{"id":106244,"date":"2026-06-12T06:29:17","date_gmt":"2026-06-12T06:29:17","guid":{"rendered":"https:\/\/www.europesays.com\/dk\/106244\/"},"modified":"2026-06-12T06:29:17","modified_gmt":"2026-06-12T06:29:17","slug":"greenland-mines-executes-strategic-downstream-agreement-on-helguvik-industrial-complex-in-iceland","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/dk\/106244\/","title":{"rendered":"Greenland Mines Executes Strategic Downstream Agreement on Helguvik Industrial Complex in Iceland"},"content":{"rendered":"\n

CHARLOTTE, N.C., June 10, 2026 \/PRNewswire\/ —\u00a0Greenland Mines Ltd (“Greenland Mines” or the “Company”) (Nasdaq: GRML) today announced that it has strengthened its collaboration with Reykjanes Investment (“RI”) regarding the Helguv\u00edk industrial area on the Reykjanes Peninsula in southwest Iceland, through the signing of a First Right of Refusal over the c. 60,000 m\u00b2 brownfield Helguvik industrial site (the lot named “Stakkksbraut 9”) that includes approximately 10,000 m\u00b2 of existing industrial buildings and infrastructure, and access to up to 40 MW of power.<\/p>\n

Under the updated Letter of Intent (“LoI”), Greenland Mines and Reykjanes Investment will continue to jointly explore the establishment of industrial and mineral\u2011processing activities related to the Company’s Skaergaard Project at, or in connection with, the Helguv\u00edk industrial area, including the emerging eco\u2011industrial park in the Helguv\u00edk\u2011Bergv\u00edk area.<\/p>\n

The revised LoI grants Greenland Mines a contractual First Right of Refusal (“FROR”) such that, if Reykjanes Investment receives a bona fide third\u2011party offer to acquire the Helguv\u00edk site, including existing industrial infrastructure and buildings from the former silicon metal plant, Reykjanes Investment must first offer Greenland Mines an opportunity to acquire the site on equivalent terms.<\/p>\n

The updated LoI and FROR arrangement build on a constructive collaboration and ongoing site visits and discussions between Greenland Mines and Reykjanes Investment, reflecting a shared ambition to redevelop Helguv\u00edk as a modern industrial hub.<\/p>\n

Existing Icelandic Industrial Complex, Deep\u2011Water Port and Grid Power Create Potential Hub for Skaergaard and North Atlantic Critical Metals Corridor<\/p>\n

The Helguv\u00edk industrial area (c. 60,000 m2 in total) is a brownfield industrial zone located adjacent to the deep\u2011water Port of Helguv\u00edk (one of Iceland’s deepest harbours), close to the town of Reykjanesb\u00e6r and within a short drive of Keflav\u00edk International Airport.<\/p>\n

The site hosts substantial existing industrial infrastructure and buildings (c. 10,000m2) from the former United Silicon metal smelter, which began production in 2016\u20132017 but ceased operations amid environmental and operational issues and was subsequently taken over by Arion Bank before being sold to Reykjanes Invest for redevelopment.<\/p>\n

The area benefits from existing grid power connections, access to an expanding deep\u2011water harbor that NATO and Icelandic authorities are upgrading to accommodate increased vessel traffic and logistics functions, proximity to a regional skilled workforce in Reykjanesb\u00e6r and the greater capital region, and excellent international connectivity through Keflav\u00edk Airport.<\/p>\n

Greenland Mines believes those attributes make Helguv\u00edk a highly attractive potential hub for future downstream processing and logistics related to the Skaergaard Project and the broader vision of a “North Atlantic Critical Metals Corridor.”<\/p>\n

Skaergaard is located on Greenland’s east coast, and preliminary logistics work indicates that bulk carriers could cover the approximately 400\u2011kilometre sea distance between Skaergaard and Helguv\u00edk in roughly 30 hours sailing time, potentially enabling efficient movement of concentrates or intermediate products between mine and processing hub.<\/p>\n

Together, Skaergaard’s location on Greenland’s east coast and Helguvik’s industrial harbour in southwest Iceland create a geostrategic North Atlantic axis between upstream mine production and upper mid-stream processing hub with Icelandic industrial infrastructure, green cheap power and deep\u2011water shipping routes, positioned between European and North American markets.<\/p>\n

In addition, the Helguvik industrial area is underpinned by Iceland’s grid, which is supplied almost entirely by renewable hydro and geothermal power, with industrial electricity tariffs that are significantly lower than average industrial power prices in Europe and North America.<\/p>\n

