Rankings Commodities & uranium Greenland Resources
Greenland Resources
35
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Valuation vs history and project−24
- Margin−11
- Funding and going concern−11
Strengths
- Permits+2
- Customers and offtake+2
- Government support+1
How the score is built
From 100 to 35, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.46 CAD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +7%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−18 of −30
- −11MarginNo revenue. Operating loss CAD 7.5m and FCF −CAD 6.8m over the last 12 months (ROE −122%, counted only here).
- −5Future segment and project maturityAll the value is one greenfield project in East Greenland. The DFS dates from 2022 with capex of $820m and a molybdenum price of $18/lb, and the June 2026 update gave no new capex. There is no construction start, and molybdenum is mostly sold to the steel industry and follows the steel cycle.
- −2Capital allocation and payStock-based pay was CAD 1.12m (15% of the operating loss) in the fiscal year to March 2026 vs 0.13m a year earlier. On top came CAD 1.23m of share-issue costs.
Price
Today's multiples against the company's own history and its peers. · 1 finding−24 of −35
- −24Valuation vs history and projectEV is CAD 215m for a company with no revenue and no funding for $820m of capex (2022 figures). Market value has quadrupled from CAD 52m (March 2024) to 224m without the project being funded. A P/B of 24.9 (14–73 before) is unusable because exploration is expensed.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−22 of −35
- −11Funding and going concernCash is CAD 8.6m and the burn about CAD 7m a year, while capex is $820m+. The loans exist only as LOIs (EDC up to $275m, NIB up to $120m), and the EIC's €50m of equity still awaits a final decision.
- −5DilutionThe share count has risen 11.8% in a year (9.4% and 11.6% in earlier years), and CAD 16.3m of shares were issued in fiscal 2026. Even the cheapest funding plan requires hundreds of millions of new equity.
- −3Logistics and geopoliticsThe project is remote in East Greenland with no existing mining infrastructure. The share price and company announcements revolve around the US–Denmark–Greenland agreement (September 2026), so the stock is politically news-driven.
- −2GovernanceThe annual and extraordinary general meeting was postponed from 30/9 to 9/10/2026 to clarify matters in the notice, and an amended notice was issued.
- −1Coverage and liquidityNo analysts follow the stock, and insiders hold 24%, so the free float is only about 95m shares.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2PermitsThe exploitation licence for molybdenum and magnesium was granted on 19/6/2025, and in February 2026 a surrounding 1,148 km² exploration licence followed.
- +2Customers and offtakeA binding 8-year offtake agreement with SSAB with a price floor and cap (April 2026) plus MoUs with Dillinger and GMH.
- +1Government supportThe Canadian government has granted a non-repayable contribution of up to CAD 7m (finally approved in June 2026).
Caveats
What the score does not capture, or where the data is weak.
Pre-revenue company. Malmbjerg (East Greenland) has a 2022 DFS (Tetra Tech: capex $820m, molybdenum at $18/lb) that has not been updated; today's capex is unknown. Exploration is expensed, so equity is small, and P/B (24.9) says nothing. Funding consists of letters of intent (EDC up to $275m, NIB up to $120m) and an application for €50m of equity via the EIC, which has not yet been decided. Moved from Cboe Canada to TSX at the end of 2025; OTCQX (GRLRF) since August 2026. No analysts. Insider trading, today's molybdenum price and whether molybdenum is on the EU's critical raw materials list have not been examined. Industry: Commodities & uranium.
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