REG - GreenRoc Strateg PLC - Company Update

GreenRoc Strategic MaterialsAnnouncement

29/05/2025 07:00

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RNS Number : 5017K  GreenRoc Strategic Materials Plc  29 May 2025

29 May 2025

GreenRoc Strategic Materials Plc

("GreenRoc" or the "Company")

 

Commencement of Amitsoq public hearing process

 

Thule Black Sands Update

Revised Mineral Resource Estimate

 

Company Webinar

 

GreenRoc Strategic Materials Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased to report
that the Greenland Government has started its public hearing of the Amitsoq
Project's terms of reference. The hearing is part of the process with regard
to the Company's application for an Exploitation Licence.

 

The Company is also pleased to report that it has prepared a Mineral Resource
estimate update for the Company's Thule Black Sands project ("TBS" or the
"Project") in North Greenland. The target mineral is ilmenite, a
titanium-bearing mineral and the Mineral Resource estimate update concerns the
South Area of the GreenRoc licence which in total encompasses an approximately
8 km long coastal stretch of mineral sands (Figure 1).

 

The Company will also host a webinar next week to discuss this news and
provide more general updates about the Amitsoq project and the business as a
whole. The webinar will be hosted live via our website on Wednesday June 4th
at 10am BST, and we invite both existing and prospective investors to submit
their questions in advance.

 

Sign up for the webinar and submit your questions for the management team
here: https://greenrocplc.com/webinars/drLzvy-post-agm-2025-webinar
(https://greenrocplc.com/webinars/drLzvy-post-agm-2025-webinar) .

 

 

Key Points

Amitsoq Project Hearing Process

·    The Company has prepared a 'Project Terms of Reference', in
Greenlandic and in Danish, which has been approved by the Greenlandic
Government to be submitted for public hearing.

·    The hearing takes place over 35 days, from 24 May to 27 June 2025.
After the hearing, all responses are translated to be available in two
languages, Greenlandic and Danish.

·    On receiving the hearing responses, the Company will revise the
project terms of reference to take into account all proposed topics
(Whitepaper) and will submit these for final approval by the Greenland
Government, which should be followed by the grant of the Exploitation Licence.

TBS Resource Update

●    Samples from a total of 249 drill holes in the South Area of the
Project were analysed for their "total heavy minerals" ("THM") and ilmenite
content.

●    A revised Mineral Resource was estimated and reported under JORC
(2012 edition) guidelines consisting of:

○    a Measured Resource of 1.1Mt at 6.3% ilmenite for 69kt of contained
ilmenite;

○    an Indicated Resource of 15.9Mt at 3.8% ilmenite for 602kt of
contained ilmenite; and

○    an Inferred Resource of 2.4Mt at 3.2% ilmenite for 78kt of contained
ilmenite.

●    The total JORC Mineral Resources across Measured, Indicated and
Inferred categories is 19.5Mt at 3.8% ilmenite for 744kt of contained
ilmenite.

●    Ilmenite was succesfully extracted from all samples and show a
considerable variation between samples resulting in the delineation of
high-grade (THM>15%) and low-grade (THM<15%) zones. As a 15% THM cut off
was used, only the high grade zone was included in the Mineral Resource
estimate (Figure 2).

●    The estimated Mineral Resource is based on ilmenite found in the
size fraction between 0.053-1.0 mm.

●    Testwork on one composite sample (TBS009) shows that additional
ilmenite is found in the 1.0-10.0mm size fraction and which can be liberated
into ilmenite grains by simple attritioning.

●    Extrapolating this result to the South Area, an Exploration Target
has been estimated to range from 350 kt to 560 kt of additional contained
ilmenite.  The potential quality and grade of the Exploration Target is
conceptual in nature and there has been insufficient exploration activity to
determine a Mineral Resource estimate and it is uncertain if further
exploration will result in the estimation of a Mineral Resource.

