Greenland-linked stocks are jumping before the bell after President Donald Trump said Wednesday that “massive” oil, gas and mineral exploration is about to start on the Arctic island. He made the claim in a post on Truth Social.
- GRLD stock is soaring. See the chart and price action here.
“Massive Oil, Gas, and Mineral Exploration is getting ready to begin in our new and beautiful Greenland!” Trump wrote.
He added that experts say the island’s supply of “easily available Oil is far greater than that of almost any land, anywhere in the World.”
The post also leaned on defense. Trump said any future attack on the U.S. “will have to come across Greenland.”
Oil Play Leads
Traders sent Greenland Energy Co. (NASDAQ:GLND) shares soaring following Trump’s comments. The stock traded at $4.20 premarket, up 90.08% from Tuesday’s close, per Benzinga Pro data.
Even with the jump, shares sit about 82% below their 52-week high of $23. They also remain well above the 52-week low of $1.09.
The company is exploring the Jameson Land Basin on Greenland’s east coast, though, in August it pushed planned exploration drilling to a winter 2027 permit timeline.
The delay came after Greenland’s government gave its joint venture partner, 80 Mile, a “strong warning” for bringing equipment ashore without permission. Greenland Energy shares fell more than 44% on the day it announced the delay.
Miners Follow
Greenland Mines Ltd. (NASDAQ:GRML) rose 43.50% to $7.95 premarket, up from a $6.02 close. The company is developing the Skaergaard project, one of the largest undeveloped palladium, gold and platinum deposits in the world. Its market value at Tuesday’s close was only about $16.7 million, according to Benzinga Pro market data.
Critical Metals Corp. (NASDAQ:CRML) moved less, but still gained 4.61% to $6.84 which still leaves the stock about 76% below its 52-week high of $28. The company is developing the Tanbreez heavy rare earths project in southern Greenland and expects first ore in the fourth quarter of 2028 or the first quarter of 2029, Reuters reported.
See More: Top Momentum Stocks
Familiar Pattern
All three stocks have rallied on Trump’s Greenland comments before. In September, after a U.S.-Denmark security deal on the island, Greenland Mines jumped more than 200%, Greenland Energy rose 159% and Critical Metals gained nearly 37%.
Photo: Shutterstock