Greenland Mines Completes $12-Per-Share Equity Financing, Fully Funded Through 2027 Milestones with $42 Million, Terminates ATM, and Completes Sarfartoq Rare Earth Field Program

CHARLOTTE, N.C., Sept. 24, 2026 (GLOBE NEWSWIRE) — via IBN — Greenland Mines Ltd (Nasdaq: GRML) (“Greenland Mines” or the “Company”), a Western-aligned critical-minerals developer, today announced that it has raised more than $42 million from existing investors through a registered direct offering of common stock and pre-funded warrants, and the exercise of previously issued private warrants.

The financing materially strengthens the Company’s balance sheet and provides the capital the Company believes is required to execute its planned exploration and development programs and achieve its targeted 2027 milestones across its Greenland portfolio. All pre-funded warrants issued in the registered direct offering have now been exercised. With its planned capital needs through these milestones substantially addressed, the Company has terminated its at-the-market offering facility.

“Raising more than $42 million from our existing investors gives us the capital required to execute our plan and achieve our targeted 2027 milestones,” said Dr. Bo Møller Stensgaard, President of Greenland Mines Ltd. “Now it’s about execution. At Sarfartoq, we closed the acquisition on September 1 and within weeks completed a substantial field program that advances the next phase of drilling, technical work and district-scale exploration. I’m proud of what this team has accomplished — and even more excited about what comes next. This is the pace and discipline we intend to bring to every asset in the Greenland Mines portfolio.”

A welcome email is on its way. If you don't see it, please check your junk folder.

Greenland Mines has successfully completed its 2026 geological and structural field program at the Sarfartoq Neodymium-Praseodymium (“NdPr”) Rare Earth Project in southwest Greenland. Over approximately three weeks, the field team completed detailed geological and structural mapping, drone-supported outcrop surveying and systematic rock sampling across priority areas of the Sarfartoq Carbonatite Complex. The program was designed to strengthen the district-scale, three-dimensional geological framework surrounding ST1, improve targeting for future drilling and resource-upgrade work, and evaluate potential relationships between ST1 and other known rare earth zones across the broader complex.

The campaign also included sampling of carbonatites, rare earth mineralization and newly identified carbonatite-dyke occurrences, with samples expected to be submitted to a Canadian laboratory for rare earth element analysis. WSP Denmark completed a second consecutive year of environmental baseline field investigations, while the Sarfartoq camp has been winterized in restart-ready condition, preserving the option for preparatory work ahead of the principal 2027 field season.

Sarfartoq’s existing ST1 Mineral Resource comprises approximately 12.2 million tons grading 1.32% TREO. The independent Initial Assessment reported a High-case pre-tax NPV8 of approximately $2.05 billion and a pre-tax IRR of 118.6%.