VANCOUVER, British Columbia, May 21, 2026 (GLOBE NEWSWIRE) -- ANORTECH INC. ("AnorTech" or the "Company") (TSX Venture Exchange "ANOR"; OTCQB "ANORF") is pleased to announce that a definitive agreement has been entered into between Greenland Mines (NASDAQ "GRML) and Neo Performance Materials (Neo) pursuant to which Greenland Mines will acquire the Sarfartoq rare earth project for total consideration of US$35 million, comprised of US$20 million in cash and US$15 million in shares of Greenland Mines.
Neo will maintain its MOU regarding an offtake agreement for up to 60% of the ore or mineral concentrate produced from the Project.
Under the terms of AnorTech's agreement with Neo, the Company is entitled to receive 5% of the total consideration received in connection with either a subsequent transfer or corporate transaction. Consequently, AnorTech expects to receive US$1.0 million (C$1.37 million) in cash plus US$750,000 (C$1.03 million) in shares of Greenland Mines which trades on the NASDAQ exchange in the United States.
There can be no assurance that this transaction will close, and the transaction is subject to customary closing conditions, including approval from the Government of Greenland under the Greenland Mineral Activities Act.
Jim Cambon, President of AnorTech, commented: "We are excited to have Greenland Mines acquire the Sarfartoq project. This transaction provides AnorTech with non-dilutive cash proceeds while also giving our shareholders continued exposure to the future advancement of the project through equity ownership in Greenland Mines. We believe there is tremendous value to be unlocked in the project and Greenland Mines brings a strong development team, financial capacity, and strategic commitment to critical minerals development in Greenland. We look forward to supporting the Greenland Mines team by leveraging AnorTech's more than two decades of operational, permitting and development experience in Greenland."
About AnorTech Inc.
AnorTech is pioneering the next generation of sustainable materials from anorthosite. The Company owns 100% of the Gronne Bjerg anorthosite project in Greenland - strategically located just 80km North-east of 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)
- CO2-free refractory cement and advanced 3D-printable cement
- Lunar construction materials using anorthosite-based concrete
The Company filed a U.S. provisional patent in 2025 to protect its proprietary sustainable SGA and HPA process (see NR2025-01) and shipped 15 tonnes of Gronne Bjerg anorthosite to Ontario in preparation for pilot plant testing. AnorTech is actively pursuing strategic industry partnerships to accelerate commercialization. AnorTech has $1.6 million in working capital.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Cambon"
President and Director
For further information:
Ph: 778-373-2164
www.anortechinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes, but is not limited to, statements, projections and estimates Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such information is based on information currently available to AnorTech and AnorTech provides no assurance that actual results will meet management's expectations. Forward-looking information by its very nature involves inherent risks and uncertainties that may cause the actual results, level of activity, performance, or achievements of AnorTech to be materially different from those expressed or implied by such forward-looking information. Actual results relating to, among other things, the ability of the Company to find suitable exploration projects, results of exploration, project development, reclamation and capital costs of AnorTech's mineral properties, and financial condition and prospects, all of which could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with AnorTech's activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of AnorTech's forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information. AnorTech does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
