Astral Resources (AAR:AU) has announced Theia In-fill Drilling Continues to Deliver Broad Gold Zones
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Westport Fuel Systems Inc. (TSX: WPRT Nasdaq: WPRT) (‘Westport’ or ‘The Company’) announces that the Company will release Q3 2025 financial results on Monday, November 10, 2025, after market close. A conference call and webcast to discuss the financial results and other corporate developments will be held on Tuesday, November 11, 2025.
Time: 9:00 a.m. ET (6:00 a.m. PT)
Call Link: https://register-conf.media-server.com/register/BI44c6d66e9dc84dd387df0e1ce164a19a
Webcast: https://investors.westport.com
Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.
The webcast will be archived on Westport’s website and a replay will be available at https://investors.westport.com .
About Westport Fuel Systems
Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow. As a leading supplier of affordable, alternative fuel, low-emissions transportation technologies, we design, manufacture, and supply advanced components and systems that enable the transition from traditional fuels to cleaner energy solutions.
Our proven technologies support a wide range of clean fuels – including natural gas, renewable natural gas, and hydrogen – empowering OEMs and commercial transportation industries to meet performance demands, regulatory requirements, and climate targets in a cost-effective way. With decades of expertise and a commitment to engineering excellence, Westport is helping our partners achieve sustainability goals—without compromising performance or cost-efficiency – making clean, scalable transport solutions a reality.
Westport Fuel Systems is headquartered in Vancouver, Canada. For more information, visit www.westport.com .
Investor Inquiries:
Investor Relations
T: +1 604-718-2046
E: invest@Westport.com
News Provided by GlobeNewswire via QuoteMedia
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Over a decade ago, Sen. Ted Cruz, R-Texas, predicted that healthcare premiums would skyrocket, even in the face of subsidies put into effect under Obamacare that were meant to bring them down.
Today, the ballooning of those premiums and their accompanying subsidies are at the center of the 22-day shutdown that looks poised to get longer still.
‘Despite Obamacare subsidies, many Americans will still be paying higher premiums in 2014 as a result of Obamacare,’ Cruz said in 2013, referring to the Affordable Care Act (ACA).
In his 2013 floor speech, Cruz pointed to research from Avik Roy, a healthcare researcher who, at the time, was a senior fellow at the Manhattan Institute. Roy’s research made the case that subsidies passed by the Obama administration would do little to stop government-backed healthcare plans from growing more expensive over time or competing effectively with non-government-backed plans.
But even those forecasts have paled in comparison to the costs of the government’s emergency response to the COVID-19 pandemic.
The subsidies under Obamacare have vastly expanded in recent years. An emergency provision included in President Joe Biden’s 2021 American Rescue Plan widened the range of eligible applicants as a response to the global pandemic.
Now that those COVID-era provisions are set to sunset at the end of 2025, an expiration date set by Democrats themselves, Democrats are voicing alarm that Obamacare policyholders will have to shoulder the costs of health insurance without the enhanced supplemental aid.
According to the Committee for a Responsible Federal Budget, a nonpartisan think tank that focuses on fiscal policy, continuing the expanded credits could cost upwards of $30 billion annually. Findings by KFF, a healthcare policy group, say that over 90% of the 24 million Obamacare enrollees make use of the enhanced credits.
KFF analysis indicates that the enhanced premium tax credits saved subsidized enrollees an average of $705 last year.
Democrats in Congress, led by House Minority Leader Hakeem Jeffries, D-N.Y., and Senate Minority Leader Chuck Schumer, D-N.Y., have demanded some sort of extension to the already expanded COVID-era subsidies as a condition for passing spending legislation to end the current government shutdown, which is now the longest full shutdown in history.
Republicans, who maintain that the subsidies are completely unrelated to government funding considerations, have said lawmakers will address the subsidies when the government is open again.
The most conservative members in Congress have said cutting back on the subsidies is key to returning the government to pre-COVID levels of funding.
Lawmakers in the Senate have voted 11 times on a short-term spending extension meant to keep the government open through Nov. 21 but have so far failed to move past the gridlock over the enhanced premium tax credits.
Cruz did not immediately respond to Fox News Digital’s request for comment.
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President Donald Trump met with NATO Secretary-General Mark Rutte Wednesday — days after Ukrainian President Volodymyr Zelenskyy visited the White House andafter calling off a meeting with Russian President Vladimir Putin.
