program. Greenland Mines intends to re‑open the Sarfartoq camp later in 2026 to support geological mapping, data verification and planning for future drilling, as well as a second year of environmental baseline studies — with a view to submitting the relevant documentation toward an Exploitation License. With the camp and rigs already in place, the company expects field activities to ramp up efficiently once final programs and approvals are confirmed, allowing it to advance the permitting track and the technical track in parallel rather than in sequence.

The upside case extends beyond a simple resource update. Greenland Mines believes the 2023 drilling and associated technical work will help further define the geometry of mineralization and shed light on value drivers that the historic 2011 Preliminary Economic Assessment never explicitly considered. Two stand out: the potential role of niobium as a future by‑product, and the additional contribution of certain higher‑value heavy rare earth elements — notably terbium and dysprosium — to the project’s overall basket value. With heavy rare earth benchmark prices for terbium and dysprosium oxides sitting well above light rare earth levels, even modest heavy‑REE credits can move a project’s economics.

Resetting the Story With a Modern PEA
The 2011 PEA is now a teenager, and the rare earth market it was written for no longer exists. Prices, demand drivers and the strategic importance of non‑Chinese magnet supply have all shifted dramatically. Recognizing that, Greenland Mines is initiating a plan to update the PEA, incorporating a new Mineral Resource Estimate as well as current rare earth market prices. The company also believes newer data could support evaluating development concepts well beyond the historic ST1‑only case — including how mineralization across the broader ST1–ST40 trend might influence future resource growth, mine planning and project optimization.

In the company’s view, an updated Mineral Resource and a modernized PEA would form a strong technical foundation for advancing Sarfartoq through its next phase of development, and could materially reset market understanding of the project’s scale, quality and future production potential. That is a deliberately ambitious framing — and one that, by the company’s own admission, depends on independent validation and future disclosure rather than today’s historic studies.

Why Sarfartoq, and Why Now
Sarfartoq is an advanced carbonatite‑hosted rare earths project in the Qeqqata region of southwest Greenland, roughly 60 km from the international airport at Kangerlussuaq and close to sheltered deep‑fjord tidewater and prospective hydropower. Its enrichment in neodymium and praseodymium places it squarely in the most strategically important corner of the rare earth market: Nd‑Pr is the workhorse input for the permanent magnets that drive electric vehicles, wind turbines, defense systems and a widening range of high‑efficiency motors and generators. The license package also carries the Nukittooq niobium‑tantalum project and prospective phosphorus mineralization, layering additional critical‑minerals optionality onto the core Nd‑Pr story.

Greenland Mines argues that Sarfartoq stands out within Greenland’s rare earth landscape because it pairs strong Nd‑Pr enrichment with more than 15 years of substantial technical work, conventional rare earth mineralogy similar to that which underpins producing operations elsewhere, favorable logistics and a development profile the company believes may be comparatively straightforward. Reinforcing that case is Neo’s decision to stay involved: the strategic partner remains both an offtake partner and a shareholder, which turns the deal from a clean hand‑off into a continuation of a long‑term relationship linking a Greenlandic Nd‑Pr source to proven mid‑ and downstream processing and magnet production.

“We want to acknowledge Neo North Star Resources and Neo Performance Materials for the quality of the work and infrastructure they have established at Sarfartoq,” Jensen said. “Their ongoing role as a strategic offtake partner and shareholder means this is not just a project hand‑off; it is a continuation of a long‑term collaboration. Just as importantly, the more recent drilling appears to have added meaningful technical momentum to the Project, and we believe that, once independently validated, those data may support a stronger and more valuable development case than is captured in the historic 2011 PEA study.”

The Company Behind the Project
Greenland Mines Ltd is a Nasdaq‑listed company with two operating divisions. Its Mining division is focused on the Skaergaard Project in southeast Greenland and, subject to closing, the Sarfartoq rare earths project in the southwest; its Biotech division includes Klotho’s KLTO‑202 program, whose primary indication is ALS. Through its acquisition of Greenland Mines Corp., the company holds Skaergaard, which carries an NI 43‑101 (November 2022) Mineral Resource of 11.4 million ounces palladium‑equivalent Indicated and 14.1 million ounces palladium‑equivalent Inferred. Those are resources, not reserves, and do not have demonstrated economic viability.

On the transaction itself, the application for transfer of the Sarfartoq exploration license has been submitted to the Government of Greenland, and the license transfer process has been initiated. Closing remains subject to customary conditions, including approval from the Government of Greenland under Section 69 of the Greenland Mineral Activities Act for the indirect transfer of the mineral rights licenses, plus other regulatory and third‑party consents. Greenland Mines and Neo have agreed to use commercially reasonable efforts to obtain the necessary approvals as promptly as practicable.

