GreenRoc Mining plc announced that, following a modification to Greenland's mining laws that became effective on 1 January 2024, the Company expects to be in a position to apply for an Exploitation Licence for its Amitsoq Graphite Project ("Amitsoq") 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 became Effective on 1 January 2024 is expected to significantly reduce the timeline for GreenRoc to apply for and obtain an Exploitation Licence For Amitsoq.

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. 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).