REG - GreenX Metals Ltd - GreenX Uncovers Historical Estimate at Tannenberg
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RNS Number : 0001E GreenX Metals Limited 20 October 2025
NEWS RELEASE 20 OCTOBER 2025
GREENX UNCOVERS HISTORICAL ESTIMATE
AT TANNENBERG COPPER PROJECT
HIGHLIGHTS
· 1940 Historical Estimate of Significant Scale: Historical
Estimate from 1940 identifies 728,000 tonnes contained copper (1,605 Mlbs) at
an average grade of 2.6% copper in part of Tannenberg Project licence area
discovered from original project data archives
o Estimate based on a 1935-1938 National Socialist Government drilling
campaign across four zones: Ronshausen, Hönebach, Wolfsberg and
Schnepfenbusch
o Drilling targeted the thin Kupferschiefer horizon only
o Focused only on copper and did not include by-product metals
· 1984 Historical Estimate provides Validation: Independent company
St Joe Exploration GmbH conducted limited drilling between 1980 and 1984,
further validating the 1940 historical estimate
o Drilling focused on only 28% of the Ronshausen zone but included
by-product silver
o Drilling identified up to 3.45m thick mineralisation straddling the
Kupferschiefer and the limestone hanging wall and sandstone footwall above and
below the Kupferschiefer
o 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
· 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 Hypothesis is consistent with modern understanding of the Kupferschiefer
deposit model as demonstrated at KGHM's Polish mining operations which are
also found on the same geological structure as the Tannenberg Project
· Active Exploration Program: GreenX is currently relogging and
resampling over 4km of archived core from 47 holes to upgrade historical data
to modern standards
o Investigation of German mining archives and the digitisation of original
historical data continues
o Planning of future twin drilling campaign to verify the historical
estimates, and to establish a mineral resource estimate in accordance with the
JORC Code (2012) (JORC Code)
· 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.
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX
or Company) is pleased to announce that through its ongoing search of original
archive data, the Company has identified a historical estimate of 728,000
contained tonnes of copper (1,605 Mlbs) at an average grade of 2.6% Cu from
the Tannenberg Copper Project (Tannenberg or Project) dating from 1940 (1940
historical estimate). The 1940 historical estimate was produced by the German
company Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG) and is based on
the 95-drill hole exploration campaign carried out during the late 1930s
(refer to announcement dated 11 September 2025).
In addition, a later historical estimate from 1984 was produced by St Joe
Exploration GmbH (St Joe), which covers a small part of the same area as the
1940 historical estimate (St Joe's historical estimate).
The St Joe's historical estimate is based on limited drilling between 1980 and
1984 (refer to announcements dated 2 August 2024 and 28 April 2025). St Joe's
historical estimate provides further validation for the 1940s historical
estimate.
Figure 1: Map showing the location of the zones of the historical estimates
and historical mining operations
GreenX's Chief Executive Officer, Mr Ben Stoikovich, commented: "This
represents a significant breakthrough in our archive search and fundamentally
supports our exploration hypothesis of the Tannenberg mineral system. It
demonstrates that extensive copper mineralisation was identified historically,
but exploration at the time was constrained by the prevailing geological
model, which focused solely on the thin Kupferschiefer shale and the urgent
need to mine given the outbreak of World War II. The 1940 historical estimate,
based on a narrow-mineralised interval and excluding by-product silver, was
further validated by the 1984 work and modern understanding from Poland's
Kupferschiefer mining operations, together confirming that copper
mineralisation extends beyond the Kupferschiefer horizon and providing major
proof of concept and clear alignment with GreenX's geological model. The
implications are substantial, reinforcing the potential for a large-scale and
high-grade brownfield copper project at Tannenberg, and underscoring the
project's significance as a major European copper opportunity."
