GreenRoc Strategic Materials (AIM:GROC), the pre-revenue developer of the Amitsoq graphite project in Greenland, posted a loss attributable to equity holders of £711,000 for the six months to 31 May, up from £432,000 a year earlier.
The wider loss reflects stepped-up development activity following December's award of a 30-year exploitation licence from the Greenland government, a milestone the company says underpins Amitsoq's position as a future European graphite supplier.
Cash stood at £647,000 at period end, a net inflow of £466,000, after £1.946 million of funding was offset by £811,000 in capitalised exploration spending and £669,000 in administration and working capital costs. Basic and diluted loss per share was 0.25p, against 0.20p in the prior-year period.
An 18-tonne bulk sample collected in autumn 2025 is being tested to support pilot plant design and an upcoming pre-feasibility study, while GreenRoc's anode materials pilot plant has produced test batches close to target specifications, including a D50 of 14.8 micrometres against a 15.0 micrometre target.
"With Phase III drilling now underway and support in place from major Danish and European institutions, we enter the next stage of development with confidence and clear momentum," said chief executive Stefan Bernstein.
Phase III drilling, which began in late July, has returned Lower Graphite Layer intersections of up to 21.3 metres true thickness across the first three holes, with further holes being logged.
News Intelligence what this means for the company
GreenRoc's H1 loss widened to £711k from £432k as development spending on Amitsoq accelerated following the December 30-year exploitation licence award. The company remains pre-revenue and cash-constrained: it held £647k cash at period end against £1.946m raised, having burned £1.48m on exploration capitalisation and administration combined. Phase III drilling has returned Lower Graphite Layer intersections of up to 21.3 metres true thickness, and pilot plant test batches are approaching target specifications, but the company's path to production and cash generation remains years away.
The licence award and drilling results validate the project's geology and de-risk permitting, but GreenRoc's cash position—equal to just one-third of H1 spending—means near-term funding dependency is acute. Execution risk on pilot plant scale-up and pre-feasibility study timelines will determine whether the company can reach production without further dilutive capital raises.
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