Greenland Mines Ltd (Sarfartoq)

A Nasdaq-listed exploration company, formerly a gene-therapy company, that bought the Sarfartoq NdPr project in southwest Greenland from Neo Performance Materials and co-owners in September 2026. Sarfartoq has an S-K 1300 resource and an Initial Assessment, and no reserve, pre-feasibility study or exploitation license.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

The published economics are a high case only, with prices 15% above, operating costs 15% below and capital costs 20% below an unpublished base case; the base case, capital cost and price deck are not in the release.
The study's product is a flotation concentrate of about 8.25% TREO, not separated NdPr oxide.
The March 2026 quarterly report stated substantial doubt about the company's ability to continue as a going concern without additional funding; the company has since raised more than $42 million.
The company's quarterly report was amended after SEC staff comment letters, removing references to mineralization estimates prepared under non-US standards.

At a glance

Founded: Not established in public sources — The listed company began as Redwoods Acquisition Corp., a blank check company that combined with ANEW Medical on June 21, 2024; it was renamed Klotho Neurosciences in July 2024 and Greenland Mines Ltd on March 11, 2026, after acquiring Greenland Mines Corp. (80% of the Skaergaard project) for convertible preferred stock. Sarfartoq was explored by Hudson Resources for more than a decade, optioned to Neo Performance Materials in 2022, and bought by Greenland Mines in September 2026.
Headquarters: Company offices not stated in the sources reviewed; the listed parent is a Delaware corporation. The project is in the Sarfartoq carbonatite complex, Qeqqata, southwest Greenland.
Ownership: Public, Nasdaq: GRML (warrants GRMLW). A 1-for-50 reverse stock split took effect on August 24, 2026 to regain compliance with Nasdaq's minimum bid price, leaving about 3.18 million common shares. Series C preferred stock issued for Greenland Mines Corp. (47,940 shares) converts into common stock on stockholder approval; before the split each converted into 42,554 common shares, and the former owners of Greenland Mines Corp. were expected to hold about 93% on an as-converted basis. In September 2026 the company raised more than $42 million from existing investors at $12 per share and ended its at-the-market facility. Neo Performance Materials received $15 million of the Sarfartoq consideration in shares.
Stage: Early stage. An exploration license with an Initial Assessment only: no reserve, pre-feasibility study, exploitation license or investment decision, and no production date.
Listing: Nasdaq: GRML
Revenue: Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Rare earth flotation concentrate, ST1 zone — Initial Assessment (S-K 1300, Agricola Mining Consultants, effective July 31, 2026)	1.4 Mt/yr of ore for 9 years (12.2 Mt at 1.32% TREO head grade) to a concentrate of about 8.25% TREO at 63.6% TREO recovery. The release does not publish tons of concentrate or of contained NdPr per year, capital cost, operating cost or the price deck. No production date.	Announced	Aug 2026
Neo Performance Materials offtake	non-binding rights, as Greenland Mines describes them, to up to 60% of ore or mineral concentrate, for processing at Neo's Silmet plant, Sillamäe, Estonia. Volume, price and term not published.	Announced	Sep 2026

Narrative

Sarfartoq is a carbonatite complex in southwest Greenland whose ST1 zone carries bastnaesite and monazite. Hudson Resources explored it for more than a decade and published inferred-only resources in 2011 and 2012; its 2011 preliminary economic assessment described about 27 million kg of neodymium oxide and 8 million kg of praseodymium oxide. In 2022 Neo Performance Materials paid Hudson US$3.5 million for the license through a special purpose company, Neo North Star Resources, with rights to up to 60% of future ore or concentrate for its Estonian operations. In May 2026 Neo agreed to sell that company to Greenland Mines for US$35 million, $20 million in cash and $15 million in Greenland Mines shares; Neo's subsidiary held 43.47% of it at closing on September 1, 2026, and Neo kept the offtake rights, which Greenland Mines describes as non-binding, and became a shareholder. Greenland Mines is the renamed Klotho Neurosciences, which reached Nasdaq through a blank check merger in 2024 as a gene-therapy developer and in March 2026 acquired Greenland Mines Corp., holder of 80% of the Skaergaard palladium-gold-platinum project in southeast Greenland. In August 2026 the company published Sarfartoq's first resource with an Indicated category, 6.9 Mt at 1.60% TREO plus 5.3 Mt Inferred at 0.96% TREO, and an Initial Assessment of a nine-year, 1.4 Mt/yr operation producing a flotation concentrate. It has applied to extend its license area by 262 km2 and in September 2026 raised more than $42 million, which it describes as funding its 2027 milestones.

