REG - GreenRoc Mining PLC - Amitsoq Update: ERMA Declares Official Support

GreenRoc Strategic MaterialsAnnouncement

08/02/2023 07:00

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RNS Number : 2317P  GreenRoc Mining PLC  08 February 2023

GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining

 

08 February 2023

GreenRoc Mining plc

("GreenRoc" or the "Company")

 

Amitsoq Graphite Update

European Raw Materials Alliance Declares Official Support for Amitsoq

 

GreenRoc Mining plc (AIM: GROC), a company focused on the development of
critical mineral projects in Greenland, is delighted to announce that,
following a detailed evaluation process, the European Raw Materials Alliance
("ERMA"), managed by the EIT RawMaterials, a world- leading raw materials
consortium, has declared its official support for the Company's Amitsoq
Graphite Project in southern Greenland ("Amitsoq" or the "Project").

 

Key Points

 

·      It is the primary role of ERMA to secure raw materials and raw
material supply chains for Europe to support industrial ecosystems within the
European Union.

·      ERMA and EIT RawMaterials have issued a formal letter of support
for the Amitsoq Graphite Project, stating it to be a resource of "global
importance".

·      ERMA and EIT RawMaterials have established a dedicated investment
channel for raw materials projects and have indicated their support for
GreenRoc Mining to secure the financing needed for the development of Amitsoq.

·      GreenRoc is focussed on fast-tracking the Project to production
to meet burgeoning graphite demand from electric vehicle manufacturers.

·      The letter of support follows a detailed evaluation process by
ERMA and industry technical experts.

·      The letter of support follows an almost three times increase in
the Project's Mineral Resource Estimate to 23.05 million tonnes (Mt) at an
average grade of 20.41% Graphitic Carbon ("C(g)"), giving a total graphite
content of 4.71 Mt, cementing its position as one of the very highest-grade
graphite deposits globally.

 

GreenRoc's CEO, Stefan Bernstein, commented:

 

"We believe that this declaration of support from ERMA, part of EIT
RawMaterials, is important for the development of Amitsoq. Not only does it
provide validation from the raw materials consortium of the fundamental
qualities of the Project, but it opens the door to new investment and
partnership opportunities across all stages of Amitsoq's future development as
we progress towards commercial production and meeting the pent-up demand for
graphite from European EV battery manufacturers.

 

"As part of the ERMA application process, we made detailed submissions on all
key aspects of Amitsoq, from market conditions and drivers to technical mining
and processing aspects. It is greatly encouraging, therefore, that following
the completion of such a detailed evaluation process, ERMA has decided to
confirm its support for our Project and to state that, in its opinion, Amitsoq
is a deposit of "global importance".

 

"We look forward to close collaboration with the team from ERMA as we seek to
accelerate the development of Amitsoq towards commercial production for the
benefit of our shareholders."

 

In its letter of support for the Project, which has been signed by Mr Bernd
Schäfer, Managing Director of EIT RawMaterials, and Dr Massimo Gasparon,
Director of ERMA, ERMA declares that:

 

"GreenRoc's graphite resource is of global importance and, together with the
Company's strategy, will enable the European Union to achieve a certain level
of independence for the electrical vehicle supply chain. ERMA has approved the
Amitsoq Graphite project and will engage to support its development and
financing to produce these critical raw materials for the benefit of the
European Union goals."

 

Details

 

ERMA was established to bring together all relevant stakeholders across the
European raw materials supply chain, including industrial groups, states and
regions, investors and trade unions.  ERMA is managed by EIT RawMaterials,
which was founded in 2020 by the European Institute of Innovation and
Technology ("EIT"), a body of the European Union, with the objective of
ensuring reliable, secure and sustainable access to critical and strategic raw
materials for Europe.

 

ERMA and EIT RawMaterials have established a dedicated investment channel for
raw material projects with a view to assisting those projects which are
approved following a detailed review process to secure suitable financing
packages. Pursuant to this process, GreenRoc submitted an investment proposal
for the Project, which was then subjected to a detailed evaluation by ERMA.
This included GreenRoc's CEO making a presentation to the ERMA Board and three
technical experts appointed by ERMA.

