Greenland's Palladium Answer Just Got 31% Bigger, and Washington Is Watching

CHARLOTTE, N.C., July 15, 2026 (GLOBE NEWSWIRE) -- USA News Group / Palladium spent the first half of 2026 falling out of favor. Prices dropped roughly 47% from their January high, and the metal now trades near $1,274/oz, well off the $2,195.50 peak posted in late January. For most of the market, that has been reason enough to look elsewhere.

The structural picture underneath the price, however, is not improving. Metals Focus expects total PGM mine supply to decline another 2.2% in 2026 to 13.9 million ounces, following production disruptions in South Africa and falling North American output. South African operations have been slow to recover from 2025 flooding, and palladium supply took a further hit when the Stillwater West mine in the United States was placed on care and maintenance. The world is producing less of this metal, not more, and roughly 70% to 80% of what does get produced comes out of Russia and South Africa.

Which is what makes the news out of southeast Greenland this week worth a second look.

Key Takeaways

Greenland Mines Ltd. (NASDAQ:GRML) reported the first S-K 1300-compliant Technical Report Summary ever prepared for Skaergaard, with an updated resource showing a 31% increase in Indicated palladium-equivalent ounces and grade improvements of 36% to 44%.

The upgrade came from the same drill database as the 2022 estimate. No new holes. A corrected block model and a current price deck did the work.

The conversion clears the way for an Initial Assessment, the SEC's equivalent of a PEA, which will evaluate an open-pit scenario at Skaergaard for the first time.

Same Rock, Different Answer

On July 15, 2026, Greenland Mines Ltd. (NASDAQ:GRML) reported that SLR Consulting (Canada) Ltd., the company's independent Qualified Person, completed a Technical Report Summary for the Skaergaard precious and critical metals project in southeast Greenland. The report conforms to the SEC's requirements under Subpart 229.1300 of Regulation S-K, and it is the first S-K 1300-compliant report ever prepared for the property.

Measured against the November 2022 NI 43-101 baseline, Indicated palladium-equivalent contained metal rose 31% from 11.41 Moz to 15.00 Moz PdEq, and Inferred rose 24% from 14.11 Moz to 17.49 Moz. Indicated PdEq grade climbed 36%, from 2.23 g/t to 3.04 g/t; Inferred grade climbed 44%, from 2.14 g/t to 3.07 g/t. The 2026 estimate carries an effective date of July 3, 2026.

The detail that deserves attention is what did not change. The 2026 estimate draws on exactly the same drill database as its predecessor, 93 diamond drill holes and 30 channel samples totaling 42,050 meters of drilling completed between 1989 and 2021. Not one new meter of core went into it.

Three things changed instead. The first is price. The 2022 estimate assumed gold at US$1,800/oz. The 2026 estimate assumes US$3,500/oz, alongside US$1,725/oz palladium and US$2,100/oz platinum, and swaps the old 1.43 g/t PdEq cut-off for a net smelter return cut-off of US$84 per tonne. The company identifies this as the primary driver of the higher reported grades.

The second is geometry, and it is the more interesting of the two. SLR's Qualified Person determined that the flat-panel Deswik methodology used previously was poorly suited to the shallow bowl-shaped geometry of the Skaergaard deposit, causing excess dilution that pushed material below cut-off. In plain terms, the old model was squaring off a curve, and every place the square did not fit the curve, real ounces were getting averaged into waste. SLR reverted to a standard block model with inverse-distance-cubed grade interpolation, the same interpolation used in 2022. The third change updated classification boundaries using a drill-spacing-based NSR approach.

The trade-off is visible in the tonnage. Indicated tonnes fell 3.4% to 153.6 Mt, Inferred fell 13.6% to 177.5 Mt. Fewer tonnes, higher grade, more contained metal. The company describes the result as a leaner but substantially more valuable resource, with a higher NSR value per tonne mined.

"This is a genuine and material step forward for Skaergaard," said Dr. Bo Møller Stensgaard, President of Greenland Mines Ltd. "We have taken the 2022 mineral resource, already substantial, applied current gold and palladium prices and an improved block model methodology that better reflects the true geometry of the deposit, and the result is a resource that is more than 31 percent larger in Indicated PdEq ounces with a grade 36 percent higher."

The Price Deck Is the Quiet Part

There is a wrinkle in the 2026 estimate that the release states plainly and does not dwell on. The resource assumes gold at US$3,500 per ounce. Gold was trading around $4,074 on the morning of the announcement. The deck the resource is built on sits roughly 14% below where the metal actually trades.

