Eclipse Metals eyes NASDAQ dual listing to underpin US rare earths push
- Doug Bright
- Oct 15
- 3 min read
Eclipse Metals (ASX: EPM) has moved to pursue a dual listing on the NASDAQ Stock Exchange to broaden its appeal to North American investors and accelerate development of its rare earth elements portfolio in Greenland.
The NASDAQ, the world’s first electronic stock exchange launched in 1971, is the second-largest by market capitalisation globally and a hub for over 3000 companies, including tech giants such as Apple, Facebook, Tesla and Google alongside resource firms, with a total value exceeding US$30 (~A$46) trillion.
The proposal aligns with Eclipse’s strategy to take advantage of growing US interest in securing rare earths supplies outside its geopolitical enemies and will see Eclipse eye partnerships and funding from institutions betting on decarbonisation technologies.
At the heart of the initiative is Eclipse’s wholly owned Ivigtût Project in southwest Greenland, featuring the Gronnedal rare earths deposit - a carbonatite complex with mineralogy similar to MP Materials’ revered Mountain Pass rare earths mine in California.
MP Materials just attracted almost a billion US dollars in investments from both Apple and the US Department of Defense.
Preliminary metallurgical testwork undertaken on Gronnedal samples in June focussed on mineral liberation and size confirmation of the monazite and bastnasite dominant rare earths mineral assemblage.
The samples were verified as coarse-grained with good liberation at P80 grind sizes and hence very amenable to conventional flotation and leaching flowsheets such as those employed at Mountain Pass.
Recent corporate milestones, including a $4 million capital raise in mid-October to fund drilling and resource upgrades, mobilisation of rigs for high-grade neodymium-praseodymium targets at Gronnedal in early October and a major drilling campaign launched in mid-September all underscore the project’s momentum.
A key licence renewal to 2027, secured in early September, coupled with confirmation of strategic rubidium and gallium mineralisation at Ivigtût announced at the same time, position Eclipse to capitalise on renewed global rare earths demand amid supply chain diversification efforts.
The dual listing promises enhanced liquidity, valuation transparency and access to US-based finance and offtake deals without altering the company’s ASX status.
Advisors including US legal and financial experts are guiding the process, with preliminary assessments slated for the final quarter of the year.
The push comes amid a tense geopolitical backdrop in the Arctic where US President Donald Trump’s second administration has escalated interest in Greenland since his 2024 re-election.
Citing “national security” amid Russian and Chinese advances - such as Russia’s eight nuclear-powered icebreakers dominating Arctic shipping lanes and six more due to launch before 2030 - Trump has revived his 2019 acquisition of Greenland overtures, refusing to rule out military annexation or economic pressure on Denmark, including tariffs on Danish firms like Lego and Novo Nordisk.
Denmark has responded forcefully with its Prime Minister Mette Frederiksen condemning the “pressure and threats” during an April Greenland trip.
Polls reflect Greenlandic resistance too with 85% opposed to US annexation and only 6% favouring it. A viral Danish petition to “buy” California satirised the idea, amassing hundreds of thousands of signatures.
For Eclipse however, it makes no difference who technically owns Greenland. Its NASDAQ play smartly navigates this flux, positioning the Gronnedal project as a Western-friendly rare earths asset in a strategically vital region.
As the world races toward net-zero goals, Eclipse Metals’ NASDAQ ambitions could unlock vital funding streams, fortifying Australia’s role in the critical minerals race while spotlighting Greenland’s untapped potential, provided diplomatic winds don’t shift the ice.
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