Newmont Transaction Highlights Rising Valuations For Undeveloped Gold Assets

Rhea-AI Summary

Barrick Mining (NYSE:B) is highlighted within a sector-wide reset in gold valuations, as senior producers report realized prices near $4,800–$4,900/oz and record cash flows.

Barrick posted record Q4 2025 operating cash flow of $2.73B, free cash flow of $1.62B, EPS of $1.43, and plans a late‑2026 IPO of a North American gold NewCo. Greenland Mines’ Skaergaard sensitivity study shows higher palladium‑equivalent grades at elevated gold price decks, though these are illustrative and not new reserves or economic estimates.

AI-generated analysis. Not financial advice.

Positive

• Barrick record Q4 2025 operating cash flow of $2.73 billion
• Barrick Q4 2025 free cash flow of $1.62 billion, highest in company history
• Barrick Q4 2025 net earnings per share of $1.43, a record level
• Full‑year 2025 Barrick production of 3.26M oz gold and 220,000 t copper
• Barrick 2026 guidance of 2.9–3.25M gold oz at $4,500/oz price assumption
• Board authorization to prepare late‑2026 IPO of North American gold asset NewCo

Negative

• Skaergaard Project has Mineral Resources only, with no completed economic studies or Mineral Reserves
• Skaergaard sensitivity cases are illustrative and not new Mineral Resource or economic estimates

News Market Reaction – NEM

-0.61%

1 alert

-0.61% News Effect

On the day this news was published, NEM declined 0.61%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Realized gold price: $4,900/oz Quarterly free cash flow: $3.1B Revenue: $7.31B +5 more

8 metrics

Realized gold price $4,900/oz Newmont Q1 2026 average realized gold price

Quarterly free cash flow $3.1B Newmont Q1 2026 record free cash flow

Revenue $7.31B Newmont Q1 2026 revenue, up 46% year-on-year

Adjusted EPS $2.90 Newmont Q1 2026 adjusted earnings per share, quarterly record

Gold AISC (by-product) $1,029/oz Newmont Q1 2026 gold by-product all-in sustaining cost

Attributable gold production 1.3M oz Newmont Q1 2026 attributable gold production

Skaergaard in-situ value $68B Illustrative gross undiscounted in-situ metal value at Feb 2026 prices

PdEq resource tonnage 364.37M tonnes @ 2.17 g/t PdEq 2022 NI 43-101 total Indicated+Inferred Skaergaard resource

Market Reality Check

Price: $109.50 Vol: Volume 5,613,114 is below...

normal vol

$109.50 Last Close

Volume Volume 5,613,114 is below the 20-day average of 7,324,628, suggesting muted pre-news activity. normal

Technical Price $119.69 is above the 200-day MA of $97.58, and about 11.26% below the 52-week high.

Peers on Argus

While NEM was down 0.81%, key peers like AEM, WPM, AU and FNV showed gains betwe...

While NEM was down 0.81%, key peers like AEM, WPM, AU and FNV showed gains between about 0.95% and 2.19%, with only Barrick (B) slightly negative. That mixed setup points to a company-specific move rather than a uniform sector rotation.

Historical Context

5 past events · Latest: Apr 23 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 23	Q1 2026 earnings	Positive	+8.7%	Record free cash flow, strong earnings, and enlarged share repurchase program.
Mar 31	Earnings call notice	Neutral	+5.1%	Scheduled Q1 2026 results release and investor conference call details.
Feb 19	Reserve update	Negative	-2.6%	Gold reserves declined versus prior year, with updated reserve price assumptions.
Feb 19	FY 2025 results	Positive	-2.6%	Record free cash flow and net income with detailed 2026 production guidance.
Jan 13	Results call notice	Neutral	-0.4%	Announcement of timing and access details for Q4 and full-year 2025 call.

Pattern Detected

Strong fundamental releases often saw positive reactions, but there are notable cases where robust earnings and guidance coincided with short-term price weakness.

Recent Company History

Over the last few months, Newmont has reported a series of strong operating and financial updates. On Feb 19, 2026, it highlighted record $7.3B free cash flow and a higher dividend alongside 2026 guidance, yet shares fell about 2.61%. A mineral reserve update the same day, showing lower gold reserves but strong copper reserves, also saw a similar decline. By Apr 23, 2026, record Q1 free cash flow of $3.1B and an extra $6.0B buyback authorization produced an 8.68% gain, underscoring that strong cycle-related results can trigger sharp upside when sentiment aligns.