‘We canceled the meeting with President Putin,’ Trump told reporters in the Oval Office with Rutte Wednesday. ‘It just it didn’t feel right to me. It didn’t feel like we were going to get to the place we have to get. So I canceled it. But we’ll do it in the future.’
Trump also shed insight into why he isn’t interested in arming Ukraine with Tomahawk missiles, after indicating earlier in October he might do so.
‘There is a tremendous learning curve with the Tomahawk. It’s a very powerful weapon, very accurate weapon,’ Trump said. ‘And maybe that’s what makes it so complex. But it will take a year. It takes a year of intense training to learn how to use it, and we know how to use it. And we’re not going to be teaching other people. It will be just too far out into the future.’
Rutte said he visited the White House to discuss ways to end the war, although he said ‘no peace plan is on the table.’
‘That’s why I’m here — to dialog again with the president … how NATO, my colleagues and other colleagues in NATO can be of maximum support to get that,’ Rutte said.
NATO announced Tuesday that Rutte would visit Washington Wednesday, as Trump has said he wants to direct his focus on ending the conflict between Russia and Ukraine following the ceasefire deal in the Middle East.
Ahead of his arrival at the White House, Rutte said that Wednesday’s White House visit aimed to build on the momentum after securing the peace agreement in the Middle East.
‘I was texting with the president after an enormous success in Gaza, and we said, ‘Hey, let’s have a meeting in Washington to discuss how we now can deliver his vision of peace in Ukraine,’’ Rutte told reporters on Capitol Hill Wednesday after meeting with lawmakers, according to The New York Times.
‘I have total confidence in President Trump. He’s the only one who can get this done,’ Rutte said.
Rutte has visited the White House on several occasions during Trump’s second term, including in July and also in August after Trump’s Alaska summit with Putin. NATO has backed Ukraine since Russia first invaded, and has provided Kyiv with military equipment and other assistance since 2022.
In August, Rutte and other European leaders joined Zelenskyy in an effort to advance peace talks to end the war in Ukraine. At the time, Trump said that European nations would shoulder the bulk of the burden by providing Ukraine with security guarantees in an attempt to deter future aggression from Russia.
As part of these security guarantees, Ukraine has sought to become a member of NATO during the peace negotiations. However, Trump has routinely ruled that out as a possibility.
Meanwhile, Russia’s list of demands has historically included prohibiting Ukraine from ever joining NATO, and concessions on some land that previously belonged to Kyiv.
Additionally, Rutte’s meeting comes after Trump appeared to throw cold water on any hopes that the U.S. would arm Ukraine with Tomahawk missiles, like Trump had said he was considering doing days ahead of Zelenskyy’s visit.
‘I would much rather have them not need Tomahawks,’ Trump told reporters Friday. ‘I would much rather have the war be over to be honest, because we’re in it to get the war over.’
Additionally, Trump changed his tune on whether Ukraine would need to cede territory it had lost to Russia as part of a peace deal. Although Trump altered his position in September and said that Ukraine could secure back its lost territory, Trump reverted to his previously held position on the matter.
‘They can negotiate something later on down the line,’ Trump told reporters Sunday. ‘But I said cut and stop at the battle line. Go home. Stop fighting, stop killing people.’
The change in tone came after Trump spoke with Putin Thursday and the two were originally slated to meet this month in Budapest. However, plans for the meeting were scrapped after Secretary of State Marco Rubio’s call with Russian Foreign Minister Sergey Lavrov.
‘Secretary Rubio and Foreign Minister Lavrov had a productive call,’ a senior official said in a statement Tuesday to Fox News. ‘Therefore an additional in-person meeting between the Secretary and Foreign Minister is not necessary and there are no plans for President Trump to meet with President Putin in the near future.’
Meanwhile, Trump has recently cast doubt on whether Ukraine can defeat Russia.
‘They could still win it. I don’t think they will, but they could still win it,’ Trump told reporters Monday.
Fox News’ Gillian Turner and The Associated Press contributed to this report.
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The government shutdown meandered into its 22nd day with no end in sight after a 12th GOP attempt to reopen the government was stalled and then blocked by Senate Democrats on Wednesday afternoon.
