By 
Issued on behalf of Greenland Mines Ltd
The combined Pd-Au-Pt expression at Skaergaard — already one of the world’s largest undeveloped precious-metals systems — just stepped up by approximately 50% in the high-price sensitivity sceanario under metal-price assumptions now broadly aligned with realized gold prices in the market.
CHARLOTTE, N.C., May 07, 2026 (GLOBE NEWSWIRE) -- World Street Intelligence News Commentary — Something has changed in the precious metals market, and the people who run the largest banks on Wall Street are saying it out loud.
In Q1 2026, Newmont — the world’s largest gold producer — reported an average realized gold price of approximately $4,900 per ounce. Kinross Gold reported $4,873. Bank of America Global Research has raised its 2026 platinum forecast to $2,450 per ounce, up from $1,825. Its palladium forecast moved to $1,725, up from $1,525. The U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports — a number large enough that, were any tariffs imposed, the entire North American import economics of palladium would have to be redrawn.
This is the macro environment in which Greenland Mines Ltd. (Nasdaq: GRML) released the results of an independent metal-price sensitivity analysis on its Skaergaard Project — completed by SLR Consulting (Canada) Ltd., the same Qualified Person firm that authored the project’s November 2022 NI 43-101 Technical Report.
The findings are straightforward: applied to the existing 2022 underground-constrained Mineral Resource model, with the geologic model, drill database, classification criteria, cut-off (1.43 g/t PdEq), and bulk density (3.12 t/m³) all 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. Average PdEq grades increase by 45% in the Indicated category and 55% in the Inferred category versus the 2022 base case.
This is not a new resource estimate. It is a single-variable read on what the deposit’s metal content looks like under modern long-term price assumptions, performed on the existing 2022 underground-constrained Mineral Resource model without changing tonnages, classification or the 1.43 PdEq cut-off grade. The dominant variable in that read is the gold price — moving from $1,800 in the 2022 base case to $5,000 in the high-price scenario.
Senior gold producers are currently realizing approximately $4,800–$4,900 per ounce. The high-price sensitivity scenario is broadly aligned with that realized-price range traded, while still representing an upside long-term price case in SLR’s framework.
THE LEVERAGE ARGUMENT
The Skaergaard intrusion has been studied since the 1990s. Approximately $30 million of historical exploration investment has gone into building what is now a 2022 NI 43-101 Indicated and Inferred Mineral Resource that ranks among the largest undeveloped palladium-gold-platinum deposits in the world. Greenland Mines holds an 80% direct interest in the Project, with an option to acquire the remaining 20%.
The 2022 base case was constructed using $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt, with the resource constrained by an underground mining shape. SLR’s three sensitivity cases — 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. In its memorandum, SLR notes that the increases in equivalent grades and contained PdEq metal are primarily driven by higher gold prices and considers the highprice sensitivity case relatively aggressive, viewing the Low and Medium price sets as more reasonable longterm reference points for any future Mineral Resource update alongside updated cost assumptions.
The H5 horizon — historically the highest-grade zone in the 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. The Inferred grade in H5 moves from 2.49 g/t PdEq to 5.57 g/t PdEq. Total Indicated PdEq content moves from 11.41 Moz (2022) to 16.58 Moz in the high-price sensitivity analysis (High case). Total Inferred PdEq content moves from 14.11 Moz (2022) to 21.92 Moz in the same high-price scenario (High case).
This is grade and scale on a meaningful step-function. Critically, the Company has signaled that this is only the first lever it intends to pull. Per the announcement, the 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept, supported by proper geotechnical, geophysical, and topographic data. The 2022 Mineral Resource was constrained by an underground-only shape. A bulk-tonnage scenario would be a separate, mine-method-based lever — independent of any further metal-price assumption.
SLR further recommends that any future Mineral Resource updates for Skaergaard be reported on a net smelter return (NSR) basis rather than using metal equivalents, in line with evolving practice under SK 1300 and NI 43101 and with the different metal drivers across the H0–H5 horizons.
President Bo Møller Stensgaard, Ph.D. put the framing directly: “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.”
The Company has assembled SLR Consulting (geological / Qualified Person), GTK Mintec (metallurgy and pilot processing at the Geological Survey of Finland’s facility in Outokumpu), and WSP (environmental baseline) around the Skaergaard Project. The 2026 field, drill, and bulk-sample campaign is fully funded.
THE SUPERCYCLE NAMES
What makes this moment unusual is the breadth of the move occurring across the precious-metals complex. PGM recyclers are commercializing brand-new technologies to bring domestic supply online. Royalty companies are reporting record revenue on the back of historic metal prices. Senior platinum producers are reporting basket prices at multi-year highs. And base-and-precious miners are turning record copper-and-gold realizations into record EBITDA.
Several U.S.-listed names have just reported material newsflow in the same window as the Greenland Mines sensitivity work — and each tells part of the same supercycle story.
