TIDMGROC
RNS Number : 0454P
GreenRoc Mining PLC
09 October 2023
GreenRoc Mining plc / EPIC: GROC / Market: AIM / Sector:
Mining
9 October 2023
GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Update
GreenRoc Awarded Grant from UK Automotive Transformation
Fund
GreenRoc Mining plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is delighted
to announce that it has been awarded a grant of approximately
GBP250,000 by the Automotive Transformation Fund ("ATF") in the UK
under its recently closed Feasibility Study Competition . The grant
will part-finance a feasibility study into the establishment of a
graphite spheronisation processing plant in the UK to produce
active anode material from graphite concentrate delivered from
GreenRoc's Amitsoq Graphite Project in southern Greenland
("Amitsoq" or the "Project").
Highlights
-- The ATF has awarded GreenRoc a grant of approximately
GBP250,000 to part-finance a feasibility study into establishing a
UK graphite spheronisation processing plant to produce active anode
material in the form of coated spherical purified graphite (cSPG)
from graphite concentrate shipped from Amitsoq.
-- The ATF funding programme is administered by the Advanced
Propulsion Centre UK (APC), which deploys government funding and
support to accelerate the transition to a net-zero automotive
industry in the UK.
-- The ATF has expressed the view that GreenRoc's feasibility
study project could have significant strategic benefits for the UK
in terms of security of supply and achieving resilience in the EV
battery sector.
-- In GreenRoc's view, the grant funding represents a step
forward in establishing a robust supply chain of anode material for
EV batteries and fuel cells to bolster the British car
industry.
-- The feasibility study starts in Autumn 2023 and is expected to be completed by May 2024.
-- GreenRoc will act as project manager, with input from four
expert consultants: Benchmark Mineral Intelligence, SLR,
ProGraphite and Decision Risk Analytics.
GreenRoc's CEO, Stefan Bernstein, commented:
"It is with great pleasure that we can announce today that Great
Britain's Automotive Transformation Fund has awarded GreenRoc a
significant grant towards the funding of a feasibility study into
the manufacturing of active anode material or cSPG in the UK using
graphite concentrate from GreenRoc's world-class Amitsoq Deposit in
southern Greenland.
"This grant funding represents a step forward in establishing a
robust supply chain of anode material for EV batteries and fuel
cells and will also help bolster the British car industry's
competitiveness in the race to supply electric vehicles to the
European market.
"I'm particularly happy as this grant shows much-welcomed
government support for our ambition to supply the European
gigafactory industry with anode material sourced from GreenRoc's
responsibly mined graphite deposit in Greenland.
" Based on the outcome of the feasibility study, GreenRoc hopes
to be able to make a strong business case for potential joint
venture partners and investors to join forces with us to make the
production of anode material in the UK a reality. "
APC Automotive Transformation Director Julian Hetherington
said:
"The Automotive Transformation Fund is supporting new projects
to scope out opportunities within the wider supply chain that could
lead to significant investments in manufacturing here in the UK.
Gigafactories are only part of the story, as much of the supply of
materials is currently imported from carbon-intensive sources. If
the sector is to transition to net zero and localise production,
this funding can help to show where the potential is for expanding
the UK's capability."
Further Details
The UK's ability to secure the supply of active anode material
in the form of coated spherical purified graphite (cSPG) is a key
requirement for the production of electric vehicle ("EV") batteries
in the UK and a critical element, therefore, in securing the future
of the UK car industry.
T he ATF is a funding programme created to support large-scale
industrialisation and is administered by the Advanced Propulsion
Centre UK, (APC) which administers government funding and support
to accelerate the transition to a net-zero automotive industry in
the UK. Its feedback following GreenRoc's application for grant
funding included comments that GreenRoc's feasibility study is "an
important, timely & highly relevant study that could yield
whether the UK can gain some resilience in the EV battery sector"
and that " t he project plans to proceed at a fast pace towards a
production facility in the UK and could have significant strategic
benefits for security of supply with economic and environmental
advantages. "
As a UK public company, with a world-class graphite deposit
located within a few days' shipping distance from the UK , GreenRoc
is uniquely placed to assist in the delivery of substantial, secure
domestic production of cSPG for the UK's battery and EV
industries.
GreenRoc's feasibility study will assess the fundamental
requirements of cSPG processing in the UK which encompass
micronization, classification, spheronization, purification and
coating of graphite. The Feasibility Study will include processing
unit options, plant design, and power consumption, as well as a
cost model and net present value ( NPV ) calculation . It will also
include an advanced risk assessment model to address all stages of
the decision-making process from pilot plant set-up to a definitive
feasibility study for a full-scale cSPG processing plant in the UK
.
Further details regarding the grant and feasibility study:
- The grant comprises a total contribution of GBP258,478 towards the feasibility study.
- The total amount available under this call of the Feasibility
Study Competition was GBP2 million in aggregate, with each grant
being in the range of GBP100,000 to GBP350,000, to cover a maximum
of 70% of the costs of each successful applicant.
- Out of the total budgeted costs for the GreenRoc feasibility
study, 63% will be covered by the ATF grant with GreenRoc covering
the balance.
- The feasibility study starts this Autumn, and is expected to be finalised by May 2024.
