Greenland Government Approves Sarfartoq Rare Earths License Transfer

The project carries a historic NI 43-101 Mineral Resource Estimate and a Preliminary Economic Assessment. It is supported by more than 15 years of exploration work, over 23,000 meters of drilling, extensive metallurgical test work, and environmental baseline studies already underway. An existing 20-person camp and two drill rigs are ready for immediate mobilization.

Global magnet-grade neodymium-praseodymium supply remains heavily concentrated outside the Western hemisphere. Recent export restrictions have pushed the United States, Europe, and allied nations to secure independent sources of these materials, which are essential for permanent magnets used in electric vehicles, offshore wind turbines, robotics, and defense systems.

Greenland Mines already holds the Skaergaard palladium-gold-platinum project in southeast Greenland. Sarfartoq gives the company a dual-commodity position spanning both precious and platinum group metals and rare earth magnet materials within a single jurisdiction. The company calls this the North Atlantic Critical Metals Corridor, a strategy to link upstream Greenlandic resources with midstream processing and logistics across the North Atlantic, including its position in Iceland.

The company expects to close the Sarfartoq acquisition in the coming months, subject to remaining conditions. With two drill rigs and a camp already in place, the project is positioned for fast execution once the transaction closes.