Greenland Approves License Transfer for Sarfartoq Rare Earths Project

The Government of Greenland has approved the transfer of Mineral Exploration License MEL 2020-32 from Neo Performance Materials Inc. to Greenland Mines Ltd. This regulatory decision, issued through the Ministry of Business and Mineral Resources, satisfies a primary closing condition for the acquisition of the Sarfartoq Neodymium-Praseodymium Rare Earths Project.

The Sarfartoq project contains high concentrations of rare earth oxides essential for permanent magnets used in electric vehicles, robotics, and defense. Greenland Mines Ltd intends to integrate the site with its Skaergaard palladium-gold-platinum project to establish a North Atlantic Critical Metals Corridor, linking Greenlandic resources with broader North Atlantic processing and logistics infrastructure.

President of Greenland Mines Ltd Bo Møller Stensgaard described the approval as a "fundamental milestone" for the company. He stated that the project represents one of the most important undeveloped neodymium-praseodymium resources in the Western world and serves as a "foundational step" in creating a Western-aligned supply chain to reduce dependence on non-Western sources.