Issued on behalf of Greenland Mines Ltd
Independent SLR Consulting sensitivity analysis indicates 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred in the high-price case at $5,000/oz Au; underlying 2022 block model, drill database, classification criteria and cut-off held constant.
VANCOUVER, BC, May 7, 2026 — Baystreet.ca News Commentary — Greenland Mines Ltd. (Nasdaq: GRML) has reported the results of an independent metal-price sensitivity analysis completed by SLR Consulting (Canada) Ltd. on the Company’s Skaergaard Project in East Greenland, applying updated palladium, gold, and platinum price assumptions to the existing 2022 underground-constrained Mineral Resource model.
The Company’s Skaergaard Project is hosted in the Eocene-age Skaergaard intrusion in Southeast Greenland and is described by the Company as one of the largest undeveloped palladium, gold, and platinum deposits in the world. Greenland Mines holds, through its acquisition of Greenland Mines Corp., an 80% interest in the project together with an option to acquire the remaining 20%. The 2022 NI 43-101 Mineral Resource on Skaergaard was prepared by SLR Consulting, with Philip A. Geusebroek, M.Sc., P.Geo. as Qualified Person.
According to the announcement, SLR’s analysis applies updated metal price assumptions to the 2022 underground-constrained resource model and recalculates equivalent grades and contained palladium-equivalent metal across the existing Indicated and Inferred classifications. The 2022 block model, tonnages, geometry, cut-off grade of 1.43 g/t PdEq, classification, and technical assumptions are unchanged in all sensitivity cases. The metal price sensitivity analysis does not constitute an update to the 2022 Mineral Resource Estimate and is intended solely as a pricing scenario exercise on the existing underground constrained model.
In the illustrative high-price sensitivity case — assuming $1,800/oz Pd, $5,000/oz Au, and $2,175/oz Pt — SLR’s results indicate 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred, with average PdEq grade increases of approximately 45% (Indicated) and 55% (Inferred) versus the 2022 base case. In the medium and low cases, total PdEq content also increases compared to the 2022 base case, while maintaining the same geologic model, drill database, and classification criteria.
The 2022 base case had used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. The medium case assumes $1,725/oz Pd, $3,500/oz Au, and $2,100/oz Pt. The low case assumes $1,725/oz Pd, $3,000/oz Au, and $2,100/oz Pt.
The Company has emphasized that the sensitivity work does not change the 2022 Mineral Resource Estimate, which remains constrained by an underground mining scenario as set out in the November 22, 2022 NI 43-101 Technical Report on Skaergaard. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the project. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. SLR considers the high price sensitivity case relatively aggressive and views the Low and Medium cases as more reasonable long term reference points.
According to the Company, the 2026 program will begin to evaluate open-pit and bulk-mining scenarios alongside underground concepts, supported by geotechnical, geophysical, and topographic data. The Company has engaged SLR Consulting as Geological Consultant and Qualified Person for the 2026 program, GTK Mintec for metallurgical and pilot-scale processing test work, and WSP for the environmental baseline study. A summer field, drill, and bulk-sample campaign is planned.
Bo Møller Stensgaard, Ph.D., President of Greenland Mines, framed the work in the announcement as follows: “The SLR sensitivity work crystallizes what makes Skaergaard so compelling. On the same conservative 2022 block model, simply applying a more gold-bullish long-term price deck in the sensitivity scenarios takes the combined Pd-Au-Pt expression up by approximately 50%, with strong equivalent grade uplift in both the Indicated and Inferred categories.”
The announcement places the Skaergaard sensitivity work in a broader macro context characterized by elevated realized metal prices across the precious-metals complex. Bank of America Global Research raised its 2026 platinum price forecast to $2,450/oz (from $1,825) and palladium to $1,725/oz (from $1,525) earlier this year, citing market deficits and trade dislocations. The U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports following anti-dumping and countervailing duty petitions filed in the U.S. The World Platinum Investment Council reports that the platinum market entered a third consecutive year of supply deficit in 2025.
SECTOR REFERENCE POINTS
For investors building a reference framework for senior- and mid-tier precious-metals producers reporting into the same realized-price environment, several U.S.-listed names have reported material news flow within the same window.
Agnico Eagle Mines Limited (NYSE: AEM) released its first quarter 2026 results on April 30, reporting record net income, record adjusted EBITDA, and record operating margins. Production for Q1 was reported as slightly above budget with costs in line with guidance, and the Company reiterated its 2026 production and cost guidance. Q1 revenue of approximately $4.1 billion compared with $2.47 billion in the year-ago quarter. Agnico is a Canadian senior gold producer with operations in Canada, Australia, Finland, and Mexico, and is widely cited as a benchmark for operational discipline in the senior gold space. Shares were trading higher on the day of release.
Pan American Silver Corp. (NYSE: PAAS) held its Annual General and Special Meeting of shareholders on April 30, 2026 in Vancouver, with shareholders voting in favor of all matters brought before the meeting. The Company has scheduled the release of its unaudited Q1 2026 results for May 5, 2026, with a conference call and webcast on May 6. Earlier in the quarter, BofA Securities raised its price target on PAAS to $94 from $84, and Pan American announced a revised Preliminary Economic Assessment for the La Colorada Skarn Project. Pan American is a Vancouver-based senior silver producer with operations across the Americas, and is widely used as a reference point for silver-and-gold equity exposure.
