This paper presents the properties of a cementless mortar developed to produce eco-friendly building material without carbon dioxide emissions and with various beneficial effects. The binder, hwangtoh binder (HB), used in this mortar was developed by reaction of a very small amount of inorganic minerals and activated hwangtoh, which is rich in silica, SiO 2, and alumina, Al 2O 3. To investigate the compressive strength and shrinkage deformation of the cementless mortar using HB, HB mortar, water–HB ratio, fine aggregate–HB ratio, and the maximum size and grading of fine aggregate were selected as the main variables of test specimens classified into three groups. The test results presenting the effect of various parameters on the properties of HB mortar confirmed that the developed HB has a highly effective performance as a binder. The equations using nonlinear multiple regression analysis based on the test results are represented to assess the flow and 28-day compressive strength of HB mortar. Comparisons between predicted and measured flow and 28-day compressive strength show good agreement.