- GreenRoc will act as the Project Manager for the feasibility
study, with significant contributions from four expert consultants,
namely Benchmark Mineral Intelligence, SLR, ProGraphite and
Decision Risk Analytics.
About GreenRoc's Feasibility Study Partners
Benchmark Mineral Intelligence (BMI) . This UK-based market
research company has considerable expertise within the battery raw
materials value-chain, cost analysis and market predictions. Its
products are well known for its robustness and are used all over
the world by researchers, industry and governmental bodies
alike.
SLR is a UK-based consultancy with long-standing expertise in
the mineral processing industry, having conducted many mine and
mineral processing feasibility studies over the years. The SLR team
taking part in the proposed study has a strong background in
mineral processing and set-up of processing plants and the costing
of construction and operational stages.
ProGraphite GmbH , a leading expert on graphite research and
industrial application and GreenRoc's long-standing adviser in
relation to Amitsoq, will supply the specifications of various
processing plant options on the market today as well as an expert
evaluation of the quality and performance of European alternatives
currently under development.
Decision Risk Analytics is a Danish-based risk assessment
consultancy which appl ies stochastic modelling to investigate a
range of possible outcomes and understand the impact of
uncertainty. Using a coherent system of simulation software, the
results generated will form the foundation for informed
decision-making and continuous improvement within the feasibility
study.
About the Automotive Transformation Fund
The Automotive Transformation Fund (ATF) is a funding programme
created to support large-scale industrialisation. It is
administered by the Advanced Propulsion Centre, a joint venture
between the UK government and the Automotive Council dedicated to
accelerating the transition to a net-zero automotive industry in
the UK. Under the ATF, up to GBP850 million of funding will be
invested in developing a high-value end-to-end electrified
automotive supply chain in the UK. The Fund is highlighted as an
important mechanism to reach targets in the UK Government's
10-Point Plan for a green industrial revolution and its Transport
Decarbonisation Plan.
The ATF is dedicated to supporting the large-scale
industrialisation of an electrified supply chain. The programme
will support strategically important capital and R&D
investments in the UK and will begin by focusing on companies
involved in batteries including cells ('Gigafactories'), electric
machines and drives, power electronics, fuel cells and the upstream
supply chain for any of the foregoing.
Forward Looking Statements
This announcement contains forward-looking statements relating
to expected or anticipated future events and anticipated results
that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as general economic, market
and business conditions, competition for qualified staff, the
regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political
jurisdiction, uncertainties regarding the results of exploration,
uncertainties regarding the timing and granting of prospecting
rights, uncertainties regarding the timing and granting of
regulatory and other third party consents and approvals,
uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the
information provided herein as a result of numerous known and
unknown risks and uncertainties and other factors.
**ENDS**
For further information, please contact:
GreenRoc Mining plc
Stefan Bernstein, CEO +44 20 3950 0724
Cairn Financial Advisers LLP (Nomad)
James Caithie/Sandy Jamieson/Louise
O'Driscoll +44 20 7213 0880
-----------------
SP Angel (Broker)
Ewan Leggat, Charlie Bouverat +44 20 3470 0500
-----------------
St Brides Partners Ltd (Financial
PR & IR) Paul Dulieu/Isabel de Salis/Isabelle
Morris +44 20 7236 1177
-----------------
About GreenRoc
GreenRoc Mining Plc is an AIM-quoted company which is developing
mining projects in Greenland in critical, high-demand and
high-value minerals.
About Amitsoq
Amitsoq is located in the Nanortalik region of southern
Greenland and has been confirmed as one of the highest-grade flake
graphite projects in the world. GreenRoc is focused on
fast-tracking the development of Amitsoq into a producing mine in
the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America
for new, high grade and conflict-free sources of graphite.
Key points about Amitsoq:
-- GreenRoc's primary focus at Amitsoq is on developing the
Amitsoq Island Deposit, which 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.
-- Deposits with compliant resources above 20% contained
graphite grade are scarce, with the average global grade of
graphite resources being just 8.45% (according to S&P
Global).
-- Independent micronisation and spheronisation test work has
proven that Amitsoq graphite can be easily upgraded to high-grade
anode-quality graphite, otherwise known as high purity spherical
graphite or cSPG, a key raw material in the manufacturing of
EVs.
-- 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 the milder alkaline
purification method compared to the industry standard hydrofluoric
acid, boding well for future production costs and sustainability
commitments.
-- Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential
for considerable further expansion via the similarly high-grade
Kalaaq Mainland Deposit as well as a series of other high-grade
targets on GreenRoc's licence package.
-- The deposit was in small-scale production about 100 years
ago, and there remains considerable underground mine development in
place from that time, which will be of considerable benefit to
GreenRoc in the mine construction phase.
-- Following a detailed evaluation process, the European Raw
Materials Alliance has expressed its support of GreenRoc and its
Amitsoq graphite project, stating that "GreenRoc's graphite
resource is of global importance and, together with the Company's
strategy, will enable the European Union to achieve a certain level
of independence for the electrical vehicle supply chain. ERMA has
approved the Amitsoq Graphite project and will engage to support
its development and financing to produce these critical raw
materials for the benefit of the European Union goals." (see RNS
dated 8 February 2023).
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END
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