Senate Minority Leader Chuck Schumer, D-N.Y., and his caucus kneecapped Republicans’ bid to reopen the government for the 12th time in a 54-46 vote where Republicans needed at least 60 votes to advance the measure. The latest failed vote comes as Schumer has demanded another meeting with President Donald Trump and on the heels of an almost 24-hour filibuster by Sen. Jeff Merkley, D-Ore, that pushed the vote late into Wednesday.
During his marathon floor speech, which began at 6:23 pm on Tuesday, Merkley spoke on authoritarianism — what he called the Trump Administration’s overreach on immigration, separation of powers, and more.
‘Republicans have shut down the government to continue the strategy of slashing Americans’ healthcare,’ Merkley said, referring to the healthcare-centered debate holding up consideration of the government’s funding.
He concluded his remarks at 5:00 p.m. on Wednesday.
Little has changed in the upper chamber since the shutdown began. Schumer and the Senate Democratic caucus demand that there be a real, ironclad deal to extend expiring Obamacare subsidies, while Senate Republicans remain adamant that there is no path forward available on the matter until the government is reopened.
But what is old is new in a repeating cycle, and Schumer wants to meet with Trump again.
Schumer, speaking on behalf of House Minority Leader Hakeem Jeffries, D-N.Y., requested another meeting with Trump ahead of the vote in a bid to go around Senate Majority Leader John Thune, R-S.D., and congressional Republicans to secure a deal.
There have been informal talks — more casual conversation than true negotiation — between Republicans and Democrats, but nothing has materialized that puts lawmakers any closer to solving the ongoing stalemate.
‘Hakeem and I reached out to the president today and urged him to sit down and negotiate with us to resolve the healthcare crisis, address it and end the Trump shutdown,’ Schumer said. ‘He should sit — the things get worse every day for the American people. He should sit down with us, negotiate in a serious way before he goes away.’
The last time the top congressional Democrats met with Trump came just a day before the climactic vote to avert a shutdown. Neither side walked away with a compromise, or agreement, to keep the lights on.
Fast-forward to the shutdown’s fourth week, and Trump signaled he’d speak with Schumer and Jeffries — only after the government is reopened.
‘The government has to be open,’ he said. ‘You know how long it will take for them to do that? Just say, ‘OK, government is open.’ That’s it. There is nothing — They’re not negotiating.’
‘What they’re doing is saying they lost the negotiation,’ Trump continued. ‘And when we got the great ‘big beautiful [bill]’ done, they lost the negotiation. Now they’re saying, ‘Well, we want to get some of the things we lost.’ But the problem is the things they lost are very bad for our country.’
Congressional Democrats’ initial demands, made in a counter-proposal to the House-passed continuing resolution (CR), called for a permanent extension to the enhanced Obamacare premium tax credits and guardrails on Trump’s ability to claw back congressionally approved funding, among other things.
A White House official doubled down on Trump’s position and told Fox News Digital, ‘We will not have policy conversations while the Democrats are holding the American people hostage. Reopen the government.’
While Democrats desire more than just an extension to the COVID-19-era subsidy, they’ve made their primary argument all about the tax credits.
Thune offered Senate Democrats a vote on the subsidies, but so far they have declined to take the leap and instead are holding out for a guaranteed outcome in the shutdown fight. However, that is unlikely to come as Republicans and the White House, so far, are equally dug in against Schumer’s demands.
‘I think [Trump] wants the Democrats to take ‘yes’ for an answer,’ Thune said. ‘We’ve offered them a lot of the things they were asking for — a normal appropriations process, an opportunity to get a vote on some of the things that they want to see voted on, with respect to the expiring Obamacare enhanced subsidies. But that can’t happen until we open up the government.’
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The U.S. government is aware of the kidnapping of an American Christian missionary in the West African nation of Niger, U.S. official sources told Fox News.
The sources told Fox News that they suspect that the missionary has been taken north to Islamic State-controlled areas where an offshoot of ISIS operates.
‘We are aware of reports of the kidnapping of a U.S. citizen in Niamey, Niger,’ a State Department spokesperson said in a statement to Fox News. ‘Since we were alerted of the situation, our Embassy officials have been working with local authorities. It is a top priority for the Trump Administration to look after the safety of every American, and we are seeing efforts from across the U.S. Government to support the recovery and safe return of this U.S. citizen.’
The missionary is a pilot for the evangelical missionary agency Serving in Mission, according to Reuters.
