Greenroc Strategic Materials (LSE:GROC) — Investor Presentation

0:00 Good morning, and welcome to the GREENROC Mining PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions for today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand you over to Stefan Bernstein, CEO. Good morning to you, sir. Good morning, Alessandro, and good morning, everyone. Thank you for attending this presentation today, where I'm gonna fill you in on the recent developments at the Amatok graphite deposit in in South Greenland.

0:46 It's been a little while since we last met, so to speak. I was I think I presented in September last year. I had a a presentation also, like, a year end presentation in December. Really has been quite a bit of movement on on our project in Southwindon since then. So so I'll get on to that in a minute. For those of you who are new, there will be some repetition, of course, of some of the stuff that I presented, in in in in September, but there will, but I I'll do that fairly short, so so to get on to the to the new stuff quickly. But but here is a picture of Ametok.

1:34 It's the it's a it's a situated on the southern tip of a long island in Southern Greenland. It's a fact that the Southern Tip Of Greenland and the Southern tip of this island, and it's conveniently located adjacent to the water that remains ice free year round, which is an enormous advantage to the project. Right. So let me get on here a couple of let's see. Okay. Yeah. So get through the disclaimer. So this is the an overview of the presentation. I'll first go through some of the details about the MSR graphite project.

2:21 I'll also then touch on the some meetings I've had in Greenland in over the past couple of months, some development on the on the potential support from from the European Union, also, dwell a bit on agreement with LNS, a Norwegian mining and construction company, and discuss a little bit about the way forward, of course, both in in in short perspective and in a longer perspective. So as you can see here, the business objective really is to to produce graphite for the EV batteries. Graphite is is sourced many places in the world presently, but mostly in in Africa and China.

3:14 I'll get back to that in a moment. What you can see from this slide is that we have Greenrock Mining has three projects, the Emmitsuck in South Greenland that is the focus of this presentation. We have two more projects, the two, the Black Sands, which is a titanium alluvial sand project in in in Northern Cregnant and the Middleby Bay iron ore. We are currently focusing all our efforts on Emmitsock. It doesn't mean that we're not doing anything on the two other projects. And but but, of course, they will be moving forward, somewhat, more slowly. But I will fill you in also on the development of those, in in a meeting, to come later this spring.

4:06 Okay. So importantly here is to realize how how substantial graphite really is to the energy transition. Very soon, there will be millions and millions of electric cars on our streets. Every one of them will be powered by a, lithium ion battery, and graphite is really the one component that makes up the largest, proportion of these batteries. More than a fifth of the battery by weight is made out of graphite, which means that, an average, electric vehicle on the streets today are carrying between, well, typically, sixty, seventy kilograms of, of, graphite.

4:55 And it's it's graphite in the form of spherical graphite, high purity spherical graphite. And, well, graphite by nature forms graphite flakes, as you can see on the lower left hand panel. They have to be processed into spherical graphite, which are these minute particles rounded and then purified, so, to achieve, better than 99.95% purity. That's a process that presently only is taking place in in China. And, and, of course, that has some very substantial, or important implications for for supply chain, security.

5:44 And in fact, so battery factories, the so called gigafactories in in in Europe and United States, and North America today are importing all of their high purity spherical graphite for the for the battery anodes from China.

6:07 So we'll see an enormous increase in in demand for graphite, similar to what we've seen for lithium over the past couple of years. In fact, several analysts

6:24 have have have suggested that that graphite is gonna be the next lithium. And the reason for that is that China has its own production of EV batteries, which is going up five times in the next over the next seven years. So and considering that the just to supply the European EV battery factories, we'll be looking at a annual capacity of about one terawatt hours in twenty thirty, which is only seven years away. That in turn requires, in the order of one to 2,000,000 tons of graphite compared to, well, last year's demand that was only a 170,000 tons.

7:13 So benchmark, intelligence has provided a forecast for for for for for graphite supply. The black curve here shows the, the the supply that's gonna go in deficit from this year remain in mild deficit, over the next three years when it's gonna fall completely off, the graph here. And there's a deficit of up to about a million tons per year in by 2030. This is why benchmark min mineral intelligence has estimated that in order to supply all of the, raw materials, for the engine transition, we need by 2035, a bit more than 10 away, we are in need of, all these new mines, which translates into about nearly nearly a 100 new average size, graphite mines, nearly 100 new mines.