1940 MANSFELD HISTORICAL ESTIMATE
The 1940 historical estimate was calculated by Mansfeld AG according to the
relevant German standards applicable during that time. The 1940 historical
estimate is based on 18 holes from the 95-hole database generated during the
1935 to 1938 drilling campaign. The original archive document established
728,000 tonnes of contained copper at an average grade of 2.6% copper between
the Wolfsberg and Schnepfenbusch mines in the North and the Ronshausen area in
the South (Figure 2). The historical estimate covers mineralisation from a
depth of 100m in the North to 400m in the Southern end area near Ronshausen.
The 1940 historical estimate covers only the narrow width Kupferschiefer shale
mineralisation, which is notable due to the mistaken belief at the time that
copper was only present in the distinctive Kupferschiefer shale. Later
exploration campaigns have found mineralisation over much wider thicknesses
(see 1984 St Joe's historical estimate section below). This is consistent with
GreenX's exploration hypothesis that historical exploration was mainly based
on an outdated deposit model that focused on the 20-60 cm-thick Kupferschiefer
shale horizon. The modern understanding of the Kupferschiefer deposit model
now shows that up to 95% of mineable copper can be hosted in the footwall
sandstone and hanging wall limestone, as evidenced at KGHM Polska Miedź S.A's
Polish mining operations.
Figure 2: Map showing the locations of the zones of the 1940 historical
estimate, related drill holes and historical mining operations
It is also noteworthy that the 1940 historical estimate did not include
by-product silver mineralisation. The majority of the mineralisation (463,000
tonnes of contained copper) was found to be present in the Ronshausen region,
with gradually decreasing amounts to the North, where the historical mining is
to be found (See Table 1).
Table 1: Summary of Historical Estimate information from the original 1940
Mansfeld report
Zone Surface Area Thickness Grade Cu Contained Copper
(m(2))
(%)
(t)
(cm)
Ronshausen 10,000,000 67.4 2.85 463,000
Hönebach 8,088,000 34.2 1.92 130,055
Wolfsberg 6,468,000 23.5 2.35 92,945
Schnepfenbusch 5,528,000 19.3 2.38 65,673
SUB-TOTAL 2.59 751,673
Less historical production (23,793)
TOTAL 727,880
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 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 ore reserve in accordance with
the JORC Code.
The 1940 historical estimate data provides a good level of transparency with
regard to the input data and the calculation methods used. The estimation
resulting from the drill hole data was cross-checked by Mansfeld AG against
the production grades at the Wolfsberg and Schnepfenbusch mines, which were
operating in the area at the time of 1940 historical estimate. The comparison
was favourable, and hence the assays from the exploration holes were used.
GreenX has reviewed original records covering 17 of the 18 holes (~95%) used
for the historical estimation and found no discrepancies.
Mansfeld AG made specific adjustments as part of the 1940 historical estimate
to account for sterilisation. A total of 250,000 tonnes of contained copper
was omitted to account for areas where surface features might prevent mining.
Mansfeld AG also estimated that a further 23,793 tonnes of contained copper
had already been extracted by mining at Wolfsberg and Schnepfenbusch (at a
production grade of 2.2% Copper). This amount was then subtracted from the
historical estimate, as presented in the original source document (refer Table
1 above).
1984 ST JOE'S HISTORICAL ESTIMATE
Part of the Ronshausen zone of the 1940 historical estimate was drilled by St
Joe Exploration during the 1980's, resulting in recognition of the St Joe's
historical estimate more than 40 years later. Of the many holes drilled by St
Joe, a total of 14 holes were used in the estimate of 169,000 of contained
copper and 6.5 million ounces of contained silver. The St Joe's work estimated
grades of 2.1 % copper and 25 g/t silver at typical depths between 290 and
370m (Figure 3).
St Joe benefited from both technological advancements and enhanced geological
understanding in the 40 years following the work by Mansfeld AG. Consequently,
St Joe assayed wider intersections and found that the mineralisation was up to
3.45m width. The historical estimate was calculated using thicknesses of
between 1.5 to 2m, considerably thicker than the narrow Kupferschiefer assayed
and estimated by Mansfeld AG in 1940.
