Greenland Mines Completes $12-Per-Share Equity Financing, Fully Funded Through 2027 Milestones with $42 Million, Terminates ATM, and Completes Sarfartoq Rare Earth Field Program

The company believes the funding covers its planned exploration and development programs through targeted 2027 milestones.

Rhea-AI Summary

Greenland Mines (GRML) announced more than $42 million in equity financing on September 24, 2026. Existing investors provided the funds through a registered direct offering of common shares and pre-funded warrants and exercises of previously issued private warrants. The stated financing price was $12 per share. All pre-funded warrants from the offering have been exercised. Greenland Mines terminated its at-the-market offering facility and believes the funding covers its planned programs and targeted 2027 milestones.

The company also completed a roughly three-week geological mapping and sampling program at its Sarfartoq rare earth project, which it acquired on September 1. Samples are expected to be sent for analysis, but assay results have not arrived. The existing ST1 resource is approximately 12.2 million tons grading 1.32% total rare earth oxides. The new sampling has not established the grade or economic viability of the sampled occurrences.

Positive

• More than $42 million raised from existing investors

Negative

• None.

News Explained

At the second-quarter cash-use rate, the financing’s forty-two-million-dollar floor equals 557.6 days of historical operating outflow.

In the completed financing, the common-share issuance and exercise of all offering pre-funded warrants increase the share count and reduce existing holders’ percentage ownership.

The release does not state how many shares were issued, so the ownership change cannot be quantified.

At June 30, 2026, cash and equivalents were $9.3 million, equal to 123.5 days of second-quarter operating cash outflow; the $42 million stated minimum for the financing corresponds to 557.6 days at that historical rate.

Sources and calculations

• Greenland Mines financing and Sarfartoq field-program release (2026-09-24)
• Pre-funded warrant definition (date not supplied)
• Dilution definition (date not supplied)
• Greenland Mines second-quarter 2026 fundamentals (2026Q2)

• Offering gross against the last reported quarterly operating outflow, in days at that rate $42,000,000 / ($6,853,878 / 91) = 557.6 days
• Available liquidity against the last reported quarterly operating outflow, in days at that rate $9,300,000 / ($6,853,878 / 91) = 123.5 days

Market Context

The Sept. 21 Sarfartoq resource update reported 12.2 million tons at 1.32% TREO; this release adds f...

Analysis

The Sept. 21 Sarfartoq resource update reported 12.2 million tons at 1.32% TREO; this release adds field mapping and sampling around ST1, while noting assay results have not yet been received.

Key Figures

Equity financing: More than $42 million Financing price: $12 per share

Equity financing

More than $42 million

Raised from existing investors through common stock, pre-funded warrants, and exercise of previously issued private warrants

Financing price

$12 per share

Equity financing, as stated in the headline

Historical Context

1 past event · Latest: Sep 21

1 event

1. Sep 21

   Sarfartoq resource update

   24h Move

   +230.5%

   Company applied for an adjacent license and disclosed ST1 resource and Initial Assessment metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

registered direct offering, pre-funded warrants, at-the-market offering

3 terms

registered direct offering financial

"through a registered direct offering of common stock"

A registered direct offering is a way for a company to sell new shares of its stock directly to select investors with regulatory approval. This method allows the company to raise funds quickly and efficiently without needing a public auction, similar to offering exclusive access to a limited number of buyers. For investors, it often provides an opportunity to purchase shares at a favorable price, while giving the company immediate access to capital.

pre-funded warrants financial

"common stock and pre-funded warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

at-the-market offering financial

"terminated its at-the-market offering facility"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CHARLOTTE, N.C., Sept. 24, 2026 (GLOBE NEWSWIRE) -- via IBN -- Greenland Mines Ltd (Nasdaq: GRML) (“Greenland Mines” or the “Company”), a Western-aligned critical-minerals developer, today announced that it has raised more than $42 million from existing investors through a registered direct offering of common stock and pre-funded warrants, and the exercise of previously issued private warrants.

The financing materially strengthens the Company’s balance sheet and provides the capital the Company believes is required to execute its planned exploration and development programs and achieve its targeted 2027 milestones across its Greenland portfolio. All pre-funded warrants issued in the registered direct offering have now been exercised. With its planned capital needs through these milestones substantially addressed, the Company has terminated its at-the-market offering facility.

“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. “Now it’s about execution. At Sarfartoq, we closed the acquisition on September 1 and within weeks completed a substantial field program that advances the next phase of drilling, technical work and district-scale exploration. I’m proud of what this team has accomplished — and even more excited about what comes next. This is the pace and discipline we intend to bring to every asset in the Greenland Mines portfolio.”