For a future large\u2011scale long-term processing facility potentially tight-up with US, North America and European industrial eco-systems as end-user of the critical metals, access to stable, low\u2011carbon and competitively priced power is a critical value driver, and the Company views this as one of Helguvik’s key strategic advantages.<\/p>\n

Any decision to proceed with a processing facility at Helguvik will remain subject to detailed engineering, economic and permitting studies, but one of the\u00a0strengths\u00a0of the Skaergaard Project is that it offers multiple development pathways for key components of a future operation, and the newly secured first right of refusal on Helguvik provides a potentially advantageous option within that toolkit.<\/p>\n

Bo M\u00f8ller Stensgaard, President of Greenland Mines, commented:
“Since signing our initial Letter of Intent earlier this year, we have had a very constructive dialogue with Reykjanes Investment and have now visited the Helguv\u00edk site together. We see a strong alignment on how this strategically located brownfield area can be redeveloped into a modern, transparent and low\u2011impact industrial hub that respects local communities and Iceland’s ambitious environmental objectives. Today’s agreement is a direct result of that collaboration and our shared view of Helguv\u00edk’s long\u2011term potential.”<\/p>\n

In addition to the\u00a0Helguv\u00edk site covered by the updated LoI and FROR, Greenland Mines is monitoring broader development activity across the Helguv\u00edk\u2011Bergv\u00edk area, where public and private stakeholders are advancing plans for an eco\u2011industrial and circular\u2011industries cluster, such as the Iceland Eco-Business Park, with additional industrial lots, logistics functions and related infrastructure near Keflav\u00edk Airport and the Port of Helguv\u00edk.<\/p>\n

Focus on modern, low\u2011impact industrial development<\/p>\n

The Company is fully aware that the previous silicon metal operations at Helguv\u00edk faced significant challenges, including dust and emissions impacts on neighboring communities that ultimately contributed to authorities shutting down the plant.<\/p>\n

Greenland Mines has no intention of reviving that type of operation and is committed to only considering future activities at Helguv\u00edk that are designed from the outset to meet high environmental standards, use modern technology and controls, and maintain an open and constructive relationship with local stakeholders.<\/p>\n

Bo M\u00f8ller Stensgaard added:
“The updated LoI gives Greenland Mines the strategic option to help shape the future of Helguv\u00edk together with Reykjanes Investment, the municipality and local stakeholders, while we complete the technical and economic studies needed to determine whether a processing facility linked to Skaergaard could be viable at this location. Our clear objective is that any future activity must be consistent with high environmental performance and long\u2011term, positive relationships with the surrounding communities.”<\/p>\n

Integration with Greenland Mines’ critical metals strategy \u2013 including its Sarfartoq Nd-Pr Magnet Rare Earth Project <\/p>\n

The Company views the Helguv\u00edk opportunity as complementary to its two major core asset base in Greenland, which includes the Skaergaard Precious\u2011 & Critical\u2011metals Project in Southeast Greenland and the Sarfartoq Nd\u2011Pr Magnet Rare Earth Project in Southwest Greenland, where Greenland Mines has entered into a definitive agreement to acquire the latter project and has announced a strategic offtake partnership.<\/p>\n

Together, these assets and partnerships form the foundation of Greenland Mines’ strategy to develop a vertically integrated, Atlantic\u2011focused critical metals platform with high\u2011quality upstream projects in Greenland and potential downstream and logistics infrastructure in Iceland.<\/p>\n

About\u00a0Helguv\u00edk Industrial Area<\/p>\n

Helguv\u00edk is a strategically located industrial area on the Reykjanes Peninsula in southwest Iceland, adjacent to the deep\u2011water Port of Helguv\u00edk and approximately 4.5 kilometers northeast of Keflav\u00edk International Airport. Icelandic and municipal authorities, together with private partners, are developing a new framework plan for the broader Helguv\u00edk\u2011Bergv\u00edk area as an eco\u2011industrial park intended to host modern, energy\u2011efficient and environmentally responsible industrial activities that leverage local infrastructure, renewable power generation and regional logistics advantages.<\/p>\n

Helguv\u00edk Harbour forms part of the Port of Reykjanes system in Reykjanesb\u00e6r and provides established maritime infrastructure, including cargo handling, storage and industrial port services relevant to future bulk and project logistics.<\/p>\n