Figure 3: Map showing the drill holes and locations of the Ronshausen zone of
the 1940 historical estimate and the relative location of the 1984 St Joe's
historical estimate
Given the increased mineralisation thickness covered by St Joe and the fact
that the drilling covered only 28% of the Ronshausen zone, the St Joe's
historical estimate further validates the 1940 historical estimate. The
identification of much thicker mineralisation and contained silver also points
to considerable exploration upside over all five mineralisation zones covered
by the 1940 historical estimate.
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.
1930s DRILLING CAMPAIGN
The 18 holes used in the 1940 historical estimate were drilled between 1935
and 1938 (Figure 4). The southern holes tested the downdip continuation of
known Kupferschiefer mining sites from the mid-1800s and led to the opening of
the Wolfsberg and Schnepfenbusch mines. In the northern area, the drilling
discovered previously unknown down-faulted Kupferschiefer that does not
outcrop and had not been previously exploited. This discovery led to the
opening of the Reichenberg mine.
GreenX recently found the majority of the relevant original records of these
drill holes in a regional archive. To date, of the 95 holes indicated to exist
in the 1930s database, the Company has found logs for 43 holes, and of those,
original historical assay results have been found for 35 holes. GreenX is
continuing the archive search whilst digitising the records to add to the
geological database for the Project.
Drilling up to 95 holes today is estimated to cost over €25 million and take
several years, given modern permitting requirements. The discovery of the
original historical drill database and 1940 historical estimate not only
represents a significant saving in both time and money for GreenX, but it also
provides valuable data points for its current exploration work program,
including exploration targeting and 3D modelling. Combined with the 47 drill
cores GreenX is currently re-logging and sampling (Figure 4), the quantity of
previous exploration data available at Tannenberg is quickly growing, and
underscores Tannenberg as a significant brownfield exploration opportunity.
Figure 4: Location Map of GreenX's Tannenberg project area showing the newly
discovered 95 x 1930s drillholes, the location of the three underground
copper/ silver mines opened during the late 1930s, and the location of the
modern era 47 archive core holes that GreenX now has access to for re-logging
and sampling
Upcoming Work Programs
The discovery of this historical estimate and the National Socialist era drill
database is part of the Company's continued search for original historical
mining and production data in German archives, which are part of a broader
exploration program at Tannenberg, which includes:
· Logging, assaying, and hyperspectral scanning of historical core
(ongoing);
· Reprocessing and analysis of historical geophysical data
(ongoing);
· Collation of historical geological, mine development, and
production data (ongoing); and
· Airborne magnetic and radiometric survey (results released in
September 2025)
In light of the discovery of this significant upgrade in the understanding of
the Tannenberg mineralisation, GreenX is planning a future twin drilling
campaign to verify the historical estimates, in order to establish a mineral
resource estimate in accordance with the JORC Code.
ENQUIRIES
+44 207 478 3900 Sapan Ghai
ir@greenxmetals.com Chief Commercial Officer - UK
Kim Eckhof Kazimierz Chojna
Investor Relations - UK / Germany Investor Relations - Poland
Competent Person Statement - HISTORICAL Estimate
The information in this announcement that relates to historical estimates is
based on information reviewed and compiled by Dr Matt Jackson, a Competent
Person who is a member of the Australian Institute of Mining and Metallurgy.
Dr Jackson is a Technical Consultant for GreenX and is a holder of unlisted
options in the Company. Dr Jackson has sufficient experience that is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity being undertaken, to qualify as a Competent Person as defined in
the 2012 Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Dr Jackson consents to the
inclusion in this announcement of the matters based on his information in the
form and context in which it appears. Dr Jackson confirms that the information
provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate
representation of the available data and studies relating to the Tannenberg
Copper Project.
