Greenroc Strategic Materials (LSE:GROC) — Company Update

0:00 Good afternoon, ladies and gentlemen. Welcome to the Greenwalt Mining PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just simply type in your question at any time and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company review your questions submitted today and we'll publish those on the Investor Meet company website. Before we begin, we'd like to submit the following poll and if you give that your kind attention, I'm sure the company would be most grateful. There's a couple of updates here, so I'd like to present those today.

0:49 To those of you that didn't attend the last meetings I've held, there's a bit of there's, of course, some slides that recapitulate what this business is about. And to some of you that attended back in March, of course, there will be a bit of a repetition. But anyway, this concerns the MSR graphite, which is the main project that we have in our portfolio at GREENROC Mining. We have other projects in Greenland that are not touched too much on. Now this is what we're really focusing on getting on stream. And as you will appreciate during the presentation here, this is a very remarkable deposit and a business with a lot of upside.

1:39 The picture here shows is a photo from Amitok Island. It's from our drilling season last year and it looks towards the south and we're sitting on top of the deposit here drilling down and revealing the wealth of this deposit. On the back of these two drilling phases that we've had in 2021 and 2022, we were able to announce an upgraded resource by January this year of more than 23,000,000 tonnes at higher than 20% graphite. So very significant advance in our resource. But I'll get back to that in a moment. Let me jump through these two disclaimer slides.

2:24 There's a bit of information here for you to have a look at after the presentation. I'll jump on to the agenda for the presentation. So first of all, I'm going to present to you the importance of graphite in the in the battery industry for the electric vehicles, very important part of the of the of the energy transition. Then on to why our amateur graphite project is so important in that context. There's some news about the processing of the graphite and then also some very important news, I believe, at least potentially very important news from the European Union and development there.

3:12 And then I'll go and present to you a bit on the roadmap towards production and some initiatives that we are undertaking in that regard. So first of all, graphite.

3:30 All the internal combustion engine vehicles that are on the streets today will be replaced over the coming years with electric vehicles. All electric vehicles are powered by batteries, EV batteries, mostly of the lithium ion type. There are other technologies also on stream. Common to all of these is that they use graphite as the anode material, main component in the anodes. And actually graphite is the one component that makes up the largest proportion of these batteries. And considering how much weight there is in an EV battery, which is typically four to 500 kilograms, graphite is actually a very significant weight factor in these batteries. So about 60 to 80 kilograms of graphite goes into a given battery in an EV vehicle.

4:27 And graphite has to be manufactured in a very special way. It has to be reshaped from the kind of flaky size that we are shaped that you see on the left hand side panel here in the lower part of the slide. Through some machining, it becomes these rounded potato like particles that are very, very small, typically between five and fifteen micrometer across. That processing into what's called spherical graphite, because these are small spheres, is something that is presently only undertaken in China. There are initiatives to set up production of spherical or processing of spherical graphite elsewhere, but there's yet no production outside of China.

5:25 And I'll get back to that, of course, also in a moment. Very importantly, also a piece of bad news in a sense, because we all like to see a much larger part of the raw materials that we use coming from recycled of used material. That is true for some of the components in EV batteries, but unfortunately not for graphite. Well, it's so that you can retrieve lithium, copper, nickel, cobalt relatively easily from these battery cells. Once they are used, you reach the end of their lifetime. But graphite can be well, it can be recycled, but not as battery grade graphite. It goes into what's called black mass. You can see there on the right side, which is a kind of a waste product after you have retrieved all the other components.

6:23 And presently there's some Chinese initiatives to put it back into the steel production. That's great, of course, so it's not like completely wasted, but it won't go back into the supply chain to make batteries. So the batteries that are being built today, tomorrow, in 2030, 2035, at least from the knowledge we have today, they're going to be based on all new newly mined graphite material. So with the millions and millions and millions of cars coming on the streets over the coming years, there will be a need, of course, to produce batteries for them. And indeed, there are lots of new battery plants being built in Europe. By 2030, we'll have about 40 new of these major battery manufacturers up and running. They're also called gigafactories.