Lifezone Metals Limited (NYSE: LZM) released its Q1 2026 financial results on April 30, the same day Greenland Mines released its sensitivity analysis. The Company reported the conclusion of a 24-month, 1,179-test pilot programme at Simulus Laboratories that produced first-ever refined samples of platinum, palladium, and rhodium from U.S.-sourced spent autocatalytic converters using its proprietary Hydromet flowsheet. Pilot-stage recoveries reached above 99% for platinum and palladium and 95% for rhodium. A board-approved final investment decision is targeted for Q2 2026, with the first planned commercial module projected to deliver an annual output of approximately 220,000 ounces of platinum, palladium, and rhodium — an output that nearly matches that of the United States’ single significant primary PGM mine. CEO Chris Showalter has framed the strategy as positioning the Company as “the U.S.’ closed loop, traceable and responsibly sourced critical metals solution.” On April 23, Lifezone closed a $25 million registered direct offering at $4.40 per share to fund continued exploration in Burundi and Tanzania, the PGM Recycling Project, and Hydromet R&D. For investors trying to understand what near-term U.S.-sourced PGM production capacity actually looks like, Lifezone’s flowsheet is one of the only credible answers currently on the public market.
Gold Royalty Corp. (NYSE American: GROY) reported record preliminary first-quarter 2026 results on April 27, with Total Revenue, Land Agreement Proceeds and Interest of $9.4 million — including royalty revenue of $7.0 million versus $1.1 million in Q1 2025 and streaming revenue of $1.0 million versus $0.5 million. The Company reaffirmed full-year 2026 production guidance of 7,500 to 9,300 GEOs, with management citing newly acquired royalties on the Pedra Branca and Borborema mines as significant contributors. Chairman and CEO David Garofalo attributed the strong quarter to GROY’s acquisition strategy, citing the recently acquired Pedra Branca and Borborema royalties as significant contributors to the result. The Company has scheduled its full Q1 release for early May and a capital markets day for June 18, 2026. For investors looking for diversified exposure to the gold price cycle without taking single-asset operating risk, the royalty model is increasingly producing the most asymmetric returns in the sector.
Valterra Platinum Limited (OTC: ANGPY) — the world’s largest primary platinum producer, accounting for approximately 38% of global annual supply — reported its Q1 2026 production results on April 23. Total PGM production rose 7% to 743,500 ounces, refined PGM production surged 78% to 778,500 ounces, and PGM sales volumes climbed 60% to 791,400 ounces. The most striking number, however, is the realized basket price: R47,529 per PGM ounce, or $2,911 per PGM ounce — the highest since Q2 2021, representing year-on-year increases of 70% in rand terms and 90% in dollar terms. Valterra retained its 2026 production guidance unchanged at 3.0–3.4 million PGM ounces and its all-in sustaining cost guidance unchanged at approximately $1,050 per 3E ounce. CEO Craig Miller said more stable production and disciplined cost management would enable the group to deliver sustainable performance for shareholders into a strong basket price environment. ANGPY has traded up materially over recent months, with shares closing at $14.24 on April 24 against a 52-week range of $5.55–$19.71. For investors evaluating where the realized PGM basket price actually sits at the producer level — not in a forecasting deck — Valterra’s Q1 is the cleanest available data point.
Hudbay Minerals Inc. (NYSE: HBM) released its Q1 2026 results on May 1 and posted record quarterly revenue of $757.3 million, record adjusted EBITDA of $421.9 million, and record adjusted net earnings of $159.1 million on Q1 2026 production of 27,929 tonnes of copper and 61,700 ounces of gold. President and CEO Peter Kukielski attributed the result to steady operations, expanded copper-and-gold margins, and disciplined cost control across the business. The Company achieved essentially zero net debt, hit its lowest net debt-to-EBITDA ratio in over a decade, and forecast consolidated copper production averaging 147,000 tonnes per year over the next three years — a 24% increase from 2025, with a path to 500,000 tonnes by the mid-2030s through staged U.S. developments at Copper World and Cactus. HBM shares were up approximately 3% on the day of release. Hudbay’s relevance to a Pd-Au-Pt thesis is straightforward: it confirms what the realized copper-and-gold price environment is doing to senior-producer cash flow, which in turn confirms the gold-price input that drives Skaergaard’s sensitivity case.
WHY GREENLAND MINES IS POSITIONED THE WAY IT IS
The U.S.-listed PGM and gold complex is currently producing data points that, taken together, describe a market that has already moved.
- The realized gold price at the senior producer level is approximately $4,800–$4,900 per ounce.
- The realized PGM basket price at the world’s largest primary platinum producer is approximately $2,911 per ounce.
- The 2026 long-term forecasts at the major bank level have been revised upward across platinum, palladium, and gold.
- The first-ever U.S. domestic refining of platinum, palladium, and rhodium from spent autocatalytic converters has just been completed.
- The U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports.
Against that backdrop, an undeveloped Pd-Au-Pt deposit located in a Western-aligned jurisdiction, with 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred in the high-price sensitivity case, holding direct interest at 80% with an option on the remaining 20%, supported by SLR (geology), GTK Mintec (metallurgy), and WSP (environmental), with a fully funded 2026 field, drill and bulk-sample campaign and a North Atlantic low-carbon processing strategy — is positioned at one of the cleanest macro intersections currently available in the precious-metals development universe.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The sensitivity cases 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 Skaergaard.
But the SLR sensitivity work is the kind of single-variable read that markets understand quickly. On a 45–55% PdEq grade uplift in the high-price sensitivity case — relative to the 2022 base-case PdEq values and at gold prices now broadly reflected in realized producer data — the deposit’s optionality steps up materially. And the 2026 program will begin evaluating open-pit and bulk-mining scenarios, layering a second, mine-method-based lever on top of the metal-price lever.
The macro is set. The technical foundation is set. The 2026 field season is funded.
The next question is what happens when the bulk sample comes out of the ground.
For more information about Greenland Mines Ltd., please visit: Greenland Mines Ltd – World Street Intelligence Profile