Transaction will add an advanced magnet rare earths asset in Greenland to complement Skaergaard and solidifies Greenland Mines' position in the global critical minerals race

Neo Performance Materials will become a strategic shareholder and secures offtake rights for up to 60% of future Sarfartoq production

TRANSACTION HIGHLIGHTS

   -- Sarfartoq stands as one of Greenland's most advanced and compelling rare 
      earths projects, backed by a historic NI 43-101 Mineral Resource Estimate, 
      a Preliminary Economic Assessment, over 15 years of drilling, extensive 
      metallurgical test work, engineering and environmental baseline studies. 
 
   -- Historic resources at the ST1 zone, which hosts approximately 27 million 
      kg of neodymium oxide (Nd O ) and 8 million kg of praseodymium oxide (Pr 
      O ) -- with Nd-Pr comprising an exceptional 25--40% of total rare earth 
      oxides (TREO) -- one of the highest ratios reported globally and the key 
      value driver in today's rare earths market. 
 
   -- Neo Performance Materials has offtake rights on up to 60% of future ore 
      or mineral concentrate production, directly bridging a Greenlandic source 
      of Nd-Pr feedstock to Neo's downstream rare earth separation and 
      permanent magnet platform. 
 
   -- Sarfartoq contains the rare earth elements powering the future: permanent 
      magnets for electric vehicles, offshore wind turbines, defense systems 
      and robotics -- the segment of the rare earths market where demand growth 
      and non-China supply gaps are most acute. 
 
   -- Creates a Western-aligned critical minerals platform with two advanced 
      critical metal projects in Greenland under one listed vehicle (Nasdaq: 
      GRML): high-value magnet rare earths at Sarfartoq and 
      palladium-gold-platinum at Skaergaard. 

CHARLOTTE, N.C., May 21, 2026 /PRNewswire/ -- Greenland Mines Ltd ("Greenland Mines" or the "Company") (Nasdaq: GRML) today announced that it has entered into an Agreement (the "Agreement") to acquire Neo North Star Resources, Inc., owner of the Sarfartoq Rare Earths Project in southwest Greenland, from its stockholders including Neo Performance Materials (TSX: NEO). The transaction will be structured as a merger between Neo North Star Resources, Inc. and a newly-formed, wholly-owned subsidiary of the Company.

Sarfartoq is an advanced carbonatite-hosted rare earths deposit strongly enriched in the elements neodymium ("Nd") and praseodymium ("Pr"). The acquisition will give Greenland Mines two complementary Greenland development assets: Nd-Pr-rich Sarfartoq and the Skaergaard precious and critical metals project.

"Sarfartoq is a transformational addition to Greenland Mines' North Atlantic strategy. It will give investors exposure to two large-scale Greenland critical minerals projects and brings Neo Performance Materials on board as an offtake partner -- connecting an upstream Greenlandic source of Nd-Pr feedstock to Neo's midstream and downstream magnet platform. We have great respect for the extensive technical work already completed on Sarfartoq and look forward to rapidly building on that foundation."

-- Bo Møller Stensgaard, President, Greenland Mines

Rahim Suleman, President and Chief Executive Officer of Neo Performance Materials, commented:

"We wish Greenland Mines every success as they advance this project, while we maintain our commitment as an offtake partner and shareholder. This agreement reflects our disciplined approach to capital allocation and reinforces Neo's strategic identity as a midstream and downstream advanced materials company, where we create the most value for our customers and shareholders."

The Sarfartoq Project

The Sarfartoq Rare Earths Project lies in the Qeqqata region of southwest Greenland, roughly 60 km from Kangerlussuaq -- the settlement and international airport originally built as the U.S. Sondrestrom Air Base. The town of Sisimiut, host to Greenland's mining school, sits 130 km to the northwest. Through NNSR, Greenland Mines will acquire 100% of the Greenland branch Qaatsuitsup Ulloriaa, which holds mineral exploration license MEL 2020-32 over the Sarfartoq Carbonatite Complex.

The Project benefits from a rare combination of high-grade rare earth content and unusually favorable Arctic logistics being located along a sheltered deep-fjord tidewater location and adjacent to the best hydroelectric potential in Greenland. Regional precedent reinforces the development case -- Lumina's operating Qaqortorsuaq Anorthosite Mine (White Mountain) lies approximately 80 km to the northwest in the same Kangerlussuaq Fjord region and has been shipping product by bulk carrier since 2019.