7:20 They'll be producing nearly one terawatt hour of battery capacity per year, and that translates into a need for graphite in the order between one to 2,000,000 tons per year. And compare that to the need in 2022 by European battery companies of only about 170,000 tons. So that means an increase in the market demand with a factor of between six and more than 10 in just the next seven years. And indeed, for all the battery, for supplying material for providing batteries, that benchmark mineral intelligence have estimated that by 2035, there'll be a need for nearly 100 new mines for natural graphite, left hand side panel, of average size of today, which has a yearly production of about 56,000 tons of graphite concentrate, nearly 100 new mines.

8:30 And of course, you can ask the question, where is all that graphite gonna come from? Where are all these new mines to be found? And the answer to that is Greenland. There's been one of them at least. And our project is located in Amitok in the Southern Tip Of Greenland, right hand side map. And the supply chain that we are intending to cover with the business in GREENROC mining is production of graphite concentrate from our mine in EMTOC, left hand side of the supply chain, and then processing to spherical graphite at a plant situated in potentially Northern Europe or North America or both places.

9:17 That includes ferronization, purification and coating so we can produce the anode material that the battery manufacturers are demanding. And a bit about the graphite deposit is located in the Southern Tip of Emmetok Island. You see on the right hand side, there's a satellite image. There's a long island in the north, northern eastern part of the map. Mtuck deposit in red. And you can also see here the outlines of the GREENROC mining licenses. These are all exclusive mining licenses or exploration licenses. And

10:03 in addition to the Amitok deposit that we are presently developing, there are a series of other showings and mineralization that we also have been testing. All of them are returning super high grades of graphite between 2030%. They have not been drilled yet. That's something that we are considering to do with at least some of them. But just to say that we are really opening a whole new graphite district here with high grade graphite. So it's a very substantial upside here to resource. So the mine at Amintoc, or the deposit at Amintoc was a mine about one hundred years ago. It was closed in 1922 after the cessation of the fightings in the First World War.

10:53 Graphite prices fell worldwide. And then it has been just lying there and underappreciated really until GREENROC Mining started looking at the graphite again and realized how high quality it was. And it saw the first drilling, testing the deposit in 2021 with our first phase drilling project. And the results were so promising that we conducted a second drilling program last year, and the results was very, very impressive. So after just two phases of drilling totaling about 3,000 meters, we already now have a very significant resource, which you see in the lower left hand side table.

11:44 23,000,000 tons of more than 20% graphite for a total of 4,700,000 tonnes of graphite. And the more than 20 graphite really puts us in the top league of projects worldwide in development. In the bar diagram here, see projects under development not yet in production worldwide, but only here portrait with projects that have more than 5% graphite in ground. And as you can see here, AMITOC lies at the in the very top of these projects. I also added here the valuation of the company expressed as market cap divided by a ton of resource in ground that shows us to be vastly undervalued.

12:41 That is the green bars where we're only a fraction, nearly 10 times less than a lot of our peers. So that shows that there's a very significant upside in green rock mining. So one slide here that describes the deposit itself. This is the result of the drilling, the two phases of drilling showing the MTOC deposit looking towards the east from the west. See the southern tip of the island to the right hand side and the sea level is the blue line in the middle of the picture. There's a lower graphite layer in red, upper graphite layer in yellow, and you can see the dip towards you out of the screen.

13:32 And they are very well defined ore bodies as expressed by or documented by the drilling we've undertaken. They are very consistent plan of structures. Are are thicknesses between three two or three meters to the south and up to more than 20 meters in the north in a lower graphite layer and about between one and eight meters for the upper graphite layer. And importantly, the nearly 20% and sometimes more than 20% graphite is all across these minable thicknesses of the ore bodies. And as you can see, the structure here

14:18 of the ore bodies show that it's relatively easy mining with these planar structures. So mine plans well defined. So let me get on to the test work we've undertaken on the graphite ore here. We're taking some bulk sample the from lower graphite layer. This work has been conducted by ProGraphite in Germany on small samples of the of the of the the graphite ore is taken through a first crushing and then providing a concentrate by simple standard flotation. So and we have achieved a very good quality graphite concentrate. You can see more than 96% clean graphite.

15:13 Then we're taking that graphite, which is what we're going to produce in Greenland. And then through micronization classification and spherinization, we were able to produce what you see to the right in the in the right hand side, there's a photomicrograph of spheronized graphite produced from AMITOC all. Beautifully shaped, as you can appreciate by these slides. The the technical specifications for these material meets all the requirements from the from the battery industry, so very, very high quality. And we also in terms of the purification, we have tested and shown that it successfully can be purified to the required 99.95% level using both the standard hydrofluoric acid leaching technique and the more milder, less complicated sodium hydroxide leach. And of course, we would like to undertake the milder version of these two leaching processes, which is also the less expensive one.

