Alba Mineral Resources Plc notes the positive RNS by its portfolio company, GreenRoc Mining Plc ("GreenRoc"), regarding a modification to Greenland's mining laws that became effective on 1 January 2024, as a consequence of which GreenRoc expec s to be in a position to apply for an Exploitation Licence for its Amitsoq Graphite Project in South Greenland in the first half of 2024. The Company also announces certain other licence changes affecting its project portfolio in Greenland. A change in Greenland's mining laws that becameeffective on 1 January 2024 is expected to significantly reduce the timeline for GreenRoc to apply for and obtain an Exploitation Licence For Amitsoq.

As such, GreenRoc is now targeting H1 2024 for the filing of its application for an Exploitation Licences, paving the way to a possible licence grant before the end of 2024. The prospect of an early Exploitation Licence award is expected to assist GreenRoc in its endeavours to secure development finance for the Amitsoq Project. Application has been made to extend GreenRoc's existing exploration licence package in South Greenland to encompass the last area of significant graphite mineralisation in proximity to Amitsoq which is not already under licence to GreenRoc.

Covering approximately 50km2, the expansion area applied for is the last remaining area in the vicinity of GreenRoc's existing mineral exploration licence package in South Greenland which is known to host significant graphite mineralisation and which is not already under licence To GreenRoc. The application area lies due east of Nanortalik and is immediately adjacent to existing licence area MEL 2022-03. The area includes several historical recordings of high-grade graphite mineralisation.

The target area has become open for application due to the surrender of the area by the previous licence holder in January 2024. Subject to grant of the licence extension, GreenRoc will hold the exclusive exploration rights to all prospective ground in the world-class Nanortalik Graphite District, which hosts the Amitsoq Graphite Mine, the Kalaaq Deposit and several other high-grade graphite prospects. Finally, in order to consolidate its resources and focus on developing the Amitsoq Graphite Deposit into a producing mine, the Company has decided to relinquish its exploration licence MEL 2017-41 in North Greenland, encompassing the Melville Bay Iron Project.

The Company has no outstanding obligations in respect of the relinquished licence and the relinquishment has been approved by the Greenland Government. GreenRoc's exclusive licences MEL 2013-06 (including the Amitsoq deposit) and MEL 2022-03 and the newly applied for area in light green (which will form part of MEL 2022-03 upon grant). The red symbols mark the known occurrences of graphite mineralisation.

Known graphite occurrences (Loc 2 and Loc 7) in the area of the new licence application, and a geological marker horizon shown as white dotted lines, as viewed from the north-west (SRK Report, 2015).