GreenRoc Mining (GROC) Highlights/outlook include:
Amitsoq Graphite Resource
- 3x increase in Mineral Resource Estimate ("MRE") announced in January 2023 compared to maiden MRE in March 2022.
- 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.
- Amitsoq graphite shown to be "very suitable" for processing into high-purity spherical graphite - the anode material for electric vehicle ("EV") batteries.
Mine Construction
- Amitsoq MoU Signed with Norwegian Construction and Mining Group Leonhard Nielsen & Sønner A/S ("LNS") in March 2023.
- Amitsoq Social Impact Assessment ("SIA") and Environmental Impact Assessment ("EIA") programs initiated in November 2022 and July 2021 respectively.
Funding
- Successful equity placings in December 2022 and March 2023 raising gross proceeds of £0.88 million, at average price of 3.8 pence. "Broker Option" up to a further £200,000 in aggregate on same terms.
- Post period, equity placing in August 2023, raising gross proceeds of £0.47m at 3.8p per share to Fund Amitsoq PEA, undertake additional graphite test work, progress Amitsoq SIA and EIA programmes and support commercial negotiations with potential offtake and financial partners.
Outlook
- Further test work ongoing, including electrochemical testing of spheronised graphite.
- Amitsoq Preliminary Economic Assessment ("PEA") programme initiated in May 2023.
- Publication of findings expected in September 2023.
- Larger scale bulk sampling test work of the Amitsoq Lower Graphite Layer orebody targeted in 2023/2024 to constrain processing parameters and make larger amounts of Amitsoq graphite concentrate available for spherical graphite testing and supply potential off-takers with sample material.
Greenroc Mining (GROC)