About Greenland Mines Ltd<\/p>\n

Greenland Mines Ltd is a Nasdaq-listed company with two operating divisions: (1) Mining, focused on the exploration and development of the Skaergaard Project in southeast Greenland and, subject to closing of the previously announced transaction, the Sarfartoq neodymium-praseodymium (Nd-Pr) rare earths project in southwest Greenland; and (2) Biotech, including Klotho’s KLTO\u2011202 primary indication for ALS. Through its recent acquisition of Greenland Mines Corp., the Company holds the Skaergaard Project, which hosts an NI 43\u2011101 (November 2022) Mineral Resource of 11.4 Moz PdEq Indicated and 14.1 Moz PdEq Inferred. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No preliminary economic assessment, pre-feasibility study or feasibility study has been completed on the Skaergaard Project, and there is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established. The Company is led by an experienced team of mining, geological, biotech and capital markets professionals.<\/p>\n

Forward\u2011Looking Statements<\/p>\n

This press release contains forward\u2011looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward\u2011looking statements are often identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “potential,” “could,” “may,” “will,” “should,” “estimate” and similar expressions. These forward\u2011looking statements include, without limitation, statements regarding: (i) the updated non\u2011binding LoI with Reykjanes Investment, including the first right of refusal relating to the Helguv\u00edk site; (ii) the potential establishment of industrial or mineral\u2011processing activities at or in connection with the Helguv\u00edk industrial area; (iii) the potential role of Helguv\u00edk as part of a “North Atlantic Critical Metals Corridor” and as a future hub for downstream processing or logistics related to the Skaergaard Project and other critical\u2011metals projects; (iv) the Company’s intentions regarding environmental standards, stakeholder engagement and future permitting processes in Iceland; (v) the Company’s evaluation of other potential industrial sites; and (vi) the Company’s broader strategy and plans in respect of the Skaergaard and Sarfartoq projects and related downstream opportunities.<\/p>\n

Forward\u2011looking statements are based on current expectations, estimates, assumptions and projections and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from those expressed or implied by these forward\u2011looking statements due to factors including, but not limited to: the non\u2011binding nature of the LoI and First Right of Refusal; the possibility that no definitive agreements are reached with Reykjanes Investment; the possibility that Greenland Mines does not proceed with any transaction or project at Helguv\u00edk; the results of technical, environmental, social, commercial and regulatory studies; the ability to secure necessary permits, approvals and social licence in Iceland and Greenland; changes in laws, regulations or government policy; political, social or community opposition; logistical and operational challenges; costs and availability of power and infrastructure; market conditions for critical minerals; the ability to finance potential projects; and other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission from time to time.<\/p>\n

Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward\u2011looking statement, except as required under applicable law.<\/p>\n

Investor Contact and Corporate Communications:
ir@greenlandmines.com<\/a><\/p>\n

\"Overview Overview of the Helguv\u00edk industrial complex and adjacent deep water port on Iceland\u2019s Reykjanes Peninsula, providing existing large scale infrastructure and logistics capacity for potential future processing linked to Skaergaard. A. is taken towards the southwest. B. is taken towards the east. Photo courtesy: Reykjanes Investment. \"Existing Existing large scale industrial buildings and furnace hall at the Helguv\u00edk industrial site in southwest Iceland, illustrating the type of brownfield infrastructure that could potentially be refurbished for future low impact processing activities. The 8,376 m\u00b2 industrial premises is a former furnace building which previously housed the silicon plant. The building has 5 floors with a lift shaft and 12.5\u201332.5 ton bridge cranes. The ground floor footprint is about 3,250 m\u00b2, and each intermediate floor is about 1,430 m\u00b2 of reinforced concrete slab. The building is on a concrete foundation, built of a steel frame and clad with corrugated sheet metal. The former furnace is a 33 MW electric arc furnace with various possibilities; its internal volume can be reduced, and it can be used for any operation requiring a process temperature of around 1,500 degrees or higher. The furnace building has very strong incoming power (33 kV stepped down to 400 V), glass fiber network, compressed air, four freshwater boreholes, and substantial infrastructure that can be used for almost any industrial production. Photo from Greenland Mines Ltd site visit at Helguvik. \"Interior Interior of the former furnace building at Helguv\u00edk, showing large scale exhaust ducting and structural steelwork that could be repurposed as part of a modern, low impact processing facility concept. Photo from Greenland Mines Ltd site visit at Helguvik. \"Greenland Greenland Mines Logo \"Cision\" Cision <\/p>\n

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