Project

Skaergaard Site

01

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

02

SK-1300 Technical Report (effective July 3, 2026) is based on c. 45,000 metres of diamond drilling and channel sampling

03

Indicated Mineral Resource Estimate (MRE) of 15.0 million contained ounces (Moz) PdEq ("Palladium Equivalent") in 153.6 million tonnes (Mt) grading 3.04 g/t PdEq1

04

Inferred MRE of 17.49 Moz PdEq in 177.5 Mt grading 3.07 g/t PdEq1

  1. 2026 SK-1300 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 Mineral Resource Estimate

SK-1300 (July 3, 2026)

NOTES

  1. The definitions for Mineral Resources in S-K 1300 were followed for Mineral Resources, which are consistent with CIM (2014) definitions.
  2. The Mineral Resource estimate is reported on a 100% ownership basis.
  3. Mineral Exploration Licences MEL 2007-01, MEL 2012-25, and MEL 2021-10 that comprise the Project are 100% owned by Major Precious Greenland A/S (MPG), which is 80% owned by Greenland Mines Ltd (GRML) and 20% owned by Intrusion Precious Metals Corp. (IPMC). MEL 2007-01 covers the Skaergaard Intrusion, the main host of the Skaergaard deposit. Areas ‘North’ and ‘Main’ are separated by the northern lateral moraine of the Forbindelses Glacier, at approximately 7,563,500N.
  4. Mineral Resources are reported on an in situ basis, applying factors for mining dilution, mining losses, and process losses. Net Smelter Return (NSR) calculations assume underground mining costs of US$32.17/t, processing costs of US$35/t, and general and administration (G&A) costs of US$16.67/t. NSR is calculated using the formula NSR Value = (91.83 * g/t Au) + (40.68 * g/t Pd) + (42.63 * [g/t Pt).
  5. Mineral Resources are reported at an NSR cut-off value of US$84 per tonne.
  6. Mineral Resources are estimated using long-term prices of US$3,500/oz Au, US$1,725//oz Pd, and US$2,100/oz Pt, and assume metallurgical recoveries of 86% Pd, 89% Au, and 80% for Pt, and standard commercial terms for a precious metals concentrate.
  7. A minimum mining width of 2.0 m was used. NSR for thicknesses less than 2.0 m was factored to 2.0 m to represent dilution.
  8. PdEq grades were calculated using the formula PdEq (g/t) = g/t Pd + (2.258 * g/t Au) + (1.048 * g/t Pt).
  9. Reasonable prospects for economic extraction (RPEE) were satisfied by constructing polygons using blocks above the NSR cut-off value for thicknesses greater than 2.0 m and NSR cut-off value factored to 2.0 m to represent dilution where thicknesses are less than 2.0 m. RPEE included a visual check on the geometry and spatial continuity of the mineralization.
  10. The Main area includes material south of the northern edge of the Forbindelses Glacier and under the glacier, and the North area includes material to the north of the Forbindelses Glacier.
  11. Bulk density is 3.12 t/m3.
  12. Prepared by: SLR Consulting (Canada) Ltd. / Philip A. Geusebroek, M.Sc., P.Geo.
Download SK-1300

Expansion Potential

01

Major Resource Upgrade

2026 SK-1300 Technical Report is based on 45,000 metres of diamond drilling and channel sampling. 31.5% increase in Indicated resources and 24.0% increase in inferred resources vs. 2022 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