Greenland Mines Ltd (GRML) fell 13.21% to $9.21 during Thursday trading after breaking sharply below the $10 level. The decline came as the company completed its 2026 field program at the Skaergaard project in southeast Greenland, a campaign that now moves the project toward metallurgical studies, mine planning, environmental work, and an Initial Assessment — the earliest formal study stage in a project evaluation sequence that typically progresses through pre-feasibility and feasibility work.

4,480 Meters of Diamond Drilling Completed

Greenland Mines completed 4,480 meters of diamond drilling across 17 holes over the course of the field season. Global Drilling recovered both HQ and NQ core from several parts of the mineralized system. The company designed the drilling to support metallurgy, geotechnical studies, geochemistry, and future mine planning.

The program also produced more than 104 tons of bulk material from blasted mineralized sites. Greenland Mines mapped and sampled each site before contractors completed the blasting, and the larger samples will support more representative testing of gold, palladium, platinum, vanadium, iron, and gallium. GTK Mintec will assess metal recovery, material variability, comminution needs, and potential by-product recovery. Recovery and comminution results from test work of this kind typically form part of the technical foundation an Initial Assessment rests on, which places the GTK Mintec program among the milestones between the field season and the study itself.

In addition, the company collected large-diameter HQ core for deeper metallurgical testing, while NQ core will support assays and geotechnical analysis for possible open-pit and underground development.

New Survey Data Expands Mine Planning Work

Beyond the drilling, Greenland Mines added new structural, geophysical, terrain, and hydrological data during the campaign. Teams used core photography, density measurements, point-load testing, televiewer surveys, and deviation surveys. These datasets are intended to support future mine design, groundwater studies, and updates to the geological model.

The company also completed detailed drone LiDAR and photogrammetry surveys across development areas. Coverage included possible mine access routes, waste areas, tailings locations, and infrastructure zones near Miki Fjord. Greenland Mines reported LiDAR precision of approximately three to four centimeters across the surveyed areas.

A drone aeromagnetic survey covered about 482 line-kilometers across 10.8 square kilometers, with a focus on geological correlation, structural interpretation, drill targeting, and mine-planning applications. Bathymetry and ground-penetrating radar work was also carried out for access and infrastructure studies. Site-characterization coverage of this scope is typical groundwork for projects moving into assessment-level engineering.

Environmental Baseline Studies Support Initial Assessment

WSP Denmark completed the first year of environmental baseline studies at Skaergaard during the 2026 campaign. The work marks the start of a multi-year dataset intended for future environmental assessment and permitting requirements Baseline records built across multiple field seasons are a common prerequisite for the environmental reviews that precede mining permit applications. Greenland Mines said it will combine these findings with engineering and technical studies during the next development phase.

The company also tested portable X-ray fluorescence methods against decades of historical drilling and assay data. That work identified geochemical patterns that could improve logging and mineralized-horizon targeting. Further laboratory validation is planned before the method is used more widely in project development.

Skaergaard contains gold and palladium-platinum mineralization within gabbro host rocks in East Greenland. Greenland Mines also controls the Sarfartoq project in West Greenland, which adds rare earth exposure. Together, the two projects give the company exposure to precious metals and several critical mineral categories: palladium and platinum belong to the platinum-group metals, while gallium and vanadium, along with rare earths, appear on the critical raw materials lists maintained by both the United States and the European Union.