Drilling Begins at One of the Largest Undeveloped Palladium-Gold-Platinum Deposits

VANCOUVER, British Columbia, Aug. 11, 2026 (GLOBE NEWSWIRE) — American News Group News Commentary – The platinum group metals have spent 2026 doing something they had not done in years: rising on structural scarcity rather than speculation. Palladium traded at roughly $1,378 an ounce on August 7, up about 12.6% over the previous month and 23.3% over the year. Platinum sat near $1,760, up close to 10.8% on the month. Both metals were holding near seven-week highs, and both are forecast by Metals Focus to post substantial gains across 2026 on persistent physical deficits, with total mine supply expected to fall another 2.2% to around 13.9 million ounces. Gold, meanwhile, has been setting records outright. Companies mentioned in today’s commentary include: Greenland Mines Ltd (Nasdaq: GRML), Sibanye Stillwater Limited (NYSE: SBSW), Agnico Eagle Mines Limited (NYSE: AEM), Newmont Corporation (NYSE: NEM), Kinross Gold Corporation (NYSE: KGC).

The problem underneath those prices is geographic rather than geological. The overwhelming majority of the world’s mined platinum and palladium comes from two places: South Africa and Russia. That concentration was tolerable when the metals were cheap and the politics were quiet. It is considerably less tolerable now. Washington has been moving against Russian supply, with the Department of Commerce estimating a dumping margin on unwrought Russian palladium at roughly 828%, a figure that speaks less to accounting than to intent.

Meanwhile the demand side refused to cooperate with the consensus. The electric vehicle transition that was supposed to render catalytic converters obsolete has arrived more slowly than forecast, particularly in the United States, leaving autocatalyst demand more durable than the models assumed. Industrial applications in glass, electronics and hydrogen have added to the pull. The result is a metal complex that broke out of a multi-year trading range and has stayed out.

Supply cannot answer quickly. Mining is a slow business at the best of times, and the incumbents have limited capacity to expand into the deficit even with margins recovering. More to the point, the industry has not found many new large palladium deposits anywhere, and it has found almost none in jurisdictions the West would consider secure. The known ones tend to be deep, or old, or in exactly the countries the West is now trying to route around.

So the interesting question is not which South African shaft produces the next ounce. It is where a genuinely new source of Western palladium could come from at all. The answer, if there is one, points somewhere unexpected: a 56-million-year-old igneous intrusion on the east coast of Greenland, roughly 400 kilometres west of Iceland, where drill rigs started turning this month.

Where Does the West Find New Palladium?

Greenland Mines Ltd (Nasdaq: GRML) announced on August 11, 2026 that its support vessel Argus had arrived and anchored at the Skaergaard gold, palladium and platinum project in southeast Greenland after a smooth crossing of the Denmark Strait, and that drilling had commenced as the 2026 field season moved into full operation.

For a project in the Arctic, the logistics are the story before the geology is. Argus anchored close to shore near the area targeted for initial drilling and bulk sampling. Equipment, machinery, materials and onshore infrastructure were slung from the vessel to the shoreline. Safety drills and inductions were completed across every part of the operation before work began. Diamond drill rigs supplied and operated by Nordisk Fundering, including two new heli-portable units, were assembled and are now running, with the first holes of the season expected to be completed within days.

“Arriving safely at Skaergaard and getting rigs turning is a defining moment for this season, and for the project,” said Dr. Bo Møller Stensgaard, President of Greenland Mines Ltd. He added that the crossing was smooth, the offload went to plan, safety inductions were complete, and drilling is underway, describing the summer’s work as building toward the next phase of Skaergaard’s development.

The supporting detail matters as much as the headline. Initial drone-based LiDAR surveys have been completed and the areas planned for blasting and bulk sampling later in the season have been outlined. Roughly one-third of the season’s planned drill locations have been identified and marked in the field, with the remainder to follow as the program progresses. The Sodalen airstrip has been assessed and found to be in excellent condition, giving the company an efficient way to move crew and specialist experts in and out by fixed-wing aircraft over the coming two months, and an important safety asset besides. Field conditions have been sunny and warm.

