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

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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.

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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.

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“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.”

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Sarfartoq Field Program Successfully Completed

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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.

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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.

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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.

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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.