AngloGold Ashanti plc (NYSE: AU) is a senior gold producer with operations across Africa, Australia, and the Americas, with a primary listing on the New York Stock Exchange (NYSE: AU), corporate domicile in London, and secondary listings on the Johannesburg Stock Exchange (JSE: ANG), A2X Markets, and the Ghana Stock Exchange. The Company recently published its 2025 Sustainability and Climate Reports and continues to operate at scale across multiple jurisdictions, providing a reference point for diversified senior gold exposure into the current realized-price environment. AngloGold Ashanti retains an extensive resource base across multiple gold-producing regions, with reported production volumes that place it among the global senior gold producer cohort.
Barrick Mining Corporation (NYSE: B | TSX: ABX) is a senior gold and copper producer with operations across the Americas, Africa, and the Middle East, including the Pueblo Viejo, Cortez, and Carlin districts. The Company rebranded from Barrick Gold Corporation in May 2025, reflecting an expanded gold-and-copper strategy. Barrick’s portfolio includes both senior gold production and meaningful copper exposure through projects such as Reko Diq — currently in an extended review phase through mid-2027 — providing a reference point for senior diversified producers benefiting from the current realized gold and copper price environment.
These names are not intended as direct comparables to a development-stage Pd-Au-Pt project — they sit at meaningfully different stages of the mining lifecycle, with different capital structures, jurisdictions, and commodity exposures. They are referenced here only to illustrate the realized-price environment into which the Greenland Mines sensitivity work has been released.
ADDITIONAL CONTEXT
The full SLR Consulting (Canada) Ltd. memo titled “Skaergaard 2022 Mineral Resource — Metal Price Sensitivity for 2026” and the November 22, 2022 NI 43-101 Technical Report for the Skaergaard Project are available on Greenland Mines’ website in the Investors / Reports section, and should be read in conjunction with the Company’s announcement.
The sensitivity cases presented are conceptual in nature and are not Mineral Resource or Mineral Reserve estimates. They are based on the 2022 underground-constrained resource model and are intended only to illustrate the impact of changing metal prices on PdEq grades and contained PdEq metal, assuming the same mining constraint and input parameters used in the 2022 Mineral Resource Estimate. The underlying 2022 block model, tonnages, geometry, cut-off grade (1.43 g/t PdEq), classification, and technical assumptions are unchanged in all sensitivity cases. No new mine plan, production schedule, capital or operating cost estimate, or economic analysis has been prepared in connection with this sensitivity work. There can be no assurance that future metal prices, operating conditions, or technical outcomes will align with any of the sensitivity scenarios modelled by SLR. Investors should therefore not treat the sensitivity outputs as standalone Mineral Resource or Reserve figures, but rather as illustrative of Skaergaard’s leverage to different long-term metal price environments. SLR further recommends that any future Mineral Resource updates for Skaergaard be reported on a net smelter return (NSR) basis rather than using metal equivalents, in line with evolving technical reporting practice under SK 1300 and NI 43101.
For more information about Greenland Mines Ltd., please visit: Greenland Mines Ltd – Baystreet Profile
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Article Sources:
1. Greenland Mines Ltd press release, “Greenland Mines Reports Up To 45%–55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study,” April 30, 2026.
2. SLR Consulting (Canada) Ltd. NI 43-101 Technical Report on the Skaergaard Project, Southeastern Greenland, effective November 22, 2022.
3. Agnico Eagle Mines Limited Q1 2026 results, April 30, 2026.
4. Pan American Silver Corp. announcements: Q1 2026 release date and AGM, April 20, 2026; AGM voting results, April 30, 2026.
5. AngloGold Ashanti plc public disclosures and 2025 Sustainability and Climate Reports.
6. Barrick Mining Corporation public disclosures.
7. Bank of America Global Research, 2026 PGM and gold price forecasts.
8. World Platinum Investment Council (WPIC) supply/demand commentary.
9. U.S. Department of Commerce preliminary anti-dumping determination on unworked Russian palladium imports.
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CAUTIONARY NOTE REGARDING MINERAL RESOURCES:
The Mineral Resource Estimates referenced in this article were prepared in accordance with NI 43-101 by SLR Consulting as disclosed in the technical report dated November 22, 2022. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The gross undiscounted in-situ metal values expressed herein are illustrative calculations using February 2026 metal prices and do not account for mining recoveries, metallurgical losses, capital costs, operating costs, royalties, taxes, permitting requirements, or any other technical or economic factors. These values are not indicative of future revenue, project economics or net present value. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project, and 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.
FORWARD-LOOKING STATEMENTS:
This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include that demand for platinum group metals and critical minerals will continue to grow and tighten; that Greenland Mines Ltd's Skaergaard Project will advance through its planned technical, metallurgical, and environmental work programs as described; that the Company's engagements with SLR Consulting, GTK Mintec, and WSP will proceed as planned; that the Iceland LOI will progress toward a binding agreement with the cost and savings characteristics described; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; permitting risks; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; metal price volatility; the inherent uncertainty of mineral resource estimates; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