The abduction took place only about 100 yards from the presidential palace in Niamey, where ousted President Mohamed Bazoum has been held since he was toppled by a coup more than two years ago, according to CBS News.
Following the kidnapping, the U.S. Embassy in Niger said it now requires all personnel to travel only in armored vehicles and announced that all restaurants and open-air markets are ‘off-limits’.
Kidnappings appear to have intensified this year in areas of West Africa where militants operate. An Austrian woman was abducted in January in Niger, and a Swiss citizen was abducted in April in the same country, Reuters reported.
In addition, five Indian citizens working for a company providing services to Niger’s Kandadji dam project were kidnapped during an attack by armed men in April that also killed a dozen soldiers, according to the outlet.
This is a developing story. Please check back for updates.
Fox News’ Jennifer Griffin contributed to this report.
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Politics is a funny thing. Five years ago, when he was riding high as the Democrat governor of New York, mayoral candidate Andrew Cuomo could never have imagined that the future of his political career would be in the hands of New York City Republican voters.
It’s a bit strange for the Republican voters too, but having lost the Democratic primary to far-left Zohran Mamdani, Cuomo’s only chance to win is to convince those voters, who polls show are backing Curtis Sliwa, that he deserves to be mayor.
So far, for Cuomo, this has mainly consisted of him saying that, unlike Mamdani, he is not a communist. Yes, that’s good, but like putting ‘not in prison’ on your dating profile, it’s kind of the bare minimum.
Whether Republican nominee Curtis Sliwa, who currently polls under 20%, drops out or not, and it’s not looking likely, Cuomo is going to have to convince Gotham’s conservatives to choose him. Here are a few ways he might do it.
A Seat At The Table
Cuomo should pledge that, if he is elected, Republicans will play a major role in his administration. This could look a lot of ways, including promising to make a strong GOP voice like former City Councilman Joe Borelli or current City Council member Vickie Paladino a deputy mayor. Cuomo’s original pitch in this campaign was to unite the city, but so far there is no indication that his would be anything other than a boilerplate Democrat administration. That has to change.
Support ICE
On Tuesday, Cuomo sent out an ill-advised X post criticizing Immigration Customs and Enforcement for raids in New York’s Chinatown that targeted illegal street vendors. There is no doubt the liberals in Cuomo’s war room noted the chaos on the streets and saw an opportunity to put up points against President Donald Trump. But actually, they missed an opportunity.
The reason we see this aggressive approach from ICE in Gotham is that, as a sanctuary city, the legal system will not cooperate with ICE. So, instead of a simple and safe handover of an illegal migrant with a detainer, the feds are forced to conduct raids. Cuomo, in one sentence, could pledge to end this.
Promise To Work With Trump
One of the most perplexing positions that Cuomo has staked out since he launched his independent bid is that Democrat Mamdani is too weak to effectively fight Trump, but that he’ll walk forward if the president puts his finger in his chest. Cuomo plays the tough guy role pretty well, but the problem is that the voters he needs really like Trump. A lot.
Cuomo can help his cause with GOP voters enormously if he would just say that Trump’s results in Washington, D.C., have been tremendous, and he is committed to working with the president to clean up New York’s parks and streets and deal with vagrancy and addiction.
Call Out His Own Party’s Cowards
Even on the Indie line, Andrew Cuomo is still a Democrat of long standing, and in an Interview with Bret Baier on Fox News Channel Tuesday night, he finally began to call out the threat that the far left poses to his party. He also said that the reason top party leaders in New York like Sen. Chuck Schumer and Rep. Hakeem Jeffries won’t endorse him over Zany Zohran is that, ‘If a politician doesn’t have to make a decision, they’re not going to make a decision.’
It’s not good enough. If Mamdani really is the existential threat to New York that Cuomo and Sliwa both claim, then any Democrat who refuses to call out communism in their own party must be put on blast. Cuomo needs to call out the cowardice.
Pledge To Primary Socialists In New York
One of the reasons that GOP voters are skeptical of Cuomo is that even if he won, and even if he had the best intentions in the world, the rest of the city government is overrun with Democrat Socialists who will thwart his efforts.
Cuomo should promise that if elected, he will work to fill all of those positions with traditional, normal Democrats, to the extent he can still find any, and will oppose the vigorous Marxism overtaking the party.
