Kinross Gold Corporation

Issued on behalf of Greenland Mines Ltd.

Newmont reported $4,900/oz realized in Q1. Kinross reported $4,873. Agnico Eagle posted record operating margins. Barrick is preparing a NewCo IPO of its North American gold assets. The deposits that priced at $1,800 are now sitting on a different planet -- and the ones with the most ounces have the most to gain.

The gold price reset is over. Senior producers won it in Q1 2026 earnings, well before the analysts finished updating their decks. The market is still catching up. Newmont's (NYSE: NEM) $4,900-per-ounce realized price and $3.1 billion in quarterly free cash flow already reflect what the mining industry figured out two quarters ago^[1]: when the price deck moves from $1,800 to $4,900 on the same ore body, undeveloped ounces in the ground are effectively being revalued -- and the deposits that the 2022 economics treated as long-dated optionality now screen as potential near-term development candidates at the new deck.

CHARLOTTE, N.C., May 13, 2026 /CNW/ -- Baystreet.ca News Commentary -- That repricing has now been quantified on one of the largest undeveloped palladium-gold-platinum systems on Earth. Greenland Mines Ltd. (NASDAQ: GRML) released SLR Consulting's independent metal-price sensitivity analysis on its Skaergaard Project on May 7, 2026. Same block model. Same drill database. Same 1.43 g/t PdEq cut-off. Same 3.12 t/m³ bulk density. The only thing that changed was the price deck. The result: 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces Inferred -- a 45% grade uplift in the Indicated category and 55% in the Inferred, on a block model that hasn't been touched since 2022^[2]. These figures are sensitivity scenarios, not new Mineral Resource or economic estimates; they illustrate how Skaergaard reads under different long term metal price assumptions.

That is what the senior-producer realized prices look like when you push them through an undeveloped resource estimate.

THE STRUCTURAL POSITION

The 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR Consulting (Canada) Ltd., established a Total Indicated and Inferred Resource of 364.37 million tonnes at 2.17 g/t PdEq, with the Indicated category alone at 158.95 million tonnes grading 2.22 g/t PdEq. That equates to 25.4 Moz palladium-equivalent and 23.5 Moz gold-equivalent across the combined Indicated and Inferred categories, which on an illustrative basis and before any technical or economic factors, corresponds to a gross undiscounted in-situ metal value of approximately $68 billion at February 2026 metal prices^[3]. Greenland Mines holds an 80% direct interest in the Project and an option on the remaining 20%.

The 2022 base case used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. SLR's three sensitivity scenarios -- Low, Medium, and High -- applied updated metal price assumptions ranging from $3,000/oz Au in the Low case to $5,000/oz Au in the High case, leaving every other technical input untouched^[2]. The dominant variable in the read is the gold price.

Senior gold producers are currently realizing approximately $4,800 to $4,900 per ounce. The high-price sensitivity scenario is broadly aligned with that realized-price range, while still representing an upside long-term price case in SLR's framework. SLR explicitly notes that the increases in equivalent grades and contained PdEq metal are primarily driven by higher gold prices, and considers the high-price sensitivity case relatively aggressive, viewing the Low and Medium price sets as more reasonable long-term reference points^[2]. The 2026 field, drill, and bulk-sample campaign is fully funded.

President Bo Møller Stensgaard, Ph.D., described the result as the kind of scale and price leverage that long-term institutional and strategic partners look for in the next generation of precious- and critical-metal projects^[2].

READ THE ENTIRE REPORT ON GREENLAND MINES LTD HERE

THE SENIOR GOLD CYCLE

Four U.S.-listed senior gold producers reported Q1 2026 results in the same window as the Greenland Mines sensitivity work -- each one a different read on what realized gold prices in the $4,800 to $4,900 range are doing to the precious-metals industry.

