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VANCOUVER, British Columbia, Sept. 03, 2026 (GLOBE NEWSWIRE) — AnorTech Inc. (“AnorTech” or the “Company”) (TSX Venture Exchange “ANOR”; OTCQB “ANORF”) is pleased to announce that, the Company has received cash and shares following the closing of Greenland Mines Ltd.’s acquisition of the Sarfartoq rare earth element (“REE”) project in Greenland from Neo Performance Materials Inc.
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Under the terms of AnorTech’s agreement with Neo (see NR2026-02), the Company was entitled to receive 5% of the total consideration received in connection with the transfer of the license. Consequently, AnorTech has now received US$1.0 million (C$1.38 million) in cash plus 70,000 shares of Greenland Mines. Following completion of the transaction, AnorTech now holds an aggregate of 318,000 shares of Greenland Mines, which trades on the Nasdaq exchange in the United States.
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Neo Performance Materials Inc. (TSX: NEO) became a strategic shareholder of Greenland Mines in connection with the transaction and retains offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production for processing at its Silmet rare earth separation facility in Estonia.
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Jim Cambon, President of AnorTech, commented: “We are very pleased to see the Sarfartoq transaction close and to have Greenland Mines now leading the advancement of this exciting neodymium-rich project, which we believe holds significant unrealized value. This transaction provides AnorTech with US$1.0 million in non-dilutive cash proceeds, strengthening our financial position as we continue to advance our anorthosite-based sustainable alumina initiatives. Our Greenland Mines shareholding also provides exposure to their Skaergaard project in southeast Greenland which is one of the largest gold-palladium-platinum deposits globally. We look forward to working with Greenland Mines as they advance their Greenland projects and to continuing our own discussions with potential strategic and industry partners.”
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About
AnorTech
Inc.
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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 80 km northeast of Nuuk, the capital of Greenland, on open tidewater and adjacent to significant hydroelectric potential.
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AnorTech is advancing multiple product lines towards commercialization, including:
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- Zero-waste Smelter Grade Alumina (SGA) and High Purity Alumina (HPA)
- Next generation alumina-based catalysts for CO2 capture
- CO2-free refractory cement and advanced 3D-printable cement
- Lunar construction materials using anorthosite-based concrete
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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 of its alumina technologies. AnorTech has over C$3 million in working capital.
English (US)