Use of Proceeds

- PFS for downstream anode plant including:

- hydrofluoric acid-free purification methods

- Locate the ideal location for the Active Anode Materials (AAM)

- Finalise Pressurised Flotation Cell beneficiation tests of Amitsoq graphite ore

- Conduct test work on coarser flakes

Use of Proceeds

- Enter the DigBee scheme for benchmarking and disclosure of the ESG performance of the mine

- Prepare and submit application for Strategic Project status - under the EU's Critical Raw Materials Act

- Translate technical documentation into Greenlandic for Public Pre-Consultation

- Continue discussions with potential strategic and offtake partners

"This funding will allow GreenRoc to advance on several fronts. With respect to our plans to establish localised production of graphite AAM for the European battery industry, we can now add some important studies to augment the already very positive PFS that we released earlier this month. We expect that using a hydrofluoric-acid-free purification technique will further increase the profitability of the AAM plant. We will also be investigating more closely some specific potential sites for the location of the AAM plant - all being in Northern Europe.

"In relation to our upstream operations at the Amitsoq Mine, as soon as we have received the Greenland Government's comments on our technical Project Description document, this will be finalised, translated and sent out for public pre-consultation. Pre-consultation is expected to take 35 days, following which we can adjust the Project Description, prepare and submit our formal Application for an Exploitation Permit.

"In addition to some further technical testing of our graphite, which will add to the upcoming PFS for the Amitsoq Mine, we will also register with and submit our data to the DigBee scheme, a leading ESG disclosure platform for the mining industry. This will provide an independent benchmark of the ESG performance of the mine, which will be an important deliverable in our ongoing discussions with strategic and offtake partners."

Stefan Bernstein, CEO, GreenRoc

Market Intelligence

- World class graphite deposit at Amitsoq in Southern Greenland

- Amitsoq PEA of Pre-Tax NPV8 of US$235M (IRR of 31.1%)

- Processing Plant PEA of Pre-Tax NPV8 of US$837M (IRR of 33.8%)

- PFS for Amitsoq due 2024

- One of only a handful of vertically integrated graphite projects globally

- NEW EU Critical Materials Act provides additional sources of funding