Greenland Mines Doubles AnorTech Stake to 19.9%; Extends Critical-Minerals Platform to Smelter-Grade Alumina, Lunar Construction Materials

Payment will use newly issued Greenland Mines shares, while completion remains subject to TSX Venture Exchange acceptance.

Rhea-AI Summary

Greenland Mines (GRML) has exercised its option to acquire additional AnorTech shares, targeting a 19.9% stake upon completion. The transaction covers 25,168,669 AnorTech common shares at a deemed C$0.30 each, for approximately US$5,298,000 (C$7,550,000). Payment will be in newly issued Greenland Mines shares, with the number determined by their 10-day volume-weighted average Nasdaq trading price at closing. Greenland Mines will then hold 45,127,172 AnorTech shares. Completion remains subject to TSX Venture Exchange acceptance and customary closing conditions.

Greenland Mines sees AnorTech's Greenland anorthosite project as potential feedstock for U.S. alumina refining and a platform for lunar-materials research. AnorTech's alumina process has been demonstrated at laboratory scale; a planned pilot program will produce samples for engineering tests and customer evaluation. Lunar deployment would require further testing under lunar conditions.

2 points · 0 major

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Option exercise would increase Greenland Mines' AnorTech ownership to 19.9% upon completion.
• Minor point. Forward-looking: it has not happened yet and may not happen.Greenland Mines plans to connect Greenland feedstock with U.S. refining and manufacturing through its materials platform.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.New Greenland Mines shares fund approximately US$5,298,000 (C$7,550,000) consideration, diluting holders; quantity depends on closing-time trading prices. 8.8% of market cap
• Minor pointCompletion remains subject to TSX Venture Exchange acceptance and customary closing conditions.
• Minor pointAcquired AnorTech shares carry a 60-month contractual lock-up plus a four-month Canadian statutory hold.
• Minor point. Forward-looking: it has not happened yet and may not happen.AnorTech's alumina process is demonstrated at laboratory scale; pilot testing remains planned.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential lunar deployment requires further testing under lunar conditions.

News Explained

If completed, the share-funded acquisition will dilute existing Greenland holders’ percentage ownership.

Greenland Mines has exercised the option, but completion remains subject to TSX Venture Exchange acceptance and customary closing conditions; if completed, the share payment will increase the share count and reduce existing holders’ percentage ownership.

The acquired AnorTech shares are subject to a 60-month contractual lock-up; half of the Greenland shares issued as payment are subject to a 12-month lock-up and the other half to a 24-month lock-up.

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+7.87% vs previous close $8.50 last price 8.2x rel. volume Open Argus

Details

Market move: GRML +7.87% vs previous close. AnorTech stake acquisition

$7.26 – $8.88 Day Range

$64.74M Market Cap

On Oct 5, the day this news came out, the latest delayed price for GRML is 7.87% above the previous close. Our momentum scanner has recorded 30 alerts for this stock so far that day. The latest delayed price is $8.50. Relative volume is exceptionally heavy at 8.2x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Additional AnorTech stake: 9.9% Option shares: 25,168,669 shares Aggregate consideration: Approximately US$5,298,000 (C$7,550,000) +5 more

Additional AnorTech stake

9.9%

Stake acquired under the exercised option

Option shares

25,168,669 shares

AnorTech common shares to be acquired

Aggregate consideration

Approximately US$5,298,000 (C$7,550,000)

Consideration for the option shares

Deemed price

C$0.30 per share

Price per AnorTech option share

Post-issuance ownership

19.9%

AnorTech issued and outstanding share capital

AnorTech share lock-up

60 months

Contractual lock-up from issuance

Canadian statutory hold

4 months

Hold period for the AnorTech option shares

Greenland Mines share lock-ups

12 months and 24 months

Half of the shares issued for consideration subject to each term

Key Terms

anorthosite, plagioclase feldspar, flowsheet, volume-weighted average trading price, +1 more

5 terms

anorthosite technical

"Exposure to anorthosite — an aluminum-rich rock characteristic of the lunar highlands"

Anorthosite is a coarse-grained igneous rock made mostly of plagioclase feldspar, like a large-scale, crystalline cereal bowl of white or light-colored mineral crystals. It matters to investors because some anorthosite bodies can host or be associated with economically valuable minerals and metal-bearing layers (for example titanium, magnetite or other oxides), so their discovery and development can drive mining projects and the value of exploration companies. Think of it as a specific type of rock that can sometimes hide commercially important deposits.

plagioclase feldspar technical

"a rock composed predominantly of plagioclase feldspar"

