GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 December 2025.
HIGHLIGHTS
· CORPORATE
o Subsequent to the quarter, the Company announced that it had successfully completed a bookbuild and secured firm commitments for a placement to raise gross proceeds of approximately A$13.6 million.
· GERMANY – TANNENBERG COPPER PROJECT
· HISTORICAL ESTIMATE:
o During the quarter, the Company announced an historical estimate of 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper on part of the Tannenberg licence area
§ Estimate based on a 1935-1938 National Socialist Government drilling campaign across four zones: Ronshausen, Hönebach, Wolfsberg and Schnepfenbusch
§ Drilling targeted the thin Kupferschiefer horizon only
§ Focused only on copper and did not include by-product metals
o Independent company St Joe Exploration GmbH conducted limited drilling between 1980 and 1984, further validating the 1940 historical estimate
§ Drilling focused on only 28% of the Ronshausen zone but included by-product silver
§ Drilling identified up to 3.45m thick mineralisation straddling the Kupferschiefer and the limestone hanging wall and sandstone footwall above and below the Kupferschiefer
§ 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained copper and 6.5 million ounces of silver
o Exploration upside potential under modern interpretation: St Joe Exploration confirmed thicker widths of copper and silver mineralisation at Ronshausen, and more may exist up to 30m above and 60m below the Kupferschiefer in the limestone hanging wall and sandstone footwall
o Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code (2012) (JORC Code). A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code
· MODERN ASSAYS VALIDATE HISTORICAL COPPER GRADES:
o High-grade copper intercepts confirmed: Modern assays from six (of 47) archived drill cores confirm historical grades with intercepts of 1.0-3.7m at 0.7-2.7% copper and 10-55 g/t silver
§ Ro 23: 1.5m at 2.7% copper and 55 g/t silver
§ Ro 45: 2.4m at 1.4% copper and 18 g/t silver
§ Ro 25: 1.0m at 2.0% copper and 41 g/t silver
§ Ro 17: 1.3m at 1.2% copper and 24 g/t silver
§ Ro 15: 3.7m at 1.2% copper and 17 g/t silver
§ Ro 38: 1.8m at 0.7% copper and 15 g/t silver
o Mineralisation thicker than 1940 historical estimate: New intercepts demonstrate widths of 1.0-3.7m, significantly exceeding the maximum thickness used in the 1940 Historical Estimate (refer to announcement dated 20 October 2025)
o First Modern Assays for over 40 years: Results from re-sampling of 1980s drill core from holes located up to 12km apart show comparable or higher grades and thicker intercepts than original analysis, validating historical work and demonstrating resource upside and scale potential
o Confirms GreenX epigenetic model: Results confirm that mineralisation extends beyond the narrow Kupferschiefer shale horizon into the footwall and hanging wall, consistent with KGHM’s Polish operations (589,000tpa copper production) located on the same basement architecture
o Quality assured program: All samples meet strict QAQC standards, including >90% core recovery, with analysis by ISO/IEC 17025 accredited laboratory
o Significant program ahead: Initial assay results from six of 47 archived cores now reported, with the historical core re-sampling program continuing over the next quarter.
Figure 1: Map of reported assay results where greater than 90% of the historical core over the target interval was available from the archived core
· TANNENBERG COPPER PROJECT 2026 WORK PROGRAMME:
o In 2026, GreenX intends to progress an integrated programme to support JORC conversion, including completion of historical core logging/assaying and hyperspectral scanning, continued reprocessing/interpretation of historical geophysics and datasets, and advancing plans for twin drilling to verify historical estimates and underpin a Mineral Resource
· TANNENBERG COPPER PROJECT ACQUISITION:
o The Company announced the completion of the acquisition of 90% of Group 11 Exploration Gmbh (Group 11 or Vendor) which holds the Tannenberg exploration licences (Tannenberg or Project)
o Since signing the Joint Venture and Earn-in Agreement (Agreement) in 2024, the Project area has expanded seven-fold to cover approximately 1,900 km², comprising the Tannenberg 1 and Tannenberg 2 exploration licences (announced on 28 April 2025)
· GREENLAND – ELEONORE NORTH PROJECT
· TARGETING GOLD, TUNGSTEN & ANTIMONY:
o Outcropping gold and high-grade antimony mineralisation now confirmed at the Noa Prospect within the Eleonore North Project (Eleonore North or ELN) in East Greenland
o High-grade tungsten and antimony mineralisation also identified in Historical Estimate at the Margeries Prospects within the Eleonore North Project:
§ 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
§ 58kt of mineralised rock grading at 3.2% W at South Margeries o
§ 32kt of mineralised rock grading at 1% W at North Margeries
o Potential to identify large scale deposits in new underexplored province with gold mineralisation associated with quartz veining at surface over a length of up to 15 km
o Field activities initially focusing on the shallow gold and high-grade tungsten and antimony potential are currently being finalised for 2026
o Cautionary statement: The Historical Estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Historical Estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the Historical Estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code
Figure 2: Overview of gold and critical metal prospects within Eleonore North.
· ELEONORE NORTH PROJECT 2026 WORK PROGRAMME:
o GreenX will finalise the 2026 exploration programme to define and prioritise drill targets, including processing the historical hyperspectral survey and undertaking field mapping/sampling at Noa to ground-truth “reduced intrusion-related gold system” (RIRGS) targets; and at Margeries, collecting bulk samples for W/Sb metallurgical sighter test work, reviewing archived core for re-analysis/metallurgical sampling, and reprocessing historic geophysics/hyperspectral data alongside field mapping to generate drill targets
· SINGAPORE COURT DISMISSED POLAND’S SET-ASIDE APPLICATION
o The Singapore International Commercial Court of the Republic of Singapore (Singapore Court) rejected, in its entirety, the Republic of Poland’s (Poland) application to set aside the Energy Charter Treaty (ECT) award, thereby upholding GreenX’s previously announced right to compensation under the ECT
o As previously advised, in October 2024, GreenX was awarded approximately £252 million (A$519 million / PLN 1.2 billion) in compensation and interest in the Australia-Poland Bilateral Investment Treaty (BIT) award after the Tribunal unanimously held that Poland breached its obligations under the BIT and ECT
o At the time, approximately £183 million (A$378 million / PLN 900 million) was awarded pursuant to the ECT (with payments under one award offset against the other).
o In 2025, Poland lodged a request to set-aside the ECT award in the Singapore Court (having also lodged a request to set-aside the BIT award in the courts of England and Wales in late 2024). The hearing for the ECT set-aside was held in the Singapore Court in July 2025
o Subsequent to the end of the quarter, the Singapore Court issued a judgment whereby it has rejected, in its entirety, Poland’s application to set aside the ECT award
o Additional interest of approximately £17 million (A$34 million / PLN 83 million) has already accrued from when the Award was made in October 2024 to end of December 2025 and will continue to compound annually until full and final payment by Poland
ENQUIRIES
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Ben Stoikovich Chief Executive Officer
+44 207 478 3900 ir@greenxmetals.com
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Kazimierz Chojna Investor Relations – Poland
Kim Eckhof Investor Relations – UK / Germany |
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