8:16 So that's, you know, a a very serious, challenge, of course, to the, to the energy transition. And it's something that concerns, of course, also the industry, which and and and presently, are doing they are starting to be made deals with regard to securing the supply of certain of these critical raw materials such as for foremost lithium. Right. So the question is, where's all the needed graphite is gonna come from? And one is not the question, but certainly part of the answer to that is Ametok. It is a it's a deposit that just keeps getting better and better the more we know about it.

9:05 It's located here in the southern tip of this long island, 20 kilometer long island, in the middle of the fjord, 20 kilometers north of in an autoloadic town. It was a mine a hundred years ago. This is a photograph from one of the old mine edits. It closed in 1922, but it's in excellent condition today. We get on to discuss the resource that we have here. We've conducted some work showing that the graphite really is of very high quality. That work was conducted in 2018, 1920 based on surface sampling and also some samples from inside the old mine.

9:54 And and then GREENROC decided to do some the first drilling, the actual the first exploration drilling, altogether on this deposit, in 2021. And we've had two very successful drilling seasons, so we're now really moving from exploration stage into development. I'll also just mention here, I'll get on to that in a minute here, that we have other deposits nearby. These shows this the entire license ground that we are holding in South Greenland that encompasses several high grade graphite deposits. So what it is we have here in in in at Emmetok is a deposit with a remarkably high grade.

10:47 After two drilling seasons here, we now have a resource up upgrade that we announced in January this year, with a total resource of more than 20,000,000 tons at 20.4% graphite, which translates into, 4,700,000 tons of of graphite. That means that we moved last year's resource that already was really good at about eight eight million tons, but was mostly in the inferred category. We now moved all of that, basically, seven more than 7,000,000 tons at 21% graphite into the measured and indicated category, which is a category with a much higher degree of certainty.

11:43 If you take the the resource that we have in ground here and and look at our value, as expressed by our market cap, we have a value of well, it's a it's a it's a it's a few dollars per ton of graphite resource. Compare that to all the other projects here, in with the green bars, it shows that we are heavily undervalued, which also, of course, means that we have a tremendous potential for for value increase here. In fact, L and B Capital released an update to their research note in February, which can be found in our website, that has our value our shares valued at 37 p.

12:42 With the orange bars here, I've also plotted the average grade of the ore, showing that we are really within the the the very top of of graphite deposits worldwide. And mind you, I'm only showing you here deposits with more than 5%, graphite, on average. In fact, today, the average grade of ore in, graphite mines under operation is about 7%. There's a lot of projects now under development, you know, all over the world, but they usually many of them have three, four, 5% graphite, even down to 2% graphite.

13:30 Okay. So the ore bodies, there's another advantage with this project is that the Emitsoc ore bodies are really well defined. They are, have a simple geometry. They basically are, expressed as two main ore bodies, the lower graphite layer and the upper graphite layer, shown here in red and yellow, respectively. This is the Amintoc Island looking from the west towards the east. The southern tip is here, and so the layers are dipping towards us. And then, in fact, we haven't reached the outer boundaries of of the of the orbiters.

14:15 So the deposit really is still open towards the north, down dip towards the west, and towards the south. So the estimate I just showed you, in the former slide is a is a very conservative minimum. Also, the the graphite layers, in particular, the low graphite layer is is have an extraordinary consistency of grades. It is about 20% between 2024% graphite all through. So you drill these white pale granitic gneisses, which is the waste, the wall rock. And then when you get into the the ore body, everything turns black immediately. The drill mod comes up, and it's all black. The the the core is black. It goes directly from zero to 20 something percent graphite, and then you're out again after, you know, the thickness of the of the ore body is drilled.

15:14 So that means that the estimation of ore here, the ore volume and tonnages is is quite robust, and also it bodes very well for the, for the processing.

