Greenland Mines Reports Up To 45% - 55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study

Rhea-AI Summary

Greenland Mines (Nasdaq: GRML) reported results of an independent SLR metal price sensitivity analysis for the Skaergaard Project dated May 7, 2026. The high-price case yields 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred, with average PdEq grades up ~45% (Indicated) and ~55% (Inferred) versus the 2022 base case.

SLR held the 2022 block model and technical parameters constant and recalculated PdEq using three 2026 metal-price scenarios (Low/Medium/High).

Positive

• PdEq grades +45% (Indicated) versus 2022 base case
• PdEq grades +55% (Inferred) versus 2022 base case
• Contained PdEq (High case) 16.58 Moz Indicated and 21.92 Moz Inferred

Negative

• Results are from a metal price sensitivity exercise only and are not a new Mineral Resource estimate
• High-case uplift depends on a $5,000/oz Au assumption in SLR's 2026 scenario

News Market Reaction – GRML

-1.62%

9 alerts

-1.62% Session close to close

+2.1% Peak Tracked

-4.0% Trough Tracked

$57.21M Market Cap

0.7x Rel. Volume

In the May 7 session, GRML declined 1.62%, reflecting a mild negative market reaction. Argus tracked a peak move of +2.1% during that session. Argus tracked a trough of -4.0% from its starting point during tracking. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details an independent metal price sensitivity study on the existing 2022 Skaergaa...

Analysis

This announcement details an independent metal price sensitivity study on the existing 2022 Skaergaard Mineral Resource model, showing substantial PdEq grade and metal uplift under updated price decks while leaving geology and classifications unchanged. It follows recent steps such as appointing SLR and engaging GTK Mintec. Investors may focus on how the 2026 drilling, bulk‑sample and mine‑method work, plus future NI 43‑101 updates, translate this optionality into project advancement.

Key Figures

Indicated PdEq metal: 16.58 Moz PdEq Inferred PdEq metal: 21.92 Moz PdEq PdEq grade uplift: 45% increase +5 more

8 metrics

Indicated PdEq metal 16.58 Moz PdEq SLR 2026 high-price sensitivity case

Inferred PdEq metal 21.92 Moz PdEq SLR 2026 high-price sensitivity case

PdEq grade uplift 45% increase Average Indicated PdEq grades vs 2022 base case

PdEq grade uplift 55% increase Average Inferred PdEq grades vs 2022 base case

Cut-off grade 1.43 g/t PdEq 2022 Skaergaard block model assumption

Bulk density 3.12 t/m3 Skaergaard resource model parameter

High-case gold price US$5,000/oz 2026 high metal-price sensitivity scenario (Au)

High-case palladium price US$1,800/oz 2026 high metal-price sensitivity scenario (Pd)

Historical Context

5 past events · Latest: May 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 05	Strategic alliance	Positive	+3.3%	Joined the European Raw Materials Alliance, deepening EU strategic linkages.
Apr 30	Project de-risking update	Positive	+12.5%	Highlighted large in-situ Skaergaard metals value and three new consultants.
Apr 27	Consultant appointment	Positive	-2.9%	Appointed SLR as geological consultant and Qualified Person for Skaergaard.
Apr 23	Metallurgy program	Positive	-5.9%	Engaged GTK Mintec for extensive metallurgical and pilot-scale processing work.
Apr 16	Processing LOI	Positive	+4.2%	Entered LOI for Icelandic downstream processing and broader supply-chain strategy.

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

Pattern Detected

Recent Skaergaard-focused news has generally been positive, with three events producing gains and two showing negative reactions despite constructive project updates.

Recent Company History

Over the last month, Greenland Mines has focused on de-risking and scaling the Skaergaard project. Key steps included an LOI for low‑carbon North Atlantic processing hubs, engaging GTK Mintec for comprehensive metallurgical and flowsheet work, and appointing SLR as geological consultant and Qualified Person. The company also joined the European Raw Materials Alliance, strengthening strategic positioning. Today’s metal price sensitivity study builds directly on the same 2022 NI 43‑101 framework and SLR’s role.

