Project

Skaergaard Site

01

$30 Million invested in the Skaergaard Project since the 1990s

02

NI 43-101 Technical Report (effective November 22, 2022) is based on c. 45,000 metres of diamond drilling and channel sampling

03

Indicated Mineral Resource Estimate (MRE) of 11.4 million contained ounces (Moz) PdEq ("Palladium Equivalent") in 159 million tonnes (Mt) grading 2.23 g/t PdEq1

04

Inferred MRE of 14.1 Moz PdEq in 205 Mt grading 2.14 g/t PdEq1

  1. 2022 NI 43-101 Technical Report MRE

Location

Jurisdiction
Southeast Greenland
(~300 km west of Iceland)

Access
Charter flight to Sødalen airstrip (2.5 hours from Iceland) + helicopter to site

Seasonality
Field operations feasible July – October (ice-free window)

Deposit Overview

Deposit Type
Stratiform PGE-Au in mafic layered intrusion (Triple Group)

Host Rock
Leucocratic gabbro layers (L0–L3) within Skaergaard Intrusion

Geometry
7.5 km (E–W) x 11 km (N–S), sill-like, 4 km depth potential

Mineralisation
7 recognised horizons (H0–H6); Pd, Au and Pt-bearing zones

3 Mining Licenses

3 Mineral Exploration Licences (MEL) 877km2

01

MEL 2007-011: 107 km2

  • Hosts Skaergaard Intrusion
  • 2021 summer drilling campaign

02

MEL 2012-252: 16 km2

  • Sødalen camp, airstrip
  • Access via helicopter
  • Miki & Watkins Fjords

03

MEL 2021-103: 754 km2
“new area” north & west of Skaergaard deposit

Ownership

Greenland Mines Ltd owns 80% of the Skaergaard Project, with an option to acquire the remaining 20%. No royalties or encumbrances.

Greenland government NSR

2.5% from production revenue

  1. Recently renewed (active until December 31, 2027; can only be extended for 3 more years thereafter)
  2. Recently renewed (active until December 31, 2026)
  3. Not renewed (expires December 31, 2026)
  4. Under the Greenland Mineral Resources Act framework, mining companies are typically subject to a gross sales royalty, commonly 2.5% for most minerals, as defined in standard license terms. This is not a classical NSR royalty, but rather a production-based revenue royalty payable to the Government of Greenland, with specific rates and mechanisms set out in individual exploitation licenses

Skaergaard MRE and Sensitivity Analysis

NI 43-101 - November 22, 2022

NOTES

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. PdEq grades were calculated using the formula PdEq (g/t) = g/t Pd + (1.09 * g/t Au) + (0.672 * g/t Pt), which assumes metal prices of US$1,725/oz Pd, US$1,800/oz Au, and US$1,250/oz Pt, metallurgical recoveries of 86% Pd, 89% Au, and 80% for Pt, and standard commercial terms for a precious metals concentrate.
  3. Mineral Resources are estimated at a cut-off grade of 1.43 g/t PdEq, which assumes underground mining costs of US$35/t, processing costs of US$20/t, and general and administration (G&A) costs of US$5/t.
  4. Reasonable prospects for eventual economic extraction were satisfied by constructing polygons using blocks above a grade-thickness field expressed as minimum mining thickness of two metres multiplied by the cut-off grade (1.43 g/t PdEq), including a visual check on the geometry and spatial continuity of the mineralization.
  5. Bulk density is 3.12 t/m3.
  6. Numbers may not add due to rounding.
  7. The Main area includes material south of the northern edge of the Forbindelses Glacier and under the glacier, and the N of Glacier area includes material to the north of the Forbindelses Glacier.
  8. The NI 43-101 Summary of Mineral Resource – Effective November 22, 2022 was prepared by Philip A. Geusebroek, M.Sc., P.Geo., Consultant Resource Geologist, a Qualified Person as defined by NI 43-101. This is part of the “Technical Report on the Skaergaard Project, Southeastern Greenland Report for NI 43-101”.

Metal Price Sensitivity - Palladium Equivalent Grades

NOTES

  1. Not Mineral Resources. To be viewed only as a metal price sensitivity exercise.
  2. All parameters except metal prices and metal equivalent conversion factors were held constant from the historical 2022 Mineral Resource. Please refer to the footnotes in the 2022 Technical Report for details.
  3. Low sensitivity case assumes metal prices of US$1,725/oz Pd, US$3,000/oz Au, and US$2,100/oz Pt.
  4. Medium sensitivity case assumes metal prices of US$1,725/oz Pd, US$3,500/oz Au, and US$2,100/oz Pt.
  5. High sensitivity case assumes metal prices of US$1,800/oz Pd, US$5,000/oz Au, and US$2,175/oz Pt.
  6. Bulk density is 3.12 t/m3.
  7. Totals may differ due to rounding.
  8. The Metal Price Sensitivity analysis of the 2022 Mineral Resource estimate for the Skaergaard Project using long-term metal price forecasts as a base case and adding two upside cases was prepared by SLR Consulting (Canada) Ltd. as a ‘SLR Technical Memoradum’ (April 29, 2026 – SLR Project No.: 501.066176.00001 – Revision: C) by Consultant Resource Geologist Philip A. Geusebroek, M.Sc., P.Geo. and North America Practice Leader, Mining Advisory Jason J. Cox.
Download NI 43-101

Expansion Potential

01

Major Resource Upgrade

2022 NI 43-101 Technical Report is based on 45,000 metres of diamond drilling and channel sampling. 95% increase in Indicated resources and 28% increase in total contained metal vs. 2021 Mineral Resource Estimate (MRE)

02

Mineralisation Open in all Directions

Drilling confirmed ore-grade intercepts in previously untested zones beneath the glacier and on the Northern Plateau, unlocking substantial expansion potential

03

Metallurgical & Environmental Studies Underway

Data supports upcoming Preliminary Economic Assessment (PEA) and includes evaluation of multi-metal credits (Fe, Ti, V, Ga, Cu, and ilmenite)

04

New Near-Surface Zones Identified

2021 sample analyses drilling uncovered additional near-surface Pd-Au-Cu mineralisation, potentially amenable to open-pit development

05

New Drilling and Development Program

Aims to double the resource to ~50 million contained ounces of Au, Pd, and Pt, as well as adding vanadium and gallium to the critical metals portfolio