Newmont Transaction Highlights Rising Valuations For Undeveloped Gold Assets

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 /PRNewswire/ -- 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.

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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.

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