That cuts in the company's favor rather than against it. A resource modeled at a conservative price is a resource with less air in it, and the same rock run at spot would report differently again. The caveat is obvious: metal prices move in both directions, and a deck below spot today is not a promise about tomorrow. But as disclosure posture, using US$3,500 gold in a US$4,000 gold market is the opposite of aggressive.

The same restraint shows up in the mining assumption. The 2026 estimate was modelled entirely on underground costs, at US$32.17 per tonne, with processing at US$35 and G&A at US$16.67. Underground is the expensive way to take rock out of the ground. The company notes that as it advances evaluation of a potential open-pit scenario targeting near-surface mineralization on the northern plateau, there is a clear pathway to a more favorable cost structure.

Skaergaard's mineralization sits in seven stratiform horizons within the upper 90 meters of the Middle Zone, each typically two to five meters thick, and some of it sits at or near surface on the northern plateau. The resource, in other words, was costed as though all of it has to be mined the hard way, including the part that may not.

What S-K 1300 Actually Buys

The regulatory conversion is easy to file under housekeeping. It is not. S-K 1300 is the SEC's mining disclosure standard, and converting to it does three things. It establishes Skaergaard's Mineral Resources under the SEC's current standard, giving investors disclosure directly comparable to peer companies reporting under the same rules. It creates a compliant technical foundation from which the company can proceed to an Initial Assessment, the S-K 1300 equivalent of a PEA. And it sets up the IA to evaluate an open-pit scenario for the northern plateau, where mineralization occurs at or near surface.

That third point is the one that matters. As the company puts it, an open-pit first approach would typically offer materially lower capital and operating costs than an underground operation, potentially shortening the timeline to first production.

"The S-K 1300 conversion gives us the regulatory foundation to move directly into an Initial Assessment, which will, for the first time, formally evaluate what an open-pit scenario looks like at Skaergaard alongside underground options," Stensgaard said.

The inputs are being collected now. The 2026 field program includes drilling, bulk sampling, mapping and geotechnical work on the northeastern plateau and toward the west, areas the TRS identifies as having near-surface open-pit potential. A contract with Nordisk Fundering covers roughly 7,500 meters of helicopter-supported diamond core drilling this season.

Skaergaard sits about 400 km west of Iceland with direct sheltered deep-water fjord access and a nearby gravel airstrip, a position the company frames as its North Atlantic Critical Metals Corridor. The deposit also carries elevated titanium, vanadium and gallium in the surrounding iron-oxide sequence, described as potential by-product credits subject to further technical evaluation. Greenland Mines holds an 80% interest in the three Mineral Exploration Licenses covering Skaergaard through its subsidiary Major Precious Greenland A/S, with an option on the remaining 20%.

The Company Skaergaard Keeps

Greenland has become a jurisdiction that Western governments talk about in strategic terms rather than geological ones, and Greenland Mines is not the only company being carried by that current.

Critical Metals Corp. (NASDAQ:CRML) is the closest thing Skaergaard has to a jurisdictional twin. Its flagship Tanbreez project sits in southern Greenland and shares the same year-round deep-water fjord shipping access. The company closed its acquisition of the final 50.5% interest in Tanbreez in April 2026, bringing ownership to 92.5%, and has since launched a 10,000-meter diamond drilling campaign. On July 8, 2026, it retained Clear Street as financial advisor to evaluate value-maximizing pathways centered on accelerating Tanbreez. Shares have surged 757% over the past year. Tanbreez is a rare earth story and Skaergaard is a PGM story, so the two are not substitutes. What they share is a bet that Greenland's geology and its geopolitics are about to be priced together.

Perpetua Resources Corp. (NASDAQ:PPTA) shows where the road leads when Washington takes a critical-metals story seriously. Its Stibnite Gold Project in Idaho pairs a 4.22 Moz gold deposit with 106 million pounds of antimony, a mineral where China controls roughly 80% of global supply. The U.S. Export-Import Bank finalized a $2.9 billion loan for the project in May 2026, and construction is underway with initial production targeted for late 2029. The parallel to Skaergaard is structural rather than geological: both are precious-metals deposits whose strategic by-product changes the conversation.