A series of chemically continuous feldspar minerals that form a solid-solution between sodium-rich albite and calcium-rich anorthite. Plagioclase feldspars are common rock-forming minerals in igneous and metamorphic rocks, identified by two directions of perfect cleavage, characteristic twinning and fine striations on crystal surfaces; their exact composition is expressed by the percentage of the anorthite (calcium) endmember. The term names the compositional series rather than a single fixed mineral, so usages should specify where on the albite–anorthite range the specimen lies when composition matters.

flowsheet technical

"its alumina flowsheet has been demonstrated at laboratory scale"

A flowsheet is a structured table that records a series of clinical or operational data points—such as vital signs, lab results, medication doses, procedures or milestone dates—so each patient or case can be tracked over time. For investors, a flowsheet turns detailed trial or operational activity into a clear timeline that highlights progress, gaps or problems, helping assess development speed, regulatory readiness and potential delays much like a trip log shows a journey’s pace and hiccups.

volume-weighted average trading price financial

"based on the 10-day volume-weighted average trading price"

Volume-weighted average trading price (VWAP) is the average price of a stock over a trading period, where each trade’s price is weighted by how many shares changed hands, so big trades move the average more than small ones. Investors use VWAP as a benchmark to tell whether they bought or sold at a good price compared with the market’s trading activity—like checking if your grocery bill was close to the store’s typical daily average when many customers shopped.

provisional patent regulatory

"filed a U.S. provisional patent in 2025"

A provisional patent is a temporary filing that locks in an early priority date for an invention and lets a company label the technology as "patent pending" while it develops the idea and prepares a full patent application. It matters to investors because it signals an intent to protect intellectual property with relatively low initial cost and a limited window to convert to a full patent; it can reduce the risk of being preempted by others but does not guarantee long-term legal protection.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Second tranche completes the strategic relationship announced on June 16, 2026, adding exposure to anorthosite — an aluminum-rich rock characteristic of the lunar highlands — for sustainable alumina, refractory systems, lunar regolith simulants and research into 3D-printed lunar construction materials

CHARLOTTE, N.C., Oct. 05, 2026 (GLOBE NEWSWIRE) -- via IBN -- Greenland Mines Ltd (“Greenland Mines” or the “Company”) (Nasdaq: GRML; FSE: HK6), a Greenland-focused critical-minerals development company, today announced that it has exercised in full its option to acquire an additional 9.9% of Anortech.

When Greenland Mines made its initial investment in June, the Company described AnorTech as a differentiated critical-materials and processing platform: sustainable smelter-grade alumina, high-purity alumina, CO2-free cement, and related industrial materials from AnorTech’s 100%-owned Gronne Bjerg anorthosite project, approximately 80 kilometers from the capital of Nuuk on open tidewater. Greenland Mines sees Gronne Bjerg as a potential source of feedstock for U.S. smelter-grade and high-purity alumina production in a market where net imports met an estimated 71% of U.S. alumina consumption in 2025, according to the U.S. Geological Survey. Today’s exercise reflects a second, and increasingly important, dimension of that platform — anorthosite’s potential role in lunar construction research.

Anorthosite — a rock composed predominantly of plagioclase feldspar — is a major component of the lunar highlands. Terrestrial anorthosite can serve as an analogue for aspects of lunar highlands geology and as a component of lunar regolith simulants. AnorTech reports that it has supplied its anorthosite to space-sector researchers for use as a lunar simulant.

AnorTech reports that its natural anorthosite shares compositional and mineralogical characteristics with lunar highlands materials, supporting the development and testing of technologies on Earth. Over more than a decade, it has advanced anorthosite-based lunar regolith simulants, 3D-printable concrete and construction materials, refractory concretes and cements, and both smelter-grade and high-purity alumina production. Its work includes research into potential lunar construction applications; deployment would require further testing under lunar conditions.

Greenland Mines’ strategy is to build a critical-materials platform spanning advantaged upstream assets in Greenland and U.S. refining and manufacturing opportunities, supported by partnerships in allied jurisdictions — the Company’s North Atlantic Critical Metals Corridor. AnorTech extends that platform in two directions:

Exposure to proprietary, patent-pending processes to produce sustainable smelter-grade and high-purity alumina from anorthosite without bauxite-residue tailings, generating saleable amorphous-silica and calcium silicate by-products, together with CO2-free refractory cement, 3D-printable cement and alumina-based catalysts. AnorTech has shipped 15 tons of Gronne Bjerg anorthosite to Ontario in preparation for pilot-plant testing. AnorTech reports that its alumina flowsheet has been demonstrated at laboratory scale, with a planned pilot program intended to produce smelter-grade and high-purity alumina samples for engineering tests and customer evaluation.

