By 
Issued on behalf of Greenland Mines Ltd
SECTOR INTELLIGENCE BRIEF | In five weeks, Greenland Mines has assembled SLR Consulting (geological / Qualified Person), GTK Mintec (metallurgy and pilot processing), and WSP (environmental baseline) around its Skaergaard Project — one of the world's largest undeveloped palladium-gold-platinum deposits — while signing a Letter of Intent for a downstream processing hub in Iceland targeting power costs below $0.03/kWh.
CHARLOTTE, N.C., April 30, 2026 (GLOBE NEWSWIRE) -- World Street Intelligence News Commentary — A series of rapid-cadence corporate developments at Greenland Mines Ltd (Nasdaq: GRML) over the past five weeks has positioned the Company at the intersection of two of the most consequential macro narratives in mining: structural undersupply across the platinum group metals (PGM) complex, and a Western governmental push to onshore and de-Sino-fy critical minerals supply chains. The Company's flagship Skaergaard Project in Southeast Greenland hosts a 2022 NI 43-101 Indicated and Inferred Mineral Resource of 25.4 Moz palladium-equivalent and 23.5 Moz gold-equivalent, with a gross undiscounted in-situ resource value of approximately $68 billion at February 2026 metal prices.
KEY TAKEAWAYS
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RESOURCE SCALE
A $68 Billion In-Situ Resource Anchored in Major-Discovery Geology
According to the Company's public disclosures, Skaergaard hosts a 2022 NI 43-101 Indicated and Inferred Mineral Resource of 25.4 million ounces palladium-equivalent and 23.5 million ounces gold-equivalent. The gross undiscounted in-situ resource value, calculated using February 2026 metal prices and assuming 50% gold / 50% PGMs, is approximately $68 billion. The deposit ranks among the largest undeveloped palladium-gold-platinum deposits in the world.
Greenland Mines holds an 80% direct interest in the Skaergaard Project — acquired through Greenland Mines Corp. — together with an option to acquire the remaining 20%. The mineralization is hosted across seven defined stratiform horizons (H0-H6) within the Skaergaard intrusion, an Eocene-age layered mafic intrusion (Triple Group) that has been the subject of academic and exploration-stage investigation since the 1990s, with approximately $30 million of historical exploration investment.
No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on Skaergaard. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The gross undiscounted in-situ metal values referenced above are illustrative calculations and do not account for mining recoveries, metallurgical losses, capital costs, operating costs, royalties, taxes, permitting requirements, or any other technical or economic factors.
TECHNICAL DE-RISKING CADENCE
Five Weeks. Three World-Class Consultants. One Integrated Technical Foundation.
Most junior mining developers spend years assembling the kind of consulting team Greenland Mines has put in place since mid-March. The cadence reads as follows:
WSP Denmark (engaged March): Full environmental impact assessment (EIA) baseline program at Skaergaard, the foundational regulatory work product required for project advancement under Greenlandic mining law.
GTK Mintec framework (Apr 23): Multi-stage metallurgical and processing flow program executed at GTK Mintec — the mineral processing and circular-economy pilot plant of the Geological Survey of Finland (GTK) located in Outokumpu, Finland. The facility runs approximately 100 projects per year and 8–12 industrial-scale pilot runs annually. Scope includes advanced mineralogical characterization (MLA / QEMSCAN, EPMA), gold deportment, beneficiation testwork, hydrometallurgical testwork (chloride leaching, pressure oxidation, Kell-type, molten-salt processes), and pilot-scale processing using a 10-20 tonne bulk sample. Tailings and extractive-waste studies will be conducted on the SMARTTEST platform.
SLR Consulting (Apr 27): Appointed as Geological Consultant and Qualified Person for Skaergaard. SLR — with more than 5,000 employees across 140+ offices worldwide — is the same consulting firm that prepared the latest NI 43-101 Technical Report effective November 22, 2022, including the current Mineral Resource Estimate. SLR specialists are scheduled for a return site visit in late August or early September 2026 in connection with the Company's planned summer field program.
