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ACF Equity Research

Research from ACF Equity Research

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Equity Bottom-Up

<ul>
<li>GreenRoc Strategic Materials Plc (AIM: GROC.L) is unusually well positioned to become a key supplier of high-purity, battery-grade graphite into Western markets increasingly focused on critical material security.</li>
<li>GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity is 99.95% (a purity essential to the EV battery value chain looking for lower cost natural graphite vs. synthetic graphite).</li>
<li>GROC.L’s Thule Black Sands Project (TiO2) aligns with green energy transition trends.</li>
</ul>


GreenRoc Strategic Materials Plc (AIM: GROC.L) is unusually well positioned to become a key supplier of high-purity, battery-grade graphite into Western markets increasingly focused on critical material security.
GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity is 99.95% (a purity essential to the EV battery value chain looking for lower cost natural graphite vs. synthetic graphite).
GROC.L’s Thule Black Sands Project (TiO2) aligns with green energy transition trends.


GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.</li>
<li>Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.</li>
<li>Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.</li>
</ul>


Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.
Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.
Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.


Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The shareholder vote failed, but momentum builds: Despite only 19.35% support, institutional backing signals growing pressure on Rio Tinto’s board to revisit the dual-listed company structure in future.</li>
<li>Valuation gap widens, thesis strengthens: With RIO Ltd trading at a 23.2% premium over RIO plc, the economic case for unification — and the relative value trade — becomes increasingly compelling.</li>
<li>Not statistical arbitrage, but event-driven optionality: The long plc / short Ltd setup lacks persistent mean reversion but offers asymmetric upside if governance shifts, tax changes, or structural catalysts force convergence.</li>
</ul>


The shareholder vote failed, but momentum builds: Despite only 19.35% support, institutional backing signals growing pressure on Rio Tinto’s board to revisit the dual-listed company structure in future.
Valuation gap widens, thesis strengthens: With RIO Ltd trading at a 23.2% premium over RIO plc, the economic case for unification — and the relative value trade — becomes increasingly compelling.
Not statistical arbitrage, but event-driven optionality: The long plc / short Ltd setup lacks persistent mean reversion but offers asymmetric upside if governance shifts, tax changes, or structural catalysts force convergence.


Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Index Rebalance

<ul>
<li>Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK incorporation.</li>
<li>BHP's removal from the FTSE 100 in 2022 highlights the importance of maintaining a primary UK listing over UK incorporation alone.</li>
<li>FTSE 100 inclusion supports Rio Tinto’s access to UK and European capital markets, enhancing liquidity and flexibility for future share issuances.</li>
</ul>


Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK incorporation.
BHP's removal from the FTSE 100 in 2022 highlights the importance of maintaining a primary UK listing over UK incorporation alone.
FTSE 100 inclusion supports Rio Tinto’s access to UK and European capital markets, enhancing liquidity and flexibility for future share issuances.


Mine Over Matter: Will Rio Stay in the FTSE 100?

<ul>
<li>Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.</li>
<li>$2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.</li>
<li>Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.</li>
</ul>


Unification could unlock $27-32B in value, driven by cost synergies, franking credit release, and index upweighting, enhancing Rio Tinto’s market positioning and shareholder returns.
$2.88B in franking credits are lost annually due to the DLC structure; unification enables full utilization via higher franked dividends and strategic off-market buybacks.
Increased ASX200 and FTSE100 weighting post-unification could drive $5-7B in passive fund inflows, improving liquidity, stock valuation, and institutional investor appeal.


Rio Tinto Dual-Listed Company (DLC) Unification Analysis

United Kingdom

Rio Tinto plc is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

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Rio Tinto PLC (RIO LN)

GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity...

ACF Equity Research

Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...

Rahul Jain

Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Rio Tinto’s dual listing trades at a 23% gap—structurally unjustified and politically fragile. Long plc / short Ltd offers asymmetric, catalyst...

Jesus Rodriguez Aguilar

Mine Over Matter: Will Rio Stay in the FTSE 100?

Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Jesus Rodriguez Aguilar

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GreenRoc Strategic Materials Plc (GROC.L) - Core Investment Case – Graphite to Drive For

GROC’s flagship Greenland Amitsoq Graphite Project, has amongst the highest known in-situ graphite grades globally at 20.41% TGC, potential purity...

ACF Equity Research

Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

​Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...

Rahul Jain

Digging Deeper: The Vote Failed, But the Value in Rio Tinto’s Dual Listing Remains Untapped

Rio Tinto’s dual listing trades at a 23% gap—structurally unjustified and politically fragile. Long plc / short Ltd offers asymmetric, catalyst...

Jesus Rodriguez Aguilar

Mine Over Matter: Will Rio Stay in the FTSE 100?

​Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Jesus Rodriguez Aguilar

Rio Tinto Dual-Listed Company (DLC) Unification Analysis

​Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...

Jesus Rodriguez Aguilar

Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...

Rio Tinto could remain in the FTSE 100 if it retains a premium London listing and meets FTSE Russell's UK nationality test, despite losing UK...

Rio Tinto's unification could unlock $27-32B in value through cost synergies, franking credit release, and index upweighting, boosting market...