In the Company's opinion, Sarfartoq stands out as a unique Nd/Pr rich rare earths project in Greenland combining a defined NI 43-101 Mineral Resource, an economic study, and conventional metallurgical mineral hosts that support REE processing and extraction. That combination, together with Greenland Mining's experienced team and more than 15 years of extensive geological and technical work in the project, and Neo's continued commitment as offtake partner and shareholder, supports what the Company believes is an opportunity to rapidly advance the project toward commercialization.

Project Maturity and NI 43-101 Resource

More than 23,000 meters of drilling, metallurgical test work, mineralogy and environmental baseline work underpin the ST1 zone, anchored by a historic NI 43-101 Mineral Resource Estimate and a Preliminary Economic Assessment completed in 2011, with additional drilling and internal studies completed by NNSR since 2023.

The resource estimate is concentrated within the ST1 Zone:

   -- Indicated Resource: 5.88 million tonnes grading 1.77% TREO 
 
   -- Inferred Resource: 2.46 million tonnes grading 1.59% TREO 
 
   -- Contained Nd-Pr (ST1 zone): approximately 27M kg Nd O and 8M kg Pr O 

These figures place Sarfartoq among the more meaningful Nd-Pr resources in the Western world. High grade intervals at ST1 include 8m of 6.5% TREO, 14m of 4.8% TREO and 22m of 4% TREO. The REE distribution story is equally distinctive: Nd-Pr represents approximately 25% to 40% of TREO across the deposit, and the nearby ST40 zone has been publicly described as hosting one of the highest known neodymium-to-TREO ratios in the rare earths industry at 45% of TREO. For an end market that pays for Nd-Pr and discounts the rest, that ratio matters as much as tonnage.

NNSR has indicated that ST1 is ready for an updated PEA, and Greenland Mines intends to advance that work as a near-term high priority. The Company will also initiate dialogue with the Government of Greenland on a pathway toward an Exploitation License for the Sarfartoq Project.

Continued Alignment with Neo

The transaction will allow the Company and Neo Performance Materials to each sharpen their business focus on their individual core expertise. Neo Performance Materials is widely regarded as the leading Western commercial mid- and downstream producer of rare earth permanent magnets outside China, particularly following the recent opening of its advanced rare earth magnet plant in Estonia. Neo originally acquired Sarfartoq to secure upstream Nd-Pr feedstock for its rare earth separation activities in Europe and expanding regional magnet supply chains.

The transaction allows Greenland Mines to assume ownership of the Sarfartoq project while preserving industrial alignment with Neo having an offtake agreement to process up to 60% of future ore or mineral concentrate production.

Geological Upside and the Broader Exploration Pipeline

Only a small fraction of Sarfartoq has been explored to date. The Project sits within a roughly 13 km-diameter carbonatite complex on the edge of the Archaean craton in southwest Greenland, first mapped by GEUS in the 1970s. The outer ring structure of the carbonatite, which hosts the rare earths mineralization, has a strike length of 32 km. ST1 is one of several mineralized targets defined along the complex's outer ring structure; ST19, ST24, ST31 and ST40 sit on the same trends and have been proven through drilling, radiometrics, magnetics and surface sampling to contain significant REE mineralization. Greenland Mines views ST1 as the near-term economic anchor and the wider ST corridor as substantial search space for additional rare earth bodies. Recent geological programs in 2023 and 2024 identified a number of new drill targets along previously unexplored sections of the outer ring structure.

The mineralogy is dominated by bastnäsite, synchysite, ancylite and monazite -- species already processed at operating rare earth mines elsewhere globally, which the Company believes meaningfully de-risks the metallurgical pathway.

The License package also includes the Nukittooq Niobium-Tantalum Project and prospective phosphorus mineralization, adding further critical minerals optionality across the broader carbonatite system. The project comes with a new 20-person camp and two drill rigs allowing the team to hit the ground running.

Strategic Fit with Skaergaard

Sarfartoq is highly complementary to Skaergaard. Skaergaard offers exposure to palladium, gold and platinum, with potential by-products including vanadium, gallium, iron and titanium. Sarfartoq adds direct entry into the rare earth permanent magnet supply chain through neodymium and praseodymium -- the two rare earth elements most important to high-performance permanent magnets in EVs, wind turbines and defense applications.

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