REG - GreenRoc Strategic - Interim Results for the six months to 31 May 2025
29/08/2025 07:00
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RNS Number : 1288X GreenRoc Strategic Materials Plc 29 August 2025
GreenRoc Strategic Materials Plc / EPIC: GROC / Market: AIM / Sector: Mining
29 August 2025
GreenRoc Strategic Materials Plc
("GreenRoc" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MAY 2025
The Board of Directors of GreenRoc Strategic Materials Plc is pleased to
report the Company's interim results for the six months ended 31 May 2025.
These incorporate the results of its subsidiary companies GreenRoc Graphite
Limited (Formerly Obsidian Mining Limited), NordGraph A/S, White Eagle
Resources Limited ("WERL"), White Fox Resources Limited ("WFRL") and Greenland
Graphite A/S (together, the "Subsidiary Companies", collectively with
GreenRoc, the "Group").
Highlights
· The Company was invited to participate in a UK Government trade
mission to General Motors Company in Detroit, USA in November 2024.
· In December 2024, a memorandum of understanding ("MOU") was
signed with Morrow Batteries ASA ("Morrow"), a Norwegian company dedicated to
developing and manufacturing sustainable and high-performance lithium-ion
battery cells.
· In January 2025, GreenRoc received a Letter of Interest ("LoI")
from the Export and Investment Fund of Denmark ("EIFO") for the provision of
funding to GreenRoc's Amitsoq Graphite Project in South Greenland.
· GreenRoc's Amitsoq project received an ESG certification through
DigbeeTM and is the first minerals project in Greenland with an official ESG
certification. The Digbee ESG certificate is based on a thorough independent
assessment.
· Successful equity placings in February and June 2025 raised gross
proceeds of £1.185 million (including shares issued in lieu of fees), with
the participation of Board and management.
· A further test work series on Amitsoq graphite spheronisation and
purification at ProGraphite's facilities in Germany were initiated.
· A General Election in Greenland led to the formation of a
coalition government, with Naaja Nathanielsen being reappointed as Minister
for Mineral Resources in April 2025.
· As part of GreenRoc's application for an Exploitation Licence for
Amitsoq, submitted in September 2024, a formal Project Description for the
Mine was sent for public pre-consultation on 24 May 2025.
· An update to the Thule Black Sands ilmenite project ("TBS")
resource was announced in May 2025. The South Area of the TBS deposit now has
a Measured Resource of 1.1Mt at 6.3% ilmenite, an Indicated Resource of
15.9Mt at 3.8% ilmenite and an Inferred Resource of 2.4Mt at 3.2% ilmenite.
· GreenRoc's CEO was invited to present to a select group of
potential finance institutions and off-take companies at a closed session
during the EU Raw Materials Summit in Brussels in May 2025.
Post period end highlights
· On 4 June 2025, the EU Commission granted both GreenRoc's Amitsoq
Mine and the proposed downstream graphite active anode material ("AAM") plant
the status of a "Strategic Project" under the EU Critical Raw Materials Act.
· A contract was signed with contractor HK Transport to assist the
Company with the extraction of a 15-20t bulk sample from the underground
workings at Amitsoq.
· The pre-consultation phase of the Company's application for an
Exploitation Licence for Amitsoq ended on 27 June 2025 enabling the Company to
move towards the final submission of the White Book and revised Project
Description. The Company remains hopeful that the Exploitation Licence can be
granted before the end of 2025.
· A final series of baseline sampling studies relevant to the
Amitsoq Environmental Impact Assessment commenced in July 2025.
· In late July 2025 GreenRoc management reported that it had been
invited to a series of meetings with EU representatives to explore support
options for the Amitsoq Project following the recognition of both the Amitsoq
Mine and the downstream AAM plant as Strategic Projects for the EU.
GreenRoc's CEO, Stefan Bernstein, commented:
"The EU's designation of Amitsoq as a "Strategic Project" under the Critical
Raw Materials Act, combined with invitations to present at high-level raw
materials summits, highlights GreenRoc's central role in securing a stable and
sustainable graphite supply chain.
"GreenRoc's dedication to responsible and sustainable development is clearly
demonstrated by the EIFO Letter of Interest, the pioneering ESG certification
through DigbeeTM - a first for Greenland - and the continued support of
investors. The achievement of these milestones underscore Amitsoq's journey to
become a vital and ethically sourced graphite source for Europe."
Corporate
Share placings in February and June 2025 raised gross proceeds of £1.185
million, with the participation of Board and management. The February 2025
share placing included £500,000 from institutional investors, £165,000 from
existing shareholders, £50,000 from largest shareholder Alba Mineral
Resources plc in lieu of fees and £17,500 from directors of the Company in
lieu of fees, raising an aggregate amount of £735,000 (before costs) at a
price of 1.3 pence per share (the "Fundraise"). For every two new ordinary
shares issued, investors in the Fundraise received one warrant with an
exercise price of 2p per share and a two-year expiry date.
The June 2025 share placing raised £450,000 from an institutional investor,
at a placing price of 2.5p per share. For every two new ordinary shares
issued, the investor received one warrant with an exercise price of 3.75p per
ordinary share and a two-year expiry date.
In July 2025 the Company announced that it had received a notice to exercise
warrants over 3,846,153 new ordinary shares at an exercise price of 2p per
share, being some of the warrants issued in the February 2025 share placing,
raising £76,923.06 for the Company.
The Company has formed a Norwegian registered subsidiary to undertake work
related to the production of graphite active anode material ("AAM") for
batteries.