Forward Looking Statements
This release may include forward-looking statements, which may be identified
by words such as "expects", "anticipates", "believes", "projects", "plans",
and similar expressions. These forward-looking statements are based on
GreenX's expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and other factors,
many of which are outside the control of GreenX, which could cause actual
results to differ materially from such statements. There can be no assurance
that forward-looking statements will prove to be correct. GreenX makes no
undertaking to subsequently update or revise the forward-looking statements
made in this release, to reflect the circumstances or events after the date of
that release.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the Regulation 2014/596/EU which is
part of domestic law pursuant to the Market Abuse (Amendment) (EU Exit)
Regulations (SI 2019/310) ("UK MAR"). By the publication of this announcement
via a Regulatory Information Service, this inside information (as defined in
UK MAR) is now considered to be in the public domain.
REFERENCES
Mansfeldsche Kupferschieferbergbau AG. (1940). On the development of the
Richelsdorf area. In German. State archive of Saxony Anhalt Region
(Merseburg)*
St Joe Exploration GMBH. (1984) A Final report on the activities of St Joe
Explorations GMBH in the Kupferschiefer project, Richelsdorf 1984. Archive No
17. PO BOX, 5780, 3000 Hannover 1.*
*English translation of the original source document
SCHEDULE 1 - HISTORICAL ESTIMATE
Details of Non-JORC Historical Estimates in relation to ASX Listing Rule
Chapter 5
Listing Rules 5.10 to 5.12: Requirements applicable to reports of historical
estimates of mineralisation for material mining projects:
5.10 - An entity reporting historical estimates or foreign estimates of For the Non-JORC historical estimate included in this market release, GreenX
mineralisation in relation to a material mining project to the public is not is not required to comply with Listing Rule 5.6 of the JORC Code as all
required to comply with rule 5.6 of the JORC Code) provided the entity relevant and requested disclosures are stated in this announcement and
complies with rules 5.12, 5.13 and 5.14 tabulated below. The Company complies with Listing Rule 5.12 requirements for
the statement of Non-JORC historical estimates, as discussed below.
5.11- An entity must not include historical estimates or foreign estimates GreenX is not applying any economic analysis or commentary to the historical
(other than qualifying historic estimates) of mineralisation in an economic estimates in this Announcement. The historical estimates should not be relied
analysis (including a scoping study, preliminary feasibility study, or a upon for any economic evaluation.
feasibility study) of the entity's mineral resources and ore reserves
holdings.
5.12 - Subject to rule 5.13, an entity reporting historical estimates or
foreign estimates of mineralisation in relation to a material mining project
must include all of the following information in a market announcement and
give it to ASX for release to the market:
5.12.1 - The source and date of the historical estimates or foreign estimates. On the 2 January 1940 a historical estimate was estimated by Mansfeldsche
Kupferschieferbergbau AG (Mansfeld AG). The original source document was
discovered by GreenX in the archive of the Saxony Anhalt Region of Germany
located in Merseburg.
In 1984, a historical estimate was created by St Joe Explorations GMBH. The
original source document was found in archives of the Hessian Agency for
Nature Conservation, Environment and Geology.
The original data (drillhole logs and assays) for the historic estimates were
found across various mining archives in Germany.
5.12.2 - Whether the historical estimates or foreign estimates use categories No resource category or reporting code was quoted as the practice of the
of mineralisation other than those defined in Appendix 5A (JORC Code) and if reporting codes was only introduced in Germany in the 1990's and common
so, an explanation of the differences. practice from the 2000's onwards..
The 1984 St Joe's historical estimate uses categories which were not used in
this announcement to avoid inadvertent comparison with similar terms used in
the JORC Code. The historical estimate figures used in this announcement are
referred to by St Joe as "geological reserve" whereas in accordance with the
JORC Code, the term "reserve" could only be used after quantitative assessment
of modifying factors.
The historical estimates were made prior to the JORC Code reporting guidelines
being formulated and do not conform to the requirements in the JORC Code.
5.12.3 - The relevance and materiality of the historical estimates or foreign The historical estimates are both material and relevant to the Tannenberg
estimates to the entity. Project and Company, as they indicate the project's scale while supporting the
view that further exploration is warranted to evaluate the mineralisation in
accordance with the JORC Code. Further, the historical estimate for the
Tannenberg Project lie within the Tannenberg 1 and Tannenberg 2 exploration
licences and are relevant to understanding the extent of mineralisation and
copper grades present at the project.
