Licence Enlargement & Appointment of New Broker

GreenRoc Mining plc (AIM: GROC), a company focused on the development of critical mineral projects in Greenland, is delighted to announce that its application for the enlargement of its exclusive mineral exploration licence 2022-03 has been approved by the Government of Greenland (see RNS February 7, 2024). The enlargement, which incorporates the remaining ground within the Nanortalik Graphite District known to host high-grade graphite mineralisation, increases the size of the licence area from 68 km2 to 114 km2.

GreenRoc's CEO, Stefan Bernstein, commented:

"We welcome the approval of our application to bring the highly prospective ground east of the town of Nanortalik under our exclusive licence area. GreenRoc now has all of the Nanortalik Graphite District under licence - a district with extensive high-grade natural flake graphite mineralisation which is easily accessible via deep, ice-free tidal waters."

The Company is also pleased to announce the appointment of Oberon Capital as sole broker to the Company with immediate effect. Oberon Capital is a trading name of Oberon Investments Limited.

Key Points about Amitsoq, GreenRoc's Flagship Asset

• The Amitsoq Island Deposit 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. This makes Amitsoq one of the highest-grade graphite projects in the world.
• 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 a milder alkaline purification method compared to the industry standard hydrofluoric acid, boding well for future production costs and sustainability commitments.
• The results of a Preliminary Economic Assessment (or PEA) for Amitsoq released on 31 October 2023 give 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 in Europe or the USA.
• In relation to that downstream business, GreenRoc is currently undertaking a Feasibility Study into the establishment of a graphite spheronisation processing plant to produce cSPG from graphite concentrate delivered from Amitsoq. This Feasibility Study, which is expected to be completed in H1, 2024, has been part-financed by a grant of approximately £250,000 from the UK's Automotive Transformation Fund.