🇬🇱 Greenland Mines executes strategic downstream agreement on Helguvik industrial complex in Iceland
CHARLOTTE, N.C. (June 10, 2026) — Greenland Mines Ltd today announced that it has strengthened its collaboration with Reykjanes Investment 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”). The site includes approximately 10,000 m² of existing industrial buildings and infrastructure, and access to up to 40 MW of power.
The updated Letter of Intent grants Greenland Mines a contractual First Right of Refusal 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.
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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 m² 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. 10,000m²) 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 intermediate products between mine and processing hub.
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-water shipping routes, positioned between European and North American markets.
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Focus on modern, low-impact industrial development
The Company is fully aware that the previous silicon metal operations at Helguvík faced significant challenges, including dust and emissions impacts on neighboring communities that ultimately contributed to authorities shutting down the plant.
Greenland Mines has no intention of reviving that type of operation and is committed to only considering future activities at Helguvík 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.
“The updated LoI gives Greenland Mines the strategic option to help shape the future of Helguvík 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-term, positive relationships with the surrounding communities,” said Bo Møller Stensgaard, president of Greenland Mines.
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Integration with Greenland Mines’ critical metals strategy – including its Sarfartoq Nd-Pr Magnet Rare Earth Project
The Company views the Helguvík opportunity as complementary to its two major core asset base in Greenland, which includes the Skaergaard Precious- & Critical-metals Project in Southeast Greenland and the Sarfartoq Nd-Pr 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.
Together, these assets and partnerships form the foundation of Greenland Mines’ strategy to develop a vertically integrated, Atlantic-focused critical metals platform with high-quality upstream projects in Greenland and potential downstream and logistics infrastructure in Iceland.
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About Helguvík Industrial Area
Helguvík is a strategically located industrial area on the Reykjanes Peninsula in southwest Iceland, adjacent to the deep-water Port of Helguvík and approximately 4.5 kilometers northeast of Keflavík International Airport. Icelandic and municipal authorities, together with private partners, are developing a new framework plan for the broader Helguvík-Bergvík area as an eco-industrial park intended to host modern, energy-efficient and environmentally responsible industrial activities that leverage local infrastructure, renewable power generation and regional logistics advantages.
Helguvík Harbour forms part of the Port of Reykjanes system in Reykjanesbær and provides established maritime infrastructure, including cargo handling, storage and industrial port services relevant to future bulk and project logistics.
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About Greenland Mines Ltd
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-202 primary indication for ALS.
For more information, visit the Greenland Mines website or contact [email protected].
Originally published on June 10, 2026 by Greenland Mines Ltd.