Potential dual-use applications — including simulants, printable construction materials, refractories and resource-processing technologies — relevant to research on using the Moon’s own materials for construction and reducing the amount of material that must be transported from Earth.

The characteristics that make Gronne Bjerg attractive as a terrestrial industrial-minerals project — a massive and homogeneous anorthosite body averaging 32% aluminum oxide, on deep-water tidewater approximately 80 kilometers from Nuuk and its international airport, adjacent to significant hydroelectric potential — could also support the supply of lunar-analogue material for research and testing on Earth. Greenland Mines sees the project’s tidewater location as a potential link between feedstock from a friendly North Atlantic jurisdiction and future U.S. alumina refining, helping bring more processing and manufacturing value into the United States. Greenland Mines believes the combination of AnorTech’s materials science and Greenland’s resource base positions the group to participate in space-materials research, defence, advanced-manufacturing and supply-chain-security themes that are increasingly central to allied industrial policy.

Bo Møller Stensgaard, President of Greenland Mines, commented:

“Rebuilding America’s aluminum and advanced-materials industries requires secure feedstock and more refining capacity on U.S. soil. We see the opportunity to connect Greenland resources with U.S. production of smelter-grade alumina for American aluminum smelters and high-purity alumina for semiconductor and other advanced-materials supply chains. The objective is a supply chain from Greenland to the United States that can operate independently of Chinese refining, with more processing, manufacturing and value creation in America. That is how feedstock from friendly shores could support greater U.S. industrial self-sufficiency.

“Alongside that U.S. industrial opportunity, AnorTech’s simulants and materials development support research on lunar surface infrastructure and the use of local resources for construction. Doubling our position gives Greenland Mines shareholders exposure to this U.S. industrial strategy, alongside longer-term potential in lunar applications.”

Jim Cambon, President of AnorTech, commented:

“Greenland Mines’ decision to exercise its option in full is a strong endorsement of what we are building at AnorTech. Greenland Mines understands the value we are creating from Greenland anorthosite and its exciting future as a key component in the aluminum critical mineral supply chain and as a material for research into future lunar construction. We are moving our smelter grade alumina and high purity alumina technologies towards commercialization while continuing our successful test programs on 3D-printable and refractory cements, which may also inform future lunar construction applications. We are working with a number of groups in the space industry who are using our anorthosite as a lunar simulant and we expect this sector to grow as lunar programs ramp up.  We look forward to maximizing the synergies between our companies and working with Greenland Mines as a strategic shareholder as we advance our lunar materials, smelter grade alumina and high purity alumina programs.”

Transaction Terms

The option to acquire an additional 9.9% of AnorTech was granted under the share exchange agreement between the Company and AnorTech dated June 15, 2026, announced on June 16, 2026, and completed on June 22, 2026, through which Greenland Mines acquired its initial 19,958,503 AnorTech shares. On completion of the exercise, Greenland Mines will hold 45,127,172 AnorTech shares.

Under the option granted to Greenland Mines pursuant to the share exchange agreement dated June 15, 2026 (the “Option”), the Company has exercised the Option in full to acquire 25,168,669 AnorTech common shares (the “Option Shares”) at a deemed price of C$0.30 per Option Share, for aggregate consideration of approximately US$5,298,000 (C$7,550,000). The consideration is satisfied through the issuance by Greenland Mines to AnorTech of common shares of Greenland Mines, with the exact number of shares based on the 10-day volume-weighted average trading price of the Greenland Mines common shares on Nasdaq at the time of closing.

Following the issuance of the Option Shares, Greenland Mines will own 45,127,172 AnorTech common shares, representing 19.9% of AnorTech’s issued and outstanding share capital. The Option Shares are subject to a contractual lock-up of 60 months from issuance, consistent with the initial tranche, in addition to a four-month Canadian statutory hold period. One-half of the Greenland Mines shares issued to AnorTech are subject to a 12-month contractual lock-up and the remaining one-half to a 24-month contractual lock-up. AnorTech currently owns 318,000 shares of Greenland Mines from previous transactions. The Greenland Mines shares will be issued in a private transaction exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. Completion of the exercise is subject to acceptance by the TSX Venture Exchange and customary closing conditions.

About Greenland Mines Ltd

Greenland Mines Ltd is a Nasdaq-listed resource development and mining company focused on the development of the Skaergaard Project in southeast Greenland and the Sarfartoq neodymium-praseodymium rare earths project in southwest Greenland. The Company’s strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and select midstream processing opportunities, while advancing its assets and broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.