Greenland Mines President Bo Møller Stensgaard, Ph.D., framed the integration in the SLR announcement: "We believe this gives Skaergaard a particularly strong and integrated technical foundation as we move into the 2026 field season and as we continue to systematically unlock the full potential of Skaergaard."
NORTH ATLANTIC CRITICAL-MINERALS CORRIDOR
Mine in Greenland. Process in Iceland. Sub-$0.03/kWh Power.
On April 16, 2026, Greenland Mines announced a non-binding Letter of Intent with an Icelandic industrial site owner to evaluate a downstream processing hub. The strategic logic is structural rather than incremental: Skaergaard sits approximately 450 km west of Iceland — within direct reach of one of the lowest-cost industrial-power jurisdictions in the developed world.
According to the announcement, the LOI targets power costs potentially below US$0.03/kWh through Iceland's integrated geothermal and hydropower grid, with life-of-mine savings exceeding $1 billion against alternative on-site processing scenarios. The brownfield refurbishment approach uses existing buildings, deep-water harbor infrastructure, and grid connections — meaningfully reducing capital intensity versus greenfield development.
The Company has framed this configuration as a "North Atlantic critical-minerals corridor" — connecting Greenland resource development to North American and European refining markets through low-cost Icelandic processing. The framing aligns with the broader strategic Western response to critical-minerals supply concentration risk, which currently sees Russia accounting for approximately 40% of global palladium supply and South Africa accounting for approximately 75% of global platinum supply.
PGM SUPPLY MACRO
A Structural Undersupply Story That Has the Major Banks Re-Rating Forecasts
In January 2026, Bank of America Global Research raised its 2026 platinum price forecast to $2,450/oz (from $1,825) and its palladium price forecast to $1,725/oz (from $1,525). The bank cited persistent market deficits, the dislocations of PGMs from trade disputes keeping markets tight, and Chinese demand support including the launch of physically-backed platinum and palladium futures contracts on the Guangzhou Futures Exchange (GFEX) in the second half of 2025.
On the supply side, the World Platinum Investment Council (WPIC) reports the platinum market entered a third consecutive year of supply deficit in 2025, with the shortfall estimated at approximately 850,000 ounces. The 2025 platinum price rallied approximately 127%. South African platinum output contracted approximately 5% year-on-year during January-October 2025, driven by operational issues including flooding and plant maintenance.
On the policy side, the U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports following anti-dumping and countervailing duty petitions filed by Sibanye-Stillwater and the United Steelworkers Union. Any imposition of tariffs on currently-unspecified Russian volumes could push U.S. domestic prices materially higher and reshape import economics for North American and European markets.
CAPITAL CONTEXT
PGM and Precious Metals Producers — Comparable Set
Investors evaluating exposure to the PGM supply-deficit thesis have an identifiable U.S.-listed comparable set of producers and developers across the platinum group metals complex. Each has reported material newsflow within the past month tied to the same macro cycle that supports Greenland Mines' positioning.
Sibanye-Stillwater Limited (NYSE: SBSW)
Sibanye-Stillwater is the diversified PGM and gold producer with operations across South Africa and the United States (Stillwater and East Boulder mines in Montana — host to the J-M Reef, the highest-grade PGM deposit in the world). The company has delivered approximately 295% one-year total return on surging precious metals prices and execution of its operational turnaround. FY2025 results showed revenue up 16% and adjusted EBITDA up 189% with margin expansion to 29.2%, despite non-cash impairment charges. Sibanye-Stillwater filed the petitions that triggered the U.S. Department of Commerce's preliminary affirmative anti-dumping determination on Russian palladium imports announced in 2026.
Valterra Platinum Limited (OTC: ANGPY)
Valterra Platinum — formerly Anglo American Platinum, demerged from Anglo American plc on May 31, 2025 — is the world's largest primary platinum producer, accounting for approximately 38% of global annual supply. The company reported FY2025 production of 3.2 million PGM ounces (M&C) and refined production of 3.4 million PGM ounces, both marginally above guidance. FY2025 sales volumes reached 3.5 million PGM ounces, including realization of refined inventory into a stronger PGM price environment. CEO Craig Miller framed FY2025 as "a defining year" with the successful demerger and London Stock Exchange secondary listing complete.