GreenRoc's CEO, Stefan Bernstein, commented:

"With the initiation of the public hearing of the Amitsoq graphite project
terms of reference, we are approaching a major milestone of an Exploitation
Licence for Amitsoq. The process had been delayed by the Greenlandic general
election earlier this year, but the delay has been minimised as the new
parliament and Government have prioritised considering applications from the
minerals industry. We are awaiting the conclusion of the hearing with
excitement.

 

"Also, I am glad to report this revised Mineral Resource estimate for our TBS
ilmenite project in North Greenland. Having Measured and Indicated Resources
accounting for nearly 90% of the total resource for the South Area reflects
what was a comprehensive drilling programme. This also means that we have
sufficient samples from that drilling programme to conduct further refinement
of the Project and do not need any further drilling to potentially increase
the resource (recoverable ilmenite) or conduct metallurgical studies.

 

"Although our focus is now fully aimed at Amitsoq and our world-class graphite
project there, this revised Mineral Resource estimate will allow us to explore
ways that TBS can add value to the Company, not least as titanium (largely
derived from ilmenite) is on the EU's list of Critical Raw Materials and is
also listed as one of the High Risk raw materials for the defence industries
recently published by NATO".

 

Details

Amitsoq

The following is the Greenlandic Government's description of the process:

"The purpose of the notification of the terms of reference to the Government
of Greenland is to initiate a process that will ensure the early involvement
of the public in the development of a mineral project already in the idea
phase. The hearing is thus the public's first opportunity to gain insight
into, present suggestions and concerns about the project and contribute to an
applicant's plans for the development of the presented proposal for a future
mineral project.

Terms of reference for the Amitsoq project

The terms of reference are a brief description of the exploitation project.
The terms of reference are the exploitation project's first concrete project
document, which contains a description of the project in general terms,
including schedule and finances. The terms of reference will contain a number
of reservations and uncertainties as well as alternative proposals for project
design.

Further process and subsequent approval

Received consultation responses to the terms of reference for the project are
published on the Government's consultation portal and will be sent to the
Company. It is the Company's duty to revise the terms of reference based on
the consultation responses received and to document the revision in a
so-called white paper. The revised terms of reference will then be submitted,
together with the white paper and documentation for the proven resource, for
political approval by the Greenland Government. After this, an exploitation
permit can be issued to Greenland Graphite A/S, a wholly owned subsidiary of
GreenRoc."

 

TBS

Following the maiden drilling programme in 2018 and building on the maiden
Mineral Resource estimate subsequently declared for TBS in 2021 over three
areas, the North, Central and South Areas (Fig. 1), the Company conducted a
comprehensive follow-on drilling programme in 2021 consisting of 249 drill
holes in the South Area (Fig. 2). The South Area was chosen for the drilling
as the highest and most consistent grades were found in this area.

The drill method chosen was that of sonic drilling to allow for a more
representative sampling of unconsolidated material and allowing for drilling
in permafrozen ground compared to the precussion drilling used in the earlier
drilling program. Depths of up to 6 metres were reached. Each drill core was
sampled in sections, mostly in 1m intervals, which in turn were analysed for
their THM content and grain size distribution (oversize >1mm and undersize
< 0.053mm).

Based on the grades of THM, samples with similar THM contents and geological
and spatial distribution were grouped into 31 composite samples (Fig. 3). Each
of the composite samples was then subjected to QEMSCAN analysis, which is a
computer-controlled XRF analytical method which is particularly powerful in
determining the composition of a large amount of mineral grains representative
for each sample.

The results show a good liberation of ilmenite grains in the size fraction
0.053-1.0mm. The composite samples with high THM content show liberation of
minerals (defined as >90% of the area of grains) to be approximately
70%-75% whilst composites showing greater silicate locking of ilmenite grains
show closer to 50%-60% liberation.

The resulting ilmenite concentrate is of commercial quality with a TiO2
content of 44.60 wt % and a sufficiently low level of impurity compounds,
namely SiO2 at 2.02 wt%, Al2O3 at 0.29 wt%, Cr2O3 at 0.09 wt%, P2O5 at 0.01
wt% and SO3 at 0.03 wt%.

