Greenland Mines Makes Strategic Investment in AnorTech, Adding Exposure to Sustainable Alumina, High Purity Alumina, and Midstream Critical Minerals Optionality

Greenland Mines (Nasdaq: GRML) agreed to a strategic share exchange with AnorTech (TSXV: ANOR), gaining an initial 9.9% stake plus a six-month option to increase ownership up to 19.9%.

Rhea-AI Summary

Greenland Mines (Nasdaq: GRML) agreed to a strategic share exchange with AnorTech (TSXV: ANOR), gaining an initial 9.9% stake plus a six-month option to increase ownership up to 19.9%.

Greenland Mines will issue 12,400,000 shares for 19,958,503 AnorTech shares, adding exposure to sustainable alumina, HPA, CO2-free cement and midstream critical minerals. Closing is targeted by June 30, 2026, subject to TSXV approval.

Positive

• Initial 9.9% equity stake in AnorTech with option up to 19.9%
• Share exchange for 19,958,503 AnorTech shares against 12,400,000 GRML shares
• Added exposure to sustainable alumina, high purity alumina and CO2-free cement
• Strategic move toward midstream critical minerals processing in North Atlantic corridor
• Alignment with patented sustainable smelter grade alumina process and pilot programs

Negative

• Issuance of 12,400,000 new Greenland Mines shares creates shareholder dilution
• Ownership in AnorTech capped below 19.9%, limiting future control
• Closing contingent on TSX Venture Exchange acceptance and other customary conditions

Argus Jun 16 session

+12.19% close to close Open Argus

Details

News Market Reaction – GRML

On Jun 16, the day this news came out, GRML closed 12.19% above the previous close.

Data tracked by StockTitan Argus for the Jun 16 session.

Key Figures

AnorTech shares acquired: 19,958,503 shares Initial equity stake: 9.9% Ownership cap: 19.9% +5 more

AnorTech shares acquired

19,958,503 shares

Initial stake representing 9.9% of AnorTech after closing

Initial equity stake

9.9%

Equity position in AnorTech at closing

Ownership cap

19.9%

Maximum AnorTech ownership allowed under option terms

Additional option shares

25,168,669 shares

AnorTech shares subject to 6‑month purchase option

GRML shares issued

12,400,000 shares

Consideration paid by Greenland Mines to AnorTech

Series C conversion shares

2,040,038,760 shares

Maximum common shares upon Series C Preferred conversion

Warrant exercise shares

34,551,939 shares

Shares issuable upon exercise of private warrants

Equity plan reserve

20,000,000 shares

Proposed 2024 Equity Incentive Plan share reserve

Historical Context

5 past events · Latest: Jun 10

5 events

1. Jun 10

   Downstream site agreement

   24h Move

   -2.0%

   Secured first right of refusal on Helguvik industrial complex for downstream processing.

2. Jun 04

   Project site visit

   24h Move

   +2.9%

   Completed Sarfartoq site visit and prepared 2026 field program and resource updates.

3. Jun 02

   Environmental studies

   24h Move

   -5.1%

   Appointed WSP Denmark for multi-year environmental baseline work at Sarfartoq.

4. May 21

   Project acquisition

   24h Move

   -0.1%

   Signed definitive agreement to acquire Sarfartoq Nd‑Pr rare earths project for US$35M.

5. May 19

   Conference participation

   24h Move

   -4.2%

   Presented Skaergaard and critical-minerals role at EIT RawMaterials Summit 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

high purity alumina ("HPA"), smelter grade alumina ("SGA"), CO2-free cement, 3D-printable cement, +4 more

8 terms

high purity alumina ("HPA") technical

"advancing sustainable alumina, high purity alumina ("HPA"), CO2-free cement"

High purity alumina (HPA) is a highly refined form of aluminum oxide with extremely low levels of impurities, produced to tight chemical standards for use in electronics, LEDs, sapphire substrates, and battery components. Investors care because HPA is a specialized, hard-to-make industrial ingredient whose supply, production cost and purity directly affect the performance and price of advanced devices; think of it as a rare, high-grade ingredient that can make or break a precision recipe in tech manufacturing.

smelter grade alumina ("SGA") technical

"process to produce sustainable smelter grade alumina ("SGA") and high purity alumina"

Smelter grade alumina ("SGA") is a highly purified form of aluminum oxide used as the primary raw material in the production of aluminum metal at smelting plants. Think of it as the concentrated ingredient a factory needs to make aluminum the way flour is needed to bake bread; its availability, quality and price directly affect aluminum output, production costs and profit margins, so changes in SGA supply or cost can influence the financial outlook of producers and related markets.