15:30 Nearby, we have, as I mentioned, other deposits. Here's a Galak deposit. It's located about five kilometers away to the south. There's been done some work here, channel sampling, some mapping, some geophysics. It shows that it's quite an extensive field of ore bodies. They also are quite high, in in graphite. Although there's some indication that surface sampling all sometimes give higher values at than than than drill core. So, maybe they are slightly lower than these, but, you know, there are indications here between 2030% graphite. So certainly something that rivals the the aug rates that we have at AMITOG.

16:20 This is certainly a place also that could be developed. We are presently again, we are focusing on Amitark because we feel that's the that's the that's the one that we can get onto production the fastest. But it's important to bear in mind that we have these deposits and occurrences nearby. Structures here is a bit more complicated than Amitsok, so it probably requires a bit more drilling in order to achieve a good results. And we have several other deposits. Last year's field campaign showed that we have a high grade deposit here down in the Nautilus Island. There's another high grade between 2025% graphite up here, Emmitsuck Valley. So real really, we are develop developing a a graphite district here,

17:15 and it's all under GREENROC mining licenses. So another important, development has been on the processing of the amisog graphite ore. We showed already last fall that we can, by simple flotation, achieve a quite high

17:39 percentage of a graphite concentrate, namely 96% graphite. Now we have taken that graphite concentrate and and have the prographite in Germany conducting some test work on micronizing and spherinizing it. And this is the the an actual photomicrograph of graphite from Mammitok that's been spherinized into these, spheres that are used as an active anode material for EV batteries. Very, very successful spherinization. It looks like the material that we have at Emmetok is is perfectly suited for for this, processing technique. And, also, we were able to achieve a very high purity, 99.97%, graphite, both with IHF, which is like the standard, purification method, but also using the milder and less expensive alkaline fusion, which is using sodium hydroxide.

18:40 So all that looks very good. We are also looking at a you know, some numbers in terms of production. I think a a conservative estimate here would be to produce at least 400,000 tons of ore per year, which would, after processing, yield about 60 to 80,000 tons of graphite concentrate that we can then go on and and process to spherical graphite for the gigafactories. I'll get onto that in a moment. Also, I wanted to, again, mention here that there's a potential for supplying at least some of the energy, with with the c o two neutral, energy sources from the hydro power plant, which has been planned by the European, sorry, by the GREENROC STRATEGIC MATERIALS GREENROC There's also very good MATERIALS PLC, potential for wind turbines to supply some of the energy also. So we are presently looking at several solutions, along with the with the Korean government.

19:58 GREENROC MATERIALS PLC, STRATE resource industry. So today, as I mentioned, North America and Europe, the gigafactors there, they get all of their spherical graphite, from China. And since China has been a net importer of graphite over the past four years, there's, in fact, so that probably some of that graphite is actually being shipped first from Africa then to China, which is about thirty five days of shipping process there, and then forty days of shipping to Europe.

20:46 So, that's something where we have a really competitive advantage being situated only five days of shipping away from, from from Northern Europe and about seven days of shipping away from, the, Northern US, Northeastern US Seaboard. There are a handful of graphite projects underway in in in in Europe. There's the, the Skalen, which is a producing mine in Northern Norway. They don't produce, battery grade, graphite. It's all coarse grain graphite that is used or coarse flake graphite that is being used, for the more, the traditional applications, basic mostly in the steel industry.

21:35 Then there's a Bitungi, Telgas project, big project in up in Northern Sweden. They don't really have a mining permit yet, but they have a that that is the project with the highest graphite grade.

21:49 That's potentially coming on stream in some years to come. As I said, they don't have a mining permit. They the graphite is also of a composition that, that requires a little bit different processing. So they are developing that now. Then we have Voxna and Autolampi in in Finland, Voxna in Sweden. They are still quite early stage. I would say that well, the point of this slide really is that even if they all come into production by 2030, they would still only be supplying, maximum of 30% of the the of the of the graphite needs by the European manufacturers.