Market Pulse Summary

This announcement highlights how Newmont’s Q1 realized gold price of $4,900/oz and record free cash ...

Analysis

This announcement highlights how Newmont’s Q1 realized gold price of $4,900/oz and record free cash flow of $3.1B exemplify the current gold cycle, while also framing how higher price decks revalue undeveloped deposits like Skaergaard. In recent quarters, Newmont has paired strong earnings and robust liquidity with expanded buybacks. Investors following this theme may focus on sustaining margins versus all-in sustaining costs, the durability of high realized prices, and how future reserve and resource updates track this higher-price environment.

Key Terms

ni 43-101, palladium-equivalent, all-in sustaining cost, net smelter return, +4 more

8 terms

ni 43-101 regulatory

"The 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR Consulting..."

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.

palladium-equivalent technical

"16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces Inferred..."

Palladium-equivalent is a single number that converts the combined value of multiple metals in an ore (for example palladium, platinum, gold, copper) into the amount of palladium that the mix would be worth, using current metal prices and expected processing yields. For investors it simplifies comparing the economic richness of different deposits—like converting several currencies into one—while noting the result can change with metal prices and how efficiently the metals are recovered.

all-in sustaining cost financial

"gold by-product all-in sustaining cost was $1,029 per ounce..."

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

net smelter return technical

"be reported on a net smelter return (NSR) basis rather than using metal equivalents..."

Net smelter return is the percentage of revenue from selling a mineral or metal that a mining company or project owner receives after deducting costs like refining and transportation. It functions like a share of the profits from the mineral's sale, giving investors an idea of how much money the project generates. This measure helps investors assess the potential profitability of a mining asset.

preliminary economic assessment technical

"No preliminary economic assessment, pre-feasibility study, or feasibility study has..."

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

pre-feasibility study technical

"No preliminary economic assessment, pre-feasibility study, or feasibility study has..."

A pre-feasibility study is an initial assessment that evaluates whether a proposed project or investment idea is worth exploring further. It involves examining basic factors like costs, potential benefits, and possible challenges, similar to conducting a preliminary check before deciding to invest more time and resources. This helps investors determine if pursuing the project further is practical and likely to be successful.

feasibility study technical

"No preliminary economic assessment, pre-feasibility study, or feasibility study has..."

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

all-in sustaining cost financial

"an all-in sustaining cost of $1,730 per ounce..."

All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.

AI-generated analysis. Not financial advice.

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Issued on behalf of Greenland Mines Ltd.

Newmont reported $4,900/oz realized in Q1. Kinross reported $4,873. Agnico Eagle posted record operating margins. Barrick is preparing a NewCo IPO of its North American gold assets. The deposits that priced at $1,800 are now sitting on a different planet — and the ones with the most ounces have the most to gain.

The gold price reset is over. Senior producers won it in Q1 2026 earnings, well before the analysts finished updating their decks. The market is still catching up. Newmont's (NYSE: NEM) $4,900-per-ounce realized price and $3.1 billion in quarterly free cash flow already reflect what the mining industry figured out two quarters ago^[1]: when the price deck moves from $1,800 to $4,900 on the same ore body, undeveloped ounces in the ground are effectively being revalued — and the deposits that the 2022 economics treated as long-dated optionality now screen as potential near-term development candidates at the new deck.

CHARLOTTE, N.C., May 13, 2026 /PRNewswire/ -- Baystreet.ca News Commentary — That repricing has now been quantified on one of the largest undeveloped palladium-gold-platinum systems on Earth. Greenland Mines Ltd. (NASDAQ: GRML) released SLR Consulting's independent metal-price sensitivity analysis on its Skaergaard Project on May 7, 2026. Same block model. Same drill database. Same 1.43 g/t PdEq cut-off. Same 3.12 t/m³ bulk density. The only thing that changed was the price deck. The result: 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces Inferred — a 45% grade uplift in the Indicated category and 55% in the Inferred, on a block model that hasn't been touched since 2022^[2]. These figures are sensitivity scenarios, not new Mineral Resource or economic estimates; they illustrate how Skaergaard reads under different long term metal price assumptions.

