Greenland Mines Ltd has exercised its option to acquire an additional 9.9% of AnorTech, lifting its total ownership to 19.9%, the company announced on October 6, 2026. The move deepens Greenland Mines' bet on Greenland's emerging critical minerals sector and gives it a larger slice of a company whose anorthosite project could supply both terrestrial and space industries.
The transaction involves the acquisition of 25,168,669 AnorTech common shares at a deemed price of C$0.30 per share, for aggregate consideration of approximately US$5.3 million (C$7.55 million), to be satisfied through the issuance of Greenland Mines common shares. Following completion, Greenland Mines will hold 45,127,172 AnorTech shares. The deal remains subject to TSX Venture Exchange acceptance and customary closing conditions.
AnorTech is advancing its 100%-owned Gronne Bjerg anorthosite project near Nuuk, Greenland. Anorthosite is a calcium-rich feldspar rock with industrial applications ranging from alumina production to cement. AnorTech is also developing technologies targeting smelter-grade and high-purity alumina, CO2-free cement and other industrial materials. These applications could play a role in reducing emissions from heavy industries, making the project relevant to global decarbonization efforts.
Greenland Mines said the increased investment also provides exposure to potential lunar applications for anorthosite, which can be used as an analogue for lunar highlands geology and in lunar regolith simulants. AnorTech reports it has supplied anorthosite to space-sector researchers and has advanced research involving lunar simulants, 3D-printable construction materials and refractory concretes and cements. This positions the company at the intersection of resource development and space exploration, a niche that could attract attention as space agencies and private firms plan for long-duration lunar missions.
Greenland Mines 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 centers on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and select midstream processing opportunities, while advancing its North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure. For more information on Greenland Mines, visit the company's Greenland Mines (NASDAQ: GRML) (FSE: HK6) profile.
The increased stake in AnorTech aligns with Greenland Mines' broader vision of becoming a multi-asset critical minerals company. By securing a larger position in AnorTech, Greenland Mines gains more influence over the development of the Gronne Bjerg project and its potential to supply high-purity alumina and CO2-free cement. These materials are essential for the green energy transition, used in lithium-ion batteries, lightweight vehicles and sustainable construction. Moreover, the lunar applications add a speculative but potentially transformative dimension, as anorthosite is abundant on the lunar surface and could be used to build habitats and infrastructure.
Investors can view the full press release at https://nnw.fm/wIx6e and find the latest news and updates relating to GRML in the company's newsroom at https://ibn.fm/GRML. The transaction underscores the growing strategic importance of Greenland's mineral resources, as global demand for critical minerals accelerates and space exploration advances.
