Klotho tumbles as biotech bets big on Greenland metal deposit

Shares of biotech firm Klotho Neurosciences KLTO.O fall 26% to 39 cents

KLTO says it has acquired privately-held Greenland Mines Corp, giving it control of the Skaergaard palladium‑gold‑platinum deposit in Greenland

Greenland Mines Corp controls an 80% stake in the Skaergaard Project in Southeast Greenland

The combined company will rebrand as Greenland Mines and run two divisions, mining and biotech

The Skaergaard Project holds an estimated $68 bln worth of metals, co said

Greenland Mines’ shareholders will own about 93% of the company after the merger, which is treated as a reverse takeover

The companies signed their merger agreement on March 3, and closed the deal today

KLTO fell 58% in 2025