That is what the senior-producer realized prices look like when you push them through an undeveloped resource estimate.

THE STRUCTURAL POSITION

The 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR Consulting (Canada) Ltd., established a Total Indicated and Inferred Resource of 364.37 million tonnes at 2.17 g/t PdEq, with the Indicated category alone at 158.95 million tonnes grading 2.22 g/t PdEq. That equates to 25.4 Moz palladium-equivalent and 23.5 Moz gold-equivalent across the combined Indicated and Inferred categories, which on an illustrative basis and before any technical or economic factors, corresponds to a gross undiscounted in-situ metal value of approximately $68 billion at February 2026 metal prices^[3]. Greenland Mines holds an 80% direct interest in the Project and an option on the remaining 20%.

The 2022 base case used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. SLR's three sensitivity scenarios — Low, Medium, and High — applied updated metal price assumptions ranging from $3,000/oz Au in the Low case to $5,000/oz Au in the High case, leaving every other technical input untouched^[2]. The dominant variable in the read is the gold price.

Senior gold producers are currently realizing approximately $4,800 to $4,900 per ounce. The high-price sensitivity scenario is broadly aligned with that realized-price range, while still representing an upside long-term price case in SLR's framework. SLR explicitly notes that the increases in equivalent grades and contained PdEq metal are primarily driven by higher gold prices, and considers the high-price sensitivity case relatively aggressive, viewing the Low and Medium price sets as more reasonable long-term reference points^[2]. The 2026 field, drill, and bulk-sample campaign is fully funded.

President Bo Møller Stensgaard, Ph.D., described the result as the kind of scale and price leverage that long-term institutional and strategic partners look for in the next generation of precious- and critical-metal projects^[2].

READ THE ENTIRE REPORT ON GREENLAND MINES LTD HERE

THE SENIOR GOLD CYCLE

Four U.S.-listed senior gold producers reported Q1 2026 results in the same window as the Greenland Mines sensitivity work — each one a different read on what realized gold prices in the $4,800 to $4,900 range are doing to the precious-metals industry.

Newmont (NYSE: NEM) — the world's largest gold producer — reported Q1 2026 results on April 23, 2026, with all-time record free cash flow of $3.1 billion, revenue of $7.31 billion (up 46% year-on-year), and adjusted earnings per share of $2.90 (an all-time quarterly record). Average realized gold price was $4,900 per ounce; gold by-product all-in sustaining cost was $1,029 per ounce; attributable gold production was 1.3 million ounces^[1]. The Board authorized an additional $6.0 billion for share repurchases. Newmont remains on track for full-year 2026 production guidance of 5.3 million attributable gold ounces. CEO Natascha Viljoen credited "strong operational and financial performance"^[1]. For investors trying to understand what the gold supercycle looks like at the income-statement level of the largest producer in the world, Newmont's Q1 is the cleanest available data point.

Barrick Mining (NYSE: B) (TSX: ABX) rebranded from "Gold" to "Mining" in May 2025, with its NYSE ticker changing from GOLD to B — a structural acknowledgment that the Company is now a substantial gold-and-copper producer rather than a pure gold play. Q4 2025 results, released February 5, 2026, included record quarterly operating cash flow of $2.73 billion, free cash flow of $1.62 billion, and net earnings per share of $1.43 — the highest in the Company's history. Full-year 2025 production was 3.26 million ounces of gold and a record 220,000 tonnes of copper. The 2026 guidance range is 2.9 to 3.25 million gold ounces at a $4,500/oz price assumption, with all-in sustaining costs guided to $1,760 to $1,950 per ounce^[4]. The Board has authorized preparations for an Initial Public Offering of a new entity ("NewCo") holding Barrick's North American gold assets — including its joint venture interests in Nevada Gold Mines and Pueblo Viejo, plus the wholly owned Fourmile discovery in Nevada — targeted for completion by late 2026. The structural signal is straightforward: the largest producers are now actively unlocking value through asset-level repricings and corporate restructurings.

