GreenRoc Mining, a portfolio company of Alba Mineral Resources, has released its interim results for the six months ended May 31, 2023. The results highlight the significant progress made in the development of the Amitsoq Graphite Project in southern Greenland. The Mineral Resource Estimate (MRE) for Amitsoq was updated in January 2023, showing a threefold increase compared to the previous estimate. The graphite at Amitsoq has been shown to be suitable for processing into high-purity spherical graphite, which is used in electric vehicle batteries.
GreenRoc has successfully completed equity placings, raising gross proceeds of £0.88 million, and has engaged in information meetings with local communities and government officials in Greenland. The European Raw Materials Alliance has declared official support for the Amitsoq graphite project, and GreenRoc was awarded "Greenland's Prospector and Developer of the Year" by the Greenlandic Government.
Post period end, GreenRoc completed another successful equity placing, raising gross proceeds of £0.47 million. The funds will be used to finalize the Preliminary Economic Assessment (PEA) for Amitsoq, conduct additional graphite test work, progress the Social Impact Assessment (SIA) and Environmental Impact Assessment (EIA) programs, and support commercial negotiations with potential partners.
Stefan Bernstein, CEO of GreenRoc, expressed optimism about the progress made at Amitsoq and thanked shareholders for their ongoing support. He highlighted the upgraded Mineral Resource Estimate, the ongoing environmental and social impact assessments, and the commencement of the PEA as important milestones towards commercial production. The findings of the PEA are expected to be published in September 2023.
The Amitsoq Graphite Project is focused on developing the Amitsoq Island deposit, which has a total JORC Resource of 23.05 million tonnes at an average grade of 20.41% Graphitic Carbon. The graphite at Amitsoq can be easily upgraded to high-grade, anode-quality graphite, and has achieved purity levels higher than 99.95% in test work programs. GreenRoc plans to conduct larger scale bulk sampling test work to make larger amounts of Amitsoq graphite concentrate available for spherical graphite testing and potential off-takers.