16:19 So that's very positive. And then lastly, I would just say that on this spherinized graphite, we have some electrochemical testing ongoing at the moment. So another important new step forward is that we have initiated discussions with Efelsmid, a Danish producer of mining processing equipment globally, a producer. And they have invented this new processing unit for flotation. It's developed for copper and tested for copper and molybdenum ore where it has shown that it process all with a reduction, a very significant reduction in energy consumption by more than 50%, also a smaller footprint and so forth. And it's very interesting for us to to test this now for processing of graphite ore because, of course, it will help us reducing the footprint also at METOC, but certainly also reduction in the cost and requirement of electricity.

17:26 So that's something that we'll be discussing with efforts mid over the coming time. So also to that end, I'd like to mention that we have this possibility of providing CO2 neutral energy from a nearby hydropower plant that is has there's been some plans for a while, actually, to set up a small hydropower plant nearby. So we're now having some talks with some of the people that are considering setting up such a a power plant where we would be the obvious customer to supply energy for the Amitok mining activities. Right.

18:11 So we're looking at annual production at Amitok of about 400,000 tonnes at nearly 20% graphite, that's going to give us about 80,000 tonnes of graphite concentrate per year. Now, there's a few other companies that are developing graphite projects elsewhere in Scandinavia. If

18:35 they all come on stream by 2030, which is not so likely, but let's just say that they are, there'll be a production here of capacity of up to about 300,000 tonnes of graphite concentrate per year. Compare that to the demand between 1,000,000 tonnes and 2,000,000 tonnes just for Europe of graphite. We will be supplying less than a third of the market demand. And also, of course, there'll be some very significant reductions in CO2 emissions from having these domestic productions because, as you can see here, shipping from China to Northern Europe, which is where they get the spherical graphite today is more than forty days. Also, I'd like to mention that Amintoc is situated midway between North America and also Europe, the two major markets for electric vehicles and battery companies that are setting up production these years.

19:33 Also, I'd like to say that South Greenland has a pretty good infrastructure with harbors and heliports and also a nearby large airport.

19:46 And it's accessible, as I mentioned in the beginning. It's also accessible, in the winter. This lower right hand side photo is taken in January this year and shows how, relatively, well, it's completely ice free, really. The water's here. Even in January, some brush eyes may come in, later on in the in the spring, but it's it's free from solid ice year round. Some important progression also on the EU front. We, as announced last time, we received a letter from the European raw materials alliance in February with some very nice statements about the importance of our of our graphite deposit.

20:39 And this is important for us because it shows that we have some sounding board in the EU system. And also, there's, a very interesting new, movements from the European Commission. They released the Critical Rheumatoid Act back in March, and they have a list of strategic minerals, including natural flake graphite, as you can see here in red. And there's certain initiatives also in this Critical Roam Materials Act to announce strategic projects, which are mining projects that will deliver these type of of commodities that are deemed critical for the energy transition.

21:28 And those strategic projects, as is stated here, they will benefit from support for access to finance and shorter permitting timeframes. So very important new initiatives from the EU Commission. It's expected that it will be passed by the end of this year. There's some actual concrete goals here to reach by 2030, at least 10% of the annual consumption for these critical raw materials should be sourced domestically and at least 40% of the processing also domestic. So that, of course, in turn, provides Amisoc with some prospects of being an actual important delivery of these raw materials for the EU, thereby receiving both financial support and also support to shorten the permitting times.

22:27 We also in the European raw materials alliance, there was a new publication coming out last week that was announced at the EIT raw materials summit in Brussels,

22:45 where there's a call for action to fulfill some of these requirements. For instance, here there are some points that are particularly relevant to to GREENROC. One of the recommendations is that there's established European raw materials fund to support all project stages from exploration to previous stability studies and so on to towards operations. And they should be made available to junior mining companies for and for early stage high risk projects. So that I think is a very important stimulus to our part of the industry. And I expect also because we already had that letter of support from European raw materials alliance that we will actually be deemed a strategic project in due time.