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Even if Cuomo does all of these things, it’s still a long shot, but it would be a new race, a different race. Republican voters need a real choice. They don’t expect Sliwa to triumph, but right now, Cuomo looks too much like Mamdani to win them over.
Like it or not, Cuomo’s chances now rest in the hands of GOP voters. Is he capable of telling them what they want and need to hear?
CLICK HERE TO READ MORE FROM DAVID MARCUS
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The BC government has unveiled new energy policy changes aimed at curbing electricity use from artificial intelligence (AI) data centers, while permanently banning new cryptocurrency-mining projects and fast-tracking the North Coast Transmission Line.
Tabled by Energy Minister Adrian Dix, the proposed legislation will replace the Canadian province’s traditional first-come, first-served grid connection policy with a competitive bidding system for emerging industries such as AI and data centers, as well as hydrogen production for export.
Under the new framework, these sectors will be limited to a combined 400 megawatts of new power allocation every two years: 300 megawatts for AI operations and 100 megawatts for other data centers, with hydrogen limits to be determined by market conditions.
Dix said the move was designed to prevent British Columbia from falling into the same trap as regions in the United States where explosive growth in data center demand has strained power grids and driven up electricity costs for residents.
“The allocation framework allows for the paced growth of these sectors and avoids mistakes we’ve seen in other jurisdictions where growth has outpaced infrastructure, resulting in higher costs for everyday residential customers,” Dix told reporters in Victoria.
“We won’t make that mistake. We will prioritize the projects that provide the best, greatest benefit to British Columbians.”
The province’s publicly owned utility, BC Hydro, will oversee the competitive call process beginning in early 2026.
According to the Ministry of Energy, Mines and Low Carbon Innovation, British Columbia has been inundated with requests from data-heavy industries seeking grid access, particularly as AI development accelerates worldwide.
By contrast, power allocations for resource-based industries such as mining, oil and gas, forestry, and hydrogen production will remain uncapped due to their higher employment and revenue contributions to the province.
Additionally, hydrogen-for-export projects will be enabled in a paced way, with the government prioritizing hydrogen energy production for domestic use.
“Other jurisdictions have been challenged to address electricity demands from emerging sectors and, in many cases, have placed significant rate increases on the backs of ratepayers,” the ministry said in a statement.
The new rules would also formalize a decision that has been years in the making. A temporary moratorium on new cryptocurrency mining projects, which was first imposed in 2022 and extended in 2024, will now become permanent.
The government cited crypto mining’s “disproportionate energy consumption and limited economic benefit” as justification for the ban. Unlike AI or manufacturing, officials noted that crypto mining generates little employment while consuming large amounts of power.
The policy stands in sharp contrast to neighboring Alberta, which has embraced data infrastructure investment and is targeting C$100 billion in new data center spending over the next five years. Alberta’s government has promoted its abundant natural gas reserves as a key energy source for such projects.
In a related move, the BC government announced plans to fast-track the construction of the North Coast Transmission Line, a massive infrastructure project aimed at unlocking new mining and industrial development in Northern British Columbia.
The government will exempt the project from a regulatory certification process that normally requires public hearings before the BC Utilities Commission, cutting as much as 18 months from its development timeline.
The 450 kilometer line, which will initially connect Prince George to Terrace, carries a price tag now estimated at C$6 billion, which is double the previous year’s estimate of C$3 billion.
Once complete, officials say it will supply high-voltage electricity to a region rich in mineral resources but long constrained by limited power access. Government projections estimate that the project could create about 9,700 full-time jobs and contribute nearly US$10 billion per year to the province’s GDP.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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West High Yield (TSXV:WHY,OTC Pink:WHYRF) has received final approval from British Columbia’s Ministry of Mines and Critical Minerals to develop and operate its Record Ridge Industrial Mineral Mine near Rossland.
The provincial Mines Act Permit authorizes the construction and operation of the Record Ridge project, known for its deposits of magnesium, silica, nickel, and iron, after years of environmental assessment and consultation with Indigenous and local communities.
“This major milestone represents years of disciplined technical, regulatory, and community collaboration,” said Frank Marasco, president and CEO of West High Yield. “The RRIMM Permit validates the strength of our Project, our team, and our long-term vision.”
The project focuses on magnesium, which is a key component for electric vehicles, clean energy technologies, and advanced manufacturing.