CO2-free cement technical

"CO2-free cement, and related industrial materials from its 100%-owned Gronne Bjerg"

Cement labeled “CO2-free” is a building material manufactured so that no carbon dioxide is emitted in its production or any remaining emissions are fully removed or offset, either by changing raw materials, using alternative chemistry, capturing emissions, or balancing them with verified removals. Investors care because the construction sector faces regulation, customer demand, and potential carbon costs; choosing CO2-free cement is like switching from a gasoline car to an electric one — it can reduce future compliance risk, appeal to green buyers, and affect long-term costs and competitiveness.

3D-printable cement technical

"CO2-free refractory cement, 3D-printable cement, and alumina-based catalyst applications"

A specially formulated paste that can be extruded layer by layer by large printers to build walls, shapes or components for buildings and infrastructure. Like squeezing toothpaste through a nozzle to draw a wall instead of pouring it into a mold, it hardens quickly and is tuned for pumpability, strength and bonding between layers. Investors care because it can cut labor, speed construction, reduce waste and enable new designs, but it also brings scale, quality control and regulatory risks that affect returns.

Nasdaq Listing Rule 5635 regulatory

"approval under Nasdaq Listing Rule 5635 to permit issuance of up to"

Nasdaq Listing Rule 5635 is a stock-exchange rule that requires a listed company to get shareholder approval before issuing a large number of new shares or other securities that can convert into shares or carry voting power beyond set thresholds. Investors should care because these approvals prevent unexpected dilution of existing ownership and sudden shifts in voting control—think of it like needing agreement from current owners before cutting the pizza into many more slices that shrink each person’s piece.

reverse stock splits financial

"approve amendments ... to permit one or more reverse stock splits at ratios"

A reverse stock split is when a company combines multiple existing shares into fewer higher-priced shares—like trading four small slices of a pie for one larger slice. It doesn’t change the overall value of an investor’s holdings immediately, but it raises the per-share price and can matter to investors because it can affect market perception, stock exchange listing eligibility, and trading liquidity, and it changes share counts used in investor metrics.

Form 12b-25 regulatory

"submitted a Form 12b-25 notifying the SEC that it cannot timely file"

Form 12b-25 is a notice a publicly traded company files with the U.S. Securities and Exchange Commission when it cannot deliver a required periodic report (like a quarterly or annual financial report) on time. It explains the reason for the delay and gives the company a short, temporary window to finish the report without being marked as delinquent; investors watch it because late filings can signal accounting, operational, or control issues that may affect a company’s reliability and stock risk, much like a missed homework deadline can raise concerns about a student’s preparedness.

Form 10-K regulatory

"cannot timely file its Annual Report on Form 10-K for the period ended"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

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

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CHARLOTTE, N.C., June 16, 2026 /PRNewswire/ -- Greenland Mines Ltd ("Greenland Mines" or the "Company") (Nasdaq: GRML) is pleased to announce that it has entered into a strategic share exchange agreement with AnorTech Inc. ("AnorTech") (TSX Venture Exchange: ANOR; OTCQB: ANORF), a Greenland-focused technology and resource development company advancing sustainable alumina, high purity alumina ("HPA"), CO2-free cement, and related industrial materials from its 100%-owned Gronne Bjerg anorthosite project in Greenland.

The investment provides Greenland Mines with an initial 9.9% equity position in AnorTech, together with an option to increase its ownership to as much as 19.9% on defined terms over the following six months. Greenland Mines views the transaction as a strategic investment in a differentiated critical materials and processing platform, rather than simply a passive equity position, and believes it adds meaningful optionality to the Company's broader North Atlantic Critical Metals Corridor strategy.

Bo Møller Stensgaard, President of Greenland Mines, commented:

"This investment expands Greenland Mines beyond upstream resource exposure and moves us closer to the midstream segment of the critical materials value chain, where strategic bottlenecks and value capture increasingly sit. It aligns directly with our vision of building a North Atlantic Critical Metals Corridor linking advantaged Greenland resource assets with industrial processing opportunities in allied jurisdictions such as Iceland or North America, while adding exposure to sustainable alumina and other advanced materials that we believe can become strategically important to Western supply chains."