Key Terms

metal price sensitivity, mineral resource, palladium equivalent, ni 43-101, +4 more

8 terms

metal price sensitivity technical

"reports the results of an independent metal price sensitivity analysis completed by SLR"

The degree to which a business’s profits, project value, or cash flow rise or fall when the market price of a metal changes. Think of it like a bakery whose cost and pricing depend on flour: if flour doubles, profits shift; if metal prices move, companies that mine, process or heavily use that metal see their financial picture change. Investors care because higher sensitivity means greater potential gains or losses and usually more risk to factor into valuation and hedging decisions.

mineral resource technical

"to the existing 2022 underground-constrained Mineral Resource model to evaluate"

A mineral resource is a naturally occurring concentration of minerals in the ground that is considered valuable and likely recoverable based on geological evidence and preliminary studies. For investors, it signals the potential size and worth of a deposit—like a marked treasure area on a map—while also carrying uncertainty about how much can actually be mined and at what cost, affecting project value and risk.

palladium equivalent technical

"contained Palladium Equivalent ("PdEq") metal."

Palladium equivalent is a single number that converts the value of different metals in a mine or concentrate into the amount of palladium they would be worth at current prices, like converting several currencies into one so you can compare totals. Investors use it to combine multiple metals into a simple, comparable grade or production figure for valuation and benchmarking, though it is an approximation that depends on metal prices and recovery rates.

ni 43-101 regulatory

"as set out in the November 22, 2022 NI 43-101 Technical Report on Skaergaard."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

qualified person regulatory

"with SLR as our independent geological consultant and Qualified Person, GTK Mintec"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

cut-off grade technical

"tonnages, geometry, cut-off grade (1.43 g/t PdEq), classification, and technical"

The cut-off grade is the minimum concentration of a mineral in rock that makes extraction and processing economically worthwhile; material below that level is treated as waste. It sets the boundary between ore and waste and directly affects reported reserves, projected mine life, and expected profits. Think of it like deciding which fruit on a tree is worth picking after accounting for the time and cost to harvest — raising or lowering that threshold can change how much “good” product a project appears to have.

bulk density technical

"Bulk density is 3.12 t/m3."

Bulk density is the mass of a loose material (like soil, grain, powder, or ore) divided by the total volume it occupies, including the spaces between particles. Investors care because it affects how much product fits in a shipment, storage costs, processing yields and the value of raw materials — think of it like how tightly packed suitcases determine how many items fit into a car. Changes in bulk density can alter logistics costs, production efficiency and commodity valuations.

indicated technical

"Indicated and Inferred, with average PdEq grades increasing by 45%"

Indicated describes a medical use or patient group for which a drug, device, or treatment has been shown or authorized to work; it's like a label that says which problem the product is meant to fix. For investors, a new or expanded indication can directly change a product’s potential sales and market size, similar to a store adding a new aisle of goods that attracts more customers.

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

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CHARLOTTE, N.C., May 7, 2026 /PRNewswire/ -- Greenland Mines Ltd ("Greenland Mines" or the "Company") (Nasdaq: GRML) reports the results of an independent metal price sensitivity analysis completed by SLR Consulting ("SLR") on the Company's Skaergaard Project in East Greenland. 

The analysis applies updated palladium, gold, and platinum price assumptions to the existing 2022 underground-constrained Mineral Resource model to evaluate the effect of higher metal prices on equivalent grades and contained Palladium Equivalent ("PdEq") metal. This analysis presents the upside strictly as a metal price sensitivity exercise, and not as an updated Mineral Resource estimate.

The SLR high‑price sensitivity case indicates 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred, with average PdEq grades increasing by 45% (Indicated) and 55% (Inferred) versus its former 2022 base case.

In the low and medium cases, total PdEq content also increases compared to the 2022 base-case PdEq estimate, while maintaining the same geologic model, drill database, and classification criteria.

Table 1: Metal Price Sensitivity: Pd Equivalent Grades

			Pd Equivalent Grades				Pd Equivalent Content
Class 2022	Horizon	Mass	PdEq MRE 2022	PdEq 2026 Low	PdEq 2026 Medium	PdEq 2026 High	PdEq 2022 MRE	PdEq 2026 Low	PdEq 2026 Medium	PdEq 2026 High
		Mt	g/t Eq	g/t Eq	g/t Eq	g/t Eq	Moz Eq	Moz Eq	Moz Eq	Moz Eq
Indicated	H5	12.3	2.85	4.36	4.98	6.56	1.12	1.72	1.96	2.59
	H3	44.1	1.92	2.66	2.96	3.72	2.73	3.78	4.20	5.28
	H0	102.6	2.29	2.48	2.52	2.64	7.56	8.17	8.32	8.71
	Total	158.9	2.23	2.67	2.83	3.25	11.41	13.66	14.48	16.58
Inferred	H5	38.4	2.49	3.75	4.25	5.57	3.08	4.63	5.25	6.87
	H3	54.3	1.90	2.50	2.73	3.35	3.31	4.36	4.77	5.84
	H3_L1	7.8	1.97	2.64	2.91	3.60	0.50	0.67	0.73	0.90
	H0	104.9	2.14	2.31	2.35	2.46	7.23	7.80	7.94	8.30
	Total	205.4	2.14	2.64	2.83	3.32	14.11	17.45	18.70	21.92