Under the new permit, construction and mining will proceed in collaboration with Skemxist Solutions, a partner company of the Osoyoos Indian Band (OIB), ensuring Indigenous participation and oversight in environmental management and contracting.
Chief Clarence Louie of the OIB welcomed the decision, saying, “Through collaboration with WHY Resources and Skemxist Solutions, we are demonstrating that responsible development and Indigenous economic leadership can go hand in hand. This Project brings opportunity, training, and long-term benefits for our people and the entire region.”
The company said its immediate focus will be on post-permit compliance work, including environmental, safety, and engineering activities, followed by site preparation and road construction.
During the mine’s initial phase, ore from Record Ridge will be shipped to a US buyer for offsite processing, generating early cash flow while plans for a domestic refining facility advance.
Marasco said the company’s long-term goal is to establish Canada’s first magnesium-refining plant, which could create hundreds of jobs and strengthen British Columbia’s role in the global critical minerals sector. “
The mine is expected to provide significant economic benefits for the surrounding region through new employment, training, and contracting opportunities while supporting Canada’s clean-energy transition.
The company also noted that future verticals under evaluation include magnesium oxide and silica production, pharmaceutical-grade magnesium, and magnesium wallboard, which are all essential materials in renewable energy and construction industries.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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GreenRoc Strategic Materials Plc (AIM: GROC), a company focused on the development of critical mineral projects in Greenland, is pleased to announce that it has signed a binding secured loan facility for EUR 5.2 million from the Export and Investment Fund of Denmark (‘EIFO‘), to be used for the financing of the Company’s work programmes both at the Amitsoq Graphite Mine in south Greenland and in relation to the establishment of a fully operational European pilot plant for the production of active anode material from Amitsoq graphite.
Highlights
- Loan facility granted by EIFO of up to EUR 5.2m to fund the work programmes at the Amitsoq mine (‘Amitsoq Mine‘ or ‘Mine‘) and active anode material (‘AAM‘) pilot plant (‘AAM Pilot Plant‘), collectively the ‘Amitsoq Project‘ or ‘Amitsoq‘.
- The Agreement is regarded by the GreenRoc Board as a major vote of confidence in the future of the Amitsoq Project and an endorsement of Amitsoq’s position as one of Europe’s foremost critical mineral projects.
- The Company anticipates that, if fully drawn down, the loan will enable GreenRoc to make significant advances in the development of both the Mine and the AAM Pilot Plant:
- being able to fund the completion of Phase 3 infill and geotechnical drilling will enable the Company to proceed the Mine to the PFS/DFS stage; and
- financing the construction of a fully operational pilot plant will enable GreenRoc to produce spherical graphite so that end users may carry out their own quality and certification tests for an offtake decision.
- The loan facility may be drawn down during the first two years of the term at GreenRoc’s sole election, and has a maturity of 5 years or, if sooner, on the date of commissioning by GreenRoc of a commercial AAM plant (‘Commercial Plant‘).
- The five-year maturity provides a significant runway for GreenRoc to deploy the funding and build up value in the Company and its share price prior to maturity.
- On maturity, or sooner if GreenRoc raises £15m or more over 18 months from other sources of debt or equity capital, or a defined exit event occurs for GreenRoc, EIFO may elect either to be repaid in cash or to convert the loan into ordinary shares in the Company (‘Ordinary Shares‘), with conversion at an effective 20% discount to the Ordinary Shares’ market price at that date.
- Key protections have been agreed to reduce the dilutive impact to the Company of any conversion, notably:
- the inclusion of a valuation floor for the purpose of conversion – if GreenRoc’s market capitalisation is less than £30m on conversion, it will be treated for the purposes of conversion as if it has a market capitalisation of £30m;
- EIFO may not, as a result of conversion of the loan, hold more than 10% of the issued share capital of GreenRoc, with any balance being repaid in cash or otherwise by conversion into shares in GreenRoc’s graphite-related subsidiaries, subject to an independent valuation; and
- if EIFO elects to convert the loan into Ordinary Shares, the Company may instead elect to repay the loan in cash and to issue share options to EIFO in an aggregate value corresponding to 20% of the amount repaid in cash.
Webinar on Amitsoq Project
The Company will host a webinar to discuss this news and provide more general updates about the Amitsoq project and the business as a whole. The webinar will be hosted live via our website on Friday 24 October at 10am (UK time), and we invite both existing and prospective investors to submit their questions in advance.
