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(Sharecast News) - GreenRoc Strategic Materials reported a wider first-half loss on Friday, as it advanced development of its Amitsoq graphite project in Greenland, which had since been designated a strategic project under the EU Critical Raw Materials Act.
The AIM-traded firm posted a loss attributable to equity holders of 0.43m for the six months ended 31 May, compared with 0.4m a year earlier.
Cash at period end was 0.27m, reflecting a net inflow of 0.18m after 0.71m of fundraising, offset by 0.54m of exploration spending, creditor settlements and administrative costs.
Basic and diluted lossed per share came in at 0.2p, against a loss of 0.24p in the prior year.
The company said it secured gross proceeds of 1.19m from share placings in February and June, both supported by board and management participation.
In July it received a further 76,923 from the exercise of warrants issued in the earlier placing.
Operationally, GreenRoc advanced its exploitation licence application for Amitsoq, with a formal project description submitted for pre-consultation in May and the consultation period closing in June.
A 15 to 20 tonne bulk sample was being prepared for extraction, and baseline studies for the environmental impact assessment started in July.
The project also received an ESG certification through Digbee, the first minerals project in Greenland to achieve such recognition.
"The EU's designation of Amitsoq as a 'Strategic Project' under the Critical Raw Materials Act, combined with invitations to present at high-level raw materials summits, highlights GreenRoc's central role in securing a stable and sustainable graphite supply chain," said chief executive Stefan Bernstein.
"GreenRoc's dedication to responsible and sustainable development is clearly demonstrated by the EIFO Letter of Interest, the pioneering ESG certification through Digbee - a first for Greenland - and the continued support of investors."
At 1006 BST, shares in GreenRoc Strategic Minerals were down 4.98% at 1.9p.
Reporting by Josh White for Sharecast.com.