22:33 Right. This slide is just showing you basically the same situation applies to North America. We are conveniently located midway between two of the biggest markets in in the world for for for for the gigafactories to supply gigafactories. So so, certainly, there's there's a potential here also to to supply the The US market. And in fact, with the resources we have in GREEN and well given the the demand for both markets, there's a good chance that we could actually ramp up production and and provide the graphite to to both markets. In fact, we have so much graphite in ground that it's mainly a question of of raising sufficient capital to to develop it.

23:21 Right. So then a bit about the the meetings, I've had in in in Greenland. So I went to Greenland in January to meet, both with the government in NUC, and also that was actually the main purpose of the of the travel was to, go to Nanotolik and hold an information meeting with the local community there. So Nanautolik Town is a town of about 1,100 people. As I said, it's located about 20 kilometers away from from, from Emmitsuk, And it's likely to be the main, like, hub for transportation and also, obviously, some people in the town will provide labor to the to to the project.

24:14 They have a quite modern harbor. It's not a big harbor, but it's it's well equipped. And this photo here testifies to the ice free conditions that I just mentioned. This is taken this is the Amatok Fjord taking it in January 23. Right. It's an old town by GREENROC standards. It was church there was built the same year as the mine, the nearby Emmitsock Mine, came into production in 1914. So we held a series of information meetings that was quite well attended. We also met with the local hunters union and the workers union, and we were really met with a lot of interests.

25:10 And the main the main worry, really, from from from the local people side was, whether this really, is becoming reality and and when will it start? When will when will we start construction and and and so forth? And and they really see it as a as a way to, of course, generate income, place workplace, and they'll kind of like the the idea of being a mining town again. Something I'll touch on in a second. I'll just show you that okay. So we aren't really drilling or any doing any fieldwork right now, but that doesn't mean that we're not moving forward with the project because samples collected last summer and fall of various biological matter and and and so on is now providing the basis for the environmental impact assessment, which is ongoing, of course. We also just started the social impact assessment that is going to sketch out the, the project and how it's going to affect the, the the local, population and Greenland as such.

26:18 As I said, GREENROC, really South GREENROC has a a long mining history, and they're quite proud of it. Here, we have examples. There's a copper mine, a bit further to the West. There's the Iwitut mine that was running for more than a hundred years, a quite profitable mining, operation. And then we have the nearby Nalunak mine. There's a gold mine that, that was active in about twenty years ago, fifteen years ago, and it's is presently, during, reopening. And it's just our it's actually our closest neighbor. Here is Amitok Graphite Mine, and this is the gold mine.

27:08 And then, of course, we have the Amitok Mine operating for six, eight years. Okay. I also went to NUC. I had a very good meeting, with the minister of mineral resources and justice, Akalo Ile. He was very supportive of our project also. He is from South Greenland. Greenland really has the same, you can say, challenges as many other countries today where people move from the villages in the in the in the out in the, out in the in the the countryside, towards the bigger cities. And, and and therefore, they are they they are worried about deep population.

27:57 So, again, very, supportive, and, and, in fact, they see the mineral resource mineral extractive industry to be an important, diversification of the greener economy. And, I'm also proud to to to tell you that we, received the prospectus and developer, of the year award 2023 by, the Greenland government. It's given it's presented to a company who has been active in advancing exploration projects, has shown initiative, innovation, and are operating according to the best environmental and social responsibility practices. So I see that as another, sign of recognition PLC. From the from the GREENROC Okay. So as you may have seen from the RNS last month, we received a letter of support from the European Raw Materials Alliance.

28:58 It came after a quite long process, about half half a year, where we presented this is two stage process. We prepared a some material that was then evaluated by the European Raw Materials Alliance board and three experts. I was giving a presentation in December, and then they were looking at the at the project and then they've made a decision in in January. And the it was a very positive decision that they gave us a full support.

29:43 Now what this means is is that I'm hopeful that this would open some doors to both financial investors or financial support, financial institutions that we have not yet met because there are a lot of different funding possibilities throughout Europe. And, also, it we're hopeful that it will open doors towards potential offtakers, battery car manufacturers, and and so forth. I can mention that we are, of course, talking to them already. And in fact, I'm I'm I'm I wouldn't say that's the most work I do, but it certainly takes up a considerable amount of my time to make connections to the potential off takers. So it's battery industry. It's a car industries.