Sign up for the webinar and submit your questions for the management team here: https://greenrocplc.com/webinars/pegqBP-investor-u…
Details
The Loan Agreement
Following the Letter of Interest from EIFO which was announced on 15 January 2025, EIFO and GreenRoc have now entered into a binding loan facility agreement to provide funding for the Amitsoq Project of up to EUR 5.2 million.
The loan facility may be drawn down in the first two years with a maximum of four drawdowns per year. The interest rate on drawn down funds is 10% per annum, being the EU Reference Rate for such agreements. Simple interest accrues on a semi-annual basis and is added to the principal to be paid on maturity. In addition, a commitment fee of 2.5% applies on any undrawn amounts for the two-year loan facility period. Subject to certain terms and conditions, on maturity the loan is either repayable in cash or convertible into Ordinary Shares.
The loan facility is split into a facility of EUR 3.3m to be utilised for the development of the AAM Pilot Plant and EUR 1.9m for the Amitsoq Mine. Up to EUR 0.5m can be reallocated from one of these facilities to the other, upon request by the Company.
The loan funds may be utilised for specified work programmes, including:
- at the Amitsoq Mine, Phase 3 drilling for JORC Resource category upgrade and geotechnical data acquisition; and
- for the AAM Pilot Plant, the purchase, delivery, installation and commissioning of graphite spheronisation mills and a purification plant, and the production of the first AAM precursor products.
Loan Maturity
The Loan is to be fully repaid upon the earlier of (i) 5 years from first drawdown and (ii) 6 months after commissioning of a Commercial Plant.
Loan Repayment and/or Conversion
Upon a ‘Trigger Event’, repayment of the Loan and accrued interest can take place either in cash or partly or wholly in Ordinary Shares, at EIFO’s discretion. A Trigger Event is either the maturity date, a ‘Qualified Financing’ or an ‘Exit’ (see below). The Loan converts into Ordinary Shares at a price equal to their market price at that time, less a 20% discount, subject to a valuation floor of £30m, and a valuation ceiling of £140m.
A ‘Qualified Financing’ means any capital raising by GreenRoc by way of debt or equity related instruments from one or more bona fide third parties or a combination thereof, in an aggregate amount of more than £15m measured on an 18-month rolling basis (not including the EIFO facility).
An ‘Exit’ means either a specified change of ownership of GreenRoc, a disposal or transfer of the Company’s assets, the delisting of the Company without a concurrent relisting, or the dissolution of the Company.
EIFO may only convert into a maximum of 10% of the issued share capital of GreenRoc, with any remaining balance being settled in cash, unless GreenRoc is unable to settle in cash, in which case the excess shall be converted into shares in one or more of GreenRoc’s Amitsoq subsidiaries (Greenland Graphite A/S, GreenRoc Graphite Limited and Norgraph AS) at a price determined by an independent valuation of the fair market value of the relevant subsidiaries.
If EIFO elects to convert the loan into Ordinary Shares, the Company has the right to counter-elect to repay the loan plus accrued interest in cash and to issue share options to EIFO, with a two year duration and a nominal exercise price, in an aggregate value corresponding to 20% of the amount repaid in cash, the combined effect of which would be to significantly reduce the overall dilutive impact to GreenRoc of EIFO’s proposed loan conversion.
Other Terms
The loan facility agreement contains other standard terms customary for agreements of this type. These include the following:
Mandatory prepayments
EIFO may require prepayment of the Loan upon the occurrence of certain events, including:
- material changes to the ownership of GreenRoc without EIFO’s consent;
- a transfer of any assets which are subject to the security arrangements;
- GreenRoc disposing of assets with a market value exceeding the total loan drawn down;
- specified personnel changes which result in GROC not being adequately resourced for its then stage of development; and· in the event of an Exit, if the Fund decides not to convert the Loan into Ordinary Shares.
Events of Default
Events of Default include a failure to pay, insolvency, the Amitsoq exploration licence being cancelled, a breach of representations, warranties or undertakings, an event occurs which has a material adverse effect on GreenRoc or its subsidiaries, and a breach of environmental or social laws.