Newmont (NYSE: NEM) -- the world's largest gold producer -- reported Q1 2026 results on April 23, 2026, with all-time record free cash flow of $3.1 billion, revenue of $7.31 billion (up 46% year-on-year), and adjusted earnings per share of $2.90 (an all-time quarterly record). Average realized gold price was $4,900 per ounce; gold by-product all-in sustaining cost was $1,029 per ounce; attributable gold production was 1.3 million ounces^[1]. The Board authorized an additional $6.0 billion for share repurchases. Newmont remains on track for full-year 2026 production guidance of 5.3 million attributable gold ounces. CEO Natascha Viljoen credited "strong operational and financial performance"^[1]. For investors trying to understand what the gold supercycle looks like at the income-statement level of the largest producer in the world, Newmont's Q1 is the cleanest available data point.

Barrick Mining (NYSE: B) (TSX: ABX) rebranded from "Gold" to "Mining" in May 2025, with its NYSE ticker changing from GOLD to B -- a structural acknowledgment that the Company is now a substantial gold-and-copper producer rather than a pure gold play. Q4 2025 results, released February 5, 2026, included record quarterly operating cash flow of $2.73 billion, free cash flow of $1.62 billion, and net earnings per share of $1.43 -- the highest in the Company's history. Full-year 2025 production was 3.26 million ounces of gold and a record 220,000 tonnes of copper. The 2026 guidance range is 2.9 to 3.25 million gold ounces at a $4,500/oz price assumption, with all-in sustaining costs guided to $1,760 to $1,950 per ounce^[4]. The Board has authorized preparations for an Initial Public Offering of a new entity ("NewCo") holding Barrick's North American gold assets -- including its joint venture interests in Nevada Gold Mines and Pueblo Viejo, plus the wholly owned Fourmile discovery in Nevada -- targeted for completion by late 2026. The structural signal is straightforward: the largest producers are now actively unlocking value through asset-level repricings and corporate restructurings.

Agnico Eagle Mines (NYSE: AEM) (TSX: AEM) reported Q1 2026 results on April 30, 2026, with payable gold production of 825,109 ounces, record quarterly operating margins, record adjusted net income of $1.7 billion (up 121% year-on-year), and free cash flow of $732 million^[5]. All-in sustaining cost was $1,483 per ounce. Operations were led by Detour Lake (record quarterly mill throughput at Macassa), Canadian Malartic, and Fosterville. The Hope Bay project in Nunavut, Canada is expected to advance to a construction decision in May 2026. Full-year 2026 production guidance is 3.3 to 3.5 million gold ounces -- a 20% to 30% production growth pipeline over the next decade. Agnico Eagle is the operational illustration of what an Arctic and Tier-1 jurisdiction-focused gold producer looks like at current realized prices.

Kinross Gold (NYSE: KGC) (TSX: K) reported Q1 2026 results on April 29, 2026, with revenue of $2.41 billion (up 61% year-on-year), production of 492,563 gold-equivalent ounces, and an average realized gold price of $4,873 per ounce^[6]. Most importantly, free cash flow was approximately $840 million -- the fourth consecutive quarterly record. Margins reached a record $3,476 per gold-equivalent ounce, outpacing the rise in the gold price itself. The Company ended Q1 with $2.2 billion in cash and $1.4 billion in net cash. Full-year 2026 guidance remains 2.0 million gold-equivalent ounces at a production cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. Kinross is targeting return of approximately 40% of free cash flow to shareholders in 2026 through dividends and buybacks. For investors evaluating the cash-flow conversion economics of the senior gold cycle, Kinross's margin expansion is the cleanest measure available.

THE GRML POSITION

Against that backdrop -- four senior gold producers reporting record financial metrics on realized gold prices in the $4,800 to $4,900 range -- Greenland Mines' May 7 sensitivity work translates the cycle into a tangible deposit-level number on one of the largest undeveloped Pd-Au-Pt systems on Earth.

The H5 horizon -- historically the highest-grade zone in the Skaergaard deposit -- moves from 2.85 g/t PdEq Indicated in the 2022 base case to 6.56 g/t PdEq Indicated in the High case. Total Indicated PdEq content moves from 11.41 Moz (2022) to 16.58 Moz; total Inferred from 14.11 Moz to 21.92 Moz^[2]. SLR also recommends that any future Mineral Resource updates be reported on a net smelter return (NSR) basis rather than using metal equivalents, in line with evolving practice under SK 1300 and NI 43-101.