As stated in our final results for the financial year ended 30 November 2024
(see GreenRoc RNS of 24 April 2025), the completion of the analytical program
for TBS was delayed due to a series of events outside the Company's control.
However, a final series of tests and analytical work having been carried out,
the Competent Person, IHC Mining ("IHC"), has now completed its final report
and revised Mineral Resource evaluation.

The heavy mineral analysis reveals that the grades of THM generally decrease
with depth. To aid the estimation of Mineral Resource, two geological domains
or zones were therefore defined - an upper Zone 1, typically in unconsolidated
material, and a lower Zone 2, typically below the permafrost.

Based on the above division into composite samples and mineralisation Zones 1
and 2, a Mineral Resource estimate was prepared (see Table 1). The results
show that the majority of the Mineral Resource (approximately 66%) is hosted
by the upper Zone 1 which typically has about 50% higher THM content than the
lower Zone 2.

Table 1. Details of the Mineral Resource estimate for the South Area of the
TBS project.

While the revised Mineral Resource estimate has only slightly increased the
tonnage compared to the Maiden Mineral Resource estimate declared in 2019,
from 19Mt to 19.5Mt, and the overall grade of the resource has reduced from
8.9% to 3.8%, the major advance in the overall Resource comes from the fact
that the maiden 2019 Resource was all comprised of the lowest confidence
resource category, Inferred Resources, whereas 90% of the revised 2025
Resource is comprised of the higher confidence Measured and Indicated resource
categories. In addition, with a newly declared Exploration Target for the
South Area, there is the potential to add between 350 kt and 560 kt of
contained ilmenite.

 

 

 

 

 

 

 

 

 

 

 

Figure 1. The TBS project lies at the coast in North Greenland and is divided
into three areas hosting similar type of ilmenite-rich sand deposits.

 

 

 

 

 

 

 

 

 

 

 

Figure 2. South Area showing location of 2021 drill collars and the Total
Heavy Mineral grades (THM) in percentages. Only the areas grading 15% THM or
higher (all areas other than those in blue or white) were included in the
Resource estimate.

 

The analytical work and the resulting Mineral Resource estimate is based on
the grain size fraction 0.053-1.0mm, because earlier observations suggested
that very few ilmenite grains are well liberated if coarser than 1mm. If an
ilmenite grain is not well liberated it means that the grain is a mineral
composite, ie. consists of two or more mineral species in varying amounts.
Such composite grains decrease the quality of an ilmenite sales product and
also make it difficult to separate the ilmenite from other minerals.

However, observations also showed that there is a substantial amount of
ilmenite occurring as part of composite grains in the grain size fraction
1-10mm. The Company's technical consultants, IHC Mining ("IHC"), therefore
proposed a test programme whereby the coarser material falling within the
Mineral Resource estimate was subjected to gentle comminution to pass through
a 1.0mm and then a 0.425mm sieve and subsequently analysed for its content and
quality of ilmenite. Composite sample TBS009 was chosen as representative and
had its retained 1.0-10mm size fraction material analysed after the described
comminution. The product achieved very good liberation of ilmenite grains
(90%) of a good commercial quality, nearly identical to the original <1.0mm
size fraction referred to above, except with slightly higher sulphur content
(0.22 wt% SO3 versus 0.03 wt%).

By subjecting TBS009 to extra processing of the 1-10 mm oversize material, IHC
has estimated that the South Area has the potential to further liberate
between 350 kt and 560 kt of contained ilmenite.  This number is an
extrapolation from one sample to the entire South Area, and can thus only be
referred to as an Exploration Target.  The potential quality and grade of the
Exploration Target is conceptual in nature and there has been insufficient
exploration activity to determine a Mineral Resource estimate and it is
uncertain if further exploration will result in the estimation of a Mineral
Resource.

Further analytical work on the samples from the drill core will determine
whether further ilmenite can be liberated from the OS fraction to potentially
contribute to expanding the resource.

Figure 3.  Oblique view of the South Area depicting the distribution of the
31 composite samples used in the Mineral Resource Estimate.

