Greenland Mines (Nasdaq: GRML; FSE: HK6) announced Tuesday it has authorized a $20 million (C$28.46 million) share repurchase program. The decision follows the company’s recent raising of more than $59 million in new capital.

The authorization allows the company to repurchase up to $20 million of its outstanding common stock from time to time through open-market transactions. It says the timing around these transactions will depend on market conditions.

“Our priority remains disciplined investment in Sarfartoq and Skaergaard,” said Bo Møller Stensgaard, Greenland Mines’ president. “At the same time, we believe our own shares may represent a compelling use of capital at certain valuations. This $20 million authorization gives us the ability to act when we believe repurchases can create attractive long-term value for our shareholders.”

Greenland Mines stock dropped 14.44% Tuesday morning in New York. The company has a $84.44 million market capitalization.

Sarfartoq

Located in southwest Greenland, Sarfartoq contains neodymium-praseodymium rare earths. It has the potential to provide 34% of all neodymium and praseodymium oxide currently refined outside China at 2025 consumption levels.

According to a historical NI 43-101 resource, the project hosts 5.88 million of indicated tonnes grading 1.77% total rare earth oxides (TREO) and 2.46 million inferred tonnes grading 1.59% TREO.

Skaergaard

Skaergaard is a large gold-pallandium-platinum project in southeast Greenland that also contains copper and cobalt. Although it has not yet reached the economic study stage, an updated technical report for Skaergaard increased contained palladium-equivalent metal across resource categories by more than half while boosting grades by about 80%.

The company completed its 2026 field program at the site in early Oct.