SLR study shows Skaergaard PdEq grades rise 45–55% under higher prices, highlighting strong sensitivity and development potential.
Greenland Mines Ltd. has announced the results of an independent metal price sensitivity analysis conducted by SLR Consulting on its Skaergaard Project located in East Greenland. The study evaluates how changes in long-term metal price assumptions impact the project’s palladium equivalent (PdEq) grades and contained metal within the existing 2022 underground-constrained Mineral Resource model.
The analysis incorporates updated price assumptions for palladium, gold, and platinum and applies them to the previously defined 2022 Mineral Resource estimate. Importantly, this work is not intended to revise or replace the existing resource estimate. Instead, it is designed as a sensitivity exercise to demonstrate how variations in metal prices can influence the economic expression of the same geological model, without altering the underlying drill data, geological interpretation, or classification methodology.
According to SLR Consulting’s high metal price scenario, the Skaergaard Project demonstrates a significant uplift in metal content when expressed in palladium equivalent terms. In this case, the project yields approximately 16.58 million ounces of PdEq in the Indicated category and 21.92 million ounces of PdEq in the Inferred category. Compared to the 2022 base case, this reflects an average increase in PdEq grades of around 45% for Indicated resources and approximately 55% for Inferred resources.
Even under low and medium price scenarios, the analysis indicates that total PdEq metal content remains higher than the original 2022 base-case estimate, reinforcing the sensitivity of the deposit’s value to commodity price assumptions. However, all geological parameters, including drill hole data, modelling framework, and resource classification criteria, remain unchanged throughout the study.
The original 2022 Mineral Resource Estimate, as documented in the NI 43-101 Technical Report dated November 22, 2022, continues to define the project within an underground mining constraint. This sensitivity analysis does not modify that classification or introduce any new resource estimation. Instead, it recalculates contained metal and equivalent grades strictly within the existing underground resource shells while holding all other assumptions constant.
Commenting on the results, Bo Møller Stensgaard, President of Greenland Mines Ltd., highlighted that the findings reinforce the long-term strategic potential of the Skaergaard deposit. He noted that applying a more optimistic long-term pricing framework for palladium, gold, and platinum significantly enhances the project’s combined metal expression, increasing overall Pd-Au-Pt value by roughly 50% on the same conservative geological model. He emphasized that such an uplift demonstrates the leverage that market conditions can have on large-scale polymetallic systems like Skaergaard.
At the same time, he clarified that the study is strictly a price sensitivity assessment rather than a new resource update. He further outlined that the company is actively working to convert this geological and pricing optionality into tangible project value. This includes evaluating alternative mining methods, as previously recommended in the 2022 technical report, with upcoming 2026 programs expected to test both open-pit and bulk mining scenarios in addition to underground development concepts.
The company’s ongoing technical work will be supported by SLR as independent geological consultant and Qualified Person, along with GTK Mintec overseeing metallurgical and pilot plant studies, and WSP conducting environmental baseline assessments. A fully funded 2026 exploration and bulk sampling campaign is planned for the summer, alongside development of a low-carbon processing strategy in the North Atlantic region. Collectively, these initiatives are aimed at advancing Skaergaard toward potential future development as a large-scale critical and precious metals operation.
