AnorTech Secures Project Funds

AnorTech Secures One Million Dollars in Cash and Shares from Sarfartoq Project

AnorTech Inc. has received US$1.0 million in cash and shares from Greenland Mines Ltd. following the acquisition of the Sarfartoq rare earth element (REE) project in Greenland from Neo Performance Materials Inc. AnorTech was entitled to receive 5% of the total consideration received in connection with the transfer of the license. The company now holds an aggregate of 318,000 shares of Greenland Mines, which trades on the Nasdaq exchange in the United States. The transaction provides Anor Tech with US$1000 million in non-dilutive cash proceeds, strengthening its financial position as we continue to advance our anorthosite-based sustainable alumina initiatives.