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 ending and subsequent to 31 March 2026.
SUMMARY
· TANNENBERG COPPER PROJECT (GERMANY)
o The Tannenberg Copper Project (Tannenberg or Project) is a large scale, relatively shallow and potential high-grade copper brownfields exploration project that is strategically located in the heartland of German industry.
o An historical estimate of 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper has been identified at the Project (1940 historical estimate).
o Independent company, St Joe Exploration GmbH, conducted limited drilling between 1980 and 1984, further validating the 1940 historical estimate.
§ 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
o Significant ongoing work program: GreenX is progressing with an integrated program at Tannenberg to support future JORC Code reporting, including, continued reprocessing/interpretation of historical datasets, investigations to re-access historical underground workings to conduct in-situ sampling, and advancing plans for drilling to verify historical estimates and prove up extensions to known mineralisation to underpin a future Mineral Resource Estimate.
o During the quarter, GreenX was invited to the European Parliament in Brussels to present the Tannenberg Project to a contingent of Members of the European Parliament and officials representing the EU Critical Raw Materials Committee. The invitation highlights the growing recognition across Europe, and in Germany, of the importance of supporting domestic resource projects, such as Tannenberg, that can contribute to strengthening strategic autonomy and improving the resilience of critical raw materials supply chains.
o The Company notes that Lumina Metals Corp. (Lumina) is completing an initial public offering (IPO) to list on the Toronto Stock Exchange (TSX), with Lumina also seeking admission to the Warsaw Stock Exchange (WSE) in Poland. The IPO was oversubscribed with Lumina raising C$406 million, implying a fully diluted valuation of approximately C$1.4 billion. The IPO was supported by BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Limited, RBC Capital Markets and CIBC World Markets Inc., with participation from North American and European investors (including Polish and German investors). Lumina’s projects are Kupferschiefer-type deposits hosted within the same prolific copper belt that extends westward into Germany and hosts GreenX’s Tannenberg Project.
· ELEONORE NORTH PROJECT (GREENLAND)
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 mid-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.
o GreenX is finalising 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 During the quarter, the Singapore International Commercial Court of the Republic of Singapore (Singapore Court) issued a judgment rejecting, in its entirety, Poland’s application to set-aside the Energy Charter Treaty (ECT) award.
o Following the Singapore Court’s rejection of Poland’s ECT set-aside motion, the Company was awarded ~A$1.6 million by the Singapore Court, payable by Poland, fully reimbursing GreenX for all its legal costs claimed in defending Poland’s failed ECT set-aside motion. The A$1.6 million has now been paid by Poland in full.
o The Company is currently preparing for enforcement activities of the ECT award following the Singapore Court’s rejection of Poland’s ECT set-aside motion.
· CORPORATE
o During the quarter, the Company successfully completed a placement to raise gross proceeds of approximately A$13.6 million.
o Funds from the placement will be used for exploration and development activities at Tannenberg and at Eleonore North, and for general working capital, including costs in relation to the Company’s ongoing set-aside proceedings against Poland.
ENQUIRIES
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Ben Stoikovich Chief Executive Officer
+44 207 478 3900 |
Kazimierz Chojna Investor Relations – Poland
Kim Eckhof Investor Relations – UK / Germany |