Financial Results
The Group made a loss attributable to equity holders of the parent for the
period, after taxation, of £432k (May 2024: £399k).
At the end of the reporting period, the Group's cash was £270k, a net cash
inflow of £176k. This is made up of net funding of £714k less exploration
expenditure, creditor settlements and administration costs of £538k
(including £256k of salaries and other costs associated with the GreenRoc
in-house technical and geological team).
The basic and diluted loss per share was 0.20 pence (May 2024: loss of 0.24
pence).
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
Company'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.
For further information, please contact:
GreenRoc Strategic Materials Plc +44 20 3950 0724
Stefan Bernstein, CEO
Cairn Financial Advisers LLP (Nomad) +44 20 7213 0880
Sandy Jamieson / Louise O'Driscoll
Oberon Capital (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) since March 2025.
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%.
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MAY 2025
Unaudited Unaudited Audited
Six months ended 31 May 2025 Six months ended 31 May 2024 12 months ended 30 Nov 2024
£'000 £'000 £'000
Other income - 23 53
Gross profit - 23 53
Administrative expenses (431) (420) (830)
Impairment - - -
Operating loss (431) (397) (830)
Finance expense - (1) -
Foreign Exchange (1) (1) (1)
Loss for the period before tax (432) (399) (778)
Taxation - - 120
Loss for the period from continuing operations (432) (399) (658)
Loss attributable to equity holders of the parent (432) (399) (658)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss:
Exchange loss on translating foreign operations - - -
Total comprehensive income attributable to equity (432) (399) (658)
Earnings per ordinary share attributable to the ordinary equity holders of the
parent
Basic and diluted (pence) (0.20) (0.24) (0.36)
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 31 MAY 2025
Unaudited Unaudited Audited Year 30 Nov 2024
31 May 2025 31 May 2024
£'000 £'000 £'000
Non-current assets
Intangible fixed assets 9,955 10,000 9,930
Total non-current assets 9,955 10,000 9,930
Current assets
Trade and other receivables 70 23 26
Cash and cash equivalents 270 70 94
Total current assets 340 93 120
Current liabilities
Trade and other payables (133) (385) (253)
Payable to parent entity - - -
Total current liabilities (133) (385) (253)
Net current assets/(liabilities) 207 (292) (133)
Non-current liabilities
Deferred tax (883) (1,004) (883)
Total non-current liabilities (883) (1,004) (883)
Net assets 9,279 8,704 8,914
Capital and reserves
Share capital 250 218 244
Share premium 12,928 11,778 12,220
Share-based payment reserve 238 281 155
Retained earnings (4,137) (3,573) (3,705)
Total equity 9,279 8,704 8,914
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 31 MAY 2025
Share capital Share premium Share-based payment reserve Retained earnings Total
£'000 £'000 £'000 £'000 £'000
At 1 December 2023 215 11,706 280 (3,174) 9,027
Loss for the period - - - (399) (399)
Translation differences - - - - -
Total comprehensive income for the period - - - (399) (399)
Shares issued 3 72 - - 75
Fair value of share options awarded - - 1 - 1
At 31 May 2024 218 11,778 281 (3,573) 8,704
At 1 December 2023 215 11,706 280 (3,174) 9,027
Loss for the period - - - (658) (658)
Total comprehensive income for the period - - - (658) (658)
Shares issued 29 514 - - 543
Fair value of share options awarded - - 2 - 2
Fair value of share options expired (127) 127 -
At 30 November 2024 244 12,220 155 (3,705) 8,914
Loss for the period - - - (432) (432)
Total comprehensive income for the period - - - (432) (432)
Shares issued 6 708 - - 714
Fair value of share options awarded - - 83 - 83
At 31 May 2025 250 12,928 238 (4,137) 9,279
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31 MAY 2025
Unaudited Unaudited Audited
Six months ended 31 May 2025 Six months ended 31 May 2024 12 months ended 30 Nov 2024
£'000 £'000 £'000
Cash flows from operating activities
Operating loss (432) (397) (778)
Adjustments for:
Share-based payment charge 83 1 2
Impairment -
(Decrease) in creditors (120) (12) (144)
(Increase)/decrease in debtors (44) 413 409
Net cash used in operating activities (513) 5 (511)
Cash flows from investing activities
Capitalised exploration expenditure (25) (160) (90)
Net cash used in investing activities (25) (160) (90)
Cash flows from financing activities
Proceeds from issue of shares 714 75 543
Repayment of loan from parent - - -
Receipts of borrowings from parent - - -
Finance expense - (2) -
Net cash generated from financing activities 714 73 543
Net increase/(decrease) in cash and cash equivalents 176 (82) (58)
FX on cash and cash equivalents - - -
Cash and cash equivalents at beginning of period 94 152 152
Cash and cash equivalents at end of period 270 70 94
NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION
1. Basis of preparation
The Group consolidates the financial statements of the Company and its
subsidiary undertakings.
The financial information has been prepared under the historical cost
convention in accordance with UK-adopted International Accountant Standards
("UK-adopted IAS") as they apply to the Group for the six months ended 31 May
2025.
2. Taxation
No charge for corporation tax for the period has been made due to the expected
tax losses available.
3. Loss per share
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders of £432k (May 2024: 399k; November 2024: £658k) by the
weighted average number of shares of 212,787,780 (May 2024: 166,610,052;
November 2024: 180,677,314) in issue during the period. The diluted loss per
share calculation is identical to that used for basic loss per share as the
exercise of warrants would have the effect of reducing the loss per ordinary
share and therefore is not dilutive under the terms of Financial Reporting
Standard 22 "Earnings Per Share".
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