If an Event of Default occurs which is not or cannot be remedied and it has a material adverse effect, EIFO can demand immediate repayment of the loan plus certain break costs and, if within the first 2 years of the term, a make whole fee, equal to the interest that would have been payable in respect of the period between the termination of the loan and the end of the first two years of the loan term.
Security
EIFO to have benefit of first-ranking pledges over shares of all three Amitsoq sub-group subsidiaries (GreenRoc Graphite Ltd, Greenland Graphite A/S, Norgraph AS).
Lock up period
EIFO may not dispose of any Ordinary Shares for a period of 2 years from conversion.
GreenRoc’s Chairman, George Frangeskides, commented:
‘This financing agreement reached with EIFO is the most significant moment for GreenRoc since the creation of the Company in late 2021. Access to this funding will enable us to make a major leap forward in the development of both the Amitsoq Mine and our downstream graphite processing capabilities.
‘This funding also has one other key advantage for GreenRoc and its shareholders, which is that in the ordinary course it will not be repayable for a full five years, which gives us a substantial runway to utilise the funds and build greater value in the Amitsoq Project and the Company’s share price before the funds become due for repayment.
‘This agreement is the culmination of a great deal of thought and hard work by the GreenRoc and EIFO teams to arrive at a financing package which makes sense for both of us. I would like to thank the EIFO team for their unwavering efforts in helping to make this financing a reality and for their confidence in our ambition to position the Amitsoq Project as a cornerstone of Europe’s electric vehicle raw material supply chain.’
GreenRoc’s CEO, Stefan Bernstein, commented:
‘We are delighted to have signed this loan agreement with EIFO. It will provide us with vital funds to advance our graphite business with regard to the Amitsoq Mine and the graphite Active Anode Materials plant. The funds will finance some of the more costly parts of our work programme, such as acquiring a pilot plant to process graphite flakes into spherical purified graphite, the essential part of graphite anode material for Li Batteries, as well as having our bulk sample from Amitsoq treated to extract graphite concentrate for use at our pilot plant. I am eager to get on with all those activities over the coming months.
‘The loan facility from EIFO is a very welcome financing opportunity, provides flexibility and a degree of certainty for the future. With the Project having been reviewed by EIFO’s financing team, which has seen literally hundreds of mining projects over the years, I also regard the loan facility as a quality stamp and a strong endorsement of the Amitsoq Project.’
Peter Boeskov, CCO at EIFO, commented:
‘EIFO is pleased to support GreenRoc as the company takes its next crucial steps towards contributing to the supply of indispensable raw materials for Europe’s green transition and defence industry. The project aligns very closely with EIFO’s strategic ambitions to support viable and impactful projects in Greenland, while also reinforcing business activities that contribute to the security of supply of critical minerals in Europe, and to wider geopolitical priorities. Developing mining projects requires capital and if everything goes according to plan, EIFO is interested in continued support of GreenRoc in collaboration with other financial partners and investors.’
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company take responsibility for the contents of this announcement.
*ENDS**
For further information, please contact:
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Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub |
https://greenrocplc.com/s/f795de |
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GreenRoc Strategic Materials Plc Stefan Bernstein, CEO |
info@greenrocplc.com +44 20 3950 0724 |
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Cairn Financial Advisers LLP (Nomad) Sandy Jamieson / Louise O’Driscoll |
+44 20 7213 0880 |
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Oberon (Broker) Nick Lovering/Adam Pollock |
+44 20 3179 5300 |
About GreenRoc
GreenRoc Strategic Materials Plc is an AIM-quoted UK public company focused on developing the Amitsoq Graphite Project in Greenland into a producing mine to meet critical demand from Electric Vehicle (‘EV’) manufacturers in Europe and North America for new, high grade and conflict-free sources of graphite. Amitsoq is one of the highest-grade graphite deposits in the world with a combined Measured, Indicated and Inferred JORC Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% graphite, sufficient to sustain several decades of mining.
The plans for the Amitsoq Project include the construction of a facility to further process the mined graphite into active anode material – an indispensable component of Li-batteries – which plans have independently and positively evaluated to prefeasibility study stage.
GreenRoc has entered into a partnership with the Norwegian battery manufacturer Morrow Batteries to establish a regional supply chain. The Amitsoq Project has been designated a Strategic Project by the EU and in March 2025 it was also ESG-certified by Digbee
, an independent platform which provides sustainability assessments for the mining industry.
Source
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