Notes:

1. Not Mineral Resources. To be viewed only as a metal price sensitivity exercise.
2. All parameters except metal prices and metal equivalent conversion factors were held constant from the historical 2022 Mineral Resource. Please refer to the footnotes in the 2022 Technical Report for details.
3. Low sensitivity case assumes metal prices of US$1,725/oz Pd, US$3,000/oz Au, and US$2,100/oz Pt.
4. Medium sensitivity case assumes metal prices of US$1,725/oz Pd, US$3,500/oz Au, and US$2,100/oz Pt.
5. High sensitivity case assumes metal prices of US$1,800/oz Pd, US$5,000/oz Au, and US$2,175/oz Pt.
6. Bulk density is 3.12 t/m³.
7. Totals may differ due to rounding.

SLR's work does not change the 2022 Mineral Resource Estimate, which remains constrained by an underground mining scenario as set out in the November 22, 2022 NI 43-101 Technical Report on Skaergaard. The sensitivity exercise only updates metal price assumptions and recalculates PdEq grades and contained metal for blocks within the existing 2022 underground resource shapes, holding all other parameters constant.

Bo Møller Stensgaard, President of Greenland Mines Ltd., commented:

"The SLR sensitivity work crystallizes what makes Skaergaard so compelling. On the same conservative 2022 block model, simply applying a more gold-bullish long-term price deck takes the combined Pd-Au-Pt expression up by approximately 50%, with strong equivalent grade uplift in both the Indicated and Inferred categories. That is the kind of scale and price leverage that long-term institutional and strategic stakeholders and partners are looking for in the next generation of precious- and critical-metal projects.

"At the same time, we are very clear that this is a metal price sensitivity exercise on our existing 2022 NI 43-101 Mineral Resource, not a new resource estimate, and we are doing the hard work needed to convert optionality into value. That includes testing the mining method itself: as recommended by SLR in the 2022 Technical Report, our 2026 program will start to evaluate open-pit and bulk-mining scenarios alongside underground concepts, supported by proper geotechnical, geophysical and topographic data. With SLR as our independent geological consultant and Qualified Person, GTK Mintec driving metallurgy and pilot-plant work, WSP driving the environmental baseline study, a fully funded 2026 field, drill and bulk-sample campaign this summer, and our North Atlantic low-carbon processing strategy, we see Skaergaard increasingly as a future operation in the making, with mine method and metal prices acting as levers on what is already a very large Pd-Au-Pt and critical-metals system."

Metal Price Sensitivity Summary

Table 1 above summarizes SLR's PdEq metal price sensitivity results for the 2022 underground-constrained resource model, by classification and sensitivity case.

SLR constructed three 2026 metal-price scenarios – Low, Medium and High – around the original 2022 price set, using long-term metal price forecasts as a base case and adding upside cases in light of recent strength and volatility in the gold market. For each case, SLR:

• Kept the underlying 2022 Skaergaard block model, tonnages, geometry, cut-off grade (1.43 g/t PdEq), classification, and technical assumptions unchanged.
• Applied only different metal price assumptions and recalculated equivalent grades and contained metal in PdEq terms for the existing Indicated and Inferred material.

The 2026 metal-price used are given in Table 2 here below.

Table 2:     Metal Price (US$/oz) Sensitivity Cases

Metal	2022	2026 Low	2026 Medium	2026 High
Au	1,800	3,000	3,500	5,000
Pd	1,725	1,725	1,725	1,800
Pt	1,250	2,100	2,100	2,175

Qualified Person

The 2022 Mineral Resource Estimate for Skaergaard referenced in this news release is taken from the NI 43-101 Technical Report titled "Technical Report on the Skaergaard Project, Southeastern Greenland", prepared by SLR Consulting Canada Ltd. with an effective date of November 22, 2022 and signed November 30, 2022, with Philip A. Geusebroek, M.Sc., P.Geo., as Qualified Person.

