1.60% total rare earth oxides (TREO)
Hybrid open-pit / underground caseHigher confidence in the estimated quantity and grade.
Project overviewResource & Initial Assessment
The elements of
a changing world.
Permanent magnets
Neodymium is used in the permanent magnets found in many electric-vehicle motors and wind-turbine generators.
Material applications; no current project production is implied.
An electric vehicle accelerating. A wind turbine generating power. Both can rely on magnets made with neodymium and praseodymium. Sarfartoq brings that material story back to Greenland: a defined rare-earth resource, with Neo retaining rights to future offtake.
Sarfartoq is hosted in a carbonatite complex in Qeqqata municipality. The ST1 zone is the focus of the current resource estimate. Neodymium and praseodymium are part of the rare-earth mineral assemblage.
The project is approximately 60 km southwest of Kangerlussuaq Airport. Access and logistics form part of the development studies; proximity to infrastructure is not a completed mine-to-market route.
Company interest
100%
The acquisition closed on September 1, 2026. Neo retains rights to offtake up to 60% of future ore or concentrate production. These rights do not constitute current production or guaranteed sales.
Ownership referenceThe relationship beyond the resourceGreenland Mines / Neo Performance Materials
A resource in Greenland.
A relationship in Europe.
Neo Performance Materials is a Greenland Mines shareholder and operates Silmet, a rare-earth separation facility in Estonia. That relationship gives Sarfartoq a potential connection to European processing capacity.
Greenland / EstoniaSelect a location
The mineral resource
Sarfartoq
Southwest GreenlandA neodymium-praseodymium rare-earth project. Future ore or mineral concentrate is the material covered by Neo’s retained offtake rights.
Geographic relationship · schematic connection
Retained offtake rights
Up to60%
Of future Sarfartoq ore or mineral concentrate.
Neo retains these rights alongside its shareholding in Greenland Mines. Together, they establish a commercial relationship with a company that already operates European rare-earth separation capacity.
The rights relate to potential future production. Definitive offtake terms remain subject to negotiation.
Why Silmet 2.0 matters
The development plan adapts Neo’s Sillamäe separation facility for new raw-material sources. Its selection as an EU Strategic Project on October 9, 2026 recognizes the processing project; the designation does not apply to Sarfartoq.
The resource foundationEffective July 31, 2026
Defined in the model.
Tested in the next phase.
S-K 1300 · Hybrid open-pit / underground case. Review the original report for assumptions, methodology, cut-offs, and the qualified person’s conclusions.
0.96% total rare earth oxides (TREO)
Hybrid open-pit / underground caseLower confidence in the estimated quantity and grade.
Reading the figures
Mt means million metric tons of mineralized rock. TREO is the total rare-earth oxide content of that rock, expressed as a percentage.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred resources have a lower level of geological confidence than Indicated resources. Figures are reported separately and may be rounded.
Read the S-K 1300 technical reportSarfartoq / Initial AssessmentEffective July 31, 2026
An economic framework.
A basis for the next studies.
The ST1 Initial Assessment models a nine-year operation. Its base case and high-case sensitivity show the opportunity—and the importance of prices, costs, and resource confidence.
Including Inferred resources
Base case$1.257bnUS dollars
High-case sensitivity$2.053bnUS dollars
| Additional measures | Base | High |
|---|---|---|
| After-tax NPV₈ · US$m | 897 | 1,502 |
| Pre-tax IRR | 68.7% | 118.6% |
Excluding Inferred resources
Base case$0.879bnUS dollars
High-case sensitivity$1.489bnUS dollars
| Additional measures | Base | High |
|---|---|---|
| After-tax NPV₈ · US$m | 605 | 1,074 |
| Pre-tax IRR | 66.0% | 117.5% |
Scenario assumptions. High case: prices +15%, operating costs −15%, and capital costs −20% against the base case. The low case returns pre-tax NPV₈ of US$401 million including Inferred resources and US$209 million excluding them. NPV is discounted project cash flow, not company value.
Preliminary assessment, not a feasibility study. No mineral reserves have been estimated. Resources do not have demonstrated economic viability. Inferred resources have greater geological uncertainty; there is no certainty they will convert to higher-confidence categories or that assessment results will be realized. Source: Agricola, Initial Assessment, Table 1-5 and Section 19. Figures rounded.
Read the full Initial AssessmentFrom the field to the next milestone2026 program
In the field.
Mapping, rock sampling, and a second season of environmental baseline fieldwork completed in September 2026. Assay results were pending in the September 24, 2026 update.
Read the program updateIn development.
Integrate field results, refine the resource model, and advance metallurgical and engineering work. The company’s objective is to progress toward a Pre-Feasibility Study.
Environmental baseline fieldwork is one input to assessment and permitting. It is not an approved environmental impact assessment or an exploitation license.