Where public sources disagree

The company says Sarfartoq's planned annual NdPr oxide production would equal about 34% of all NdPr oxide refined outside China at 2025 consumption. The Initial Assessment's product is a flotation concentrate, and no annual tonnage is published. From the published figures, 1.4 Mt/yr at 1.32% TREO and 63.6% recovery gives about 11,750 t/yr of TREO in concentrate; at the resource's ratio of about 25% NdPr oxide in TREO (3,070 ppm Nd2O3 and 963 ppm Pr6O11 in 1.60% TREO), that is about 2,950 t/yr of NdPr oxide contained in concentrate, before any cracking or separation losses.
The resource announcement's reasonable-prospects assumptions use a flotation concentrate of about 19-20% TREO at 57-58% recovery; the Initial Assessment uses about 8.25% TREO at 63.6% recovery.
The company's project web page gives the resource as 5.9 Mt Indicated at 1.8% TREO and 2.5 Mt Inferred at 1.6%; the August 2026 announcement gives 6.9 Mt Indicated at 1.60% and 5.3 Mt Inferred at 0.96% for the combined open pit and underground case.
License area: the company's project page describes exploration license MEL 2020-32 as 687 km2; the September 21, 2026 release describes the position growing from about 192 km2 to about 454 km2 with a 262 km2 application; press coverage the same day gave about 227 km2 before the application.
The company described itself as fully funded through its 2027 milestones; no capital cost for construction has been published.
Neo's release of September 2, 2026 says it "maintains offtake rights for up to 60% of the ore or mineral concentrate"; Greenland Mines' release of August 25, 2026 describes the same rights as non-binding. Neither publishes a volume, price or term.

Latest reports

Period	Published	Report
Q1 2026 (quarter to 31 Mar 2026), amended	2026-08	Form 10-Q/A

Across these reports

A former gene-therapy company that became a Greenland mining company in March 2026. Cash was about US$10M before a September 2026 raise of more than US$42M; the common share count went through a 1-for-50 reverse split in August 2026.

Measure	What the reports show
Cash	US$10.0M (31 Mar 2026), then more than US$42M raised in Sep 2026.
Common shares	121.2M (20 May 2026) → about 158.9M before the 1-for-50 reverse split → about 3.18M after it (24 Aug 2026), before the September offering and any Series C conversion.
Sarfartoq	Agreed May 2026, closed 1 Sep 2026 (US$35M); S-K 1300 resource and Initial Assessment published Aug 2026.

Stated dates

Target	First stated	Now	Status
Sarfartoq pre-feasibility study	no date given (Aug 2026)	no date given	not yet due

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Sources

Sarfartoq Initial Assessment — Greenland Mines via GlobeNewswire (2026-08-25)
Initial Assessment release (concentrate grade and recovery) — StockTitan (2026-08-25)
S-K 1300 mineral resource estimate for Sarfartoq — Greenland Mines via Nasdaq (2026-08-24)
License application to extend Sarfartoq — Greenland Mines via GlobeNewswire (2026-09-21)
$12-per-share equity financing and field program — Greenland Mines via GlobeNewswire (2026-09-24)
Greenland Mines raises more than $42 million — Yahoo Finance (2026-09)
Neo completes transfer of Sarfartoq interest — Neo Performance Materials (2026-09-02)
Neo partners with Greenland Mines on Sarfartoq — Neo Performance Materials via Yahoo Finance (2026-05-20)
Hudson Resources and Neo sign agreement on Sarfartoq — ArcticToday (2022-08-22)
Klotho Neurosciences acquires Greenland Mines Corp. — Klotho Neurosciences via SEC (Form 8-K exhibit) (2026-03-04)
Quarterly report on Form 10-Q/A — Greenland Mines via SEC (2026-08)
Corporate update and 1-for-50 reverse split — StockTitan (2026-08-20)
Sarfartoq project page — Greenland Mines (2026-09-25)
Sarfartoq advances toward PFS with a Greenland-to-Estonia supply chain — Mining South East Europe (2026-08)
Greenland Mines stock on rare earth expansion — Benzinga (2026-09-21)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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