Ivanhoe Mines Ltd. (TSX:IVN) (OTCQX:IVPAF) is the reality check on scale. Its Platreef mine in South Africa is the rare PGM project actually ramping into production rather than studying its way toward it. Shaft #3 completed on schedule in late March 2026, lifting hoisting capacity roughly fivefold to about 5.0 Mtpa, and ground broke on the Phase 2 concentrator on April 9. Phase 2 is expected to lift output more than fourfold, to over 450,000 ounces of platinum, palladium, rhodium and gold annually from Q4 2027. Ivanhoe is a producer with tier-one assets and a market capitalization to match, which is exactly why it is useful here: it is the yardstick, not the peer.

Energy Fuels Inc. (NYSE:UUUU) (TSX:EFR) is the by-product argument in corporate form. The company runs the White Mesa Mill in Utah, the only fully licensed conventional uranium mill operating in the United States, and has widened it into rare earths, vanadium and heavy mineral sands. In June 2026 it secured a conditional $725 million loan commitment from the U.S. Office of Strategic Capital and agreed to acquire German magnet maker Vacuumschmelze for roughly $1.9 billion. Skaergaard's titanium, vanadium and gallium credits remain unevaluated, and Energy Fuels illustrates how a company builds value out of the metals that come up alongside the main event. Note that UUUU shares have declined over 7% year-to-date and trade near the bottom of their 52-week range, a reminder that a strong strategic position and a strong chart are different things.

These four are included for industry context only. None is a proxy for Greenland Mines, and their performance says nothing about how Skaergaard will fare.

The Next Chapter

The case for Skaergaard has never been that it is a small, clever deposit. It is that it is a very large one, sitting in a jurisdiction that has become strategically interesting to the Western alliance at the exact moment palladium supply is contracting.

What this week's report changes is the paperwork, and paperwork is what has been missing. A large resource nobody can compare to anything is a curiosity. A large resource reported under the same SEC standard as every other U.S.-listed developer is an asset that can be underwritten, financed and studied.

"Skaergaard is advancing fast, this release is proof of that," Stensgaard said. "The resource is bigger, the grade is higher, and the next chapter starts now."

What has to happen next is straightforward to state and hard to do. The 2026 field season has to deliver the drilling, metallurgical and geotechnical inputs. The Initial Assessment has to be completed. And the open-pit scenario on the northern plateau has to survive contact with real engineering. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, and no economic study has been completed on Skaergaard.

For now, the market gets a simpler fact to sit with. The same 42,050 meters of core that were in the ground in 2022 are in the ground today. The rock did not change. The estimate did, and it got 31% bigger.

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FORWARD-LOOKING STATEMENTS

The following forward-looking statements are reproduced from Greenland Mines Ltd.'s news release dated July 15, 2026:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as "believe," "expect," "anticipate," "intend," "plan," "potential," "could," "may," "will," "should," "estimate" and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the S-K 1300 conversion; the potential of the Skaergaard Project; the anticipated results of the 2026 field program; the timing and scope of an Initial Assessment; the potential to evaluate open-pit and underground mining scenarios; potential by-product credits from vanadium, gallium and titanium; and the Company's North Atlantic Critical Metals Corridor strategy. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statement except as required by applicable law.

CAUTIONARY NOTE REGARDING MINERAL RESOURCES

The 2026 Mineral Resource Estimate referenced in this article was prepared by SLR Consulting (Canada) Ltd., an independent Qualified Person as defined under S-K 1300, in accordance with the U.S. Securities and Exchange Commission's Modernized Property Disclosure Requirements for Mining Registrants under Subpart 229.1300 of Regulation S-K, with an effective date of July 3, 2026, and is disclosed in the Technical Report Summary prepared for the Skaergaard Project. The Technical Report Summary will be filed as an exhibit with the SEC. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The 2026 Mineral Resource Estimate is reported on a 100% ownership basis; Greenland Mines Ltd. holds an 80% interest in the Mineral Exploration Licenses comprising the Project through its subsidiary Major Precious Greenland A/S. Mineral Resources are estimated using long-term prices of US$3,500/oz gold, US$1,725/oz palladium and US$2,100/oz platinum, and assume metallurgical recoveries of 86% palladium, 89% gold and 80% platinum; these are assumptions and not forecasts, and actual metal prices and recoveries may differ materially. Comparisons to the November 2022 NI 43-101 mineral resource estimate are provided for reference only; the two estimates were prepared under different reporting standards using different price assumptions, cut-off criteria and modelling methodologies, and are not directly comparable. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project. Statements regarding a potential open-pit mining scenario are conceptual, have not been the subject of any completed economic study, and there is no certainty that any such scenario will prove economically viable. There is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established. Potential by-product credits from titanium, vanadium and gallium are subject to further technical evaluation and no economic value should be ascribed to them at this time.

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