VANCOUVER, British Columbia, Oct. 05, 2026 (GLOBE NEWSWIRE) -- AnorTech Inc. ("AnorTech" or the "Company") (TSX Venture Exchange "ANOR"; OTCQB "ANORF") is pleased to announce that Greenland Mines Ltd. ("Greenland Mines") (NASDAQ:GRML) has exercised in full its option under the share exchange agreement between the two companies (the "Agreement") (see NR2026-04) to acquire an additional 25,168,669 common shares of AnorTech (the "AnorTech Shares") at a deemed price of C$0.30 per share (the "Transaction"). On closing of the Transaction ("Closing"), Greenland Mines’ ownership will double from approximately 9.9% to approximately 19.9% of AnorTech’s issued and outstanding common shares, establishing Greenland Mines as a major strategic shareholder.

In exchange for the AnorTech Shares, Greenland Mines will issue common shares with a deemed value of approximately US$5,298,000 (C$7,550,600) of its common shares (the "Greenland Mines Shares") to AnorTech giving AnorTech a meaningful position in a Nasdaq-listed company and increased access to US markets. The exact number of the Greenland Mines Shares will be based on the 10-day volume-weighted average trading price ending immediately before Closing of Greenland Mines’ common shares on Nasdaq at the time of closing.

Jim Cambon, President of AnorTech, commented:

"Greenland Mines’ decision to exercise its option in full is a strong endorsement of what we are building at AnorTech. Greenland Mines understands the value we are creating from Greenland anorthosite and its exciting future as a key component in the aluminum critical mineral supply chain and as the primary material for lunar project development. We are moving our smelter grade alumina and high purity aluminum technologies towards commercialization while continuing to advance our anorthosite lunar applications with successful test programs on both 3D-printable and refractory cements. We are working with a number of groups in the space industry who are using our anorthosite as a lunar simulant and we expect this sector to grow as lunar programs ramp up. We look forward to maximizing the synergies between our companies and working with Greenland Mines as a strategic shareholder as we advance our lunar materials, smelter grade alumina and high purity alumina programs."

Bo Møller Stensgaard, President of Greenland Mines, commented:

"In June we said this investment was about moving into the midstream of the critical-materials value chain. Since then, it has become clear that AnorTech’s anorthosite is also relevant to a value chain that is about to grow significantly — the industrial supply chain of the Moon. The lunar highlands, where future space missions are planned to land, are comprised largely of anorthosite. Every landing pad, habitat wall, radiation shield and tonne of aluminum that will one day be produced from lunar regolith starts with the same rock AnorTech is developing at Gronne Bjerg.

Doubling our position gives Greenland Mines shareholders exposure to zero-waste smelter grade alumina and high purity alumina on Earth and to the materials science of building the Moon with the Moon itself. Aluminum is designated as a critical metal in the United States and Canada and AnorTech’s alumina could support both the aluminum smelters in the United States and semiconductor manufacturers who require high purity alumina. Greenland’s strategic importance to the United States and its allies was underscored by the security agreement signed by the United States, Denmark and Greenland on September 22, 2026; we believe AnorTech’s anorthosite is strategically important a great deal further from home too."

Transaction Terms

The option to increase Greenland Mines' ownership of AnorTech to 19.9% was granted under the share exchange agreement between Greenland Mines and AnorTech dated June 15, 2026 and announced on June 16, 2026. Under that agreement, Greenland Mines acquired its initial 19,958,503 AnorTech shares, and AnorTech announced completion of that transaction on June 30, 2026. On Closing, Greenland Mines will hold 45,127,172 AnorTech shares representing approximately 19.9% of AnorTech’s issued and outstanding share capital. The 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 period as to one-half of the Greenland Mines Shares for 12 months from Closing and a contractual lock-up period as to the remaining one-half of the Greenland Mines Shares for 24 months from Closing. AnorTech currently owns 318,000 shares of Greenland Mines from previous transactions (see NR2026-04 and NR2026-06).

Closing 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.

About Greenland Mines

Greenland Mines Ltd. 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. Greenland Mines’ 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. Greenland Mines has working capital of approximately C$100 million.

About AnorTech Inc.

AnorTech is pioneering the next generation of sustainable materials from anorthosite with over 12 years experience in developing anorthosite products and 25 years experience exploring, building and operating projects in Greenland. The Company owns 100% of the Gronne Bjerg anorthosite project in Greenland which is strategically located just 80km northeast of Nuuk, the capital of Greenland, on open tidewater, a deep-water port location 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 over C$3 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 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; the issuance of the AnorTech Shares and the Greenland Mines 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 each Mines will satisfy the remaining conditions to Closing; 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; the failure of either party to satisfy the remaining conditions to Closing; 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’s Discussion & Analysis for the interim period ended June 30, 2026, 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 news 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.