The Skaergaard intrusion has been studied since the 1990s. Approximately $30 million of historical exploration investment has gone into building the 2022 NI 43-101 Mineral Resource. SLR Consulting (Canada) Ltd. is the Qualified Person firm. GTK Mintec is driving metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility. WSP is leading the environmental baseline. Greenland Mines and its 80%-owned subsidiary Major Precious Greenland A/S were admitted to the European Raw Materials Alliance on April 22, 2026^[7]. The 2026 field, drill, and bulk-sample campaign is fully funded.

The 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept -- a separate, mine-method-based lever independent of any further metal-price assumption^[2].

The deposit didn't change. The math around it did.

FREQUENTLY ASKED QUESTIONS

What did the May 7, 2026 SLR sensitivity study actually conclude?

Applied to the existing 2022 underground-constrained Mineral Resource model, with all geologic and technical inputs held constant, the high-price sensitivity case indicates 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces of palladium-equivalent Inferred -- a 45% grade uplift in the Indicated category and 55% in the Inferred versus the 2022 base case^[2].

Why is gold the dominant variable in the sensitivity analysis?

Approximately 73% of the contained metal at Skaergaard is in the platinum group metals and 27% is in gold by ounce count, but on a value basis, gold accounts for the majority of the in-situ value at $5,000/oz Au in the high-price case. That is why a move in the gold price deck from $1,800 (2022) to $5,000 (2026 high case) drives the dominant share of the 45% to 55% PdEq grade uplift^[2].

What is the 2026 program?

A fully funded summer field, drill, and bulk-sample campaign supported by SLR Consulting (geology / Qualified Person), GTK Mintec (metallurgy and pilot processing at the Geological Survey of Finland's Outokumpu facility), and WSP (environmental baseline). The program will begin evaluating open-pit and bulk-mining scenarios alongside the underground concept^[2].

Has GRML completed a feasibility study?

No. The most recent technical work is the 2022 NI 43-101 Mineral Resource Estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project.

For more information about Greenland Mines Ltd. (NASDAQ: GRML), visit the Baystreet GRML profile.

Article Sources:

1. Newmont Corporation, "Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization," April 23, 2026.
2. Greenland Mines Ltd., "Greenland Mines Reports Up To 45% – 55% Increase in Palladium Equivalent (PdEq) Grades at Skaergaard in Sensitivity Study," May 7, 2026.
3. Klotho Neurosciences, Inc., Form 8-K and accompanying disclosures regarding the acquisition of Greenland Mines Corp., March 4, 2026; Greenland Mines Ltd. corporate disclosures.
4. Barrick Mining Corporation, "Barrick Reports Full Year and Fourth Quarter 2025 Results," February 5, 2026; Barrick NewCo IPO authorization announcement.
5. Agnico Eagle Mines Limited, "Agnico Eagle Reports First Quarter 2026 Results, Including Record Quarterly Operating Margins and Adjusted Net Income," April 30, 2026.
6. Kinross Gold Corporation, "Kinross reports strong 2026 first-quarter results," April 29, 2026.
7. Greenland Mines Ltd., admission to the European Raw Materials Alliance announcement, April 22, 2026.

CONTACT:

BAYSTREET.CA

info@baystreet.ca

(604) 265-2873

Cautionary Note Regarding Mineral Resources: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The sensitivity cases referenced in this article are illustrative of the deposit's leverage to long-term metal price environments rather than economic estimates. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project. There is no certainty that any portion of the Mineral Resources will be converted to Mineral Reserves or that the Project will be brought into commercial production.

