Have a follow-up question from our recent investor webinar? Submit it here.

To view the webinar: https://greenrocplc.com/webinars/yzjLxy-investor-update

You can also read CEO Stefan Bernstein's answers to the questions we didn't have time for during the live session.

Are the grades getting bigger as you do more drilling?

The grades are well above 20% graphite for the Lower Graphite Layer orebody and ca 18.5% graphite for the Upper Graphite Layer – some of the highest grades, globally. The grades are not expected to increase, but the tonnage of the estimated resource is.

One of the main problems for investors is seeing the vulnerability of the EU and the need to speed up approvals for the just transition and for energy security. Yes, the EU is doing its part with the CRMA and grants, but where are the offtake agreements? It looks to me like EU industry and manufacturing is not, yet, on the same page. What can be done about this?

There is a lot of focus on exactly that point within the EU commission – the industry itself is predominantly concerned about the Lithium supply and price levels as Lithium makes up a much bigger fraction of the total battery cell cost. Also, the off-take agreements are usually only signed when certain amount of material delivery can be made – both for testing and for future supply. Therefore off-take agreements are still some time away, but MoU could be a good early step for us. Just like the one we had with Morrow. We are working on several fronts on this matter.

Is the Exploitation Licence akin to a Mining Licence? What other key permits are required to de-risk the project sufficiently to a) attract strategic investment at a substantially higher share price and b) achieve first production? On this latter point, is there a pathway to pilot-scale revenue before main construction?

The Exploitation Licence is the political approval of the project. The Mining Permit shall be issued before any construction can take place, but this is a technical permitting, needing the conclusion of the ongoing EIA and SIA, as well as a mining plan and a closure plan and conclusion of an IBA (Impact Benefit Agreement). All of this can be conducted once our PFS is ready. Since the signing of the Exploitation Licence in December 2025, we do not expect any difficulties in obtaining the mining permit – it is merely the work program described about that need to be concluded.

How would you benchmark GreenRoc against peers in terms of progress and market cap, and given the importance of Amitsoq overall, what might explain the absence of strategic investor interest?

Looking across all pre-production companies in the field of battery CRM, being undervalued seems to be the norm. I believe that particularly in the graphite space, there is a lack of understanding or perhaps neglectance of how serious a situation to the West with exposed supply chains and how few companies there are to fill that supply gap which is only to widen in the future given the rising demand. Thus, I believe that there is plenty room for all European pre-production companies. The strategic investors will eventually appear – but for now we are lucky we have a strategic partner in EIFO to help us develop.

Any MRE increases, including indicated vs inferred?

This will be announced in due time

Can you confirm the full timeline from today through to first commercial production, including purification commissioning, Phase III drilling, DFS completion, permitting and funding milestones, and specify which of these are already de-risked?

The full timeline to production is given in the slide in the presentation. Commercial production by H2, 2030, purification commissioning complete by Q3 2027. Drill phase III complete by Oct 2026. DFS completion and full permitting by H2 2028.