About AnorTech Inc.

AnorTech (formerly Hudson Resources Inc.) is pioneering the next generation of sustainable materials from anorthosite with over 12 years experience in developing anorthosite products and 25 years experience exploring, building and operating projects in Greenland. The Company owns 100% of the Gronne Bjerg anorthosite project in Greenland — strategically located approximately 80 km from Nuuk, the capital of Greenland, on open tidewater and adjacent to significant hydroelectric potential. AnorTech is advancing multiple product lines towards commercialization, including zero-waste smelter grade alumina (SGA) and high purity alumina (HPA); next generation alumina-based catalysts for CO2 capture; CO2-free refractory cement and advanced 3D-printable cement; and research into lunar construction materials using anorthosite-based concrete. Its high-purity alumina development work could support a domestic U.S. supply of advanced materials, including synthetic sapphire for semiconductor applications, by combining Greenland feedstock with potential U.S. refining and manufacturing. AnorTech filed a U.S. provisional patent in 2025 to protect its proprietary sustainable SGA and HPA process and has shipped 15 tons of Gronne Bjerg anorthosite to Ontario in preparation for pilot plant testing. AnorTech has over C$3 million in working capital.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “potential,” “could,” “may,” “will,” “should,” “estimate,” “objective” and similar expressions. These forward-looking statements include statements regarding the completion of the exercise of the Option and the issuance of the Option Shares and the Greenland Mines shares, the receipt of TSX Venture Exchange acceptance, the strategic benefits of the Company’s investment in AnorTech, AnorTech’s proposed Anorthosite Lunar Materials Innovation Program and any partnership, funding or agreement in respect of it, the suitability of Gronne Bjerg anorthosite as a lunar regolith simulant or as feedstock for lunar construction materials, refractory systems or alumina, the future commercialization of AnorTech’s technologies, future pilot plant activities, future demand from space, defence and advanced-manufacturing markets, the development of a North Atlantic Critical Metals Corridor and the Company’s broader strategy.

These statements are based on current expectations, assumptions and available information and are subject to a range of risks and uncertainties, including regulatory and exchange approvals, technical and commercialization risk, pilot scale-up risk, the risk that no agreement in respect of AnorTech’s proposed lunar materials program is concluded with any space agency or commercial space company, the timing and scope of governmental and commercial lunar programs, market conditions, financing availability, industrial partner engagement, logistics constraints and project execution risk, as well as the exploration, resource-estimation, metallurgical, engineering, environmental, social, permitting, infrastructure, commodity-price, counterparty and other risks described in documents filed or to be filed with the U.S. Securities and Exchange Commission, any of which could cause actual results to differ materially from those expressed or implied. Statements in this press release regarding AnorTech, its technologies, its Gronne Bjerg project and its proposed lunar materials program are based on information provided by or publicly disclosed by AnorTech, which Greenland Mines has not independently verified. Greenland Mines holds a minority interest in, and does not control, AnorTech. No assurance can be given that studies, partnerships, transactions, development decisions or production will occur on the timing contemplated or at all.

Readers should carefully consider these factors and the other risks and uncertainties described in the Company’s SEC filings. All information in this press release is provided as of its date, and the Company undertakes no obligation to update any forward-looking statement except as required by applicable law.

Investor Contact and Corporate Communications:

ir@greenlandmines.com
Website: www.greenlandmines.com

Corporate Communications:
IBN.Ai
Austin, Texas
www.IBN.Ai
512.354.7000 Office
Editor@IBN.Ai

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What stake will Greenland Mines hold in AnorTech after the option exercise closes?

Greenland Mines will hold 45,127,172 AnorTech common shares, representing 19.9% of AnorTech's issued and outstanding share capital. The exercised option covers 25,168,669 additional shares. Completion remains subject to TSX Venture Exchange acceptance and customary closing conditions.

How will Greenland Mines pay for its additional AnorTech shares?

Greenland Mines will issue its own common shares to AnorTech for approximately US$5,298,000 (C$7,550,000) in consideration. The acquired AnorTech shares have a deemed price of C$0.30 each. The number of Greenland Mines shares issued will depend on their 10-day volume-weighted average Nasdaq trading price at closing.

What lock-up periods apply to the Greenland Mines and AnorTech share exchange?

The acquired AnorTech shares have a 60-month contractual lock-up from issuance, plus a four-month Canadian statutory hold period. One-half of the Greenland Mines shares issued to AnorTech have a 12-month contractual lock-up; the remaining half have a 24-month contractual lock-up.