The deposit itself is the reason any of this is happening.
Skaergaard is hosted in the Triple Group of the Skaergaard layered mafic igneous intrusion, a body that has been a textbook reference in igneous petrology for the better part of a century. The company describes it as one of the world’s largest undeveloped palladium, gold and platinum deposits. In July 2026 it published its first technical report summary compliant with S-K 1300, prepared by SLR Consulting (Canada) Ltd., which set out an Indicated resource of 153.6 million tonnes grading 3.04 grams per tonne palladium equivalent for 15.00 million ounces, and an Inferred resource of 177.5 million tonnes grading 3.07 grams per tonne palladium equivalent for 17.49 million ounces.

Greenland Mines holds its interest through its subsidiary Major Precious Greenland A/S, which owns 80% of and an option to acquire the remaining 20% of the three Mineral Exploration Licenses covering the project and adjacent areas. The site benefits from deep fjord access, which is what makes a vessel like Argus a practical delivery mechanism rather than a logistical fantasy.

This season is not about finding the deposit. It is about de-risking it.
The 2026 field program is designed to support further upgrading of the Mineral Resource, to advance metallurgical and engineering studies through bulk sampling, and to generate the environmental, geotechnical and infrastructure data required to move Skaergaard toward an Initial Assessment, the S-K 1300 equivalent of a preliminary economic assessment. The company expects to take a planned multi-ton bulk sample during the program for metallurgical and processing work, considerably larger than the mini-bulk samples taken previously.

That is the unglamorous, expensive middle of a mining project’s life, and it is where most of them either become real or quietly stop. Investors should be clear-eyed about the stage. Assay results from this season’s holes are pending. Visual observations of mineralization in drill core are not necessarily indicative of grade or metal content. No Initial Assessment has been completed, mineral resources are not mineral reserves, and no production decision has been made.

The Iceland angle is the part most people miss.
Skaergaard’s position on Greenland’s east coast is central to what the company calls a North Atlantic Critical Metals Corridor: upstream production at Skaergaard, with potential downstream processing and logistics infrastructure in Iceland. In support of that, Greenland Mines holds a First Right of Refusal on the Helguvik industrial complex on Iceland’s Reykjanes Peninsula, a brownfield site with existing industrial infrastructure, deep-water port access and low-cost renewable grid power, roughly 400 kilometres by sea from the project.

Whether that corridor materialises is an open question, and a first right of refusal is an option rather than an asset. But the strategic logic is consistent with where Western industrial policy has been heading. The lesson governments have drawn from the rare earth experience is that owning a mine means very little if the midstream sits somewhere else. A company that has thought about the processing end before it has a reserve is at least asking the right question early.

One more thing worth knowing about this ticker.
Greenland Mines operates two divisions rather than one. The Mining division covers Skaergaard and, subject to closing of a previously announced transaction, the Sarfartoq neodymium-praseodymium rare earths project in southwest Greenland. The Biotech division continues, including Klotho’s KLTO-202 with a primary indication in ALS. The company’s stated strategy is a multi-asset platform spanning rare earth magnet materials, precious metals and select midstream processing opportunities. Investors screening this as a pure-play palladium developer will be looking at only part of the business.

Other companies to keep an eye on:

Sibanye Stillwater Limited (NYSE: SBSW)
Sibanye Stillwater is the closest listed analogue to what Skaergaard would be if it were built, and the only major US-listed producer with the same dual exposure to gold and platinum group metals. It is one of the world’s largest primary producers of platinum, palladium and rhodium and a top-tier gold producer, with operations across five continents, plus refining of iridium and ruthenium and a substantial recycling and tailings retreatment business.