30:36 It's a graphite industries.

30:40 Because in both of both because it provides funding. It potentially provides funding for the onwards development. It also, potentially, could supply us with some technical expertises that could help us out in our path towards production. A very important piece of document was released yesterday. It's the Critical Raw Materials Act announced by the EU Commission, yesterday. It sets out a, some strategic raw materials that, require special specific attention here over the the coming time.

31:26 And and natural graphite is one of these strategic raw materials. Actually, one other one is titanium metal, So that bodes well for our, IMMANOC project of Northwindon, of course. But natural graphite is is the what what we have it at. And it says here that that the regulation sets clear benchmarks for domestic capacities along the strategic raw material supply chain, and it's in fact, it's so that that it's set to that that there should be a 10%, domestic supply of EU's annual consumption for for these strategic raw materials. And it also says here that for the processing side, it's even more ambitious, namely 40% has to be domestic.

32:24 And then it opens to other different, supplies also, outside of EU. Although I think that GREENROC certainly qualifies as being a EU, not a member, but associated country. Another p important piece of statement here is that in addition, selected strategic projects will benefit from from support for access to finance and shorter permitting time frames. And I think this is what we're aiming at now. We just passed this test from the European Raw Materials Alliance, for support. So I will have a meeting next week with the European Raw Materials Alliance. Hopefully, then we can be, acknowledged as a strategic strategic project, without too much delay.

33:17 Okay. So we also signed a nonbinding MOU with LNS last month or this earlier this month, actually, but it's been a negotiation that's taken place over some time. LNS is a very important player in in the Nordic countries. It's a it's a specialist company in terms of underground operations, but they're also a a a strong, construction company. And they are running, some mines. They have been running the Rane iron mine in in Norway. It's actually been the lowest cost lowest operating costs, worldwide for for an iron ore mine. They are running the Bilodok Ruby mine agreement.

34:08 They have constructed tunnels in in Hong Kong. They are building harbors and and so on. Now what this will, turn this MOU really lies a foundation for further talks. There's a series of potential, avenues that we can follow here. One is that they they could potentially take direct equity for providing some funding for some of the work we'll be doing. Another option is because of their expertises, is that they could undertake certain work in of the work program in return for for equity or royalty or or or similar. And eventually, of course, one of their main interests is to become the, operating, partner when it comes to construction and operating the the mine at Emmetok.

35:05 I also just mentioned that in addition to producing graphite at the mine site in Greenland, producing graphite concentrate, we are also now considering developing a proper domestic production of spherical graphite. So taking the flakes, from the concentrate, micronize and classify in terms of size ranges and then spherinization to to the end product. That's something that, as I said, presently only takes place in China. It's mostly a mechanical process apart from the cleaning stage to to to to reach the 99.95% purity.

35:54 And today, we could call up a Chinese company, Henson, or some other company, and, and have them probably doing an an MOU or even an offtake agreement. But I think that's kind of missing the point here in terms of securing the supply chain. So we've been talking to a European producer of a new equipment that is, aimed at spherinide graphite. It's a it's a German company. And we will be running our so we took out a 700 kilogram bulk sample last year. It's presently under processing in Germany. And once we have the the graphite concentrate from there, we'll do some test work with this new equipment in in Germany, and see whether that's a a viable solution to provide us with a possibilities for setting up production of spherical graphite in in in Europe.

37:02 And, of course, with this new Critical Raw Materials Act, they're certainly opening doors also to funding of such projects. Right. Getting on to the, road map here to production. I'm running a bit short of time here. So very quickly, we are still intending to have production starting in '27. So presently, we're doing the environmental and social impact assessments. We're also, right now looking at proposals for a scoping study that we'll be conducting. It takes about six months, so they'll be ready by, you know, early fall. And that should lead us into exploitation permit, next year and and so forth. Construction, '25, '26, and stop production, '27.

