Greenland Mines Ltd (NASDAQ:GRML) secured over $42 million in capital through a registered direct offering of common stock, pre-funded warrants, and private warrant exercises.
The company secured the funding from existing investors to fortify its financial position and support planned exploration programs through targeted 2027 milestones.
Sarfartoq Fieldwork Advances Following Capital Raise
Company President Bo Møller Stensgaard emphasized that the capital injection positions the team to maintain execution momentum across its southwestern Greenland portfolio.
Shortly after closing the Sarfartoq acquisition on September 1, the developer finished a three-week geological and structural campaign at the Sarfartoq Neodymium-Praseodymium Rare Earth Project.
The field initiative featured detailed geological mapping, systematic rock sampling, and drone-assisted outcrop surveying across key portions of the Sarfartoq Carbonatite Complex.
Field crews focused on improving the three-dimensional structural model around the main ST1 zone while assessing potential rare earth mineralization relationships across the wider license area.
Field workers collected carbonatite and rare earth samples for shipment to a Canadian testing facility, while WSP Denmark finished a second year of environmental baseline studies. The team subsequently winterized the Sarfartoq camp, maintaining readiness for early preparations before the main 2027 field season starts.
Resource Scale And Technical Assessment
The ST1 deposit holds an estimated 12.2 million tons grading 1.32% total rare earth oxides.
An initial assessment showed a high-case pre-tax net present value at an 8% discount rate of $2.05 billion and a 118.6% internal rate of return.
Because ST1 covers under 1% of the total license, management intends to evaluate numerous additional rare earth targets across the broader complex. Assay results from the preliminary mapping campaign remain pending.
GRML Price Action: Greenland Mines shares were up 35.71% at $15.18 at the time of publication on Thursday, according to Benzinga Pro data.
Photo: FoxPictures from Shutterstock