DISCLAIMER:

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Baystreet.ca is a wholly-owned subsidiary of B Street Media Inc. ("BAY"). The owners of BAY also own MIQ. BAY has not been paid directly by Greenland Mines Ltd.; however, the owner(s) of BAY also own MIQ, which has been paid a fee by Greenland Mines Ltd. directly. There may be 3rd parties who may have shares of Greenland Mines Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. BAY owns shares of Greenland Mines Ltd. which were purchased in the open market, and reserves the right to buy and sell, and will buy and sell shares of Greenland Mines Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated has been approved by Greenland Mines Ltd.; this is a paid advertisement, and we own shares of Greenland Mines Ltd. that we will sell, and we also reserve the right to buy shares of Greenland Mines Ltd. in the open market or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

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SOURCE Baystreet

Issued on behalf of Greenland Mines Ltd

Equity Insider News Commentary

CHARLOTTE, N.C., May 7, 2026 /PRNewswire/ -- 

Companies Mentioned: Greenland Mines Ltd (NASDAQ: GRML) Ivanhoe Mines (OTCQX: IVPAF) Platinum Group Metals Ltd (NYSE American: PLG) Newmont (NYSE: NEM) Kinross Gold (NYSE: KGC)

KEY TAKEAWAYS

• Greenland Mines Ltd. (NASDAQ: GRML) has reported the results of an independent metal-price sensitivity analysis on its Skaergaard Project, completed by SLR Consulting, indicating PdEq grade increases of 45% (Indicated) and 55% (Inferred) versus the existing 2022 base case — together with 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred in the illustrative high-price sensitivity case at $5,000/oz Au.
• SLR's analysis applies updated long-term gold, palladium and platinum price assumptions to the existing 2022 underground-constrained Mineral Resource model, holding the geologic model, drill database, cut-off (1.43 g/t PdEq), and classification criteria unchanged — isolating metal-price leverage as a single, clean variable.
• Greenland Mines holds an 80% direct interest in the Skaergaard Project with an option to acquire the remaining 20%, on what it describes as one of the largest undeveloped palladium-gold-platinum deposits in the world.
• The 2026 program will begin to evaluate open-pit and bulk-mining scenarios alongside underground concepts — a strategic shift that could materially expand the resource base again, this time on a mine-method basis rather than a pricing basis.
• The sensitivity work reinforces a thesis already unfolding across the PGM and gold complex, where Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has just hit three Phase-2 expansion milestones at Platreef, Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) is advancing the Waterberg DFS update, and Newmont (NYSE: NEM) and Kinross Gold (NYSE: KGC) have just delivered standout Q1 2026 results into a $4,800–$4,900/oz realized gold price environment.

Once in a generation, the precious-metals industry produces a piece of technical work whose implications are larger than the work itself.

The Skaergaard Project sits in Southeast Greenland, hosted in the Eocene-age Skaergaard intrusion — one of the most studied layered mafic intrusions on Earth. Its precious-metals potential has been recognized academically since the 1990s. What had not been quantified until recently was just how much the deposit's economics would shift under modern long-term metal-price assumptions.

This week, Greenland Mines Ltd. (NASDAQ: GRML) answered that question.

The Company reported the results of an independent metal-price sensitivity analysis completed by SLR Consulting (Canada) Ltd. — the same Qualified Person firm that authored the November 22, 2022 NI 43-101 Technical Report on Skaergaard. Applied to the existing 2022 underground-constrained Mineral Resource model, with all geologic and technical inputs held constant, the high-price sensitivity case indicates 16.58 million ounces of palladium-equivalent Indicated and 21.92 million ounces of palladium-equivalent Inferred. Average PdEq grades increase by 45% (Indicated) and 55% (Inferred) against the 2022 base case.

This is not a new resource estimate. It is something arguably more useful for an investor evaluating where Skaergaard sits within the broader PGM and gold supply story: a clean, single-variable read on the deposit's leverage to metal prices, performed on the existing 2022 underground constrained Mineral Resource model without changing tonnages, classification or cutoff grade.

THE TECHNICAL FRAMING

The work isolates one variable. SLR retained the 2022 block model, the same drill database, the underground mining shape, the 1.43 g/t PdEq cut-off, the bulk density of 3.12 t/m³, the classification criteria, and every other technical assumption. Only metal-price assumptions and the resulting PdEq conversion factors changed.

