Greenland Mines Ltd (NASDAQ: GRML) (FSE: HK6) has exercised its option to acquire an additional 9.9% stake in AnorTech, raising its total ownership to 19.9%, the company announced on October 6, 2026. The move underscores Greenland Mines' strategy to build a multi-asset critical minerals platform and highlights the growing interest in anorthosite, a mineral with applications ranging from aluminum production to lunar construction.
Under the agreement, Greenland Mines will acquire 25,168,669 AnorTech common shares at a deemed price of C$0.30 per share, for aggregate consideration of approximately US$5.3 million (C$7.55 million). The purchase will be satisfied through the issuance of Greenland Mines common shares. Following completion, Greenland Mines will hold 45,127,172 AnorTech shares. The transaction remains subject to TSX Venture Exchange acceptance and customary closing conditions.
AnorTech is advancing its 100%-owned Gronne Bjerg anorthosite project near Nuuk, Greenland, along with technologies targeting smelter-grade and high-purity alumina, CO2-free cement and other industrial materials. Greenland Mines said the increased investment also provides exposure to potential lunar applications for anorthosite, which can be used as an analogue for lunar highlands geology and in lunar regolith simulants. AnorTech reports it has supplied anorthosite to space-sector researchers and has advanced research involving lunar simulants, 3D-printable construction materials and refractory concretes and cements.
The deal matters because it positions Greenland Mines at the intersection of two high-growth sectors: critical minerals for the energy transition and space exploration. Anorthosite is a key feedstock for alumina, a vital material for aluminum production, and its potential use in lunar construction could open new markets as space agencies and private companies ramp up efforts to establish a permanent presence on the Moon. For investors, the increased stake offers a direct exposure to these emerging opportunities. More details on the transaction and AnorTech's projects can be found in the full press release.
Greenland Mines is a Nasdaq-listed resource development and mining company focused on the development of the Skaergaard Project in southeast Greenland and the Sarfartoq neodymium-praseodymium rare earths project in southwest Greenland. The company's strategy is centered on building a multi-asset platform with exposure to rare earth magnet materials, precious metals and select midstream processing opportunities, while advancing its assets and broader North Atlantic Critical Metals Corridor vision linking Greenland resources with allied downstream jurisdictions and industrial infrastructure. The latest news and updates relating to GRML are available in the company's newsroom.
As with any investment, there are risks. Forward-looking statements involve uncertainties that could cause actual results to differ materially. Investors should review the company's filings with the SEC, including the risk factors discussed in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. For full terms of use and disclaimers applicable to this content, please see the InvestorBrandNetwork disclaimer.
