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 30 June 2026.
SUMMARY
· TANNENBERG COPPER PROJECT (GERMANY)
o EXPLORATION TARGET:
o Exploration Target announced demonstrates potential for a globally significant copper endowment at Tannenberg.
o Exploration Target captures hanging wall and footwall mineralisation above and below the Kupferschiefer shale: a modern view of the deposit that the 1940 historical estimate did not contemplate.
o Validated by Kupferschiefer mining in Poland, where up to 95% of mineable copper at KGHM Polska Miedź S.A’s operations is hosted in the same footwall sandstone and hanging wall limestone units that host the Tannenberg Exploration Target.
o Built on validated historical foundations: the Exploration Target builds on the 1940 National Socialist historical estimate area; the 1984 St Joe historical estimate; validation via resampling and logging of 1980’s core by GreenX and digitised archive material collected since August 2024.
o An inflection point for Tannenberg: with the Exploration Target estimated, GreenX now transitions from archive synthesis to active exploration, including Scoping Study-level metallurgical test work, a seismic survey and commencement of an initial drill program.
o Work completed by Palsatech in a specialist logging facility in Sweden with MSA Mining Consulting UK Ltd’s independent competent person compiling the Exploration Target.
o MINERALOGY AND PROCESSING STUDY:
o Subsequent to the Exploration Target, GreenX completed an early-stage mineralogy and processing study for Tannenberg.
o Mineralogy study confirms Tannenberg mineralisation is consistent with producing Polish Kupferschiefer mines
o Independent metallurgical review by MSA Mining Consulting UK confirms Tannenberg confirms potential suitability for a conventional flotation-based processing route, as used at KGHM’s (WSE:KGH) long-running operations and planned for Lumina Metals’ (TSE:LMCU) Nowa Sól project.
o Established Kupferschiefer flowsheet provides a baseline processing route for Tannenberg. KGHM’s operations process 30 Mtpa at 1.6% Cu and 45 g/t Ag, achieving 89% copper and 86% silver aggregate recovery from a blended feed of Kupferschiefer shale, sandstone and carbonate-hosted mineralisation using crushing, two-stage grinding, rougher flotation, fine regrinding and multi-stage cleaning.
o Modern processing technologies offer potential to enhance recoveries. Advances, including high-pressure grinding rolls, fine-particle flotation systems and advanced reagent schemes, will be investigated, with potential to improve liberation and recovery of fine-grained copper sulphides relative to legacy flowsheets developed decades ago for KGHM.
o The mineralogy study, completed by SGS Lakefield on ten drill core samples, shows that the copper is predominantly hosted in chalcocite with additional bornite, chalcopyrite and covellite, typical of Kupferschiefer deposits.
o Bi-modal copper sulphide grain size distribution identified, with both coarse (>25 to 30 µm) and very fine disseminated material (<5 to 10 µm), informing comminution and flotation circuit design.
o Historical extraction at Tannenberg materially de-risks metallurgy. The Tannenberg mines produced 416,500 tonnes of copper and 33.7 Moz of silver predominantly during the 1930’s to 50’s, when mineral processing technology was not as advanced as it is in modern times.
o Supports progression to scoping-level metallurgical testwork on representative samples of each lithology to seek to confirm initial mineralogical findings, assess comminution characteristics and evaluate flotation performance.
· ELEONORE NORTH PROJECT (GREENLAND)
o Fieldwork is currently underway at Eleonore North, targeting gold, tungsten and antimony mineralisation.
o A Reduced Intrusion-related Gold System specialist evaluating the Noa Pluton prospect as well as untested targets
o Bulk sampling of tungsten and antimony-mineralised material at North and South Margeries deposits is expected to support scoping-study level metallurgical sighter test work.
o Archive core from North and South Margeries deposits was sampled prior to fieldwork and are currently being assayed with results expected in the coming months.
o Aim of fieldwork in 2026 is to confirm drill ready targets at both North and South Margeries and Noa Pluton.
o Multiple walk-up surface anomalies identified along strike and adjacent to the existing high-grade tungsten and antimony historical estimates previously identified.
o A 2 km-long prospectivity anomaly at North Margeries sits adjacent to a major east-west fault structure, with multiple additional anomalies surrounding the South Margeries historical estimate.
o Targets were generated by applying modern processing techniques to a heritage dataset acquired from an airborne hyperspectral survey flown in 2000 across the East Greenland Licences.
o Tungsten and antimony are both listed as critical raw materials by the European Union and the United States, with global supply heavily concentrated in China.
· ARBITRATION SET-ASIDE PROCEEDINGS
o As previously announced, the Singapore Court rejected, in its entirety, Poland’s application to set aside the Company’s ECT award, thereby upholding GreenX’s previously announced right to compensation under the ECT.
o A redacted judgment has been released by the Singapore Court, and the Company has brought the judgment to the attention of the English courts as part of the BIT set-aside proceedings. Under the English Arbitration Act 1996, the threshold to succeed on a set-aside application in the courts of England and Wales is exceptionally high, and courts typically reject these challenges unless there has been a serious procedural irregularity.
o Poland has applied to the Singapore Court of Appeal to challenge the rejection of the first ECT set-aside motion. This appeal is being heard in September 2026 by the Court of Appeal, following which Poland will have no further rights of appeal within the Singapore courts.
o The Company will continue to defend its awards and update the market in line with its continuous disclosure requirements.
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 |
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