Greenland Mines (GRML) Expects to Complete Sarfartoq Rare Earths Project Acquisition Before Sept. 1

About this update from Greenland Mines Ltd

LOS ANGELES, CA - August 28, 2026 ( NEWMEDIAWIRE ) - Greenland Mines (NASDAQ: GRML) announced that it expects to complete its previously announced acquisition of Neo North Star Resources, Inc., owner of the Sarfartoq Nd-Pr Rare Earths Project in southwest Greenland, before Sept. 1, 2026. The company has received formal approval from the Government of Greenland for the indirect transfer of the Sarfartoq mineral license and completed its recently announced public offering, providing the capital required to fund the $20 million cash portion of the $35 million acquisition. The remaining $15 million will consist of newly issued Greenland Mines common stock, with Neo Performance Materials Inc. becoming a strategic shareholder and retaining offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production. Following closing, Greenland Mines intends to move directly into targeted infill drilling, pilot-scale metallurgical test work, mine engineering planning and continued environmental and social baseline studies as it advances Sarfartoq toward a Pre-Feasibility Study. The planned acquisition follows the release of an independent Initial Assessment that, under the high case, estimated a pre-tax net present value of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%, including Indicated and Inferred Mineral Resources. The assessment is based entirely on the ST1 deposit, which occupies well under 1% of the 191-square-kilometer mineral exploration license. To view the full press release, visit: https://ibn.fm/tJJfN About Greenland Mines Greenland Mines Ltd. is a Nasdaq-listed company with two operating divisions: (1) Mining, focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing of the previously announced transaction, the Sarfartoq neodymium-praseodymium (Nd-Pr) rare earths project in southwest Greenland; and (2) Biotech, including Klotho's KLTO202 primary indication for ALS. The Company's strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure. Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: https://IBN.ai/Disclaimer The latest news and updates relating to GRML are available in the company's newsroom at https://ibn.fm/GRML Forward Looking Statements Certain statements in this article are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of the Company's most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of the Company's Quarterly Reports on Form 10-Q and in the Company's other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this article in making an investment decision, which are based on information available to us on the date hereof. All parties undertake no duty to update this information unless required by law View the original release on www.newmediawire.com

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