Mr. Rahim Suleman reports

GREENLAND MINES SIGNS DEFINITIVE AGREEMENT TO ACQUIRE THE SARFARTOQ NEODYMIUM-PRASEODYMIUM RARE EARTHS PROJECT IN GREENLAND

Greenland Mines Ltd. has entered into an agreement to acquire Neo North Star Resources Inc., owner of the Sarfartoq rare earth project in southwestern Greenland, from its stockholders, including Neo Performance Materials Inc. The transaction will be structured as a merger between Neo North Star Resources and a newly formed, wholly owned subsidiary of the company.

Sarfartoq is an advanced carbonatite-hosted rare earth deposit strongly enriched in the elements neodymium and praseodymium. The acquisition will give Greenland Mines two complementary Greenland development assets: Nd-Pr-rich Sarfartoq and the Skaergaard precious and critical metal project.

"Sarfartoq is a transformational addition to Greenland Mines' North Atlantic strategy. It will give investors exposure to two large-scale Greenland critical minerals projects and brings Neo Performance Materials on board as an offtake partner -- connecting an upstream Greenlandic source of Nd-Pr feedstock to Neo's mid-stream and downstream magnet platform. We have great respect for the extensive technical work already completed on Sarfartoq and look forward to rapidly building on that foundation," said Bo Moller Stensgaard, president, Greenland Mines.

Rahim Suleman, president and chief executive officer of Neo Performance Materials, commented: "We wish Greenland Mines every success as they advance this project while we maintain our commitment as an offtake partner and shareholder. This agreement reflects our disciplined approach to capital allocation and reinforces Neo's strategic identity as a mid-stream and downstream advanced materials company, where we create the most value for our customers and shareholders."

The Sarfartoq project

The Sarfartoq rare earth project lies in the Qeqqata region of southwestern Greenland, roughly 60 kilometres from Kangerlussuaq -- the settlement and international airport originally built as the U.S. Sondrestrom Air Base. The town of Sisimiut, host to Greenland's mining school, sits 130 kilometres to the northwest. Through NNSR, Greenland Mines will acquire 100 per cent of the Greenland branch Qaatsuitsup Ulloriaa, which holds mineral exploration licence MEL 2020-32 over the Sarfartoq carbonatite complex.

The project benefits from a rare combination of high-grade rare earth content and unusually favourable Arctic logistics being located along a sheltered deep-fjord tidewater location and adjacent to the best hydroelectric potential in Greenland. Regional precedent reinforces the development case -- Lumina's operating Qaqortorsuaq anorthosite mine (White Mountain) lies approximately 80 km to the northwest in the same Kangerlussuaq fjord region and has been shipping product by bulk carrier since 2019.

In the company's opinion, Sarfartoq stands out as a unique Nd/Pr rich rare earth project in Greenland combining a defined National Instrument 43-101 mineral resource, an economic study and conventional metallurgical mineral hosts that support rare earth element processing and extraction. That combination, together with Greenland Mining's experienced team and more than 15 years of extensive geological and technical work in the project, and Neo's continued commitment as offtake partner and shareholder, supports what the company believes is an opportunity to rapidly advance the project toward commercialization.

Project maturity and National Instrument 43-101 resource

More than 23,000 metres of drilling, metallurgical testwork, mineralogy and environmental baseline work underpin the ST1 zone, anchored by a historic NI 43-101 mineral resource estimate and a preliminary economic assessment completed in 2011, with additional drilling and internal studies completed by NNSR since 2023.

The resource estimate is concentrated within the ST1 zone:

• Indicated resource: 5.88 million tonnes grading 1.77 per cent total rare earth oxide;
• Inferred resource: 2.46 million tonnes grading 1.59 per cent TREO;
• Contained Nd-Pr (ST1 zone).

These figures place Sarfartoq among the more meaningful Nd-Pr resources in the Western world. High-grade intervals at ST1 include eight metres of 6.5 per cent TREO, 14 m of 4.8 per cent TREO and 22 m of 4 per cent TREO. The REE distribution story is equally distinctive: Nd-Pr represents approximately 25 per cent to 40 per cent of TREO across the deposit, and the nearby ST40 zone has been publicly described as hosting one of the highest known neodymium-to-TREO ratios in the rare earth industry at 45 per cent of TREO. For an end market that pays for Nd-Pr and discounts the rest, that ratio matters as much as tonnage.

NNSR has indicated that ST1 is ready for an updated PEA, and Greenland Mines intends to advance that work as a near-term high priority. The company will also initiate dialogue with the government of Greenland on a pathway toward an exploitation licence for the Sarfartoq project.