Platinum Group Metals Ltd. (NYSE American: PLG)
Platinum Group Metals operates the Waterberg Joint Venture in northeast South Africa, which holds 23,410,000 ounces of 4E Proven and Probable reserves comprising approximately 28.7% platinum, 63.5% palladium, and 6.2% gold. The Waterberg JV board unanimously approved ZAR 92.1 million in late 2025 for a sixth stage of work programs in fiscal 2026. With a modest share count of approximately 116 million shares outstanding, the stock has been characterized by technical analysts as offering meaningful percentage-gain potential as Waterberg advances toward production decisions.
Generation Mining Limited (OTCQB: GENMF / TSX: GENM)
Generation Mining is advancing the Marathon Copper-Palladium Project in northwestern Ontario, Canada — one of the few fully permitted critical mineral projects in North America. The Company's 2024 Feasibility Study estimated a Net Present Value of C$1.07 billion (6% discount rate), Internal Rate of Return of 28%, and a 1.9-year payback, with a 13-year mine life producing approximately 2,161,000 ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and 3,051,000 ounces of silver in payable metals. Total initial capital is approximately C$992 million (US$703 million). On January 15, 2026, the Company closed an upsized C$34.5 million bought-deal financing. On March 2, 2026, Generation Mining awarded the Engineering, Procurement and Construction Management contract to Ausenco, with field execution targeted for Q3/Q4 2026 subject to financing.
INVESTOR Q&A
Three Questions on the Greenland Mines Thesis
Q: What makes Skaergaard's $68 billion in-situ resource value different from other large undeveloped PGM projects?
A: Three things at once: scale (25.4 Moz PdEq / 23.5 Moz AuEq across seven defined horizons), geological consistency in a Triple Group mafic layered intrusion measuring 7.5 km by 11 km, and multi-metal optionality including vanadium, gallium, germanium, and titanium recovery alongside the primary PGM-gold deposit. Most large undeveloped PGM projects offer one or two of those — Skaergaard offers all three. No PEA, PFS, or feasibility study has been completed.
Q: Why does the technical team assembled in five weeks de-risk the story materially?
A: SLR Consulting prepared the November 2022 NI 43-101 Technical Report and is now back as Qualified Person — removing the relearning curve. GTK Mintec brings industrial-scale pilot processing, and WSP delivers the environmental baseline required under Greenlandic mining law. Each engagement removes a specific technical or regulatory risk that would otherwise be priced into a junior mining valuation.
Q: How does the structural PGM supply deficit translate into a thesis for early-stage developers like Greenland Mines?
A: Bank of America raised its 2026 platinum forecast to $2,450/oz and palladium to $1,725/oz, citing persistent deficits and trade-policy dislocations — including an approximately 828% U.S. dumping margin on Russian palladium. As long-life PGM supply tightens in concentrated jurisdictions (Russia ~40% palladium, South Africa ~75% platinum), capital tends to rotate toward early-stage developers in Western-aligned jurisdictions with scale and a credible technical pathway. Early-stage developers carry execution and dilution risks that established producers do not.
BOTTOM LINE
A Differentiated Position in a Re-Rating PGM Cycle
The PGM supply-deficit thesis has moved from analyst forecast to bank price target revision. The Western critical-minerals onshoring push has moved from policy framing to direct equity investments. Russian palladium tariff risk has moved from petition to preliminary affirmative anti-dumping determination. Against that macro backdrop, Greenland Mines has compressed five weeks of technical and strategic announcements — SLR Consulting, GTK Mintec, WSP, Iceland LOI, Major Precious Greenland Business Association membership — into an integrated thesis that connects a $68 billion in-situ resource to a North Atlantic processing corridor with sub-$0.03/kWh power.
For investors evaluating exposure to the PGM cycle, the comparable set above (SBSW, ANGPY, PLG, GENMF) represents the established producer and developer cohort. Greenland Mines represents the early-stage Western jurisdiction component of the same cycle — a different angle on the same underlying spending and pricing dynamics.
For more information on Greenland Mines Ltd, visit www.greenlandmines.com or the investor profile at usanewsgroup.com/grml-profile/.
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