Jim Cambon, President of AnorTech, commented:

"We are very excited to be entering into this strategic relationship with Greenland Mines, which is assembling an unmatched portfolio of critical metals projects in Greenland. Greenland Mines has the team, market presence, and financial strength needed to rapidly advance these projects. Greenland Mines recently signed an agreement to acquire the Sarfartoq rare earths project in Greenland, which AnorTech owned and operated for many years. AnorTech will contribute its 24 years of expertise in the exploration and development of Sarfartoq and other projects in Greenland and will provide Greenland Mines with exposure to our leading-edge alumina technologies that we are developing through our Gronne Bjerg anorthosite project."

Strategic Rationale

AnorTech is developing a proprietary process to produce sustainable smelter grade alumina ("SGA") and high purity alumina ("HPA") from anorthosite, designed to eliminate conventional bauxite-residue tailings and instead generate saleable byproducts, including amorphous silica and calcium-based industrial materials. In February 2025, AnorTech filed a U.S. provisional patent covering its sustainable SGA process, and the company has also advanced related product lines including CO2-free refractory cement, 3D-printable cement, and alumina-based catalyst applications.

Greenland Mines believes this is strategically significant because alumina and aluminum sit at the center of multiple industrial and security-relevant value chains, while conventional supply chains remain exposed to concentrated upstream sourcing, logistics disruption and growing environmental pressure.

By gaining exposure to AnorTech, Greenland Mines is adding optionality not only to another major critical mineral theme, but also to the midstream processing segment of the value chain, which is increasingly being recognized as a critical chokepoint in Western industrial and strategic materials security.

Greenland Fit

AnorTech's Gronne Bjerg project is located approximately 80 kilometers from Nuuk on open tidewater and adjacent to strong hydroelectric potential, giving it a rare combination of resource quality, marine access, and future low-carbon power optionality. Greenland Mines sees this as highly complementary to its own Greenland portfolio and logistics vision, particularly as the Company advances a strategy linking Greenland resource assets with downstream industrial opportunities in allied North Atlantic jurisdictions.

The Company believes Gronne Bjerg could, over time, fit naturally into a future North Atlantic processing chain in which bulk material from southwest Greenland is moved by sea for refining or industrial conversion in Iceland, where Greenland Mines has already been advancing industrial site access, brownfield processing optionality, deep-port logistics, and renewable power partnerships. In that context, Greenland Mines sees the combination of Nuuk-fjord logistics, Greenland resource quality, and Icelandic industrial infrastructure as a potentially powerful foundation for future low-carbon alumina and industrial materials development.

A Platform Investment

Greenland Mines' strategy is to build more than a portfolio of mines. The Company is working to assemble a broader critical materials platform spanning advantaged upstream assets in Greenland and selected downstream or midstream pathways that can help capture more value from secure Western-aligned supply chains.

The Company believes the strategic importance of the midstream segment is becoming increasingly clear across rare earths, battery materials, industrial minerals, and metal chemicals, where processing capacity, technology ownership and industrial siting are often as important as the underlying resource itself. Greenland Mines therefore views the AnorTech investment as a highly relevant extension of the same strategic logic already reflected in its Sarfartoq-Neo relationship: securing not only exposure to the rock in the ground, but also to the processing, conversion, and industrial ecosystem that ultimately determines value capture.

Within this broader framework, Greenland Mines believes the transaction strengthens the Company's profile as a differentiated Nasdaq-listed platform spanning precious metals, magnet rare earths, and industrial critical materials, with increasing relevance to energy transition, defense, advanced manufacturing and supply-chain security themes.

Strength of AnorTech

AnorTech combines a 100%-owned Greenland resource asset with favorable marine access, an established technology development program, patent filings and ongoing pilot-scale preparation. To support pilot plant testing, AnorTech has shipped a bulk sample of crushed Gronne Bjerg anorthosite to Ontario, Canada, and is advancing sustainable alumina and cement R&D programs based on this material.

Greenland Mines believes this combination of resource ownership, process innovation, and commercialization focus makes AnorTech particularly attractive as a strategic partner and investment target. The transaction also aligns Greenland Mines with a team that has deep historical familiarity with Greenland project development and with the technical evolution of industrial mineral opportunities in the jurisdiction, which the Company believes adds additional execution credibility over time.