Continued alignment with Neo

The transaction will allow the company and Neo Performance Materials to each sharpen its business focus on its individual core expertise. Neo Performance Materials is widely regarded as the leading Western commercial mid- and downstream producer of rare earth permanent magnets outside of China, particularly following the recent opening of its advanced rare earth magnet plant in Estonia. Neo originally acquired Sarfartoq to secure upstream Nd-Pr feedstock for its rare earth separation activities in Europe and expanding regional magnet supply chains.

The transaction allows Greenland Mines to assume ownership of the Sarfartoq project while preserving industrial alignment with Neo having an offtake agreement to process up to 60 per cent of future ore or mineral concentrate production.

Geological upside and the broader exploration pipeline

Only a small fraction of Sarfartoq has been explored to date. The project sits within a roughly 13-kilometre-diameter carbonatite complex on the edge of the Archean craton in southwestern Greenland, first mapped by GEUS in the 1970s. The outer ring structure of the carbonatite, which hosts the rare earth mineralization, has a strike length of 32 km. ST1 is one of several mineralized targets defined along the complex's outer ring structure; ST19, ST24, ST31 and ST40 sit on the same trends and have been proved through drilling, radiometrics, magnetics and surface sampling to contain significant REE mineralization. Greenland Mines views ST1 as the near-term economic anchor and the wider ST corridor as substantial search space for additional rare earth bodies. Recent geological programs in 2023 and 2024 identified a number of new drill targets along previously unexplored sections of the outer ring structure.

The mineralogy is dominated by bastnasite, synchysite, ancylite and monazite -- species already processed at operating rare earth mines elsewhere globally, which the company believes meaningfully derisks the metallurgical pathway.

The licence package also includes the Nukittooq niobium-tantalum project and prospective phosphorus mineralization, adding further critical mineral optionality across the broader carbonatite system. The project comes with a new 20-person camp and two drill rigs allowing the team to hit the ground running.

Strategic fit with Skaergaard

Sarfartoq is highly complementary to Skaergaard. Skaergaard offers exposure to palladium, gold and platinum, with potential byproducts including vanadium, gallium, iron and titanium. Sarfartoq adds direct entry into the rare earth permanent magnet supply chain through neodymium and praseodymium -- the two rare earth elements most important to high performance permanent magnets in electric vehicles, wind turbines and defence applications.

Together, the two projects form the foundation of what Greenland Mines describes as a North Atlantic critical mineral corridor -- linking Greenlandic mineral resources to mid- and downstream processing, logistics, offtake, industrial partnerships, original equipment manufacturers, and end markets in Europe and North America. The company believes this strategy aligns directly with growing industrial, defence and policy efforts on both sides of the Atlantic to build more resilient, diversified and non-China critical mineral supply chains.

Next steps

Closing of the acquisition is 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 licences, as well as certain other regulatory and third party consents. Greenland Mines and Neo have agreed to use commercially reasonable efforts to obtain all necessary approvals as promptly as practicable.

After closing, Greenland Mines intends to advance Sarfartoq through an updated technical and economic work program, including discussions with Wardrop/Tetra Tech -- the consulting group behind the historical PEA -- on a possible fast-tracked preliminary economic assessment update to incorporate current Nd/Pr pricing, which is approximately two times higher than the assumptions used in the 2011 PEA. The company will also engage with the government of Greenland on an exploitation licence pathway, supported by the historic mineral resource, prior project description work and the environmental baseline investigations initiated in 2023 by WSP Denmark. Sarfartoq will be advanced in parallel with Skaergaard, drawing on Greenland Mines' extensive in-country capabilities and technical consultant network.

At closing, total consideration for the acquisition will be $35-million (U.S.), paid in the form of $20-million (U.S.) in cash and $15-million (U.S.) in newly issued shares of Greenland Mines common stock.

Additional information regarding the acquisition, including the definitive transaction documents, will be included in the company's current report on Form 8-K to be filed with the Securities and Exchange Commission.

About Greenland Mines Ltd.

Greenland Mines is a Nasdaq-listed company with two operating divisions: (1) natural resources, focused on the exploration and development of the Skaergaard project in southeastern Greenland -- one of the largest undeveloped palladium, gold and platinum deposits in the world; and (2) cell and gene therapy, including Klotho's KLTO-202 primary indication for ALS. Through its recent acquisition of Greenland Mines, the company holds the Skaergaard project, which hosts a National Instrument 43-101 (November, 2022) mineral resource of 11.4 million ounces palladium equivalent indicated and 14.1 Moz PdEq inferred. The company is led by an experienced team of mining, geological, biotech and capital market professionals.

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