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

Executive Summary

• Greenland Mines Ltd. has entered into a strategic share exchange agreement to acquire an initial 9.9% equity position in AnorTech Inc., with an option to increase ownership to up to 19.9% within six months.
• The transaction provides Greenland Mines with direct exposure to sustainable alumina, high purity alumina (HPA), and midstream critical minerals processing via AnorTech’s 100%-owned Gronne Bjerg anorthosite project in Greenland.
• The investment aligns with Greenland Mines’ “North Atlantic Critical Metals Corridor” strategy, expanding the company beyond upstream resource development into midstream processing and industrial materials value chains.

Key Details

• Transaction Structure: Greenland Mines will acquire 19,958,503 common shares of AnorTech (representing 9.9% of issued/outstanding shares) in exchange for issuing 12,400,000 common shares of Greenland Mines to AnorTech.
• Option to Increase Stake: AnorTech grants Greenland Mines a six-month option to acquire up to an additional 25,168,669 AnorTech shares, capping total ownership at 19.9%.
• Target & Core Asset: AnorTech Inc. (TSXV: ANOR; OTCQB: ANORF) is advancing sustainable smelter grade alumina (SGA), HPA, CO2-free cement, and industrial materials from its 100%-owned Gronne Bjerg anorthosite project.
• Project Location & Infrastructure: The Gronne Bjerg project is located ~80 km from Nuuk, featuring open tidewater access and adjacent hydroelectric potential, supporting low-carbon processing and marine logistics.
• Technology & R&D Status: AnorTech filed a U.S. provisional patent in February 2025 for its sustainable SGA process (eliminating bauxite-residue tailings and generating saleable byproducts like amorphous silica). Bulk samples have been shipped to Ontario, Canada for pilot plant testing and cement R&D.
• Strategic Synergy: Greenland Mines recently signed an agreement to acquire the Sarfartoq rare earths project, which AnorTech previously owned and operated. AnorTech will contribute 24 years of Greenland exploration/development expertise to Greenland Mines.
• Closing Conditions & Timeline: Subject to customary conditions, including TSX Venture Exchange acceptance. Expected to close by June 30, 2026.

Notable Quotes

• Bo Møller Stensgaard, President of Greenland Mines: "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: "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... 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."