TIDMALBA
RNS Number : 2310P
Alba Mineral Resources PLC
08 February 2023
Alba Mineral Resources Plc / EPIC: ALBA / Market: AIM / Sector:
Mining
8 February 2023
Alba Mineral Resources Plc
("Alba" or the "Company")
GROC Update
European Raw Materials Alliance Declares Official Support
for Amitsoq Graphite Project
Alba Mineral Resources Plc (AIM: ALBA) is pleased to note the
announcement today by its portfolio company, GreenRoc Mining Plc
("GreenRoc") (AIM: GROC), that the European Raw Materials Alliance
has declared its official support for the Amitsoq Graphite Project
in southern Greenland. Alba holds a 50.6% majority interest in
GreenRoc.
The GreenRoc announcement is set out below without material
changes.
GreenRoc Mining plc
("GreenRoc" or the "Company")
Amitsoq Graphite Update
European Raw Materials Alliance Declares Official Support for
Amitsoq
GreenRoc Mining plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is delighted
to announce that, following a detailed evaluation process, the
European Raw Materials Alliance ("ERMA"), managed by the EIT
RawMaterials, a world- leading raw materials consortium, has
declared its official support for the Company's Amitsoq Graphite
Project in southern Greenland ("Amitsoq" or the "Project").
Key Points
-- It is the primary role of ERMA to secure raw materials and
raw material supply chains for Europe to support industrial
ecosystems within the European Union.
-- ERMA and EIT RawMaterials have issued a formal letter of
support for the Amitsoq Graphite Project, stating it to be a
resource of "global importance".
-- ERMA and EIT RawMaterials have established a dedicated
investment channel for raw materials projects and have indicated
their support for GreenRoc Mining to secure the financing needed
for the development of Amitsoq.
-- GreenRoc is focussed on fast-tracking the Project to
production to meet burgeoning graphite demand from electric vehicle
manufacturers.
-- The letter of support follows a detailed evaluation process
by ERMA and industry technical experts.
-- The letter of support follows an almost three times increase
in the Project's Mineral Resource Estimate to 23.05 million tonnes
(Mt) at an average grade of 20.41% Graphitic Carbon ("C(g)"),
giving a total graphite content of 4.71 Mt, cementing its position
as one of the very highest-grade graphite deposits globally.
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.
"As part of the ERMA application process, we made detailed
submissions on all key aspects of Amitsoq, from market conditions
and drivers to technical mining and processing aspects. It is
greatly encouraging, therefore, that following the completion of
such a detailed evaluation process, ERMA has decided to confirm its
support for our Project and to state that, in its opinion, Amitsoq
is a deposit of "global importance".
"We look forward to close collaboration with the team from ERMA
as we seek to accelerate the development of Amitsoq towards
commercial production for the benefit of our shareholders."
In its letter of support for the Project, which has been signed
by Mr Bernd Schäfer, Managing Director of EIT RawMaterials, and Dr
Massimo Gasparon, Director of ERMA, ERMA declares that:
"GreenRoc's graphite resource is of global importance and,
together with the Company's strategy, will enable the European
Union to achieve a certain level of independence for the electrical
vehicle supply chain. ERMA has approved the Amitsoq Graphite
project and will engage to support its development and financing to
produce these critical raw materials for the benefit of the
European Union goals."
Details
ERMA was established to bring together all relevant stakeholders
across the European raw materials supply chain, including
industrial groups, states and regions, investors and trade unions.
ERMA is managed by EIT RawMaterials, which was founded in 2020 by
the European Institute of Innovation and Technology ("EIT"), a body
of the European Union, with the objective of ensuring reliable,
secure and sustainable access to critical and strategic raw
materials for Europe.
ERMA and EIT RawMaterials have established a dedicated
investment channel for raw material projects with a view to
assisting those projects which are approved following a detailed
review process to secure suitable financing packages. Pursuant to
this process, GreenRoc submitted an investment proposal for the
Project, which was then subjected to a detailed evaluation by ERMA.
This included GreenRoc's CEO making a presentation to the ERMA
Board and three technical experts appointed by ERMA.
Following this detailed evaluation process, ERMA and EIT
RawMaterials have today issued a letter of support for the Project.
The letter of support can be viewed by clicking on the following
link or pasting it into your website browser:
http://www.rns-pdf.londonstockexchange.com/rns/2310P_1-2023-2-7.pdf
ERMA offers a range of services to approved projects such as
Amitsoq, including the introduction of potential investment
partners and financial support for technical development. ERMA's
activities are currently centred upon two clusters represented by
specific value chains. Amitsoq falls under the "Materials for
Energy Storage and Conversion" cluster.
About ERMA
The European Raw Materials Alliance (ERMA) aims to make Europe
economically more resilient by diversifying its supply chains,
creating jobs, attracting investments to the raw materials value
chain, fostering innovation, training young talents and
contributing to the best enabling framework for raw materials and
the Circular Economy worldwide.
Further information on ERMA can be found on the alliance's
website: https://erma.eu/investment/
About Amitsoq
Amitsoq is located in the Nanortalik region of southern
Greenland and has been confirmed as one of the highest-grade flake
graphite projects in the world. GreenRoc is focused on
fast-tracking the development of Amitsoq into a producing mine in
the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America
for new, high grade and conflict-free sources of graphite.
Key points to note:
-- GreenRoc's primary focus at Amitsoq is on developing the
Amitsoq Island Deposit, which has a total inferred, indicated and
measured JORC Resource of 23.05 million tonnes (Mt) at an average
grade of 20.41% Graphitic Carbon ("C(g)"), giving a total graphite
content of 4.71 Mt.
-- Deposits with compliant resources above 20% contained
graphite grade are scarce, with the average global grade of
graphite resources being just 8.45% (according to S&P
Global).
-- Independent micronisation and spheronisation test work has
proven that Amitsoq graphite can be easily upgraded to high-grade
anode-quality graphite, otherwise known as high purity spherical
graphite or HPSG, a key raw material in the manufacturing of
EVs.
-- In GreenRoc's test work programmes, Amitsoq spheronised
graphite has achieved higher than 99.95% purity with relatively
little energy input and processing and using the milder alkaline
purification method compared to the industry standard hydrofluoric
acid, boding well for future production costs and sustainability
commitments.
-- Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential
for considerable further expansion via the similarly high-grade
Kalaaq Mainland Deposit as well as a series of other high-grade
targets on GreenRoc's licence package.
-- The deposit was in small-scale production about 100 years
ago, and there remains considerable underground mine development in
place from that time, which will be of considerable benefit to
GreenRoc in the mine construction phase.
**S**
For further information, please visit
www.albamineralresources.com or contact:
Alba Mineral Resources Plc
George Frangeskides, Executive Chairman +44 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 20 3368 3555
OvalX (Broker)
Thomas Smith +44 20 7392 1494
St Brides Partners (Financial PR)
Isabel de Salis / Catherine Leftley alba@stbridespartners.co.uk
Alba's Projects and Investments
Mining Projects Operated Location Ownership
by Alba
Clogau (gold) Wales 100%
----------- ----------
Dolgellau Gold Exploration
(gold) Wales 100%
----------- ----------
Gwynfynydd (gold) Wales 100%
----------- ----------
Investments Held by Alba Location Ownership
----------- ----------
GreenRoc Mining Plc (mining) Greenland 50.6%
----------- ----------
Horse Hill (oil) England 11.765%
----------- ----------
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