Greenland Mines Completes Skaergaard Fjord Mapping, Advances Marine Logistics

Greenland Mines Ltd. (Nasdaq: GRML) has finished a bathymetric survey of the fjord system around its Skaergaard gold, palladium and platinum project in southeast Greenland. The data went into operational use before the survey vessel M/V Byr returned to Iceland.

The campaign covered navigation routes and multibeam mapping across Mikis Fjord, J.C. Jacobsen Fjord, Skaergaard Bugt and Uttendal Sund. Icelandic contractor Lagenes ehf ran the work under Captain Sigurdur Jonsson, who has sailed East Greenland fjords for 25 years. Survey Chief Lauri Aakko oversaw acquisition. The crew covered more area than the charter planned, and the data passed verification at the required resolution.

A dataset that nobody acts on is decoration. This one got used inside the same field season. The high-resolution bathymetry let the company's support vessel Argus move to a new anchorage in Uttendal Sund, about 500 metres from the main operational area at the outcropping gold zone. Anchoring a support vessel half a kilometre from the working face means shorter transfers, less helicopter reliance and a shorter chain between ship and rock.

"This is precisely the kind of foundational work that turns a promising deposit into a developable project," said Greenland Mines President Dr. Bo Moller Stensgaard. "For the first time, we now have high-quality seabed data across the fjords surrounding Skaergaard, acquired to international survey standards and already put to direct operational use this season."

The longer-term value sits one step past the field season. The survey results are being reviewed and validated, and are expected to support production of new official navigational charts by the Danish Geodata Agency. The company plans to commission a dedicated navigational safety study based on the data. Official charts are what insurers, shipping lines and port authorities work from. Their absence is a standing reason remote projects struggle to attract marine logistics on commercial terms.

Skaergaard sits roughly 400 km west of Iceland. Stensgaard has described a North Atlantic Critical Metals Corridor, with upstream production at Skaergaard and potential downstream processing at the Helguvik industrial complex on Iceland's Reykjanes Peninsula, where Greenland Mines holds a first right of refusal. That corridor only functions if the 400 km of sea is charted. Marine charting is one necessary input alongside technical studies, permits, processing arrangements, financing and commercial agreements.

The timing lines up with a broader Arctic gold-development push. Agnico Eagle Mines Ltd. (NYSE: AEM) approved construction at its Hope Bay project in Nunavut in May after completing detailed engineering. Management expects annual production of 400,000 to 435,000 ounces over an initial 11-year mine life from 2030, with sealift logistics central to the plan. Agnico reported record free cash flow of $1.335 billion in Q2 on realized gold prices averaging $4,483 an ounce. The stock has rallied about 24.6% over the past month. AlphaScala gives AEM an Alpha Score 71/100, a Moderate rating.

Kinross Gold Corp. (NYSE: KGC) offers another angle. Ontario fast-tracked the company's Great Bear project, a dynamic with a direct parallel in the Danish Geodata Agency's expected role at Skaergaard. Kinross shares have risen about 17.7% over the past month. AlphaScala scores KGC at 79/100, a Strong rating.

Newmont Corp. (NYSE: NEM) is the sector benchmark, with shares up 21.3% over the past month, including a 20.5% five-day jump to $112.97 when gold cleared $4,350 an ounce. AlphaScala gives NEM an Alpha Score 78/100, also Strong.

Skaergaard's resource scale makes the logistics question load-bearing. A technical report by SLR Consulting, effective July 3, 2026, reports indicated resources of 153.6 million tonnes at 3.04 g/t palladium equivalent, containing 15 million ounces of palladium equivalent. Inferred resources add 177.5 million tonnes at 3.07 g/t for 17.49 million ounces. Those resources are not reserves and do not demonstrate economic viability. A deposit that size does not move by air.

The 2026 drill program hit a separate milestone. All HQ-diameter core needed for the planned multi-tonne metallurgical bulk sample has been recovered by contractor Nordisk Fundering A/S. The program has moved to NQ-size core for resource definition and geotechnical drilling through the rest of the season. A new core shack is operational on site.

The survey data now heads into further review and validation toward charting, a safety study and infrastructure planning for construction and production-phase shipping. The drill program continues. Neither carries a guaranteed outcome. What they do is reduce uncertainty around marine access.