Agnico Eagle Mines (NYSE: AEM) (TSX: AEM) reported Q1 2026 results on April 30, 2026, with payable gold production of 825,109 ounces, record quarterly operating margins, record adjusted net income of $1.7 billion (up 121% year-on-year), and free cash flow of $732 million^[5]. All-in sustaining cost was $1,483 per ounce. Operations were led by Detour Lake (record quarterly mill throughput at Macassa), Canadian Malartic, and Fosterville. The Hope Bay project in Nunavut, Canada is expected to advance to a construction decision in May 2026. Full-year 2026 production guidance is 3.3 to 3.5 million gold ounces — a 20% to 30% production growth pipeline over the next decade. Agnico Eagle is the operational illustration of what an Arctic and Tier-1 jurisdiction-focused gold producer looks like at current realized prices.

Kinross Gold (NYSE: KGC) (TSX: K) reported Q1 2026 results on April 29, 2026, with revenue of $2.41 billion (up 61% year-on-year), production of 492,563 gold-equivalent ounces, and an average realized gold price of $4,873 per ounce^[6]. Most importantly, free cash flow was approximately $840 million — the fourth consecutive quarterly record. Margins reached a record $3,476 per gold-equivalent ounce, outpacing the rise in the gold price itself. The Company ended Q1 with $2.2 billion in cash and $1.4 billion in net cash. Full-year 2026 guidance remains 2.0 million gold-equivalent ounces at a production cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. Kinross is targeting return of approximately 40% of free cash flow to shareholders in 2026 through dividends and buybacks. For investors evaluating the cash-flow conversion economics of the senior gold cycle, Kinross's margin expansion is the cleanest measure available.

THE GRML POSITION

Against that backdrop — four senior gold producers reporting record financial metrics on realized gold prices in the $4,800 to $4,900 range — Greenland Mines' May 7 sensitivity work translates the cycle into a tangible deposit-level number on one of the largest undeveloped Pd-Au-Pt systems on Earth.

The H5 horizon — historically the highest-grade zone in the Skaergaard deposit — moves from 2.85 g/t PdEq Indicated in the 2022 base case to 6.56 g/t PdEq Indicated in the High case. Total Indicated PdEq content moves from 11.41 Moz (2022) to 16.58 Moz; total Inferred from 14.11 Moz to 21.92 Moz^[2]. SLR also recommends that any future Mineral Resource updates be reported on a net smelter return (NSR) basis rather than using metal equivalents, in line with evolving practice under SK 1300 and NI 43-101.

The Skaergaard intrusion has been studied since the 1990s. Approximately $30 million of historical exploration investment has gone into building the 2022 NI 43-101 Mineral Resource. SLR Consulting (Canada) Ltd. is the Qualified Person firm. GTK Mintec is driving metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility. WSP is leading the environmental baseline. Greenland Mines and its 80%-owned subsidiary Major Precious Greenland A/S were admitted to the European Raw Materials Alliance on April 22, 2026^[7]. The 2026 field, drill, and bulk-sample campaign is fully funded.

The 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept — a separate, mine-method-based lever independent of any further metal-price assumption^[2].

The deposit didn't change. The math around it did.

FREQUENTLY ASKED QUESTIONS

What did the May 7, 2026 SLR sensitivity study actually conclude?

Applied to the existing 2022 underground-constrained Mineral Resource model, with all geologic and technical inputs held constant, the high-price sensitivity case indicates 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces of palladium-equivalent Inferred — a 45% grade uplift in the Indicated category and 55% in the Inferred versus the 2022 base case^[2].

Why is gold the dominant variable in the sensitivity analysis?

Approximately 73% of the contained metal at Skaergaard is in the platinum group metals and 27% is in gold by ounce count, but on a value basis, gold accounts for the majority of the in-situ value at $5,000/oz Au in the high-price case. That is why a move in the gold price deck from $1,800 (2022) to $5,000 (2026 high case) drives the dominant share of the 45% to 55% PdEq grade uplift^[2].

What is the 2026 program?

A fully funded summer field, drill, and bulk-sample campaign supported by SLR Consulting (geology / Qualified Person), GTK Mintec (metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility), and WSP (environmental baseline). The program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept^[2].

Has GRML completed a feasibility study?

No. The most recent technical work is the 2022 NI 43-101 Mineral Resource Estimate. 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.

For more information about Greenland Mines Ltd. (NASDAQ: GRML), visit the Baystreet GRML profile.