Availability of SLR memo & 2022 NI 43-101 Report

The full SLR Consulting (Canada) Ltd. memo titled "Skaergaard 2022 Mineral Resource – Metal Price Sensitivity for 2026" and the November 22, 2022 NI 43-101 Technical Report for the Skaergaard Project are available on Greenland Mines' website in the Investors / Reports section and should be read in conjunction with this news release.

Cautionary Notes

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The sensitivity cases presented in this news release are conceptual in nature and are not Mineral Resource or Mineral Reserve estimates. They are based on the 2022 underground-constrained resource model and are intended only to illustrate the impact of changing metal prices on PdEq grades and contained PdEq metal, assuming the same mining constraint and input parameters used in the 2022 Mineral Resource Estimate. The underlying 2022 block model, tonnages, geometry, cut-off grade (1.43 g/t PdEq), classification and technical assumptions are unchanged in all sensitivity cases. No new mine plan, production schedule, capital or operating cost estimate, or economic analysis has been prepared in connection with this sensitivity work. There can be no assurance that future metal prices, operating conditions or technical outcomes will align with any of the sensitivity scenarios modelled by SLR. Investors should therefore not treat the sensitivity outputs as standalone Mineral Resource or Reserve figures, but rather as illustrative of Skaergaard's leverage to different long term metal price environments.

About Greenland Mines Ltd

Greenland Mines Ltd is a Nasdaq-listed company with two operating divisions: (1) Natural Resources, focused on the exploration and development of the Skaergaard Project in Southeast Greenland, one of the largest undeveloped palladium, gold, and platinum deposits in the world; and 2) Cell and Gene Therapy, including Klotho's KLTO-202 primary indication for ALS. The Company holds, through its recent acquisition of Greenland Mines Corp., the Skaergaard Project, which hosts an NI 43-101 (November 2022) Mineral Resource of 11.4 Moz PdEq Indicated and 14.1 Moz PdEq Inferred. The Company is led by an experienced team of mining, geological, biotech, and capital markets professionals.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Without limiting the generality of the foregoing, the forward-looking statements in this press release include descriptions of the Company's future commercial operations. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company's inability to implement its business plans, identify and realize additional opportunities, or meet or exceed its financial projections and changes in the regulatory or competitive environment in which the Company operates. You should carefully consider the foregoing factors and the other risks and uncertainties described in the documents filed or to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") from time to time, which could cause actual events and results to differ materially from those contained in the forward-looking statements. All information provided herein is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

The Mineral Resource Estimates referenced in this press release were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in the technical report dated November 22, 2022. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project, and there is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established.

Investor Contact and Corporate Communications:
ir@greenlandmines.com

Website: www.greenlandmines.com

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SOURCE Greenland Mines Ltd

FAQ

What PdEq totals did Greenland Mines (GRML) report for Skaergaard in the 2026 sensitivity high case?

The high-price case shows 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred. According to the company, SLR recomputed PdEq within the 2022 underground-constrained block shapes using updated metal prices.

Does the SLR 2026 sensitivity update change the 2022 Skaergaard Mineral Resource Estimate for GRML?

No. The analysis does not change the 2022 Mineral Resource Estimate and remains underground-constrained. According to the company, SLR held the 2022 block model, tonnages, and classification unchanged.

Which metal price assumptions drive the GRML 2026 high-case PdEq uplift at Skaergaard?

The high case uses $5,000/oz Au, $1,800/oz Pd, $2,175/oz Pt. According to the company, SLR recalculated PdEq grades using those 2026 price assumptions.

How much did average PdEq grades increase in GRML's sensitivity study for Skaergaard?

Average PdEq grades rose approximately 45% in Indicated material and 55% in Inferred material versus the 2022 base case. According to the company, increases reflect updated metal-price inputs only.

What scope of work will Greenland Mines pursue after the SLR sensitivity results for Skaergaard?

Greenland Mines plans a 2026 program to evaluate open-pit and bulk-mining alongside underground scenarios, plus field, drill and bulk-sample campaigns. According to the company, SLR, GTK Mintec and WSP will support geology, metallurgy and environmental baseline work.