37:49 Parallel to this, we are, as I said, developing a potential production of high purity spherical graphite because there's a very important value increase in from the graphite concentrate to the spherical graphite. And, of course, we would like to have a part of that of that upside. And so we are, of course, also doing our best to market our project. That is something that is is important to to to, of course, arrive at potential offtake agreements. It's also important for us to be more recognized, with investors to drive our share price up.

38:38 And, so I'll be presenting, at the benchmark mineral mineral intelligence gigafactory, conference in in Budapest in couple of weeks time, ten days time, also at the raw materials summit in Brussels, later in May. And, so, I think I'm, I will stop here and, and go over to to, some questions that you have. So thank you. Stefan, that that's great. Thank you very much for your presentation. And ladies and gentlemen, please do continue to submit your questions just by using the q and a tab, which is situated on the top right hand corner of your screen. But just while just while Stefan takes a few moments to review those questions submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard.

39:30 Stefan, as you can see, you received a number of questions throughout today's presentation. And if I could just ask you to read out the questions and give responses where it's appropriate to do so, I'll pick up from you at the end. Mhmm. Okay. So there's a couple of presubmitted questions here. One was the first one is, what was the justification for the placement at 3.7 p so soon after a 4.5 p round was completed? As a subscriber to the 4.5 p round, I feel agreed, and I'm sure others are too. Yes. And that includes me, actually. I was allowed to invest in in December, so I I invested, some of my savings here at four point five p.

40:17 You know, I, you know, I that's a that's a really good question. So it is so that we the the drill program last year was quite successful. And therefore, we decided while we were drilling to, to conduct a bit more work, namely that we took out this box sample that is presently in in Germany. So the 700 kilogram per bug sample from the underground workings was taken out, and then there was a increase because of the of the these very impressive intersections of graphite ore. There was also some other increased costs. So when we got into the late fall, early winter, we could see that we needed to do a race in order to undertake some of this extra work also and and, of course, pay for that whatever extra that operation cost.

41:17 But that was at a time where we didn't really have the full results. We didn't have a resource upgrade yet, so we decided just to do a a smaller raise, also because the share price wasn't great at that time. So we raised a couple 100,000 in December. Now in we had anticipated that the share price would go up quite significantly because, we were releasing this very good, grades, that we we received the the grades, just before Christmas and then, a resource update in mid January.

42:04 Well, the share price didn't really move that much. And and then with the edit I mean, the market is just really horrible. So when we did the next raise that we had to do in order to carry on with the work program, well, regrettedly, it was now down at the 3.5. It just wasn't possible to to do to do a race at a at a higher price. So but I'm really hopeful that this is, this is the last time we need to do raises at at at that kind of price. And there's a lot of things that I think is showing that we are on the right track towards towards creating more anticipation and and thereby a a better share price for us.

42:55 And I'll I'll I'll ask you to take a look at the the value that L and B Capital has has announced for us of of 37 p, which is a much more fair valuation of us. Right. And then there's another one here. Good morning, mister Bernstein. GREENROC intends to fast track Amazon. You recently stated that GREENROC believe they can accelerate the project and then and that when demand for graphite rises, you'll be ready to supply the growing market. Your road map shows production start in h one twenty twenty seven. So have GREENROC now brought forward this expected start date? And if so, do you anticipate the new date to be what do you anticipate the new date to be?

43:44 Yes. I we're still planning for production in in in in '27, and we're still on track with that. As you may have noted from my presentation here, Benchmark Miller Intelligence anticipate a very significant supply deficit that kicks in in '27. So that's a perfect match. I think, 2027 is perfectly feasible to be in production. Bringing that start date forward would be a lot more challenging because there are simply certain things that we need to undertake. I just mentioned the social and environmental impact assessments.

44:29 There's also a prefeasibility and the d d f s, a definitive feasibility study that has to be carried out. It could perhaps be accelerated further, but that will require, you know, that we could a completely different access to capital, and I'm not sure that it could be moved very substantially. Let me see here. Would GREENROC consider joint ventures in order to fulfill mining opportunities? And and thereby, you probably mean adamantoc and for sure. And I see I mean, we have been talking to some of the quite a few, actually, of the major mining companies, using some of the older contacts we've had, but also creating some new ones at the prospectus and developers convention in in Toronto, last week.

