GreenRoc Strategic Materials (LON: GROC), the AIM-quoted developer of the Amitsoq graphite project in Greenland, reported a widening interim loss this morning alongside a run of project milestones that underpin its push toward battery-grade graphite production.
The unaudited results for the six months to 31 May 2026 showed a loss attributable to equity holders of £711,000, up from £432,000 a year earlier, with loss per share rising to 0.25p from 0.20p. Shares closed at 3.00p yesterday and were up 1.67% at 3.05p in early trading today.
The wider loss reflects money spent advancing the project rather than deteriorating trading, since GreenRoc remains pre-revenue. Cash stood at £647,000 at period end, after a net cash inflow of £466,000 during the period, helped by drawdowns against a EUR 5.2m loan facility from Danish export credit agency EIFO, which carries a conversion right into equity between valuations of £30m and £140m.
That funding paid for tangible progress. The Government of Greenland granted a 30-year exploitation licence, the permit to mine rather than just explore, for Amitsoq in December 2025. GreenRoc also collected an 18-tonne bulk sample, a large test quantity of ore, and commissioned an anode materials pilot plant producing output close to target specifications for use in lithium-ion battery anodes.
Since the period ended, GreenRoc signed an advisory agreement with the European Investment Bank’s InvestEU Advisory hub and began Phase III drilling in late July, with early results showing graphite intersections up to 21.3 metres thick.
Chief executive Stefan Bernstein said the period had seen GreenRoc “make several major advances: securing a 30-year exploitation licence for Amitsoq, strengthening our funding position, advancing our environmentally responsible purification route and commissioning key elements of our anode materials pilot plant.” He added that with drilling underway and Danish and European institutional support in place, the company enters its next stage “with confidence and clear momentum.”
Amitsoq holds a JORC resource of 23.05 million tonnes at 20.41% graphite, enough for more than 20 years of mining, and was designated an EU Strategic Project in June 2025. The next test is whether the pending pre-feasibility study converts that resource into a bankable mine.