 

Following this detailed evaluation process, ERMA and EIT RawMaterials have
today issued a letter of support for the Project.  The letter of support can
be viewed by clicking on the following link or pasting it into your website
browser: http://www.rns-pdf.londonstockexchange.com/rns/2317P_1-2023-2-7.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2317P_1-2023-2-7.pdf)

ERMA offers a range of services to approved projects such as Amitsoq,
including the introduction of potential investment partners and financial
support for technical development. ERMA's activities are currently centred
upon two clusters represented by specific value chains.  Amitsoq falls under
the "Materials for Energy Storage and Conversion" cluster.

 

About ERMA

The European Raw Materials Alliance (ERMA) aims to make Europe economically
more resilient by diversifying its supply chains, creating jobs, attracting
investments to the raw materials value chain, fostering innovation, training
young talents and contributing to the best enabling framework for raw
materials and the Circular Economy worldwide.

 

Further information on ERMA can be found on the alliance's website:
https://erma.eu/investment/

 

About Amitsoq

Amitsoq is located in the Nanortalik region of southern Greenland and has been
confirmed as one of the highest-grade flake graphite projects in the world.
GreenRoc is focused on fast-tracking the development of Amitsoq into a
producing mine in the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America for new,
high grade and conflict-free sources of graphite.

 

Key points to note:

 

·      GreenRoc's primary focus at Amitsoq is on developing the Amitsoq
Island Deposit, which has a total inferred, indicated and measured JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% Graphitic
Carbon ("C(g)"), giving a total graphite content of 4.71 Mt.

 

·      Deposits with compliant resources above 20% contained graphite
grade are scarce, with the average global grade of graphite resources being
just 8.45% (according to S&P Global).

 

·      Independent micronisation and spheronisation test work has proven
that Amitsoq graphite can be easily upgraded to high-grade anode-quality
graphite, otherwise known as high purity spherical graphite or HPSG, a key raw
material in the manufacturing of EVs.

 

·      In GreenRoc's test work programmes, Amitsoq spheronised graphite
has achieved higher than 99.95% purity with relatively little energy input and
processing and using the milder alkaline purification method compared to the
industry standard hydrofluoric acid, boding well for future production costs
and sustainability commitments.

 

·      Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential for
considerable further expansion via the similarly high-grade Kalaaq Mainland
Deposit as well as a series of other high-grade targets on GreenRoc's licence
package.

 

·      The deposit was in small-scale production about 100 years ago,
and there remains considerable underground mine development in place from that
time, which will be of considerable benefit to GreenRoc in the mine
construction phase.

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.

 

Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

 

**ENDS**

 

For further information, please contact:

 GreenRoc Mining Plc                                                           +44 20 3950 0724

 Stefan Bernstein, CEO

 Cairn Financial Advisers LLP (Nomad)                                          +44 20 7213 0880

 James Caithie / Sandy Jamieson / Louise O'Driscoll

 SP Angel (Broker)                                                             +44 20 3470 0500

 Ewan Leggat, Charlie Bouverat

 St Brides Partners Ltd (Financial PR & IR) Susie Geliher / Paul Dulieu /      +44 20 7236 1177
 Isabelle Morris

 

About GreenRoc

GreenRoc Mining Plc is an AIM-quoted company which is developing mining
projects in Greenland in critical, high-demand and high-value minerals.

 

Led by a group of highly experienced mining industry professionals, GreenRoc
has a portfolio of 100% owned projects all of which have defined Resources:

 

·      Amitsoq Graphite Project, one of the highest-grade graphite
deposits in the world with a combined Measured, Indicated and Inferred JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% graphite,
giving a total graphite content of 4.71 Mt;

 

·      Thule Black Sands Ilmenite Project ('TBS'), which has an initial
Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with an in-situ
ilmenite grade of 8.9%; and

 

·      Melville Bay Iron Project, which has a Mineral Resource Estimate
of 67Mt at 31.4% iron and has been proven to be processable to a high-grade,
70% concentrate with low impurities.

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