Three sensitivity cases were constructed:

• Low case: $1,725/oz Pd, $3,000/oz Au, $2,100/oz Pt
• Medium case: $1,725/oz Pd, $3,500/oz Au, $2,100/oz Pt
• High case: $1,800/oz Pd, $5,000/oz Au, $2,175/oz Pt

The 2022 base case had used $1,725/oz Pd, $1,800/oz Au, and $1,250/oz Pt. SLR considers the high price sensitivity case relatively aggressive and views the Low and Medium cases as more reasonable long term reference points for any future Mineral Resource update, alongside updated cost assumptions.

Two observations matter here. First, even the low sensitivity case lifts the in-situ PdEq content meaningfully versus the 2022 base case. Second, the dominant variable in the high case is the gold price — moving from $1,800 to $5,000 per ounce — which reflects the actual move that has occurred in the gold market since the 2022 Technical Report was filed. Spot gold has averaged above $4,500/oz through the first quarter of 2026, with senior producers reporting realized prices of approximately $4,873–$4,900/oz.

Put differently: the high-price sensitivity case is not purely hypothetical. It is broadly aligned with where the gold price has recently traded, and the direction of major banks' long-term forecasts revisions, while still representing an upside price scenario.

In its memorandum, SLR also recommends that any future Mineral Resource updates for Skaergaard be reported on a net smelter return (NSR) basis rather than using metal equivalents, to better reflect horizon by horizon value distribution and evolving SK 1300/NI 43101 practice.

WHAT THE NUMBERS SHOW

Three structural points stand out across the SLR sensitivity table.

First, the H5 horizon — historically the highest-grade zone in the deposit — sees the most aggressive grade uplift, with Indicated grade moving from 2.85 g/t PdEq (2022) to 6.56 g/t PdEq (high case), and Inferred grade moving from 2.49 g/t PdEq to 5.57 g/t PdEq. This is the kind of grade profile that, in principle, could materially influence the underlying mining economics of a project — for example in cut-off discussions and early-mine cash-flow modelling — once formal economic studies are completed.

Second, total Indicated PdEq content increases from 11.41 Moz (2022) to 16.58 Moz (high case) — a 45% step-up. Total Inferred PdEq content increases from 14.11 Moz to 21.92 Moz — a 55% step-up. These uplifts compound across the full deposit.

Third — and most important for a forward-looking thesis — the Company has signaled that this sensitivity work is only the first lever it intends to pull. The 2026 program will begin evaluating open-pit and bulk-mining scenarios alongside underground concepts. The 2022 Mineral Resource was constrained by an underground-only mining shape. A bulk-tonnage scenario, where supported by geotechnical and geophysical data, has the potential to expand the resource base on a mine-method basis — independent of any further metal-price assumption. That is two distinct levers, applied sequentially, on a deposit that already ranks among the largest undeveloped Pd-Au-Pt systems in the world.

THE STRATEGIC ARCHITECTURE

The technical foundation surrounding this announcement is unusually well-built for a company of Greenland Mines' stage. The Company has assembled three world-class consultants around the Skaergaard Project on a rapid cadence over recent months:

• SLR Consulting as Geological Consultant and Qualified Person — the same firm that prepared the 2022 NI 43-101 Technical Report and the current Mineral Resource Estimate, bringing zero relearning curve into the 2026 program;
• GTK Mintec for metallurgical and pilot-scale processing test work at the Geological Survey of Finland's mineral processing facility in Outokumpu — one of the most established industrial-scale pilot platforms in Europe; and
• WSP for the environmental baseline study required under Greenlandic mining law.

President Bo Møller Stensgaard, Ph.D. framed the work bluntly in the Company's announcement: "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 takes the combined Pd-Au-Pt expression up by approximately 50%, with strong equivalent grade uplift in both the Indicated and Inferred categories. That is the kind of scale and price leverage that long-term institutional and strategic stakeholders and partners are looking for in the next generation of precious- and critical-metal projects."