The original historical estimate documents also detail the results of an
exploration program and historical estimates that were used to justify the
establishment of mining operations in the 1940s. The information is material
due to GreenX's statutory obligation to release information that affects the
understanding and prospectivity of the Tannenberg Project and any potential
unmined mineralisation present.
The information gained will be central to guiding future mineral exploration
to develop the project.
5.12.4 - The reliability of the historical estimates or foreign estimates, The historical estimates are not reported in accordance with the JORC Code. A
including by reference to any of the criteria in Table 1 of Appendix 5A (JORC competent person has not completed sufficient work to classify the historical
Code) which are relevant to understanding the reliability of the historical estimates as a Mineral Resource Estimate in accordance with JORC Code 2012.
estimates or foreign estimates. The Estimates were made prior to the JORC Code 2012 reporting guidelines being
formulated and do not conform to the requirements in the JORC Code 2012.
Of the 18 holes used for the 1940 historical estimate, GreenX has found
details of 17 holes and assays in various archives across Germany. These
independently identified records confirm the grades and locations used in the
estimate.
The 1940 historical estimate validated the drill hole grades used in the
estimate by comparing them with production grades from the Schnepfenbusch and
Wolfsberg mining operations. The comparisons were favourable and confirmed the
grades used in the historical estimate.
A map of the 1940 historical estimate zones was reportedly attached to the
original document, this has not been found by GreenX. GreenX has independently
calculated the surface area of each of the estimate zones based on drill hole
locations and the text description and the results match the estimation work
performed in 1940.
The German language 1940 estimate was translated by an online translation tool
and was separately read and summarised by a specialist native German speaker.
The human German speaker was not aware of the online translation. Both
summaries were independent of each other and all key facts matched.
The Company has completed a Table 1 of Appendix 5A (JORC Code) which are
relevant to understanding the reliability of the historical estimates. Please
refer below.
GreenX is not treating the historical estimates as a Mineral Resource Estimate
or Ore Reserve and considers the historical estimates to represent an
exploration project that requires verification. However, nothing has come to
the attention of the Company or the Competent Person that causes it to
question the accuracy or reliability of the historical estimate and it is on
this basis that the Company and Competent Person consider the historical
estimates to be reliable. However, the Company and Competent Person has not
independently validated the historical estimates and therefore is not to be
regarded as reporting, adopting or endorsing the historical estimate. It is
possible that following evaluation and/or further exploration work the
currently reported historical estimates may materially change and at this
point the Company will need to be update the reporting in accordance with the
JORC Code (or it may never become reportable at all in accordance with the
JORC Code).
5.12.5 - To the extent known, a summary of the work programs on which the Refer to the "1930's drilling campaign" and 1984 St Joe's historical estimate
historical estimates or foreign estimates are based and a summary of the key sections of this announcement.
assumptions, mining and processing parameters and methods used to prepare the
historical estimates or foreign estimates. The 1940 historical estimate were based on 18 drill-holes completed in the
late 1930's. The 1984 St Joe's historical estimate was based on 16 drill-holes
in the early 1980's.
The collar locations are indicated on the map in the main body of the
announcement. No cut-off grade was used and this was believed to be
appropriate because as the estimate covers only a very narrow portion of the
known mineralisation with sharp grade boundaries. Additionally, the drill
holes were only sampled in the very narrow portion of the copper mineralised
Kupferschifer shale.
5.12.6 - Any more recent estimates or data relevant to the reported Some additional holes were drilled by Mansfeld AG which were not used in the
mineralisation available to the entity. 1940 historical estimate because they were drilled after the publication of
the estimate. GreenX has access to only part of the information for these
holes and they are all believed to have results that confirm the estimate.
The 1940 historical estimate was validated within the Ronshausen (Field 5)
area by the later 1984 St Joe historical estimate. There are sufficient
similarities between both the grade and tonnage of each of the estimates to
justify confidence in the 1940 Mansfeld AS historical estimate.
