Greenland Mines Ltd Announces $35 Million Acquisition of Neo North Star Resources, Inc.

On May 20, 2026, Greenland Mines Ltd entered into a definitive Merger Agreement to acquire Neo North Star Resources, Inc. Under the terms of the agreement, Neo North Star will merge into a wholly owned subsidiary of Greenland Mines. The total consideration for the transaction is $35,000,000, comprising $20,000,000 in cash and $15,000,000 in newly issued common stock of Greenland Mines. Neo North Star holds significant mining and mineral rights in Greenland through its branch, Qaatsuitsup Ulloriaa. A key condition for closing the merger is obtaining approval from the government of Greenland under the Greenland Mineral Activities Act for the indirect transfer of these mineral rights. The agreement also includes a $1,000,000 termination fee payable by Greenland Mines if the regulatory approval from the Greenland government is not obtained by the termination date of September 1, 2026. Additionally, a portion of the purchase price is allocated to satisfy obligations to AnorTech Inc. as a successor in interest to Hudson Resources Inc.