 

About ilmenite

Ilmenite is a titanium-iron oxide mineral. The primary use of ilmenite is for
production of titanium-dioxide (TiO2), which is widely used as white pigment
in a wide variety of products, such as paints, toothpaste, plastics and paper.
In addition, ilmenite is the main raw material for the production of titanium
metal, which has wide uses including as an alloy component in steel, stainless
steel, aluminum, copper, vanadium, manganese, iron, molybdenum, in aerospace,
automotive as well as in medical and other industries. The world's largest
producers in 2024 were China (3.3Mt TiO2) followed by Mozambique (1.8Mt TiO2)
and South Africa (1.3Mt). The world's total mine production of titanium
minerals amounted to an estimated 9.35Mt in 2024. Ilmenite accounted for over
90 percent of the overall titanium production from mines in 2024.

As of 2023, the global market size of titanium amounted to approximately US$
30.7B, and is forecast to increase to nearly US$ 52B in 2030 (Statista, 2025).

COMPETENT PERSON STATEMENT

The information in this announcement that relates to Mineral Resource
estimates and Exploration Targets has been prepared, compiled and reviewed by
Mr. Greg Jones (FAusIMM) who is a full time employee of IHC Mining.

Mr. Jones is a Fellow of the Australasian Institute of Mining and Metallurgy
and has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration and to the activity that is being
reported on to qualify as a Competent Person as defined in the 2012 Edition of
the "Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves".

Mr. Jones has reviewed this report and consents to the inclusion in the report
of the matters in the form and context with which it appears.

 

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.

 

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.

 

 

ENDS

 

For further information, please contact:

 

 Investor questions on this announcement         https://greenrocplc.com/s/f795de (https://greenrocplc.com/s/f795de)

 We encourage all investors to share questions

 on this announcement via our investor hub
 GreenRoc Strategic Materials Plc                info@greenrocplc.com (mailto:info@greenrocplc.com)

 Stefan Bernstein, CEO                           +44 20 3950 0724

 Cairn Financial Advisers LLP (Nomad)

 Sandy Jamieson / Louise O'Driscoll              +44 20 7213 0880

 Oberon (Broker)                                 +44 20 3179 5300

 Nick Lovering/Adam Pollock

 

Subscribe to our news alert service: https://greenrocplc.com/auth/signup
(https://greenrocplc.com/auth/signup)

 

 

 

About GreenRoc

GreenRoc Strategic Materials Plc is an AIM-quoted company, which is led by a
group of highly experienced mining industry professionals. The Company is
focused on fast-tracking the Amitsoq Graphite Project in Greenland into a
producing mine to meet critical demand from Electric Vehicle ('EV')
manufacturers in Europe and North America for new, high grade and
conflict-free sources of graphite.  Amitsoq  is 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, and significant
further upside beyond this. Test work has proven that Amitsoq graphite can be
readily upgraded to high-grade, anode-quality graphite, with higher than
99.95% purity and relatively little energy input, boding well for future
production costs and sustainability commitments.

 

A Preliminary Economic Assessment released on 31 October 2023 gives a post-tax
NPV8 for the Project of US$179M, an IRR of 26.7% and capex estimated at
US$131M (including a 25% contingency).  These figures solely relate to the
economics of a mining and primary processing operation in South Greenland and
do not take into account any potential upside from a downstream processing
operation, which GreenRoc intends to establish. A Feasibility Study into the
establishment of a graphite spheronisation processing plant (published in May
and July 2024) shows a post-tax NPV8 for the project of US$621M, an IRR of
26.5% and capex estimated at US$340M (including a 25% contingency).  The
Company has signed a Letter of Intent to secure an area for the Company's
future Active Anode Materials Plant in Southern Norway and has received
expressions of support from the European Raw Materials Alliance and the US
EXIM Bank for future development. In November 2024, GreenRoc and Morrow
Batteries a/s, a Norwegian Gigafactory signed a MoU to work together on a
regional supply chain of battery anode material and the Company received a
Letter of Interest from the Export and Investment Bank of Denmark (EIFO) in
January, 2025.

 

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