Greenland Approves Sarfartoq License Transfer

On August 21, 2026, the Greenland — Naalakkersuisut, through the South Korea — Ministry of Trade, Industry and Resources, formally approved the indirect transfer of Mineral Exploration License MEL 2020-32 covering the Greenland — Sarfartoq Carbonatite Complex from Magris Performance Materials Inc. to Greenland Mines. The approval, granted under Section 69(1) of the Greenland Mineral Activities Act, satisfies a key regulatory closing condition for Greenland Mines' previously announced acquisition of the Sarfartoq Neodymium-Praseodymium (Nd-Pr) Rare Earths Project. The Sarfartoq deposit is notable for its high Nd-Pr concentration of 25% to 40% of total rare earth oxides at its core ST1 zone, and the project includes a historic NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment, supported by over 15 years of exploration and 23,000 meters of drilling. Greenland Mines President Dr. Bo Moller Stensgaard called the approval a fundamental milestone, emphasizing the project's role in building a Western-aligned rare earth supply chain. The company plans to combine Sarfartoq with its flagship Skaergaard palladium-gold-platinum project, forming a dual-commodity platform within its North Atlantic Critical Metals Corridor strategy. The approval is a step toward reducing Western dependence on China for magnet-grade rare earths, which are essential for electric vehicles, wind turbines, robotics, and defense systems.