Greenland rejects ETM's licence extension bid at Kvanefjeld Rare Earth Project

• Energy Transition Minerals (ASX:ETM) says the Greenlandic Government has declined its request to extend exploration licence 2010/02 at Kvanefjeld
• The company is reviewing the decision and says the licence area will not be reallocated while related legal proceedings over its Greenland interests continue
• Energy Transition Minerals (ASX:ETM) argues recent exploration data and procedural fairness issues will inform its next legal and commercial steps

Energy Transition Minerals (ASX:ETM) says the Greenlandic Government has declined an application by its subsidiary Greenland Minerals A/S to extend exploration licence 2010/02, which covers the Kvanefjeld rare earth project in southern Greenland, and the company is now reviewing the decision with legal advisers.

ETM lodged the extension request in September 2025 and participated in a consultation process from April 2026, but says the authorities required final comments within 48 hours of issuing new geological memoranda on 22 June and declined a request for an extra week.

“We are disappointed by this decision, particularly given that the Exploration Licence had previously been extended after the Uranium Act came into force,” said Energy Transition Minerals Managing Director Daniel Mamadou.

ETM states that the compressed timetable limited consideration of its 2025 exploration results, released on 12 June 2026, which identified ten new rare earth target zones and a 1.8km mineralised trend with uranium concentrations below the 100ppm threshold in Greenland’s Uranium Act.

The company says it is considering all available options, including a challenge under Greenlandic administrative law, and argues that the short response period, refusal of a one‑week extension and failure to fully assess new exploration data raise questions about procedural fairness in how the licence decision was made.

Following the announcement the Energy Transition Minerals (ASX:ETM) share price was unchanged at AUD 0.038.

ETM notes that the decision is separate from existing legal proceedings in Greenland and Denmark over measures affecting the Kvanefjeld project, and says Greenland authorities have indicated the licence area will not be reallocated to other mining companies while those cases continue as the business pursues broader critical minerals projects in Europe and North America.