Greenland Mines Ltd (NASDAQ: GRML) has entered into a share exchange agreement with AnorTech Inc. (TSX Venture Exchange: ANOR; OTCQB: ANORF) to acquire a 9.9% equity position in the Greenland-focused alumina development company, according to a press release issued June 16, 2026.

Under the agreement, signed June 15, 2026, Greenland Mines will acquire 19,958,503 AnorTech common shares in exchange for issuing 12,400,000 Greenland Mines common shares to AnorTech. Greenland Mines also received an option to acquire up to an additional 25,168,669 AnorTech shares within six months of closing, subject to a cap of 19.9% of AnorTech's total issued and outstanding shares.

AnorTech holds a 100%-owned anorthosite project called Gronne Bjerg, located approximately 80 kilometers from Nuuk, Greenland. The company is developing a proprietary process to produce smelter grade alumina and high purity alumina from anorthosite. In February 2025, AnorTech filed a U.S. provisional patent covering its sustainable alumina process. AnorTech has shipped a bulk sample of crushed anorthosite to Ontario, Canada to support pilot plant testing.

Bo Møller Stensgaard, President of Greenland Mines, said the investment "expands Greenland Mines beyond upstream resource exposure and moves us closer to the midstream segment of the critical materials value chain."

Jim Cambon, President of AnorTech, noted that AnorTech previously owned and operated the Sarfartoq rare earths project in Greenland, which Greenland Mines recently agreed to acquire.

The transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange, and is expected to close by June 30, 2026.