23:35 Another important thing is that there's a recommendation here that mining, refining and recycling activities are placed into the sustainable finance taxonomy by EU. It's if that happens and, you know, it's very likely the EU Commission will actually take these these action points and make them a reality, then there'll be a vast improvement compared to the current state where pension funds and other major institutional investors don't really want to be engaged in mining just because it doesn't it's not to be found in the EU sustainable finance taxonomy. So once it's set there, then it certainly opens completely new streams of potential financing.

24:24 Yes, in this call for action, there's also a map that shows the more than 50 investment cases that are being made across Europe for the critical raw materials. And as you can see, there's only two of these that are concerning graphite, and one of them is green rock mining. And the other one actually mostly concerns the production of anode material, so not graphite mining. There's also some nice graphs in there, so I recommend everybody to take a look at it. It's available on the EIT homepage. There's some forecasts here in terms of the demand for a variety of the battery raw materials, including graphite. Shows the demand for graphite by 2030, shown here by the red circle to be more than 5,000,000 tonnes globally, coming up from a yearly production 2020 of about a little less than a million tonne. So very big increase.

25:24 The EU demand by 2030 is set here to be 1,500,000 tonnes, of which about 20% can be sourced with the European raw materials alliance identified potential within Europe. Interesting also, this graph shows the need for a variety of these very critical raw materials, including zinc, copper, silicon for solar panels, for instance, rare earth elements for magnets. That's the right hand side row. And then to the left hand side, there's a from the top, lithium, nickel, cobalt, and graphite. And as you can see here, I've calculated the estimated demand, global demand by 2,030 divided by the global production by 2020, which is a measure of the increase in production that is being needed in order to fulfill these demands.

26:21 And as you can see, lot of these critical raw materials such as nickel, cobalt and rheus, they are at a factor of between one point four and two. Well, then there are two outliers here. One is lithium. We've already seen what that kind of demand can can mean for the price of that commodity. It jumped several, many 100% over the past two or three years. And indeed, if you look at these factors here, there's an increase by 2030 of 13.5. Now for graphite, that's 5.3, which is very much bigger, more than double that of cobalt, for instance. So we expect also to see that reflected in the prices for the global market for graphite being manifested quite soon.

27:17 Right. I'll lastly just also mention that at that EIT summit meeting in Brussels last week, it was announced that there will be an EU partnership with GREENROC STRATEGIC eligible for for the EU funds. We have the environmental and social impact assessments ongoing at the moment. This mining law is very streamlined agreement, so it shows you the way the road towards exploitation permit. As long as you are fulfilling all these studies and hearing processes and what have you, the road is set towards the exploitation permit and we are a good deal on the way towards that and we expect to have these studies and the impact benefit agreement signed by sometime next year, which could then lead into what's the application for exploitation permit also in 2024.

28:33 Okay, so what's the roadmap looking like for production? We're still aiming at production in 'twenty seven. We are undertaking presently the work program that you see under 2023 resource definition we have done, the PEA we just started, I'll get onto that in the last slide. Then we have the environmental social impact assessment ongoing. And then next year, the PFS and DFS in '25, and then start construction for this fertilization plant. That's another road in the lower side where you can see development test of the electrochemical work that we are presently doing. We're also currently testing a 700 kilogram bulk sample in Germany.

29:21 Various parameters on the flotation work and separation of graphite that will then go in towards a processing plant test and PFS in '24 and then on to DFS and plant construction in '25. We also, of course, have to identify a site where are we going to set up such a plant. So, okay, so the road is set towards production, positive cash flow, hopefully sometimes in the in during 2027 in four years time. So one of the very important milestones this year would be the announcement of a preliminary the result of preliminary economic assessment, which report is and work is now being undertaken by SLR.

30:16 It started this month. And as I talk, they are in we have the one of the representatives from SLR visiting the site in Southern Greenland, and it's going to estimate a lot of the variables around mining in Greenland. So this just concerns the mining operation in Greenland, towards production of graphite concentrate, and, it is expected to be delivered by September 23. Okay, so with this I conclude the presentation and I'm ready to take questions. That's great, Stefan. Thank you very much indeed for updating investors this afternoon. Can I please ask investors to continue to submit their questions using the Q and A tab situated on the right hand corner of your screen? But if I could just remind you that recording of this presentation along with a copy of the slides and the published Q and A will be accessible via your Investor Meet company dashboard.

