The trading halt will remain in place until the beginning of trade on Wednesday, September 23, or when an announcement is released to the market, whichever occurs earliest.
GGG has a market cap of approximately $303.8 million and shares last traded at 25.5 cents, up from 12.5 cents at the market close on July 1.
Robust REE outlook
Greenland Minerals is confident its Kvanefjeld project in Greenland is well-placed to take advantage of the long-term robust outlook for rare earth elements (REEs).
Despite the impacts of the COVID-19 pandemic on demand, prices for the full suite of rare earth elements have held their own during 2020 and the outlook is highly encouraging.
ADAMAS Intelligence has forecast that global annual demand for magnet rare earth oxides such as neodymium, praseodymium, dysprosium and terbium will increase by 150% through to 2030.
Meeting this demand will require current global production to double and when this is considered together with increasing production costs in China, the company believes there will be considerable upward pressure on prices over time.