GreenRoc Strategic Materials plc has drawn down €2 million (£1.7m) in the third tranche from a convertible loan to advance its Amitsoq graphite deposit in Greenland.
DRILLING
The 2025 funds from the Export and Investment Fund of Denmark (EIFO) will also progress the active anode material pilot plant located in Hørsholm, Denmark.
The company will complete pre-test work in Canada on a 300kg sub-sample from the 18-tonne underground bulk sample collected during Autumn 2025, and pay an initial 50% to process the full 18t bulk sample.
Funds will also support the 2026 work programme comprising phase III drilling, SLR geotechnical consultancy and a site visit by SLR consultant and competent person Dr John Arthur.
GreenRoc will additionally complete a near-coast bathymetry survey and survey drill collars and underground historic mine workings.
At the AAM pilot plant, the company will undertake hydrofluoric acid (HF)-free purification optimisation test work, instal vents for fume scrubber and ovens, and pay for a purification line.
The €2m drawdown follows that of €848,175 in December 2025 and €1.05m in March 2026.
The company said the remaining balance of €1,301,825 will contribute to the entire 2026 programme including corporate costs.
GreenRoc also plans to start the Amitsoq mine prefeasibility study by the end of the year.
Chief executive officer Stefan Bernstein added: “This latest drawdown from EIFO is another important step in advancing our 2026 work programme at Amitsoq and our AAM pilot plant in Denmark.
“EIFO’s continued support enables us to progress key technical, drilling and processing activities while preserving shareholder value through non-dilutive funding.”
The EIFO loan is not repayable or convertible into GreenRoc shares until December 2030.