Article Sources:

1. Newmont Corporation, "Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization," April 23, 2026.
2. Greenland Mines Ltd., "Greenland Mines Reports Up To 45% – 55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study," May 7, 2026.
3. Klotho Neurosciences, Inc., Form 8-K and accompanying disclosures regarding the acquisition of Greenland Mines Corp., March 4, 2026; Greenland Mines Ltd. corporate disclosures.
4. Barrick Mining Corporation, "Barrick Reports Full Year and Fourth Quarter 2025 Results," February 5, 2026; Barrick NewCo IPO authorization announcement.
5. Agnico Eagle Mines Limited, "Agnico Eagle Reports First Quarter 2026 Results, Including Record Quarterly Operating Margins and Adjusted Net Income," April 30, 2026.
6. Kinross Gold Corporation, "Kinross reports strong 2026 first-quarter results," April 29, 2026.
7. Greenland Mines Ltd., admission to the European Raw Materials Alliance announcement, April 22, 2026.

CONTACT:
BAYSTREET.CA
info@baystreet.ca
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Cautionary Note Regarding Mineral Resources: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The sensitivity cases referenced in this article are illustrative of the deposit's leverage to long-term metal price environments rather than economic estimates. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project. There is no certainty that any portion of the Mineral Resources will be converted to Mineral Reserves or that the Project will be brought into commercial production.

DISCLAIMER:

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Baystreet.ca is a wholly-owned subsidiary of B Street Media Inc. ("BAY"). The owners of BAY also own MIQ. BAY has not been paid directly by Greenland Mines Ltd.; however, the owner(s) of BAY also own MIQ, which has been paid a fee by Greenland Mines Ltd. directly. There may be 3rd parties who may have shares of Greenland Mines Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. BAY owns shares of Greenland Mines Ltd. which were purchased in the open market, and reserves the right to buy and sell, and will buy and sell shares of Greenland Mines Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated has been approved by Greenland Mines Ltd.; this is a paid advertisement, and we own shares of Greenland Mines Ltd. that we will sell, and we also reserve the right to buy shares of Greenland Mines Ltd. in the open market or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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FAQ

How does the May 2026 gold price environment impact Barrick Mining (NYSE:B)?

Realized gold prices near $4,800–$4,900 per ounce are supporting strong cash flows for major producers like Barrick. According to company disclosures cited, Barrick’s Q4 2025 operating cash flow reached $2.73 billion and free cash flow reached $1.62 billion.

What financial results did Barrick Mining (NYSE:B) report for Q4 and full year 2025?

Barrick reported record Q4 2025 operating cash flow of $2.73 billion, free cash flow of $1.62 billion, and EPS of $1.43. According to Barrick, full‑year 2025 production totaled 3.26 million ounces of gold and a record 220,000 tonnes of copper.

What is Barrick Mining’s 2026 gold production guidance and cost outlook (NYSE:B)?

Barrick’s 2026 guidance is 2.9–3.25 million gold ounces, using a $4,500/oz price assumption. According to Barrick, all‑in sustaining costs are guided to $1,760–$1,950 per ounce, framing potential margins against current realized gold prices highlighted in the sector.

What is the planned Barrick NewCo IPO of North American gold assets (NYSE:B)?

Barrick’s board has authorized preparations for an IPO of a NewCo holding its North American gold assets. According to Barrick, NewCo will include Nevada Gold Mines, Pueblo Viejo interests, and Fourmile, with completion targeted by late 2026, indicating asset‑level value unlocking.

What did the May 7, 2026 Skaergaard sensitivity study show for Greenland Mines (NASDAQ:GRML)?

The high‑price case indicated 16.58 Moz palladium‑equivalent Indicated and 21.92 Moz Inferred, with 45–55% grade uplift. According to Greenland Mines, these are sensitivity scenarios only, not new Mineral Resource estimates or economic studies, and remain illustrative of price leverage.

Has a feasibility study been completed on the Skaergaard Project associated with Greenland Mines (GRML)?

No feasibility study has been completed on Skaergaard; only a 2022 NI 43‑101 Mineral Resource exists. According to Greenland Mines, Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, and no PEA, pre‑feasibility, or feasibility study is finished.

What is included in the 2026 field program at the Skaergaard Project for Greenland Mines?

The 2026 program is a fully funded field, drill, and bulk‑sample campaign supported by SLR, GTK Mintec, and WSP. According to Greenland Mines, it will also begin evaluating open‑pit and bulk‑mining scenarios alongside the existing underground concept to refine potential development options.