Greenland's Palladium Answer Just Got 31% Bigger, and Washington Is Watching
Energy Fuels upsized its Skaergaard resource by 31% following a technical re-evaluation, clearing the path for a first assessment.
Greenland Mines Ltd. (Nasdaq: GRML) released the first S-K 1300-compliant Technical Report Summary for its Skaergaard project in southeast Greenland. The updated mineral resource estimate reflects a 31% increase in Indicated PdEq ounces, rising from 11.41 moz to 15.00 moz, alongside a 36% grade improvement from 2.23 g/t to 3.04 g/t. This increase is attributed to a modeling methodology change, reverting from a flat-panel Deswik approach to a standard block model with inverse-distance-cubed interpolation, and the application of a conservative price deck, rather than new drilling.
The drill database remains unchanged from the November 2022 NI 43-101 report, comprising 93 diamond drill holes and 30 channel samples totaling 42,050 meters of data collected between 1989 and 2021. Cut-off criteria shifted from a fixed 1.43 g/t PdEq to a Net Smelter Return (NSR) cut-off of US$84 per tonne. The S-K 1300 conversion clears the regulatory path for an Initial Assessment, the SEC equivalent of a PEA, which will formally evaluate an open-pit mining scenario on the northern plateau for the first time.
A 2026 field program is planned, including approximately 7,500 meters of helicopter-supported diamond core drilling, bulk sampling, and geotechnical work. Greenland Mines holds an 80% interest via Major Precious Greenland A/S, with an option on the remaining 20%.
Energy Fuels Inc. (EFR) released a technical re-evaluation of its resources, marking an update driven by improved geological modeling and a conservative price deck rather than new drilling or additional geological data. The revision resulted in a 31% increase in Indicated resources and a 36% uplift in grade.
The conversion to S-K 1300 standards represents a necessary regulatory step to unlock an Initial Assessment, serving as a telegraphed milestone rather than a surprise. While the resource increases are positive, they do not materially alter the underlying geology or mine plan.
Market impact is likely muted to moderately positive, as the stock has already priced in the progression toward a Preliminary Economic Assessment (PEA). The move clears a bureaucratic hurdle but does not de-risk the project's economics or confirm commercial viability.
Energy Fuels Inc. (EFR) holds an 80% interest in the Skaergaard project in southeast Greenland through Major Precious Greenland A/S, with an option to acquire the remaining 20%. The deposit is characterized as a shallow, bowl-shaped intrusion containing platinum group metals (PGM). Elevated levels of titanium, vanadium, and gallium have been identified as by-products, though these require further technical evaluation. The project is located in Greenland, a jurisdiction with high exploration potential but complex permitting and infrastructure challenges.