REG - GreenRoc Strategic - Amitsoq Update

GreenRoc Strategic MaterialsAnnouncement

04/07/2025 07:00

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RNS Number : 7050P  GreenRoc Strategic Materials Plc  04 July 2025

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

 

4 July 2025

GreenRoc Strategic Materials Plc

("GreenRoc" or the "Company")

 

Amitsoq Update

 

 

GreenRoc Strategic Materials Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased to announce
details of the planned 2025 field programme for the Company's 100% owned
Amitsoq Graphite Project in southern Greenland ("Amitsoq" or the "Project").
It also notes that the 35-day public consultation, which is part of the
application process for an Exploitation Licence for Amitsoq, closed on 27 June
2025.

 

Details

 

Earlier this month, the Greenland Government approved the Company's plans for
carrying out field work at Amitsoq during 2025. GreenRoc has now signed an
agreement with HK Transport, a local contractor in Qaqortoq, South Greenland,
to collect a 15-20t bulk sample of graphite ore from Amitsoq. The sample will
be collected underground from the Lower Graphite Layer ore body in the
historical mine workings. The work is anticipated to be completed by the end
of September or early October 2025. The bulk sample will serve two main
purposes: first, to obtain important information about rock mechanics and
other ore characteristics to further develop the ore processing flow scheme;
and second, to provide ore which can be processed into graphite concentrate
for use in the Company's planned graphite anode materials pilot plant.

 

Other field work to be conducted this summer:

 

-    In July, a team of geologists will visit some key sites of known
graphite mineralisation outside of the Amitsoq project area in order to
collect a series of samples. The potential for other critical raw materials
will also be investigated.

 

-    In August, the Company's ecological consultants, BioApp Aps, will
continue the baseline studies which form an integral part of the Environmental
Impact Assessment ("EIA") for the Project. This should mean that, at most,
only a small supplementary collection of samples and analyses may be required
in 2026 before the EIA can be concluded.

Finally, the 35-day public pre-consultation period, which is part of the
Company's application for an Exploitation Licence, ended on 27 June 2025. A
total of nine hearing replies have been received and translated to be
available in both Greenlandic and Danish. The Company will now proceed to
write up a White Book to present to the Greenland Government. For more
information, please refer to the description of the process in the Company's
RNS of 29 May 2025.

 

GreenRoc's CEO, Stefan Bernstein, commented:

"I'm happy to announce the summer's work programme at Amitsoq, which will
provide us with both a lot of important data and a lot of graphite ore from
Amitsoq. It is important to secure a substantial amount of ore from Amitsoq,
as it will take time to process that into graphite concentrate and we want to
have the material ready by the time we are ready with our planned pilot
processing plant.

 

"It is also good to see the conclusion of the pre-consultation process, which
is a core part of the application process for the Exploitation Licence for
Amitsoq. We are eager to start writing up the White Paper and progress towards
the final submission of the White Book and revised Project Description, and we
remain hopeful the Exploitation Licence can be granted before the end of this
year".

 

 

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, financial and business conditions, competition
for and availability of qualified staff and contractors, regulatory processes
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 finance, execute and implement
future plans and programmes, 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

 

 

 

About GreenRoc

GreenRoc Strategic Materials Plc is an AIM-quoted UK public 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, which bodes 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 the 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.

 

GreenRoc's Amitsoq and Anode Materials Plant project was announced a Strategic
Project under EU's Critical Raw Materials Act on June 4, 2025, and has an ESG
certification via DigBee(TM).

 

GreenRoc also owns the Thule Black Sands Ilmenite Project ('TBS') in
Greenland, which has an initial Mineral Resource of 19Mt at 43.6% Total Heavy
Minerals with an in-situ ilmenite grade of 8.9%.

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