GreenRoc (GROC) , a Greenland-focused critical metals explorer, updated markets on its flagship Amitsoq graphite project in southern Greenland. GreenRoc said it was in discussions with a potential undisclosed offtake customer who had requested graphite concentrate and samples in order to conduct its own independent testwork.
Further, GreenRoc said it was nearing the final stages of separating a substantial 700kg bulk sample of graphite ore with the assistance of process engineering contractors UVR-FIA. The aim of the work is to provide graphite concentrate for GreenRoc's further testwork and to have material ready for analysis by more potential industry customers. The concentrate material is expected to be available in autumn 2023.
Amitsoq's pathway to an exploration permit remains on schedule with its Environmental Impact Assessment (EIA) and Social Impact Assessment (SIA) on track for delivery in 2024. Simultaneously, a Preliminary Economic Assessment (PEA) is being conducted by UK consultancy SLR and advancing as planned with expected delivery in autumn 2023.
The PEA will assess all key aspects of a future graphite mining operation at Amitsoq, based on a projection of annual mining of 400,000t of ore for the production of c. 80,000t of graphite concentrate. The PEA's delivery within a few months should assist significantly in the next round of discussions with potential customers.
Finally, GreenRoc reported that the Geological Survey of Denmark and Greenland (GEUS) had delivered a detailed study testifying to the uniformity of the Amitsoq ore. The result of the study, coupled with already discovered consistent graphite grades across both Amitsoq ore bodies, suggests that ore processing during production will be easily optimised without a need for continuous adjustment.
Overall, this is another positive report from GreenRoc, detailing good progress toward production at Amitsoq. There is clear demand for Amitsoq graphite, evidenced by ongoing discussions with offtake partners, including the one mentioned in today's report who has requested material for own testing. The 700kg bulk sample should facilitate further discussions with potential customers.
In August, primary field sampling for Amitsoq's EIA will complete, marking a significant milestone. Equally crucial is the submission of the SIA to the Ministry of Mineral Resources, initiating the negotiation process with the government of Greenland toward exploitation permitting. PEA work will be reported in September, expected to demonstrate Amitsoq's future profitability and helping garner further demand. These developments will give investors much to look forward to before the end of the year.
GreenRoc's flagship Amitsoq asset has proven one of the highest-grade graphite deposits in the world, with a resource estimate of 23.05 Mt at an average grade of 20.41% graphite, following January's 3x resource increase. Graphite is a key metal in the production of EV batteries, and earlier this year GreenRoc confirmed that Amitsoq graphite could be purified to exceed the EV battery requirement of 99.95%. With global demand for graphite expected to soar, Amitsoq's vast deposit is set to play a key role in the transition to net zero.
Alba Mineral Resources (ALBA) owns 54% of GreenRoc Mining.
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