Quarterly Update

REYKJAVÍK, ICELAND / ACCESSWIRE / May 2, 2024 / GreenBank Capital (CSE:GBC)(OTCMKTS:GRNBF)(FRA:2TL) (“GreenBank” or the “Company“) is pleased to update its shareholders.


CTO lifted.

Income generated.

Staminier update.

Suni Iron Project

GreenBank is pleased to announce significant progress across various operational and financial fronts. Over the past five months, our management team has been dedicated to finalizing the accounts and ensuring all corporate filings are up to date. With these filings now complete and the CTO revoked, we are redirecting our focus towards strategic investments.

During this pivotal period, GreenBank has been actively collaborating with its investee companies to explore and implement income generation strategies. A highlight from this quarter includes the Ubique Minerals (CSE:UBQ) announcement on February 28, 2024, of successful field research results from the Daniels Harbour project. Moving forward, GreenBank continues to evaluate opportunities that could potentially enhance shareholder value through strategic acquisitions and other initiatives. We are committed to building on our current momentum and driving sustainable growth in the interests of our shareholders and stakeholders. The company has been discussing with Green Energy solutions companies that are at Entrepreneurial stage and could fit into the company’s current strategy.

Income in the quarter

For the first time, GreenBank has generated income from operating activities in the quarter ending April 30th, with revenues totalling approx. $174,500 (converted to USD 127,500) from consulting and geological services the company made approx. 20% margin. These revenues were earned from transactions with non-related parties and align with the revised strategic direction announced on October 17th, 2023, which follows the guidance of the JV Capital ehf report.

Looking ahead, GreenBank anticipates continued revenue generation through consulting services for both investee companies and third-party clients.

Staminier and Future Fund loan update.

Staminier have been actively engaging with the Future Fund as well as consulting with insolvency experts to achieve the most favourable outcome and maximize the value of Staminier’s assets. Following guidance from the Future Fund, Staminier has formally asked for further clarification for the rational regarding the decision process for the rejected extension request.

GreenBank would like to clarify that Staminier’s insolvency situation does not impact GreenBank’s operations. All financial obligations between the two companies will be resolved through a set-off arrangement. Presently, GreenBank assesses the position solely as a creditor focused on maximizing the asset value within Staminier.

Suni Iron Project

GreenBank has renewed the licenses at the Suni Iron Project and is in discussion and expects to appoint exploration service company and geological service company within the next 30 days for this season’s work. The company is also in discussions with potential earn-in JV partners.

For further information, please contact:
Vilhjalmur Thor Vilhjalmsson, CEO and Chairman, GreenBank Capital
Tel: +354 8697296
Email: vilhjalmur@jvcapital.co.uk