Stensgaard further noted that the 2026 program is fully funded and will run a summer field, drill and bulk-sample campaign, supported by a North Atlantic low-carbon processing strategy — and that the Company sees Skaergaard increasingly as "a future operation in the making, with mine method and metal prices acting as levers on what is already a very large Pd-Au-Pt and critical-metals system."

For any investor whose mental model of a junior PGM developer involves long timelines and uncertain fundamentals, this is a different posture entirely.

MACRO BACKDROP: THE PGM AND GOLD SUPERCYCLE

The reason this sensitivity work matters now — rather than being a footnote in a quiet quarter — is that the broader precious-metals complex has spent the last twelve months structurally re-rating.

Bank of America Global Research raised its 2026 platinum forecast to $2,450/oz (from $1,825) and palladium to $1,725/oz (from $1,525) earlier this year, citing persistent market deficits, trade dislocations, and Chinese demand support including the launch of physically-backed platinum and palladium futures contracts on the Guangzhou Futures Exchange. The World Platinum Investment Council reports that the platinum market entered a third consecutive year of supply deficit in 2025.

On the policy side, the U.S. Department of Commerce has estimated a dumping margin of approximately 828% on unworked Russian palladium imports — a number large enough to reshape U.S. import economics if any tariffs are imposed. And on the gold side, senior producer realized prices in Q1 2026 ran $4,800–$4,900/oz — roughly double the 2022 base-case price embedded in the previous Skaergaard Mineral Resource.

Against that backdrop, an undeveloped Pd-Au-Pt deposit located in a Western-aligned jurisdiction, with a fully funded 2026 work program, a clean technical foundation, and direct exposure to all three of the commodities driving the macro cycle, occupies a relatively unique position.

COMPANIES WORTH WATCHING ALONGSIDE GREENLAND MINES

The PGM-and-gold supply-deficit thesis has produced a clear set of U.S.-listed comparable names. Each has reported material newsflow within the past two weeks tied to the same macro cycle.

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF)

On April 23, 2026, Ivanhoe Mines announced the completion of three major project milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine in Limpopo, South Africa: the completion of construction of the 4 Mt/y Shaft #3, the breaking of ground for the Phase 2 concentrator site, and the commencement of widening of Shaft #2. The Phase 2 expansion is now on track to lift Platreef's annualized production almost five-fold to over 460,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. Phase 2 life-of-mine total cash cost is estimated at $599/oz of 3PE+Au, falling to $511/oz after Phase 3 — against a basket spot price of approximately $2,000/oz of 3PE+Au at April 22, 2026. Founder and Co-Chairman Robert Friedland framed Platreef as a "once-in-a-generation geological wonder," with a flat-lying orebody approximately 25 times thicker than typical South African seams. For investors trying to understand what the institutional-grade end of the PGM development pipeline looks like, Ivanhoe is the reference point.

Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG)

Platinum Group Metals holds a 50.16% interest in the Waterberg Project on the Northern Limb of the Bushveld Complex in South Africa — a palladium-dominant deposit (approximately 63.5% palladium, 28.7% platinum, and 6.2% gold across its 4E reserves) that sits at the institutional-quality end of the development-stage PGM universe. The Company filed the Waterberg Independent Definitive Feasibility Study Update Technical Report and continues to advance Waterberg through the financing and partnership decisions that precede a build. Industry analysts have repeatedly noted Waterberg's structural attractiveness given current PGE prices and the project's modest share count. For investors evaluating where leveraged palladium exposure can be built without taking single-asset African operating risk, PLG is widely cited as the most relevant U.S.-listed name.

Newmont (NYSE: NEM)

Newmont, the world's largest gold producer, reported its first quarter 2026 results on April 23 and posted what the Company described as record quarterly free cash flow. Reported metrics included an all-time quarterly record of $3.1 billion in free cash flow, $5.2 billion of adjusted EBITDA, $3.3 billion of net income, $2.90 of adjusted EPS, an average realized gold price of approximately $4,900 per ounce, and gold AISC of $1,029 per ounce. The Board authorized an additional $6 billion share repurchase program. Production of 1.3 million attributable gold ounces leaves Newmont on track to meet 2026 full-year guidance of 5.3 million ounces. The relevance for a Pd-Au-Pt developer like Greenland Mines is direct: Newmont's Q1 confirms — at the senior producer level — that the realized-price environment now sits at or above the gold assumptions used in SLR's high-price sensitivity case.

