Greenland Mines raises $42M, terminates ATM facility

Greenland Mines Ltd (Nasdaq: GRML) raised more than $42 million through a registered direct offering of common stock and pre-funded warrants, along with the exercise of previously issued private warrants, according to a company statement.

The Charlotte, N.C.-based company priced the offering at $12 per share. All pre-funded warrants issued in the registered direct offering have been exercised. Following the raise, the company terminated its at-the-market offering facility, saying its planned capital needs through its 2027 milestones are substantially addressed.

"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.

The company also reported completion of its 2026 geological and structural field program at the Sarfartoq Neodymium-Praseodymium Rare Earth Project in southwest Greenland. The approximately three-week program included geological and structural mapping, drone-supported outcrop surveying, and rock sampling across priority areas of the Sarfartoq Carbonatite Complex. Assay results have not yet been received.

Greenland Mines completed the acquisition of the Sarfartoq project on September 1, 2026. The existing ST1 Mineral Resource at the site comprises approximately 12.2 million tons grading 1.32% total rare earth oxides. An independent Initial Assessment reported a high-case pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%.

Samples from the field program are 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 at the site. The Sarfartoq camp has been winterized ahead of a planned 2027 field season.

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