·    German Project – Tannenberg Copper Project

o In January 2025, GreenX was selected as as one of eight exploration companies to participate in BHP’s 2025 Xplor program.

o BHP Xplor will provide GreenX with US$500,000 in non-dilutive funding to support and accelerate its exploration plans at the Tannenberg Copper Project (Tannenberg) during the 6-month period of the program.

o Tannenberg exploration licence expanded to 1,900km² from 272km².

Figure 1: Expanded Tannenberg Project Area

o The Tannenberg area contains historically producing copper mines and multiple historical drill intercepts, with excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high-grade copper and silver mineralisation, with much of the new expanded licence area remaining untested by modern exploration.

o Funding from BHP Xplor is currently being used, in collaboration with BHP, to accelerate the geological concept build-out and exploration timeframe at Tannenberg including the newly expanded license area.

·    Greenland Projects

o The Company notes the recent U.S. strategic interest in Greenland including Greenland Prime Minister publicly stating that he is open to discussions with the U.S.

o Greenland is endowed with an abundance of critical minerals which are essential for batteries, technology and defence.

o The Company is well placed to capitalise on the increased interest in Greenland with two large scale, strategic projects prospective for critical minerals located in Greenland.

Eleonore North Project

o outstanding antimony results previously at the Eleonore North project in Greenland (Eleonore North or ELN).

o Antimony price now at US$60,000/t from historical prices of ~US$5,000.

o Critical mineral crisis escalating – China has now restricted export of critical and strategic antimony, graphite, gallium, germanium, tungsten, titanium and rare earths.

o Antimony and tungsten have been designated as “Critical Minerals” by the U.S. and the EU, with NATO designating tungsten as defence-critical for the Allied defence industry.

o Historical results from fieldwork at ELN include grab samples from outcropping mineralised veins with individual specimens grading up to 23% antimony (Sb), and other samples up to 4g/t gold (Au).

o Antimony mineralisation has been identified along a ~4km trend in veins and structures, that broadly aligns with previously identified gold veining at surface within a 15km trend.

Arctic Rift Copper Project

o The Company is targeting large scale copper in multiple settings across a 5,774 km² licence at the Arctic Rift Copper Project (ARC).

o Further analysis on remote-sensing options underway which aims to improve understanding of the known copper mineralisation and to plan the next exploration program at the project.

·    Arbitration Award

o In October 2024, GreenX was awarded up to £252 million (A$525 million/PLN 1.3 billion) in compensation from the successful outcome of the international arbitration claims (Claim) against the Republic of Poland (Poland or Respondent) under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT).

o Interest income of ~£14 million (A$29 million / PLN 70 million) per annum is currently accruing to GreenX. Against this, interest expense of ~£2.7 million (A$5.6 million / PLN 13.4 million) per annum is accruing on the US$11.3 million of litigation funding utilised.

o Upon satisfaction of the award, it is GreenX’s intention to return the majority of the available cash to shareholders.

o Since the award was made, Poland has lodged a request to set-aside the award with the courts of England and Wales in relation to the BIT award and the courts of Singapore in relation to the ECT Award. Poland is challenging jurisdictional aspects of both awards and alleging procedural unfairness, including in the Tribunal’s decision on damages.

o The Company is strongly defending the set-aside motions.