Shares rose 7.6% on August 7, 2026 to $10.64, moving with the broader precious metals complex, though the stock remains far below its 52 week high of $21.29. Insiders have bought roughly $0.5 million of stock over the past three months with no recorded selling. The company has also been contesting a US International Trade Commission decision on palladium imports, which places it directly inside the trade dispute shaping Western palladium pricing.

The cautions are real. Sibanye has struggled with profitability, carries no trailing price to earnings ratio as a result, and analyst price targets have moved in both directions through 2026. Its dual-engine structure means gold strength can mask PGM weakness and the reverse, which makes it a useful barometer of the sector but a complicated read on palladium alone.

Agnico Eagle Mines Limited (NYSE: AEM)
Agnico Eagle is the reference point for what a well-run precious metals producer in cold, stable jurisdictions looks like. Its operations concentrate in Canada, Finland, Australia and Mexico, and that geographic profile is the closest existing template for the northern latitude, allied-jurisdiction thesis that Greenland represents.

The second quarter of 2026 delivered $3.07 in non-GAAP earnings per share on $3.8 billion of revenue, with record free cash flow of $1.335 billion and $400 million returned through buybacks, surpassing its capital return targets. Management projects output of 3.3 to 3.5 million ounces and has pointed to 20% to 30% growth over the next decade while advancing five pipeline projects. Shares rose 6.22% on August 7 as gold held near records.

Agnico is a multi-billion dollar senior producer with mines in operation, which is a different universe from a company drilling its first holes of a season. It is included here to describe the destination, not the peer group, and its exposure is to gold rather than to palladium.

Newmont Corporation (NYSE: NEM)
Newmont is the world’s largest gold producer, operating across the Americas, Africa and Australia, and producing copper, silver, zinc and lead as by-products. Because it is so heavily geared to the gold price, it functions as the sector’s broadest proxy, and its shares rose 6.54% on August 7 as bullion set records.

The macro drivers behind that move are the same ones lifting the whole complex: geopolitical strain, a softer US dollar, questions around central bank independence, and steady official sector buying. For a developer like Greenland Mines, the relevance of a company like Newmont is not operational comparison but capital gravity. When the majors are generating record cash, exploration and development capital tends to become considerably easier to access across the sector.

Kinross Gold Corporation (NYSE: KGC)
Kinross is an intermediate gold producer with operations across the Americas and West Africa, combining established cash-generative mines with a development pipeline, and it has built its recent narrative around disciplined cost management and free cash flow rather than production growth for its own sake.

Its shares advanced alongside the sector in early August as strong free cash flow met record-level gold prices. Kinross sits between the seniors and the developers in scale, which makes it a reasonable illustration of the intermediate tier a project like Skaergaard would have to pass through long before it approached the majors. It is a gold producer, not a PGM one, and it carries the operational and jurisdictional risks that come with a West African footprint.

What Would Have to Go Right

The macro case for Skaergaard is the strongest part of the story and it does not depend on the company at all. Palladium and platinum are in structural deficit, mine supply is contracting, Western governments are actively working to route around Russian and South African concentration, and there are very few large undeveloped deposits anywhere that could change that arithmetic.

The company-specific case is at a much earlier stage than the macro. Drilling has just commenced. Assays are pending and visual observations of core are not a substitute for them. No Initial Assessment exists. No reserve has been declared. The Iceland processing corridor rests on a first right of refusal rather than ownership. The Sarfartoq acquisition has not closed. Arctic field programs carry weather, logistical and operational risks that do not apply to projects reachable by road, and the season is roughly two months long, which leaves little slack. Greenland Mines is a small company advancing a very large deposit, and the distance between those two facts is precisely the risk.

What changed this month is narrow but not trivial. A vessel crossed the Denmark Strait, equipment came ashore, safety inductions were completed, and rigs began turning on schedule. In Arctic exploration, executing the logistics is not a footnote to the season. It is the season. Everything the program is designed to produce, from an upgraded resource to bulk metallurgical samples to the environmental baseline data an Initial Assessment requires, depends on those first weeks going exactly the way this year’s appear to have gone.