Transaction Terms

Pursuant to the share exchange agreement with AnorTech signed on June 15, 2026, Greenland Mines will acquire 19,958,503 common shares of AnorTech, representing 9.9% of the issued and outstanding AnorTech Shares immediately after closing, in exchange for the issuance by Greenland Mines to AnorTech of 12,400,000 common shares. AnorTech has also granted Greenland Mines an option for a period of six months following closing to acquire up to an additional 25,168,669 AnorTech Shares. In no case shall the number of shares purchased by Greenland Mines result in Greenland Mines owning more than 19.9% of AnorTech's issued and outstanding share capital.

The transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange, and is expected to close by June 30.

About Greenland Mines

Greenland Mines Ltd is a Nasdaq-listed company with two operating divisions: (1) Mining, focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing of the previously announced transaction, the Sarfartoq neodymium-praseodymium (Nd-Pr) rare earths project in southwest Greenland; and (2) Biotech, including Klotho's KLTO‑202 primary indication for ALS. The Company's strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure.

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" and similar expressions. These forward-looking statements include statements regarding the completion of the AnorTech transaction, the exercise of the option to increase Greenland Mines' ownership interest in AnorTech, the strategic benefits of the investment, the future commercialization of AnorTech's technology, future pilot plant activities, future alumina, HPA, cement or catalyst production, the potential use of Icelandic industrial infrastructure, the development of a North Atlantic Critical Metals Corridor, and the Company's broader strategy to expand into midstream critical materials opportunities. These statements are based on current expectations, assumptions and available information and are subject to a range of risks and uncertainties, including regulatory approvals, technical and commercialization risk, pilot scale-up risk, market conditions, financing availability, industrial partner engagement, logistics constraints and project execution risk, which could cause actual results to differ materially from those expressed or implied.

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

Investor Contact and Corporate Communications:
ir@greenlandmines.com

Website:
www.greenlandmines.com

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SOURCE Greenland Mines Ltd

FAQ

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

What did Greenland Mines (GRML) announce on June 16, 2026 about its investment in AnorTech?

Greenland Mines announced a strategic share exchange giving it a 9.9% stake in AnorTech. According to Greenland Mines, the deal adds exposure to sustainable alumina, high purity alumina, CO2-free cement and midstream critical minerals within its North Atlantic Critical Metals Corridor strategy.

What are the key terms of the Greenland Mines (GRML) and AnorTech share exchange deal?

The deal exchanges 12,400,000 Greenland Mines shares for 19,958,503 AnorTech shares, or 9.9% ownership. According to Greenland Mines, it also receives a six-month option to buy up to 25,168,669 more AnorTech shares, capped at 19.9% ownership overall.

How does the AnorTech investment support Greenland Mines (GRML) critical minerals strategy?

The investment expands Greenland Mines from upstream mining into midstream processing exposure. According to Greenland Mines, AnorTech’s sustainable alumina, HPA and CO2-free cement technologies align with its North Atlantic Critical Metals Corridor linking Greenland resources with industrial sites in Iceland and other allied regions.

What technologies is AnorTech contributing to Greenland Mines (GRML) through this strategic investment?

AnorTech is developing sustainable smelter grade alumina and high purity alumina from anorthosite. According to Greenland Mines, AnorTech holds a U.S. provisional patent filed in February 2025 and is advancing CO2-free cement, 3D-printable cement and alumina-based catalyst applications using its Gronne Bjerg project.

When is the Greenland Mines (GRML) and AnorTech share exchange expected to close?

The transaction is expected to close by June 30, 2026, subject to conditions. According to Greenland Mines, completion requires acceptance by the TSX Venture Exchange and other customary closing conditions before the share exchange and ownership stake become effective.

What potential dilution does the AnorTech deal create for Greenland Mines (GRML) shareholders?

Greenland Mines will issue 12,400,000 new common shares to AnorTech as consideration. According to Greenland Mines, these new shares increase the company’s total share count, which may dilute existing shareholders’ percentage ownership, though the release does not quantify the dilution percentage.

How large can Greenland Mines’ (GRML) ownership in AnorTech become after exercising its option?

Greenland Mines can increase its stake in AnorTech up to a maximum of 19.9% through an option. According to Greenland Mines, the option lasts six months after closing and covers up to 25,168,669 additional AnorTech shares, subject to the 19.9% cap.