Kinross Gold (NYSE: KGC)

Kinross Gold reported strong first quarter 2026 results on April 30, with average realized gold price of $4,873 per ounce — up from $2,857 in Q1 2025. Production of 492,563 Au-equivalent ounces was delivered against full-year guidance, and the Company added approximately $440 million in cash to the balance sheet during the quarter, ending Q1 with $2.2 billion of cash and equivalents and approximately $3.9 billion of total liquidity. Capital expenditures stepped up to $283.2 million, driven by development at Great Bear, Curlew, Round Mountain Phase X, and Bald Mountain Redbird Phases 1 and 2. Lobo-Marte's Environmental Impact Assessment was submitted in April, formally initiating permitting on what management has described as a long-life, large-scale growth project. For investors who care about what the gold-price environment looks like operationally — not just on the spot screen — Kinross's Q1 is one of the cleanest available data points in the senior gold space.

WHY THIS MATTERS NOW

The combination of fact patterns now in front of investors at Greenland Mines is unusual:

• A 2022 NI 43-101 Mineral Resource on Skaergaard, prepared by SLR, that already sits among the largest undeveloped palladium-gold-platinum deposits in the world.
• A 45–55% PdEq grade uplift in the high-price sensitivity case, on the same block model and with all other technical assumptions held constant.
• 16.58 Moz PdEq Indicated and 21.92 Moz PdEq Inferred at metal prices already aligned with where the gold market has traded.
• A 2026 work program that will begin evaluating open-pit and bulk-mining scenarios — a second, mine-method-based lever that has the potential to expand the resource base again.
• A fully funded summer field, drill and bulk-sample campaign supported by SLR (geology), GTK Mintec (metallurgy), and WSP (environmental).
• A direct 80% interest in the Skaergaard Project with an option on the remaining 20%.
• A North Atlantic low-carbon processing strategy connecting Greenlandic mining to North American and European refining markets.

Mineral Resources are not Mineral Reserves, the sensitivity outputs are not standalone Mineral Resource or Reserve figures, and no preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on Skaergaard. Investors should treat the SLR work as illustrative of leverage to long-term metal price environments — which it is — rather than as economic estimates.

But the framing matters: Greenland Mines is in possession of one of the largest undeveloped Pd-Au-Pt deposits in the world, has assembled a world-class technical team around it, and has just produced an independent piece of work showing that the deposit's PdEq metal content in the high-price sensitivity case scales 45–55% relative to the 2022 base-case PdEq values, under metal-price assumptions that the market has, in significant part, already met.

That is a setup that does not appear often.

For more information about Greenland Mines Ltd., please visit: Greenland Mines Ltd – Equity Insider Profile.

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. Ivanhoe Mines news release, 'Ivanhoe Mines Announces Completion of Three Major Project Milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine,' April 23, 2026.
4. Platinum Group Metals Ltd. corporate disclosures and Waterberg Independent Definitive Feasibility Study Update Technical Report.
5. Newmont Corporation, 'Newmont Generates Record Quarterly Earnings and Free Cash Flow, Reports First Quarter 2026 Results and Announces Increased Share Repurchase Authorization,' April 23, 2026.
6. Kinross Gold Corporation, 'Kinross reports strong 2026 first-quarter results,' April 30, 2026.
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 Forward-Looking Statements

This publication contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management team of Greenland Mines Ltd. and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. The Mineral Resource Estimates referenced in this publication 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. You should carefully consider the foregoing factors and the other risks and uncertainties described in filings made with the SEC by Greenland Mines Ltd. from time to time, which may be found on the SEC's website at www.sec.gov.

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