GreenRoc Mining Plc announced the extremely positive results of the Preliminary Economic Assessment ("PEA") of its 100% owned Amitsoq Graphite Project in southern Greenland ("Amitsoq"). The PEA was completed to internationally recognised NI 43-101 standards by SLR Consulting Ltd. ("SLR"),an independent UK consulting firm with considerable global expertise in the field of mining and mineral processing, including in Greenland. The strong economic results from the PEA provide independent validation of the Project's potential to become a globally significant producer of graphite concentrate.

Simultaneously, GreenRoc continues to advance its objective of developing the processing capabilities to upgrade its future graphite concentrate production into anode material for electric vehicle ("EV") batteries, which the Company believes will add substantially to the positive economics of the Amitsoq Project. Restrictions on battery-grade graphite, Amitsoq is positioned to become a key source of the high purity spherical graphite required to produce anode material for the European car industry. The PEA report contains a detailed description of the ore bodies at Amitsoq and incorporates the Competent Person Report (CPR) on the resource estimate, an analysis of processing work and basic design of an on-site processing plant as well as mine plan, workforce needs, capital cost (Capex) and operating costs (Opex) and a discounted cash flow (DCF) model.

The mine plan is based on 22 years of production with the full mining rate of 400,000t per annum reached after two years of ramp-up. The total mined inventory is 8.26Mt of ore with an average of 21.3% graphite (Cg). This is based on the mining resource category given in Table 1 showing that the higher resource categories (Measured and Indicated) account for about 75% of the mine mass.

Cut-off grades are calculated at 18.7% Cg. The higher grades of 21.3% Cg versus the average grade of 20.41% reported as average in the global resource estimate of January 2023 reflect that all mining takes place in the LGL, where higher average grades have been recorded to date than those in the UGL. The fact that the mine design in the PEA assumes production from the LGL only and is modelled on a total mining inventory of 8.26Mt compared to a total January 2023 global resource estimate of 23.05Mt, is indicative that there is significant potential for future production expansion and/or extension to the LOM at Amitsoq.

The proposed mining method is Drift and Fill, which requires backfill as the working platform. One central spiralling decline will provide access to all mining levels from the deepest level of 320m below sea level to the highest at 10m above sea level. The mining will be completed using a fleet of diesel-powered, electro-hydraulic drill jumbos, bolters, load-haul-dump machines, and underground fitted trucks.

The underground workforce will be comprised of three crews on a four-week on, two-week off roster. The on-shift workforce at Amitsoq will total 45 persons (so, 135 workers in total across the three crews) and mine support and administrative staff at the nearby town of Nanortalik will total a further 19 persons per shift (for a total of 37 personnel). Mined ore will be transported to a processing plant on site, crushed by a conventional three-stage crushing circuit and then ground by ball mills to produce a slurry with optimum size distribution for concentration in flotation units.

The final filter-pressed concentrate product will have a minimum content of 94% graphite. It will be stored in 1t bulk bags before transportation to Nanortalik town for later shipment to the designated overseas port of destination. Tailings from the processing plant will primarily be used for backfill in the mine.

With an annual nominal mining rate of 400,000t, ca. 3.8M m3 of tailings will be produced throughout the life of the mine (LOM), of which ca. 3.3M m3 will be used as backfill with ca.

0.5M m3 remaining for surface storage. A number of options have been considered for the storage of the relatively modest volume of tailings, including both dry-stack and wet storage facility in a nearby dead(not life-supporting)lake. Transport to the storage facility is planned to take place on barges.

Most of the infrastructure required to run the mine will be situated at the mine site. In addition to the processing plant, backfill paste plant, workshops and storage space, the infrastructure will include a T-shaped pier for accommodating ships, accommodation for day and night shifts, a catering and recreation complex (for a total of up to 110 people at any given time), freshwater treatment for water supply based on reverse osmosis, wastewater treatment, tailings load-out area, power generation plant, short-term fuel storage and an emergency treatment medical facility. Electric power for the mine, process plants, and infrastructure on the island will be produced from diesel-fuelled generator sets.

The estimated power demand for the island is 11 MW. Five operating 2500 kVA generators plus one stand-by unit will provide the power. Electric power for the tailings area will be provided from a small 300 kW diesel generator.

At the same time, the Company is investigating the means to transition to zero-carbon electricity generation as soon as it is feasible to do so. The main fuel depot will be located at the nearby town of Nanortalik (20km from the mine), where warehouse and office space will be rented partly, or wholly, using existing structures for marshalling, storage and administrative purposes. Nanortalik harbour, which has ice-free conditions through the winter, will be the base for the shipping of graphite concentrate to the designated ports of destination, which are expected to be either northern Europe (4-5 days of shipping) or North-East America (5-7 days of shipping).