GreenRoc draws EUR 0.85m from loan facility for Amitsoq development
By Josh White
Date: Monday 08 Dec 2025
(Sharecast News) - GreenRoc Strategic Materials announced on Monday that it has drawn down €0.85m from its loan facility with Denmark's Export and Investment Fund to support the next phase of development at its Amitsoq graphite project in Greenland, and progress work on an associated Active Anode Materials pilot plant.
The AIM-traded company said the funds, equivalent to about £740,000, would cover key activities already under way, including bulk sample collection, environmental fieldwork and preparations for further drilling in 2026.
It said the drawdown followed the convertible loan agreement announced in October, under which GreenRoc could access up to €5.2m over two years.
The loan matures in five years or earlier if a commercial anode materials plant is commissioned.
EIFO retained the right to convert the loan into shares at a 20% discount under certain conditions, although protections were in place to limit dilution, including a minimum valuation threshold of £30m and a cap preventing EIFO from owning more than 10% of the company.
GreenRoc said the funding would be used for gap analysis work required for a prefeasibility study at Amitsoq, preparations for phase three drilling, and environmental impact assessment reporting.
For the pilot plant, spending would focus on hydrofluoric acid-free purification test work, the purchase of graphite mills and reconstruction of warehouse infrastructure ahead of equipment installation.
The company said it was also reviewing proposals from specialist consultancies to produce graphite concentrate from recently collected bulk samples, which will supply the pilot plant once operational.
"The receipt of these first funds from EIFO marks a significant milestone in advancing our Amitsoq graphite project and the development of our AAM plant," said chief executive Stefan Bernstein.
"These funds will enable us to start building our pilot AAM plant as well as undertaking drilling preparations and environmental studies at the Amitsoq deposit."
He added that the loan will also cover some previously incurred costs, including the bulk sample collection, and said the company looks forward to updating the market as further milestones are reached.
GreenRoc said the loan facility provided financial flexibility at a pivotal stage of project advancement, with graphite and anode material development viewed as strategically important as battery supply chains expand across Europe.
At 1421 GMT, shares in GreenRoc Strategic Materials were down 5.6% at 2.5p.
Reporting by Josh White for Sharecast.com.
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