Greenland Mines Ltd raised more than $42 million from existing investors through a registered direct offering of common stock and pre-funded warrants, alongside exercises of previously issued private warrants. The offering priced shares and pre-funded warrants at $12 each, a 7% premium to the previous close, and all newly issued pre-funded warrants were immediately exercised. The proceeds are intended to support exploration and development programs through targeted 2027 milestones. The company also terminated its $50 million at-the-market equity facility with Alliance Global Partners, which had generated about $1.39 million. GRML shares were up 35.71% at $15.18 at the time of publication, following a 22% premarket gain and a threefold increase on Monday. Greenland Mines completed a three-week geological and structural campaign at the Sarfartoq neodymium-praseodymium rare earth project in southwest Greenland after closing the acquisition on Sept. 1. The work included mapping, systematic sampling and drone-assisted surveying around the ST1 zone and wider Sarfartoq Carbonatite Complex, while WSP Denmark completed a second year of environmental baseline studies. Assay results remain pending. Sarfartoq’s ST1 Mineral Resource contains approximately 12.2 million tons grading 1.32% TREO, while an independent Initial Assessment reported a high-case pre-tax NPV8 of approximately $2.05 billion and a pre-tax IRR of 118.6%.