Anortech receives $1 million from Sarfartoq project transaction

VANCOUVER, British Columbia, Sept. 03, 2026 /CourierPR/ -- Anortech Inc., a company at the forefront of sustainable materials technology, has announced receipt of US$1 million in cash and shares following the closing of the Sarfartoq rare earth element (REE) project transaction in Greenland. The transaction, which involved Neo Performance Materials Inc. acquiring the Sarfartoq project from Greenland Mines Ltd., saw AnorTech receive 5% of the total consideration under the terms of their agreement.

According to AnorTech, the company now holds 318,000 shares of Greenland Mines, a company that trades on the Nasdaq exchange. This shareholding includes an additional 70,000 shares received as part of the transaction. The financial windfall from the deal comes as AnorTech continues to advance its anorthosite-based sustainable alumina initiatives. President Jim Cambon expressed satisfaction with the outcome, stating, "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. This transaction provides AnorTech with US$1 million in non-dilutive cash proceeds, strengthening our financial position."

Cambon also highlighted the strategic importance of AnorTech’s Greenland Mines shareholding, noting that the company now has exposure to the Skaergaard project, one of the largest gold-palladium-platinum deposits globally. The transaction with Neo Performance Materials Inc. also includes off-take rights for up to 60% of future Sarfartoq ore or mineral concentrate production for processing at Neo's Silmet rare earth separation facility in Estonia. This partnership aims to leverage the capabilities of both companies in the critical metals sector.

AnorTech is focused on developing zero-waste smelter grade alumina (SGA) and high purity alumina (HPA) from its Gronne Bjerg anorthosite project in Greenland. The company has also filed a U.S. provisional patent to protect its proprietary sustainable SGA and HPA process. With a working capital of over C$3 million, AnorTech is actively seeking strategic industry partnerships to accelerate the commercialization of its alumina technologies.

Speaking to the broader implications of the transaction, Cambon said, "This transaction not only provides us with immediate financial benefits but also strengthens our position in the strategic development of critical metals and sustainable materials. We are committed to working closely with Greenland Mines as they advance their projects and explore new opportunities."

As AnorTech continues to push the boundaries of sustainable materials, the company's recent receipt of funds from the Sarfartoq transaction underscores its growing importance in the sector. The financial boost will allow AnorTech to further develop its technologies and explore new markets, contributing to the global push towards more sustainable materials solutions.