AnorTech Inc. has received US$1.0 million in cash and 70,000 shares following the completed acquisition of the Sarfartoq rare earth element project in Greenland by Greenland Mines Ltd. from Neo Performance Materials Inc.

Under the terms of its agreement with Neo, AnorTech was entitled to 5% of the total consideration from the license transfer. The completed transaction lifts the company's total holding in Greenland Mines to 318,000 shares. The final consideration compares to terms anticipated in May 2026, which outlined US$1.0 million in cash alongside US$750,000 in shares.

The cash infusion strengthens AnorTech's financial position as it advances pilot plant testing on 15 tonnes of material shipped from its 100%-owned Gronne Bjerg anorthosite project to Ontario.

Neo remains involved with the asset as a strategic shareholder of Greenland Mines, retaining offtake rights for up to 60% of future Sarfartoq ore or mineral concentrate production for its Silmet rare earth separation facility in Estonia.

The transaction follows a June 2026 strategic share exchange where Greenland Mines acquired a 9.9% equity position in AnorTech in exchange for 12,400,000 shares valued at approximately US$3.5 million. Greenland Mines holds a six-month option from that June 30 closing date to increase its equity ownership in AnorTech to 19.9%.

“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.”

— Jim Cambon, President of AnorTech

The ongoing relationship between AnorTech and Greenland Mines positions both companies to collaborate further as regional development milestones advance.

Read the full announcement: Anortech Receives US$1.0 Million Cash and Shares from Sarfartoq Ree Project Transaction