31:11 Stefan, as you can see, you received a number of questions from investors throughout today's call. So firstly, thank you to everybody for their engagement. Perhaps if I may just hand back to you to read out those questions and give a response where it's appropriate to do so, and I'll pick up from you at the end. Okay. Thank you. So now I have some questions in front of me here, and I'll start with one super news concerning amatog graphite. Why and what is the reason on the delayed news on Black Tulip Sands? Has GREENROC given up on the other projects? No, we have not given up on the projects. We have an iron ore project in the Melville Bay. We're conducting a bit of work on the vast amount of geophysical data there in order to get more information about the potential resource on the iron ore. With regard to the tool of black sands, yes, that has been delayed.

32:00 As announced earlier on this year, there's been a serious mistake during the processing of our material by IHC, the Australian mineral sands expert. They have simply discarded all the CORSA material or material CORSA, the one millimeter, which hosts a very substantial part of the ilmenite material. So we have now asked them to go back and assess in one of the composite samples what that would mean to the potential resource that are up there. And we had a lot of negotiations with them regarding which would be the best procedure and so on. So that has taken a while. We expect some results in not so long time within a month or so from them, and then we'll decide on what the next steps will be. So, yes, it's been delayed.

32:56 It also reflects, of course, that we are putting all our resources now well, all our resources, but the majority of the resources that we have on the AMITOC. That is the main project that has the most value and also the one that is will potentially give the quickest road towards a positive cash flow. So have any motor vehicle companies been in contact personally with you? Yes, they have been. And I'm pleased to say that over the past half year or so, we've seen a nice transition from me being contacting being the point of contact towards these car companies there actually started contacting us.

33:47 So I think that's a very positive development. And it's both motor vehicle companies, it's battery producers, it's anode producers, and it is suppliers, so or traders, sorry. And so, yes, we're speaking to a lot of these and designing a lot of CAs. Question here. Are you still on track for opening mine '27? And what are the key milestones to watch out for? Yes, we are on track, as I just mentioned. And I think the main milestone is the PEA. That's certainly a very important one. And then, of course, also the results of the environmental and social impact assessments.

34:33 The EU are talking a good game on supporting critical raw materials. Are they doing anything that is specifically supporting GREENROC? They supplied us with that support letter, and I strongly expect also they will see us being a designated strategic project when the strategic sorry, the Critical Minerals Act has been passed. So passed. Yes. Are you getting any interest from Gigafactory owners in taking your product? Yes. We are talking to battery manufacturers. And yes, we do see interest.

35:21 But as I mentioned last time we spoke, lithium is still the main thing they're worried about. I think that's going to change. And it is with sense that it is changing. So, of course, the interest in graphite, but I think also that it's very important that we can actually show, first of all, a positive preliminary economic assessment and also some of the electrochemical tests and other tests we're doing on our project is going to convince them that we are actually a very serious contender into what's providing anode material for the industries. Will GREENROC be involved in processing of graphite? Where would this take place? Europe, USA, China. What is the best for GREENROC investors?

36:11 So I firmly believe that it will be outside of China and also investors or the potential partner will be outside of China. We'll be focusing on achieving a proper domestic production of anode material for the battery industries in Europe or and in The United States. So and I certainly believe also that it is the best for the GREENROC investors. How confident are you that the PEA would deliver a positive result? That is that we won't have a negative NPV in a project that has no economic support. Well, I think if you look at the basket price today of the graphite that we have in ground, not considering any upside to the price development, then we'll see that the inground value of our rock or the ore is about $200 per ton.

37:10 That is equivalent to a copper deposit with nearly 3% copper, which is really a really rich deposit. So I think there's I think there's a very great likelihood that it's gonna be coming up with a very, positive NPV. So what are the showstopper risks at Emmetsock? And I think that it's, you know, I've been thinking a lot about this because, you know, with that deposit, the really rich ore, It's almost like you say, you know, nothing can really go wrong here, can it? With such a a good deposit. And so I've been thinking really hard where where is where is the risk? And I think, you know, it all boils down to one thing, and it's not really a risk, but it's more like, you know, a bit of a challenge, namely the access to capital.

38:12 That is something that the, you know, the tardiness of raising the finances will eventually, of course, also slow down the progress. We will get into production, I'm certain. We will get a positive cash flow, but of course, you know, if it takes longer time to raise the money, well, then the time perhaps also progresses a little bit too far also in getting into production. But I think that's a main main risk. It's not really a showstopper in a sense. But but, yes, I don't really I haven't found any fatal flaws here for sure. You mentioned that Amazon could be a graphite province rather than just one mine. Is if this were the case and what what sort of tungeness are we looking at?