Sarfartoq Field Program Successfully Completed

Greenland Mines has successfully completed its 2026 geological and structural field program at the Sarfartoq Neodymium-Praseodymium (“NdPr”) Rare Earth Project in southwest Greenland. Over approximately three weeks, the field team completed detailed geological and structural mapping, drone-supported outcrop surveying and systematic rock sampling across priority areas of the Sarfartoq Carbonatite Complex. The program was designed to strengthen the district-scale, three-dimensional geological framework surrounding ST1, improve targeting for future drilling and resource-upgrade work, and evaluate potential relationships between ST1 and other known rare earth zones across the broader complex.

The campaign also included sampling of carbonatites, rare earth mineralization and newly identified carbonatite-dyke occurrences, with samples 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, while the Sarfartoq camp has been winterized in restart-ready condition, preserving the option for preparatory work ahead of the principal 2027 field season.

Sarfartoq’s existing ST1 Mineral Resource comprises approximately 12.2 million tons grading 1.32% TREO. The independent Initial Assessment reported a High-case pre-tax NPV8 of approximately $2.05 billion and a pre-tax IRR of 118.6%. ST1 occupies well under 1% of the existing Sarfartoq exploration licence, with multiple additional known rare earth occurrences outside the current Mineral Resource, mine plan and economic analysis — underscoring the broader district-scale opportunity the Company intends to evaluate.

Technical information

The scientific and technical information relating to the ST1 Mineral Resource Estimate was prepared by Ronald G. Simpson, P.Geo., of GeoSim Services Inc., with technical and engineering support from Hassan Ghaffari, P.Eng., M.A.Sc., of Tetra Tech Canada Inc.; each is an independent Qualified Person as defined under Regulation S-K Subpart 1300. The Sarfartoq Initial Assessment was prepared by Agricola Mining Consultants Pty Ltd. under the direction of Malcolm Castle, MAusIMM, an independent Qualified Person as defined under S-K 1300. The applicable Technical Report Summaries have an effective date of July 31, 2026.

The field program described in this release was an early-stage geological mapping and sampling program. Assay results have not yet been received. No statement in this release should be interpreted as establishing the grade, width, continuity, tonnage or economic viability of the sampled or newly observed occurrences.

About Greenland Mines Ltd

Greenland Mines Ltd is a Nasdaq-listed resource development and mining company focused on the development of the Skaergaard Project in southeast Greenland and the Sarfartoq neodymium-praseodymium rare earths project in southwest Greenland. The Company’s strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and select midstream processing opportunities, while advancing its assets and broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “potential,” “could,” “may,” “will,” “should,” “estimate,” “objective” and similar expressions.

Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties. Many factors could cause actual results to differ materially, including exploration, resource-estimation, metallurgical, engineering, environmental, social, permitting, logistical, infrastructure, financing, commodity-price, market, counterparty and execution risks; the availability and level of participation of advisory board members; changes to planned programs and timelines; the Company’s ability to obtain required approvals and financing; and risks described in documents filed or to be filed with the U.S. Securities and Exchange Commission. No assurance can be given that studies, applications, partnerships, transactions, development decisions or production will occur on the timing contemplated or at all.

Readers should carefully consider these factors and the other risks and uncertainties described in the Company’s SEC filings. All information in this press release is provided as of its date, and the Company undertakes no obligation to update any forward-looking statement except as required by applicable law.

Investor Contact and Corporate Communications:

ir@greenlandmines.com
Website: www.greenlandmines.com

Corporate Communications:

IBN
Austin, Texas
IBN.Ai
512.354.7000 Office
Editor@IBN.Ai

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Greenland Mines raise in its September 2026 equity financing?

Greenland Mines raised more than $42 million from existing investors through a registered direct offering of common shares and pre-funded warrants and exercises of previously issued private warrants. The stated financing price was $12 per share.

Are assay results available from Greenland Mines' 2026 Sarfartoq field program?

No assay results have been received from the completed geological mapping and sampling program. The company expects to submit samples to a Canadian laboratory for rare earth element analysis.

What did Greenland Mines' Sarfartoq ST1 Initial Assessment estimate?

The Initial Assessment reported a High-case pre-tax net present value, discounted at 8%, of approximately $2.05 billion and a pre-tax internal rate of return of 118.6%. Those figures concern ST1, not the newly sampled occurrences.