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Sources

[1] Greenland Mines Ltd, “Greenland Mines Arrives at Skaergaard, Commences Drilling as 2026 Field Season Moves into Full Operation,” August 11, 2026, via IBN. Company website: www.greenlandmines.com

[2] Greenland Mines Ltd technical report summary for the Skaergaard Project prepared in accordance with S-K 1300 by SLR Consulting (Canada) Ltd., July 2026.

[3] Commodity price data from Trading Economics as of August 7, 2026; platinum group metals supply and demand forecasts from Metals Focus, Platinum Group Metals Focus 2026.

[4] Sibanye Stillwater Limited, Agnico Eagle Mines Limited, Newmont Corporation and Kinross Gold Corporation public disclosure and market data, accessed August 9, 2026.

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Qualified Person and Mineral Resource Cautionary Note. Scientific and technical information in this article regarding the Skaergaard Project is derived from Greenland Mines Ltd’s public disclosure, including its technical report summary prepared in accordance with subpart 1300 of Regulation S-K by SLR Consulting (Canada) Ltd. and its news release dated August 11, 2026, which should be reviewed in full, including the name, credentials, and independence status of the qualified person responsible for the estimate and the key assumptions, parameters and methods underlying it. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them, and there is no certainty that they will be upgraded to a higher category. No Initial Assessment, preliminary economic assessment, pre-feasibility study or feasibility study has been completed on the Skaergaard Project, no mineral reserve has been declared, and no production decision has been made. A field program designed to support a future Initial Assessment is a plan, not a result.

Cautionary Note Regarding Exploration Results and Field Operations. Drilling at the Skaergaard Project has only recently commenced and assay results from the 2026 program are pending. Visual observations of mineralization in drill core are not necessarily indicative of grade or metal content and must not be relied upon as an indication of results. Any drill intercepts subsequently reported are core lengths that may not represent true widths. Bulk sampling, metallurgical, engineering, environmental and geotechnical work described is planned or in progress and its outcomes are unknown. Arctic field programs carry weather, logistical, marine, aviation and operational risks that may delay, curtail or prevent planned work. References to the North Atlantic Critical Metals Corridor and to the Helguvik industrial complex describe a strategic vision and a first right of refusal only; the Company does not own that facility, no processing infrastructure has been developed, and there is no assurance any such corridor will be established. The acquisition of the Sarfartoq project remains subject to closing of a previously announced transaction that has not completed. Additional information is available in the Company’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements. This publication may contain forward-looking statements, including statements regarding the scope, timing, progress and expected results of the 2026 field program at Skaergaard, the anticipated completion of drill holes, the potential for resource growth and upgrade, the timing and scope of bulk sampling and of environmental, geotechnical and engineering studies, the continued operational use of the Sodalen airstrip, plans to advance the project toward an Initial Assessment and a next phase of development, the North Atlantic Critical Metals Corridor, the pending Sarfartoq transaction, the Company’s Biotech division and its KLTO-202 program, and expected commodity market conditions. Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, including technical, developmental, metallurgical, permitting, environmental, weather, logistical, regulatory, financing, dilution, commodity price, competitive and market risks. Commodity price forecasts cited are third-party estimates and may not be realized. Actual results may differ materially from those projected.

Cautionary Note Regarding Referenced Companies. References to Sibanye Stillwater Limited, Agnico Eagle Mines Limited, Newmont Corporation and Kinross Gold Corporation are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Greenland Mines Ltd, and differ substantially in size, stage, capitalization, revenue, operations, commodity exposure and business model. Their results and share performance describe those companies only, are not indicative of Greenland Mines Ltd’s prospects or results, and must not be relied upon in evaluating the profiled company. References to Nordisk Fundering, Major Precious Greenland A/S, and to third-party service providers, research firms or government agencies describe the stated arrangements or published views of those parties only and imply no endorsement of the profiled company. The precious metals and platinum group metals sectors have been volatile. No partnership, affiliation, or endorsement is implied.

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