39:03 Right, from what we know today of these other mineralizations and deposits, I would say that they all seem to be in the, at least we know there are three other deposits that have graphite ore in the same ballpark high graphite grade numbers that we see at EMTOC. It also looks like the architecture, so to speak, of the graphite ore is a bit more complicated, but we have nothing that suggests that it's smaller than an Amintoc. So we'll probably see the potential of having something well, so I know of four deposits that have they're not drilled yet, but have but have similarly high concentrations of graphite. So, you know, four amitoc type deposits would be potentially there.

40:02 But we'll know more when we drill, of course, that's not something that we have in the pipeline for this year. We have to be conservative, of course, with the funds that we raise. So everything that we raise now will be going towards developing the AMITOC, because that's the most that is furthest progressed, and that's the shortest road towards the positive cash flow we are all looking for. How old are the host rocks at Emmetok and what is the origin of the graphite and when and how did it get deposited at Emmetok? A really good geological question. So they are about 1,800,000,000 years old rocks, nearly 2,000,000,000 years. It's part of the mountain chain that once was in Southern Greener called the Catalogian Mountain Chain, and these are probably produced by funneling of deep crustal fluids up through some pathways that eventually deposit all the graphite that is why it's so consistent grades and so rich grades.

41:09 How do the production costs of natural graphite compared to synthetic produced graphite? So we don't really know too much about the production of synthetically produced graphite because it's most of this is produced in China. So but we know that the carbon footprint, as I said, was more than four times that of natural flake graphite. Are there any credible alternative technologies for EV batteries? Yes. There are. There's I mean, when when when the question here relates to alternative technologies, does that I I take that to reflect batteries without graphite as anode material.

42:05 And then the answer becomes a little bit more yes, possibly. There are solid state batteries that are being developed now. They are not in production anywhere yet, but it's possible that they will be be up and running at some point. They're still in the development stage. And as you know, the step from a prototype to actually have something that has a proven background is is quite a long process. Presently, we have seen no car manufacturers that are that are relying on on these new solid state batteries. So that's sometimes to come perhaps.

42:52 Then there are sodium ion batteries. That's a, I think, a more likely technology to come on stream. But sodium ion batteries, it's not a new technology really. It's been around for about the same amount of time as the batteries that contain graphite as anodes. But they have other shortcomings, which is also why they are not being used today for car batteries, but they are probably they're forecasted to take about 10% of the market by 2035, I believe, or 2030, but anyway, only a smaller fraction. So batteries that use graphite as anode material will be the overwhelming technology in the at least the next couple of decades to everyone's or the experts forecasts.

43:53 Is graphene something that would interest GREENROC? Possibly, yes, there will be some part of the material that we, for some reason, for one reason or the other, will not be spherinizing and producing battery anode materials. So certainly that could be something that could use some of that material. I've heard rumors that high performance silica anodes might replace graphite in EV batteries. How worried are you about that? I am not so worried. Yes. There are some test work that shows that indeed if you replace graphite with silica, you get a really high performance. The problem is that they have a very short lifetime. So they're great, but only for a short time. So not the stuff you want to put in your your vehicle course.

44:47 The reason for that is graphite just sits there and receives the lithium ion and and expels them again. So you can be used over and over and over again. Problem with silica is that, well, it does the same thing. But when it receives an an an lithium ion, it reacts with it, and it makes a compound. It expels it again, but then it swells during that process. So the anode eventually will, be deformed, and that deteriorates a lifetime very, very, significantly. So presently, there's not really any solution to that. So, again, experts predict this to be an area certainly of focus for research, but the solution has not been found yet.

45:35 Question 16, when will this European funding become available? Now? Well, unfortunately not now, but I think within a year's time, I'm hopeful that we will be a designated strategic project, AMITOC will be, and therefore it will there will be a commitment from the EU Commission to provide a mix of financing to to get us into to production. So say a year's time, maybe it's a bit too optimistic, but I am definitely an optimist, and I think that it's not unlikely because you can feel the pressure now with the EU Commission's Critical Materials Act is definitely showing that there's momentum now also politically.