45:37 None of the major miners are into graphite. We talked to some of the smaller mining companies that could perhaps be interested. One of them is, for instance, LNS. It's not like it's not mostly known for its, its mining capabilities, but, but operations. But, but that could, of course, be a way of moving our project forward. So we're definitely yes. Sorry. That was a long answer. We're definitely looking at potential job ventures. One possibility is also that we talk to a off taker. They'll be interested in supplying us with the capital to to conduct this this this work that would eventually lead us into production in return for having a a a secure supply of graphite in the years to come, whether that would then be with, you know, a little bit of a a discount, compared to to to to market prices for graphite or something.

46:40 There are even royalties. That's a possibility. Selling a smaller portion of of the revenues from from future production, for for for capital being available now. That's certainly also an avenue that is actually quite attractive. Okay. I'll go on to the next here. Mark, are you seeing interest from potential end users to secure supply, and would they look to forward funds for the development of assets? Thanks. That's exactly what I was just talking about. Also, yes, we are seeing some interest.

47:26 And we've been talking to quite a few. All I wouldn't say all, but some of the big car manufacturers, some of the bigger, battery manufacturers, they do realize that graphite is probably going to become a problem. But presently, they're it's like lithium is the only thing they can they can, they can think about. So I'm sure it's gonna be more evident for them and, higher up on their agenda, quite soon. But, presently, they they none of them really have have have moved on to to to signing anything with us. But we are definitely talking to them and have signed, I don't know, at least five MOUs with with with such companies. So, yes, they are interested.

48:20 That's for sure. And, of course, I'll be using the all the mileage I can get out of the benchmark, conference next next well, ten days from now in in Budapest. Scott, when looking for outside funding, are you excluding Russian and Chinese groups due to their poor human rights and s HSC ESG record records? I yes. And that that's part of the that's part of the reason, but, certainly, also, I think, as I just mentioned, you know, we are completely missing the point if you join up if we join up with a Chinese manufacturer of of annual material.

49:08 I'm sure we could strike a deal with them quite quickly, but I think in the longer term, it's not sustainable. And, also, they have not necessarily shown to be the best business partners. So we are presently looking at something that is more robust and also something that, is more aligned with the current strategies from the EU Commission and the greater EU, of course, and also from the from The US where, a lot of subsidies are now being funneled into the into the, into the energy transition. Yeah. Hi, Stefan. Andrew here asks, can you advise why the mine at Emmetok previously ended operation twenty nineteen twenty four, and whilst it was in operation, was it profitable?

50:11 I would think that it was profitable back then. In fact, when you walk around in the mine today, you see, a lot of evidence that they were actually planning for, increasing the production quite significantly. They put in a tram and an ore bin, and, and when you look inside the ore bin, it's you can see there's never seen ore. So there was a lot of construction going on, and, and they decided to pull out. I think, from what I have read, although I haven't done really any research on this, but, it's an interesting thing to look into. But but what I have read is that, the graphite prices on the world market plummeted after the closure of the First World War. So maybe the market just couldn't support the the operation in in at Emmitsak.

51:08 Later on, there was a rumor that was developing over the decades later that, first of all, that they ran out of awe and also that the quality wasn't so good. I know that they have some issues with actually creating the the the concentrates that they wanted to. But, but, certainly, we can see here that they weren't running out of grades, sorry, weren't running out of ore. But, of course, they didn't have access to the kind of diamond drilling that we have today. So a lot of it would be, exploration, through drifting, which is a quite expensive way to to to explore for ore. Right. Okay.

51:56 So here here we have a a question. It's a good question. Mark A asks, with the evaluation differential showing the undervaluation, are these companies fully funded or at further development stage? None of them are in production. They are mostly at PFS. A few of them have a bit of funding. But I would say that I it's always difficult to compare companies at the different stages, but I think that they are we are more or less at the at the same stage. Of course, like, for instance, Telga in Sweden, they've been they have been in business now for, I don't know, more than ten years and is a very well known player now. So, of course, that that that that means a lot. They've been they've been listed now for many years.

