Half-year Results

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 2026. 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"), GreenRoc DK A/S and Greenland Graphite A/S (together with GreenRoc, the "Group").

Highlights

• 30-year exploitation licence granted by the government of Greenland
• Funding significantly strengthened through EIFO loan facility and EUDP grant
• Processing and test work of the 18-tonne bulk sample collected to support pilot plant and PFS work
• Hydrofluoric-acid-free purification route advanced with ProGraphite, DTU and IPU
• Anode materials pilot plant commissioned and initial product results close to target specifications
• ESG baseline strengthened through Digbee rating and environmental studies

Details

During the last year and including the six-month period under review, the Company has achieved significant regulatory, financial, technical, and strategic milestones that strengthen Amitsoq's position as an important future source of graphite for Europe's critical raw materials supply chain.

A key achievement was a 30-year exploitation licence for Amitsoq, granted by the government of Greenland in December 2025, following public consultation and regulatory review. Also, in November 2025, GreenRoc had a prominent appearance at the EU Raw Materials Week in Brussels, which deepened its engagement with EU institutions and industry through high-level meetings, industry events and discussions around European supply-chain security.

The Company has also substantially strengthened its financial position during the last year. In October 2025, it secured a EUR 5.2 million loan facility from the Export and Investment Fund of Denmark (EIFO), with funding allocated to the Amitsoq mine project in preparation for the planned Pre-Feasibility Study ("PFS"), including Phase III drilling, metallurgical test work on a graphite ore bulk sample, environmental impact assessment work and development of GreenRoc's active anode material pilot plant. A total of EUR 3,898,175 (c. £3,354,000) has been drawn down from the facility so far, £1.627m of which was drawn down during the six months under review. GreenRoc also received a DKK 10.4 million grant (ca £1,200,000) from the Danish Energy Technology Development and Demonstration Programme ("EUDP") to advance its hydrofluoric acid-free graphite purification process through a two-year project with partner institutions Danish Technical University ("DTU") and engineering consultancy company IPU.

In autumn 2025, GreenRoc collected an 18-tonne bulk sample from underground workings to support pilot plant feedstock, ore processing design, rock mechanics analysis and the upcoming PFS. Smaller subsamples from the 18 tonnes are currently being pre-tested by two independent labs to constrain processing parameters prior to extraction of graphite from the entire sample.

Technical work continued with ProGraphite in Germany to optimise a more environmentally responsible purification route using sodium hydroxide rather than hydrofluoric acid and is now supplemented with testwork conducted by the DTU and IPU as part of the EUDP funded project.

GreenRoc has procured and installed the first part of the anode materials pilot plant, which includes a full set of graphite mills. The Company successfully commissioned and tested the micronisation and spheronisation mill circuits during the winter and spring of 2026, with several c. 100kg batches processed using graphite concentrate procured from third parties purely for testing purposes. Preliminary data from the products produced to date indicate that they are close to the target specifications, including a D50 of 14.8 micrometres versus a 15.0 micrometre target and tap density of 0.85 g/cm3 versus 0.9 g/cm3, supporting the Company's stated pathway towards battery-grade active anode material production in Europe.

The pilot plant also includes GreenRoc's in-house laboratory for product evaluation, supplemented by scanning electron microscopy work at the DTU.

Sustainability and responsible development remain central to the Company's strategy. Amitsoq has received an overall Digbee ESG rating of BB, providing a baseline for future ESG improvements and potential offtake discussions. Environmental baseline studies continue and are expected to support the Environmental Impact Assessment process, while public consultation generated feedback for the project's permitting pathway.

Post period end highlights

• On 11 June 2026, the Company signed an Advisory Services Agreement with the InvestEU Advisory hub of the European Investment Bank ("EIB"). The EIB's InvestEU Advisory hub will provide independent advisory services to support GreenRoc's graphite mining and active anode material ("AAM") project, using external consultants to cover market analysis, technical and financial reviews, business plan assessment, fundraising strategy and investor documentation.
• Phase III drilling at Amitsoq commenced in late July 2026 and the first three holes showed substantial intersections of graphite ore with Lower Graphite Layer widths of up to 21.3m measured as true thickness. Another two holes have since been completed and are presently being logged, while a sixth hole is under drilling.