46:28 How long are the licenses for? So we have an exploration license that is that will be renewed every time we we ask for it when expires. So those are not really any issues as long as you fulfill, of course, a exploration commitment, which we do. And then once we're granted an exploitation permit, at that time, it's normally good for thirty years. And then it's being renegotiated. Does GREENROC have sufficient capital to reach production and generate revenue? How much of the mining licenses have been explored today?

47:14 What are the conservative estimates for the graph five potentially available across all the GREENROC licenses? I don't to take the last thing first, I don't want to guess, you know, but I just say that from what we've seen today, each of these additional indications for immunization could equally be the size of admin talk, but they have to be drilled. How much of the mining licenses have been explored today? Only to the degree where we have been doing some mapping and sampling, a little bit of a surface channel sampling, but none of them the other ones have been drilled. We don't have sufficient capital to reach production, certainly not.

48:04 We're still undertaking development program and at the time where we get into construction, which will be '25 and '26, of course, that's going to require a completely different amount of funds to make that happen. But then, of course, at that time, first of all, there's the EU source of funding, but then there's also we have indication from other, interested investment banks that, you know, our project is really exciting and they really like, how it can contribute to the energy transition. So it's just too early for them to come in now. They are more likely to come in at the DFS or definitive feasibility stage.

48:50 What does the EU funding pay for? Or is it primarily a loan facility? So EU funding would probably be a mix of different things. It could be a straight fund could be straight grants. It could also be loans, or it could be equity funding investments. Are there any updates for other projects GREENROC Mining is executing? Those will be available in due time with anything significant to report, obviously. Where is a non EU supplier of 1,300,000 ton going to come from in 2030? So non EU supply, is that coming from outside of the EU? Well, anyway so in addition to what we can source within our project, I think, well, if it isn't bought in China, it's gonna come from Southern Africa.

49:59 That is Mozambique, maybe Madagascar, maybe Brazil. They all have graphite projects under development, but the situation is quite very different from the well regulated conditions that we have in in Greenland, where we can assure you that the mining will take place in a responsible way. Will GREENROC Mining plan a share issue in Q4 twenty three after the valuation report has been issued in September? Well, you know, I will see in due time when there's a need to to raise more more funds to support the work program.

50:47 When are the results from the bulk sample due? So we expect the bulk sample to be processed by, let's say, mid June. So shortly after that, we'll have the results, which shows us that we'll have a successful processing, of course, and we'll supply us with some 100 kilogram of graphite concentrate that we can then use to to develop spherinization techniques. Can you please provide a more sorry. That is the one I already answered. Can you show a graph of 2023 graphite prices, please? Many commentators are predicting that graphite prices will rise in '23. Is that happening yet?

51:41 So, yes, it it has rising quite steadily through 2021 and 2022, peaking in the fall of twenty two, and then it's actually been falling again recently. The reason for that is that the predictions for the price has been not taking into account the war in Ukraine, And that has slowed down very, quite a lot the purchase of new electric vehicles across the globe. It's still increasing, but not at the pace it was. It's actually picking up again now, but you can see a sharp decline in purchase of new electric vehicles in 2022, reflecting that, of course, also means that the prices of some of these raw materials have been cut back. But we expect that and also supported by recent price projections from benchmark mineral intelligence and also from fast market that it's going to go into deficit for graphite in this year and remaining deficit in the years to come. So we all expect a significant raise in rise in graphite prices over the coming years.

53:17 And I think that is the last question. That's great, Stephane. Thank you very much indeed for updating investors this afternoon. Stephane, I know investor feedback is particularly important to you, and I'll shortly redirect those on the call to give you their thoughts and expectations. But before doing so, I wondered if I may, Stephane, just ask you for a few closing comments. Yes. Thank you for everyone attending today and watching this on our website and IMC's website. So I just wanted to make you aware of that L and B Capital has just issued a research note, an update, which is available. There's a link on our website. And it declares now that Amintoc is now progressing to mine development, and they have a valuation of our shares at 31 p, a major, what do call it, upside to the present more about five p.

54:21 So have a look at that report. Okay, Stephane, thank you very much indeed. And that concludes today's presentation. Ladies and could I please ask you not to close this session as we're now automatically read out you for the opportunity to provide your feedback in order the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of GREENROC STRATEGIC we'd like to thank you for attending today's presentation and good afternoon to you all.