52:45 So so, of course, investors know that company. We have only been on the market for, what, one and a half year. But my aim is that we get up there with the same as a so that the share price really reflects the true value of the company. So Paul asks here, what do you see as the biggest potential shareholder value adding events of the next twelve months? Right. Apart from the announcement of new results, we will have, processing our 700 kilogram bulk sample. We will have processed some of it with this new machinery I was showing you to produce spherical graphite.

53:39 We have electrochemical studies also providing evidence that this is a really good material for for production of of EV batteries. Several other things, technically, it looks like it doesn't really matter too much what we're announcing. The share price doesn't really seem to move that much. What I think will change is when we get a an agreement with a potential, larger investment company, like, for instance, an off taker or a substantial investment from a governmental body, I think that's something that really will will drive us up in another category. And another thing I and this is something I'll be putting a lot of work into over the coming time is just to make us more known to to the players in in the industry.

54:37 That's a that's a lot of work, but but it's actually also fun. I think we have such a good project, and and people, just need to know more about us. Hi, Stefan. This is Mark T. Do you know how long it will take to build the hydroelectric plant? You will will you need this before '27, or will the wind farm be enough power? Thank you. Okay. It's not a big hydropower plant. And, actually, it it is only marginally I think it's it it will provide most of the power, but maybe not all.

55:23 But being a relatively small hydropower plant, it's potentially possible to put it up in a couple years' time. And there's a lot of interest from the green and government side to to to support this. They have also plans of putting up a a a huge, well, big hydropower plant further to the north, which is a lot bigger. And they have some ambition also to supply mineral industry in general with green energy because they also see that as a way to attract, both investments and, of course, companies to work in green. And that's about 80 kilometers to the north, and that will take longer time. We can't wait for all of this, of course. And it's it's not like it's gonna stop us from moving ahead. So instead, we have decided to well, in in the planning we're doing now, we are, calculating with a a diesel generator, ship or a barge that is moved into place so we can get started on the mining. And as we develop other c two neutral energy sources, we'll slowly replace that diesel generator plant with with that.

56:40 Why aren't the largest largest miners interested in graphite? Scott asks. Yes. So it's large mining companies, they just love big projects. And it's simply it's something about the economics. If you look at the investments they will have to make in terms of manpower and certainly also finances, it it pays off better if they focus on the bigger deposits. So I remember back in my time, worked on a JV with Anglo American exploring for copper, sedimentary copper deposits in in Northeastern Greenland. And one of the one of the directors said to me when when we're discussing drilling, yeah, you know, but, you know, our minimum here would be 2,000,000 tons of copper.

57:43 So anything less than that, if there's no room, like, if you know, in in where you're drilling, we're not gonna drill. So work out 2,000,000 tons of ore is of of contained copper. You know, I think we could live with with less than that, but but that's kind of the philosophy that they have. Recently, Rio has entered the, the battery market. They are looking at a, some lithium minings. So I wouldn't as the interest grows for graphite also and as the the industry start to realize how important graphite is and how undersupplied it will be in the future, maybe that will also change.

58:32 And now we're approaching noon, so I think I will conclude here with this last question, I believe. I don't see any other questions. Stefan, yes. Thank you very much. I think you actually managed to address all the questions from investors. And, of course, the company will review all questions submitted today and will publish those responses on the investor me company platform. But just before redirecting investors to provide you with their feedback, which I know is particularly important to yourself, Stefan, could I just ask you for a few closing comments? Yes. First of all, I, I would, I would thank you all for attending today. I also thank you for your support in GREENROC. I think we are on a really important mission here. I'm sure that that green the mTalk project is is is is of a value that will make your investments, turn out to be a a good one.

59:22 It will take some time. It's it is a journey we do together, I hope, but, but I can guarantee you that I'll do my best to make, Greenrock and particularly our MSOC project known to to the big industrial players, to provide value for for our shareholders. Thank you. Stefan, thank you once again for updating investors today and being so generous with your time. Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure be greatly valued by the company. On behalf of the management team of GREENROC STRATEGIC MATERIALS we'd like to thank you for attending today's presentation, and good afternoon to you all.