AnorTech and Greenland Mines sign share exchange agreement

VANCOUVER, British Columbia, June 16, 2026 (GLOBE NEWSWIRE) -- AnorTech Inc. (“ AnorTech ” or the “ Company ”) (TSX Venture Exchange “ANOR”; OTCQB “ANORF”) is pleased to announce that it has entered into a share exchange agreement (the “ Agreement ”) with Greenland Mines Ltd. (“ Greenland Mines ”), a Nasdaq-listed corporation (GRML). This strategic investment in AnorTech provides Greenland Mines with an initial 9.9% equity position in AnorTech, together with an option to increase its ownership to as much as 19.9% on defined terms over the following six months. Pursuant to the Agreement, Greenland Mines will acquire 19,958,503 common shares in the capital of AnorTech (each an “ AnorTech Share ”), representing 9.9% of the issued and outstanding AnorTech Shares immediately after closing (the “ Closing ”), in exchange for the issuance by Greenland Mines to the Company of 12,400,000 common shares (each a “ Greenland Mines Share ”) in the capital of Greenland Mines (the “ Transaction ”) having a current market value of approximately US$3,720,000 (C$5,200,000).

Under the terms of the Agreement, AnorTech has also granted Greenland Mines an option for a period of six-months following Closing (the “ Option ”) to acquire up to an additional 25,168,669 AnorTech Shares (the “ Option Shares ”). In no case shall the number of shares purchased by Greenland Mines result in Greenland Mines owning more than 19.9% of AnorTech’s issued and outstanding share capital. The Option Shares shall be purchased by Greenland Mines at a price per share equal to the greater of: (i) C$0.30, and (ii) the last closing price prior to the Option being exercised, with consideration to be satisfied through the issuance of Greenland Mines Shares based on the 10-day volume-weighted average trading price of the Greenland Mines Shares on the Nasdaq as at the date of the Option exercise.

AnorTech Shares will be subject to a contractual lock-up period of 60 months from the date of issuance. The Greenland Mines Shares issued to AnorTech will be subject to a contractual lock-up as to one-half of the Greenland Mines Shares for 12 months from Closing and the remaining one-half of the Greenland Mines Shares for 24 months from Closing. The transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange (the “ TSXV ”).

No finder’s fee is being paid in connection with the Transaction. Jim Cambon, President of AnorTech, commented: “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.

Greenland Mines recently acquired the Sarfartoq rare earths project in Greenland which AnorTech owned and operated for many years. 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.” Bo Møller Stensgaard, President of Greenland Mines, commented:  “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.” About Greenland Mines Greenland Mines Ltd. is a Nasdaq-listed critical and precious minerals development company advancing a portfolio of strategic assets in Greenland.

The Company’s strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and selected midstream processing opportunities, while advancing its broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure. 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) Next generation alumina-based catalysts for CO2 capture 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 and expects to receive US$1M plus US$750,000 in Greenland Mines Nasdaq listed shares once the transfer of the Sarfartoq REE license is completed (see NR 2026-02).

ON BEHALF OF THE BOARD OF DIRECTORS “Jim Cambon” President and Director For further information: Ph: 778-373-2164 www.anortechinc.com Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. The Company uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend" and similar expressions to identify forward-looking statements.

Forward-looking statements in this news release include, but are not limited to, statements regarding: the completion of the Transaction and receipt of necessary regulatory approvals, including TSXV approval; Greenland Mines’ exercise of the Option and the purchase price of the Option Shares; expected benefits of the strategic relationship between AnorTech and Greenland Mines; and Greenland Mines’ development of its multi-asset platform and the North Atlantic Critical Metals Corridor. Such forward-looking statements are based on a number of assumptions of management, including, without limitation: that the Transaction will complete as currently planned on the anticipated timeline; that the Company will be able to obtain any necessary third party and regulatory approvals required for the Transaction, including TSXV approval; that Greenland Mines may elect to exercise the Option and will have the resources to do so; that the strategic relationship will provide both parties with the expected benefits; and that market conditions will remain favorable for critical metals projects and alumina technologies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release.

Such factors include, among other things: adverse market conditions; general economic, market or business risks; unanticipated costs; the failure of the Company to obtain any necessary regulatory approvals for the Transaction, including TSXV approval; Greenland Mines’ decision not to exercise the Option or inability to do so; the failure by either or both parties to realize the expected benefits of the strategic relationship; changes in demand for critical minerals or alumina; and the risks and uncertainties described in the Company’s most recent Management Discussion & Analysis for the interim period ended December 31, 2025, which can be accessed at the Company’s profile on www.sedarplus.com . This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and accordingly, readers should not place undue reliance on forward-looking information.

The "forward-looking statements" contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise. Globe Newswire June 16, 2026 - 6:00 AM PDT News by QuoteMedia www.quotemedia.com