REG - GreenRoc Strateg PLC - Amitsoq Update and visit to General Motors Company

GreenRoc Strategic MaterialsAnnouncement

15/11/2024 07:00

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RNS Number : 3131M  GreenRoc Strategic Materials Plc  15 November 2024

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

 

15 November 2024

GreenRoc Strategic Materials Plc

("GreenRoc" or the "Company")

 

Amitsoq Update and

GreenRoc to visit General Motors Company in Detroit

 

 

GreenRoc Strategic Materials plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased to announce
that the Government of Greenland has decided that the Company's application
for an Exploitation Licence for the Amitsoq Graphite Project in South
Greenland ("Amitsoq" or the "Project") fulfils submission requirements.

 

GreenRoc is also pleased to announce its attendance at a number of upcoming
industry events.  The Company will be participating in a trade mission to
General Motors Company ("GM") during 18-20 November 2024, and GreenRoc's CEO
Stefan Bernstein has been invited to speak and participate at two separate
Mineral Security Partnership meetings and an EU arranged meeting on Greenland
in the coming weeks.

 

Details:

 

Exploitation Application

The Company submitted its application for an Exploitation Licence on 27
September 2024 (see RNS of 30 September 2024). The Mineral Licence and Safety
Authority ("MLSA"), the administrative body of the Government of Greenland,
has assessed the information provided in the application and the legal status
of the applying company, Greenland Graphite a/s, a subsidiary of GreenRoc
Strategic Materials Plc and found that  "the Licensee fulfils the submission
requirements in 45(1) and 46(3) in the Act on Mineral Activities in relation
to the application for an exploitation licence under the current exploration
licence 2013-06".

 

The MLSA has sent the Mineral Resource Evaluation ("MRE"), reported by the
Company in January 2023 for compliance assessment with an independent third
party.

 

The next step of the application processing is that the MLSA, upon positive
review from the external consultant concerning the MRE, will draft a
recommendation to the Government of Greenland on whether to approve the
Project terms of reference for public pre-consultation. The subsequent
pre-consultation takes a minimum of 35 days.

 

Meetings with US OEM and MSP

GreenRoc has been invited by GM to participate in a trade mission to GM's
headquarters in Detroit, USA from 18-20 November 2024 as part of a delegation
of ca. 20 UK companies. The trade mission has been arranged by the Department
for Business and Trade ("DBT") to showcase UK automotive suppliers to GM, and
the participating companies were specifically picked by GM. GreenRoc will be
represented on the trade mission by Chairman George Frangeskides and CEO
Stefan Bernstein.

 

GreenRoc has also been invited to present on 20 November 2024 at a Mineral
Security Partnership ("MSP") and MINVEST/MSP Finance Network (see below)
meeting to be held in Nuuk, Greenland, entitled "Critical Mineral Investment
Opportunities in Greenland". Greenland is an MSP Forum member state. The
meeting attendance is hybrid (virtual and in-person) and is arranged by the US
State Department and the Government of Greenland. The US State Department will
be represented by under-secretary for Economic Growth, Energy, and the
Environment, Jose Fernandez. The Government of Greenland will be represented
by Minister of Statehood and Foreign Affairs, Vivian Motzfeldt and Minister of
Mineral Resources, Naaja Nathanielsen.

 

GreenRoc has also been invited to speak on 10 December 2024 at the Greenland
Session held in Brussels during the Raw Materials Week (9-12 December 2024)
arranged by DG GROW, DG INTPA and the Greenland Government. GreenRoc is
further invited to participate in the MSP Forum's Workshop on "Public-private
investment in critical minerals focusing on developing a positive, trade
friendly local-value addition agenda in producing countries". This session is
to be held on 12 December 2024 during the Raw Materials Week.

 

Further information on MSP/MINVEST:

MSP Finance Network:
https://www.state.gov/joint-statement-on-establishment-of-the-minerals-security-partnership-finance-network/
(https://www.state.gov/joint-statement-on-establishment-of-the-minerals-security-partnership-finance-network/)

 

MINVEST is the Minerals Investment Network for Vital Energy Security and
Transition, a public-private partnership between the U.S. Department of State
and SAFE Center for Critical Minerals Strategy-hosted Minerals Security
Partnership (MSP) partner governments with development finance institutions
(DFIs) and export credit agencies (ECAs) to strengthen cooperation and promote
information exchange and co-financing among participating institutions to
advance diverse, secure, and sustainable supply chains for critical minerals.

 

GreenRoc's CEO, Stefan Bernstein, commented:

"I am very pleased that our application for an Exploitation Licence at Amitsoq
is now being processed and that the Government has found our company to be
eligible for the licence, pending the outcome of the public pre-consultation
and the associated process.

 

"Alongside these positive operational developments, I am pleased to report on
the progress we continue to make in connecting our project with industry
leaders and potential commercial partners. Our GreenRoc team will travel to
the US to meet with a GM in November 2024. GreenRoc was specifically picked by
GM to be part of the Department of Business and Trade's trade mission, which
is a great honour and testament to our world-class project.

 

"The invitations to speak at the Mineral Security Partnership's meeting in
Nuuk and participate and speak at meetings in Brussels in November and
December 2024 also underpin the importance with which the US, Norway, the UK,
Greenland and other countries within the MSP Forum and member countries view
GreenRoc's graphite mine and active anode materials plant. These are signs
that strong powers are committed to supporting GreenRoc's project to provide
much needed graphite."

 

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:

 GreenRoc Strategic Materials plc                                             +44 20 3950 0724

 Stefan Bernstein, CEO

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

 James Caithie / Sandy Jamieson / Louise O'Driscoll

 Oberon (Broker)                                                              +44 20 3179 5300

 Nick Lovering/Adam Pollock

 St Brides Partners Ltd (Financial PR & IR) Charlotte Page / Paul Dulieu      +44 20 7236 1177

 

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.

 

GreenRoc also has 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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