GCIGreenRoc's Amitsoq graphite project receives endorsement from the European Raw Materials Alliance
( ), a a Greenland-focused explorer, announced that the European Raw Materials Alliance (ERMA), managed by the raw material consortium EIT RawMaterials, has declared its official support for the company's flagship Amitsoq Graphite Project in southern Greenland.
ERMA is tasked with securing raw materials and related supply chains for Europe to support industrial ecosystems in the EU. ERMA and EIT RawMaterials have issued a formal letter of support for Amitsoq, stating it to be a resource of "global importance".
ERMA and EIT RawMaterials have also set up a dedicated investment channel for raw materials projects and indicated support for GreenRoc to raise the financing needed for the development of Amitsoq.
( ) holds a 54% majority interest in GreenRoc.
GreenRoc's CEO, Stefan Bernstein, commented:"We believe that this declaration of support from ERMA, part of EIT RawMaterials, is important for the development of Amitsoq. Not only does it provide validation from the raw materials consortium of the fundamental qualities of the Project, but it opens the door to new investment and partnership opportunities across all stages of Amitsoq's future development as we progress towards commercial production and meeting the pent-up demand for graphite from European EV battery manufacturers."
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ERMA's endorsement of Amitsoq speaks to project's critical importance as one of the highest-grade graphite deposits in the world. ERMA defined Amitsoq as a "graphite resource of global importance", adding that "together with [GreenRoc's] strategy, [it] will enable the European Union to achieve a certain level of independence for the electrical vehicle supply chain".
The endorsement will support the project's development and financing, so it can produce the critical raw materials needed for the EU's net zero goals. It should elevate the project to new investment and partnership opportunities, accelerating its path to production.
ERMA's statement follows last month's almost 3x increase in Amitsoq's resource estimate to 23.05 Mt at an average grade of 20.41% graphite, for a total graphite content of 4.71 Mt.
Furthermore, a third of the contained graphite in the new 2023 MRE falls within the higher Measured and Indicated categories, increasing certainty about Amitsoq's resource size and grade, and further derisking the project. As the Amitsoq island deposit remains open in at least two directions, there is potential for further expansion of the resource in the future.
Previously, GreenRoc had confirmed that Amitsoq graphite could be purified to exceed the EV battery requirement of 99.95%. With global demand for graphite expected to soar, Amitsoq's vast deposit is set to play a key role in the transition to net zero.
As GreenRoc moves into the development phase for Amitsoq this year and enters discussions with potential customers and offtake partners, investors interested in the renewables, EV, battery, or mining sectors should GreenRoc and its majority holder Alba Mineral Resources.
and shares both moved over 4% higher on the news.
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