Where Sarfartoq Sits in the Peer Group
The strategic logic behind Sarfartoq is the same one driving a wave of Western rare earth developers. USA Rare Earth, Inc. (NASDAQ: USAR) is building a domestic magnet supply chain, having produced early sintered neodymium‑iron‑boron magnets and expanded through acquisitions of metals and alloys capability. Aclara Resources Inc. (TSX: ARA) is advancing ionic‑clay heavy rare earth projects in South America with an integrated supply‑chain ambition, while Idaho Strategic Resources, Inc. (NYSE American: IDR) pairs gold production with a U.S.‑based rare earth land position, giving it a self‑funded angle uncommon among juniors.

Further along the processing chain, Ucore Rare Metals Inc. (OTCQX: UURAF) is focused on rare earth separation technology and refining capacity in North America — a reminder that turning Nd‑Pr‑rich rock into saleable separated oxide is often the hardest link in the chain, and the one Neo’s continued involvement is designed to address for Sarfartoq. Across the group, the common thread is clear: capital, policy and offtake interest are converging on credible non‑Chinese sources of magnet metals, and a Greenlandic Nd‑Pr project with deep technical history and a downstream partner is well aligned with that theme.

The Takeaway
Greenland Mines has not yet closed the acquisition, updated the resource, or modernized the PEA — and each of those steps carries real execution and permitting risk. But the speed of the Sarfartoq site visit, the quality of the inherited infrastructure and the depth of an undisclosed 2023 dataset together make a case that the project’s next phase could unfold faster than the market expects. For a sector that prizes momentum, getting a team onto an Arctic plateau within days of signing is a strong opening move.

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SOURCES:

1. Greenland Mines Ltd, “Greenland Mines Completes Site Visit to Sarfartoq Nd-Pr Rare Earth Magnet Project in Greenland; Prepares 2026 Field Program,” PR Newswire, June 4, 2026.
2. Greenland Mines Ltd corporate disclosure regarding the May 20, 2026 definitive agreement to acquire Neo North Star Resources, Inc.
3. Junior Mining Network and Yahoo Finance issuer listings for referenced comparable companies (tickers/exchanges as of June 2026).

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CAUTIONARY NOTE REGARDING MINERAL RESOURCES:
The Mineral Resource Estimates referenced in this article were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in the technical report dated November 22, 2022. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The gross undiscounted in-situ metal values expressed herein are illustrative calculations using February 2026 metal prices and do not account for mining recoveries, metallurgical losses, capital costs, operating costs, royalties, taxes, permitting requirements, or any other technical or economic factors. These values are not indicative of future revenue, project economics or net present value. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project, and there is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established.

CAUTIONARY NOTE REGARDING SARFARTOQ AND THE ACQUISITION:
The acquisition of Neo North Star Resources, Inc., owner of the Sarfartoq Nd-Pr rare earths project, was announced by way of a definitive agreement dated May 20, 2026 and has not yet closed. Closing remains subject to customary closing conditions, including approval from the Government of Greenland under Section 69 of the Greenland Mineral Activities Act for the indirect transfer of the mineral rights licenses, as well as certain other regulatory and third-party consents; there is no certainty the acquisition will be completed. Any Mineral Resource Estimate for the ST1 zone referenced herein is historic, was not prepared by or for Greenland Mines Ltd, and is not being treated by the Company as a current Mineral Resource; the Company intends to have historic and 2023 drilling data independently validated before updating any resource. The Preliminary Economic Assessment referenced for Sarfartoq was completed in 2011 and is historic; the Company is only initiating a plan to update it. Drilling totals, metallurgical results, by-product (niobium) potential and heavy rare earth (terbium, dysprosium) value contributions referenced herein are based on historic and/or internal data that have not been independently verified or publicly disclosed, and should not be relied upon. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Heavy rare earth oxide price levels cited reflect third-party benchmark assessments as of Q2 2026 and are illustrative only.

FORWARD-LOOKING STATEMENTS:
This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include that demand for rare earths, platinum group metals and critical minerals will continue to grow and tighten; that Greenland Mines Ltd's Sarfartoq and Skaergaard projects will advance through their planned technical, metallurgical, environmental and permitting work programs as described; that the previously announced acquisition of Neo North Star Resources, Inc. and the related license transfer will be completed; that the Company's engagements with independent consultants will proceed as planned; that an updated Mineral Resource Estimate and modernized Preliminary Economic Assessment for Sarfartoq will be completed; and that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; permitting risks; the Company's ability to obtain and retain necessary licensing and regulatory and third-party consents; political and competitive risks; failure of forecasts and assumptions to come to fruition; metal price volatility; the inherent uncertainty of mineral resource estimates; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.