GreenRoc's CEO, Stefan Bernstein, commented:

"The period under review has seen GreenRoc make several major advances: securing a 30-year exploitation licence for Amitsoq, strengthening our funding position, advancing our environmentally responsible purification route and commissioning key elements of our anode materials pilot plant. All of these represent important steps towards establishing GreenRoc as a strategic European supplier of battery-grade graphite. With Phase III drilling now underway and support in place from major Danish and European institutions, we enter the next stage of development with confidence and clear momentum."

Corporate

In early 2026, the Company announced that it had received a notice to exercise warrants issued in connection with the February 2025 share placing with an exercise price of 2 pence, as follows:

• In January 2026, 3,269,231 warrants were exercised, raising £65,385;
• In March 2026, 1,153,846 warrants were exercised, raising £23,077; and
• In May 2026, 11,538,461 warrants were exercised, raising £230,769.

Financial Results

The Group made a loss attributable to equity holders of the parent for the period, after taxation, of £711k (May 2025: £432k).

At the end of the reporting period, the Group's cash was £647k, a net cash inflow of £466k. This is made up of net funding of £1,946k less £811k in capitalised exploration expenditure payments and administration costs and working capital movements of £669k.

The basic and diluted loss per share was 0.25 pence (May 2025: loss of 0.20 pence).

Other comprehensive income

Items that may be subsequently reclassified to profit or loss:

Earnings per ordinary share attributable to the ordinary equity holders of the parent

NOTES TO THE HALF-YEARLY FINANCIAL INFORMATION

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 Accounting Standards ("UK-adopted IAS") as they apply to the Group for the six months ended 31 May 2026.

Taxation

No charge for corporation tax for the period has been made due to the expected tax losses available.

Loss per share

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders of £711k (May 2025: £432k; November 2025: £828k) by the weighted average number of shares of 281,334,801 (May 2025: 212,787,780; November 2025: 252,396,732) 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".

Long-Term Borrowings

In October 2025 the Company signed a binding EUR 5.2 million secured loan facility with the Export and Investment Fund of Denmark (EIFO). It carries an interest rate of 10% p.a. on amounts drawn down and an availability fee of 2.5% p.a. on undrawn principal over a 2-year availability period and has a 5-year maturity. The loan is drawn down in tranches, with two tranches having been drawn in the six month period, totalling £1.627m (EUR 1.898m).

The loan incorporates a conversion right which may be exercised at the election of the lender. The economic terms of conversion are principally based on the market value of the Company's equity at the point of conversion, reduced by a 20% discount. However, valuation is subject to a floor price of £30 million and a ceiling price of £140 million. In addition, the lender may not hold more than 10% of the Company's shares post‑conversion.

Given this asymmetric payoff profile, the conversion floor and ceiling has been determined to represent an embedded derivative which must be valued using a probability‑weighted Monte Carlo model. The model incorporates the distribution of equity outcomes at conversion (assumed at maturity), along with volatility, discount rates, and other valuation inputs. The expected value of the derivative may be either an asset or a liability and must be re‑measured at each reporting date through profit or loss in accordance with IFRS 9.

Following the undertaking of Monte Carlo modelling for each of the two tranches of funds drawn in the current period, the fair value of the embedded derivatives associated with the floor and ceiling conversion terms for each of the two tranches drawn in the period was determined to be immaterial, at both the point of initial recognition and reporting date revaluation. As a result, no value has been ascribed to these embedded derivatives in these interim financial statements, with no adjustment made to the principal on drawdown or interest accruing during the period.

The below table reconciles movements in long-term borrowings during the period: