GreenRoc Strategic - Interim Results for the six months to 31 May 2025
29/08/2025 07:00
RNS Number : 1288X
GreenRoc Strategic Materials Plc
29 August 2025
GreenRoc Strategic Materials Plc / EPIC: GROC / Market: AIM / Sector: Mining
29 August 2025
GreenRoc Strategic Materials Plc
("GreenRoc" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHS TO 31 MAY 2025
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 2025. 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") and Greenland Graphite A/S (together, the "Subsidiary Companies", collectively with GreenRoc, the "Group").
Highlights
· The Company was invited to participate in a UK Government trade mission to General Motors Company in Detroit, USA in November 2024.
· In December 2024, a memorandum of understanding ("MOU") was signed with Morrow Batteries ASA ("Morrow"), a Norwegian company dedicated to developing and manufacturing sustainable and high-performance lithium-ion battery cells.
· In January 2025, GreenRoc received a Letter of Interest ("LoI") from the Export and Investment Fund of Denmark ("EIFO") for the provision of funding to GreenRoc's Amitsoq Graphite Project in South Greenland.
· GreenRoc's Amitsoq project received an ESG certification through DigbeeTM and is the first minerals project in Greenland with an official ESG certification. The Digbee ESG certificate is based on a thorough independent assessment.
· Successful equity placings in February and June 2025 raised gross proceeds of £1.185 million (including shares issued in lieu of fees), with the participation of Board and management.
· A further test work series on Amitsoq graphite spheronisation and purification at ProGraphite's facilities in Germany were initiated.
· A General Election in Greenland led to the formation of a coalition government, with Naaja Nathanielsen being reappointed as Minister for Mineral Resources in April 2025.
· As part of GreenRoc's application for an Exploitation Licence for Amitsoq, submitted in September 2024, a formal Project Description for the Mine was sent for public pre-consultation on 24 May 2025.
· An update to the Thule Black Sands ilmenite project ("TBS") resource was announced in May 2025. The South Area of the TBS deposit now has a Measured Resource of 1.1Mt at 6.3% ilmenite, an Indicated Resource of 15.9Mt at 3.8% ilmenite and an Inferred Resource of 2.4Mt at 3.2% ilmenite.
· GreenRoc's CEO was invited to present to a select group of potential finance institutions and off-take companies at a closed session during the EU Raw Materials Summit in Brussels in May 2025.
Post period end highlights
· On 4 June 2025, the EU Commission granted both GreenRoc's Amitsoq Mine and the proposed downstream graphite active anode material ("AAM") plant the status of a "Strategic Project" under the EU Critical Raw Materials Act.
· A contract was signed with contractor HK Transport to assist the Company with the extraction of a 15-20t bulk sample from the underground workings at Amitsoq.
· The pre-consultation phase of the Company's application for an Exploitation Licence for Amitsoq ended on 27 June 2025 enabling the Company to move towards the final submission of the White Book and revised Project Description. The Company remains hopeful that the Exploitation Licence can be granted before the end of 2025.
· A final series of baseline sampling studies relevant to the Amitsoq Environmental Impact Assessment commenced in July 2025.
· In late July 2025 GreenRoc management reported that it had been invited to a series of meetings with EU representatives to explore support options for the Amitsoq Project following the recognition of both the Amitsoq Mine and the downstream AAM plant as Strategic Projects for the EU.
GreenRoc's CEO, Stefan Bernstein, commented:
"The EU's designation of Amitsoq as a "Strategic Project" under the Critical Raw Materials Act, combined with invitations to present at high-level raw materials summits, highlights GreenRoc's central role in securing a stable and sustainable graphite supply chain.
"GreenRoc's dedication to responsible and sustainable development is clearly demonstrated by the EIFO Letter of Interest, the pioneering ESG certification through DigbeeTM - a first for Greenland - and the continued support of investors. The achievement of these milestones underscore Amitsoq's journey to become a vital and ethically sourced graphite source for Europe."
Corporate
Share placings in February and June 2025 raised gross proceeds of £1.185 million, with the participation of Board and management. The February 2025 share placing included £500,000 from institutional investors, £165,000 from existing shareholders, £50,000 from largest shareholder Alba Mineral Resources plc in lieu of fees and £17,500 from directors of the Company in lieu of fees, raising an aggregate amount of £735,000 (before costs) at a price of 1.3 pence per share (the "Fundraise"). For every two new ordinary shares issued, investors in the Fundraise received one warrant with an exercise price of 2p per share and a two-year expiry date.
The June 2025 share placing raised £450,000 from an institutional investor, at a placing price of 2.5p per share. For every two new ordinary shares issued, the investor received one warrant with an exercise price of 3.75p per ordinary share and a two-year expiry date.
In July 2025 the Company announced that it had received a notice to exercise warrants over 3,846,153 new ordinary shares at an exercise price of 2p per share, being some of the warrants issued in the February 2025 share placing, raising £76,923.06 for the Company.
The Company has formed a Norwegian registered subsidiary to undertake work related to the production of graphite active anode material ("AAM") for batteries.
Financial Results
The Group made a loss attributable to equity holders of the parent for the period, after taxation, of £432k (May 2024: £399k).
At the end of the reporting period, the Group's cash was £270k, a net cash inflow of £176k. This is made up of net funding of £714k less exploration expenditure, creditor settlements and administration costs of £538k (including £256k of salaries and other costs associated with the GreenRoc in-house technical and geological team).
The basic and diluted loss per share was 0.20 pence (May 2024: loss of 0.24 pence).
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
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 Company'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.
For further information, please contact:
| GreenRoc Strategic Materials Plc Stefan Bernstein, CEO | +44 20 3950 0724 |
| Cairn Financial Advisers LLP (Nomad) Sandy Jamieson/Louise O'Driscoll | +44 20 7213 0880 |
| Oberon Capital (Broker) Nick Lovering / Adam Pollock | +44 20 3179 5300 |
| Unaudited Six months ended 31 May 2025 | Unaudited Six months ended 31 May 2024 | Audited 12 months ended 30 Nov 2024 | ||
| £'000 | £'000 | £'000 | ||
| Other income | - | 23 | 53 | |
| Gross profit | - | 23 | 53 | |
| Administrative expenses | (431) | (420) | (830) | |
| Impairment | - | - | - | |
| Operating loss | (431) | (397) | (830) | |
| Finance expense | - | (1) | - | |
| Foreign Exchange | (1) | (1) | (1) | |
| Loss for the period before tax | (432) | (399) | (778) | |
| Taxation | - | - | 120 | |
| Loss for the period from continuing operations | (432) | (399) | (658) | |
| Loss attributable to equity holders of the parent | (432) | (399) | (658) | |
| Other comprehensive income | ||||
| Items that may be subsequently reclassified to profit or loss: | ||||
| Exchange loss on translating foreign operations | - | - | - | |
| Total comprehensive income attributable to equity | (432) | (399) | (658) | |
| Earnings per ordinary share attributable to the ordinary equity holders of the parent | ||||
| Basic and diluted (pence) | (0.20) | (0.24) | (0.36) |
| Unaudited 31 May 2025 | Unaudited 31 May 2024 | Audited Year 30 Nov 2024 | ||
| £'000 | £'000 | £'000 | ||
| Non-current assets | ||||
| Intangible fixed assets | 9,955 | 10,000 | 9,930 | |
| Total non-current assets | 9,955 | 10,000 | 9,930 | |
| Current assets | ||||
| Trade and other receivables | 70 | 23 | 26 | |
| Cash and cash equivalents | 270 | 70 | 94 | |
| Total current assets | 340 | 93 | 120 | |
| Current liabilities | ||||
| Trade and other payables | (133) | (385) | (253) | |
| Payable to parent entity | - | - | - | |
| Total current liabilities | (133) | (385) | (253) | |
| Net current assets/(liabilities) | 207 | (292) | (133) | |
| Non-current liabilities | ||||
| Deferred tax | (883) | (1,004) | (883) | |
| Total non-current liabilities | (883) | (1,004) | (883) | |
| Net assets | 9,279 | 8,704 | 8,914 | |
| Capital and reserves | ||||
| Share capital | 250 | 218 | 244 | |
| Share premium | 12,928 | 11,778 | 12,220 | |
| Share-based payment reserve | 238 | 281 | 155 | |
| Retained earnings | (4,137) | (3,573) | (3,705) | |
| Total equity | 9,279 | 8,704 | 8,914 |
| Share capital | Share premium | Share-based payment reserve | Retained earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| At 1 December 2023 | 215 | 11,706 | 280 | (3,174) | 9,027 |
| Loss for the period | - | - | - | (399) | (399) |
| Translation differences | - | - | - | - | - |
| Total comprehensive income for the period | - | - | - | (399) | (399) |
| Shares issued | 3 | 72 | - | - | 75 |
| Fair value of share options awarded | - | - | 1 | - | 1 |
| At 31 May 2024 | 218 | 11,778 | 281 | (3,573) | 8,704 |
| At 1 December 2023 | 215 | 11,706 | 280 | (3,174) | 9,027 |
| Loss for the period | - | - | - | (658) | (658) |
| Total comprehensive income for the period | - | - | - | (658) | (658) |
| Shares issued | 29 | 514 | - | - | 543 |
| Fair value of share options awarded | - | - | 2 | - | 2 |
| Fair value of share options expired | (127) | 127 | - | ||
| At 30 November 2024 | 244 | 12,220 | 155 | (3,705) | 8,914 |
| Loss for the period | - | - | - | (432) | (432) |
| Total comprehensive income for the period | - | - | - | (432) | (432) |
| Shares issued | 6 | 708 | - | - | 714 |
| Fair value of share options awarded | - | - | 83 | - | 83 |
| At 31 May 2025 | 250 | 12,928 | 238 | (4,137) | 9,279 |
| Unaudited Six months ended 31 May 2025 | Unaudited Six months ended 31 May 2024 | Audited 12 months ended 30 Nov 2024 | ||
| £'000 | £'000 | £'000 | ||
| Cash flows from operating activities | ||||
| Operating loss | (432) | (397) | (778) | |
| Adjustments for: | ||||
| Share-based payment charge | 83 | 1 | 2 | |
| Impairment | - | |||
| (Decrease) in creditors | (120) | (12) | (144) | |
| (Increase)/decrease in debtors | (44) | 413 | 409 | |
| Net cash used in operating activities | (513) | 5 | (511) | |
| Cash flows from investing activities | ||||
| Capitalised exploration expenditure | (25) | (160) | (90) | |
| Net cash used in investing activities | (25) | (160) | (90) | |
| Cash flows from financing activities | ||||
| Proceeds from issue of shares | 714 | 75 | 543 | |
| Repayment of loan from parent | - | - | - | |
| Receipts of borrowings from parent | - | - | - | |
| Finance expense | - | (2) | - | |
| Net cash generated from financing activities | 714 | 73 | 543 | |
| Net increase/(decrease) in cash and cash equivalents | 176 | (82) | (58) | |
| FX on cash and cash equivalents | - | - | - | |
| Cash and cash equivalents at beginning of period | 94 | 152 | 152 | |
| Cash and cash equivalents at end of period | 270 | 70 | 94 | |