CHARLOTTE, N.C. , June 10, 2026 /PRNewswire/ -- Greenland Mines Ltd ("Greenland Mines" or the "Company") (Nasdaq: GRML ) today announced that it has strengthened its collaboration with Reykjanes Investment ("RI") regarding the Helguvík industrial area on the Reykjanes Peninsula in southwest Iceland, through the signing of a First Right of Refusal over the c. 60,000 m² brownfield Helguvik industrial site (the lot named "Stakkksbraut 9") that includes approximately 10,000 m² of existing industrial buildings and infrastructure, and access to up to 40 MW of power. Continue Reading Overview of the Helguvík industrial complex and adjacent deep water port on Iceland’s 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 large scale industrial buildings and furnace hall at the Helguvík 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 m² industrial premises is a former furnace building which previously housed the silicon plant. The building has 5 floors with a lift shaft and 12.5–32.5 ton bridge cranes. The ground floor footprint is about 3,250 m², and each intermediate floor is about 1,430 m² 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 of the former furnace building at Helguvík, 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. Under the updated Letter of Intent ("LoI"), Greenland Mines and Reykjanes Investment will continue to jointly explore the establishment of industrial and mineral‑processing activities related to the Company's Skaergaard Project at, or in connection with, the Helguvík industrial area, including the emerging eco‑industrial park in the Helguvík‑Bergvík area. The revised LoI grants Greenland Mines a contractual First Right of Refusal ("FROR") such that, if Reykjanes Investment receives a bona fide third‑party offer to acquire the Helguvík 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. 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 Helguvík as a modern industrial hub. Existing Icelandic Industrial Complex, Deep ‑ Water Port and Grid Power Create Potential Hub for Skaergaard and North Atlantic Critical Metals Corridor The Helguvík industrial area (c. 60,000 m 2 in total) is a brownfield industrial zone located adjacent to the deep‑water Port of Helguvík (one of Iceland's deepest harbours), close to the town of Reykjanesbær and within a short drive of Keflavík International Airport. The site hosts substantial existing industrial infrastructure and buildings (c. 10,000m 2 ) from the former United Silicon metal smelter, which began production in 2016–2017 but ceased operations amid environmental and operational issues and was subsequently taken over by Arion Bank before being sold to Reykjanes Invest for redevelopment. The area benefits from existing grid power connections, access to an expanding deep‑water harbor that NATO and Icelandic authorities are upgrading to accommodate increased vessel traffic and logistics functions, proximity to a regional skilled workforce in Reykjanesbær and the greater capital region, and excellent international connectivity through Keflavík Airport. Greenland Mines believes those attributes make Helguvík 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." Skaergaard is located on Greenland's east coast, and preliminary logistics work indicates that bulk carriers could cover the approximately 400‑kilometre sea distance between Skaergaard and Helguvík in roughly 30 hours sailing time, potentially enabling efficient movement of concentrates or interme