5.12.7 - The evaluation and/or exploration work that needs to be completed to The Company plans to take the following next steps to further seek to verify
verify the historical estimates or foreign estimates as mineral resources or the historical estimates identified at Tannenberg:
ore reserves in accordance with Appendix 5A (JORC Code)
· Relogging and sampling of archived drill core (underway at the
time of writing)
· Further review and validation of historical data.
· Twinning (repeat drilling) of certain holes.
· Mineral Resource Estimation and reporting according to best
practice and the JORC Code.
There is no certainty that further exploration work will result in the
historical estimate being reported in accordance with the JORC Code.
5.12.8 - The proposed timing of any evaluation and/or exploration work that The Company expects to complete the next steps identified above in the
the entity intends to undertake and a comment on how the entity intends to following 12 months. GreenX currently has cash reserves of approximately $3.7
fund that work. million (30 September 2025 - unaudited).
5.12.9 - A cautionary statement proximate to, and with equal prominence as, A cautionary statement, proximate to, and with equal prominence as, the
the reported historical estimates or foreign estimates stating that: the reported historical estimates has been stated on pages 1, 4 and 5 of this
estimates are historical estimates or foreign estimates and are not reported announcement.
in accordance with the JORC Code; a competent person has not done sufficient
work to classify the historical estimates or foreign estimates as mineral
resources or ore reserves in accordance with the JORC Code; and it is
uncertain that following evaluation and/or further exploration work that the
historical estimates or foreign estimates will be able to be reported as
mineral resources or ore reserves in accordance with the JORC Code
5.12.10 - A statement by a named competent person or persons that the A statement by a named competent person is included on page 7 of this
information in the market announcement provided under rules 5.12.2 to 5.12.7 announcement.
is an accurate representation of the available data and studies for the
material mining project. The statement must include the information referred
to in rule 5.22(b) and (c).
JORC Code, 2012 Edition - Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific Due to the historic nature of the drilling results reported herein, it is not
specialised industry standard measurement tools appropriate to the minerals possible to comment on the quality of the sampling used to produce the results
under investigation, such as down hole gamma sondes, or handheld XRF described. It is known from historic reports that the drill core was sawn.
instruments, etc). These examples should not be taken as limiting the broad Sampling of ¼ core was conducted during multiple exploration phases between
meaning of sampling. 1980 and 1987 within the licence area by St Joe. The information shown here
was collated from original hard copy reports from that era and a State Survey
Database. Assays, geological logging and gamma ray logs were conducted by St
Joes Exploration and Mansfeld AG. No other information is available for the
exploration drilling.
Include reference to measures taken to ensure sample representivity and the No details covering the representivity of the samples for the 1940 or 1984
appropriate calibration of any measurement tools or systems used. estimate were included. Verification of the exploration assays was carried out
by Masfeld AG against production grades from Wolfsberg and Schnepfenbusch
production grades
Aspects of the determination of mineralisation that are Material to the Public Work was not conducted to modern industry standards.
Report. In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, St Joes Exploration
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or other type, whether core is · 10 cm drill cores were collected, further specifications
oriented and if so, by what method, etc). are not known.
National Socialist Drilling (1930's)
· Unknown drilling techniques.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Due to the historic nature of the drilling results reported herein, it is not
assessed. possible to comment on the recoveries achieved at the time.
Measures taken to maximise sample recovery and ensure representative nature of Not reported.
the samples.
Whether a relationship exists between sample recovery and grade and whether Not reported.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging Whether core and chip samples have been geologically and geotechnically logged N/A, JORC Mineral Resources not reported.
to a level of detail to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, Available logs are qualitative only.
channel, etc) photography.
The total length and percentage of the relevant intersections logged. The entire hole was logged, the target zone is typically 2 m thick.
Sub-sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. St Joe
· A reference to ¼ core is reported however this is not
specific to every hole/phase.
National Socialist Drilling (1930's)
· Unknown sub sampling techniques.
and sample preparation If non-core, whether riffled, tube sampled, rotary split, etc and whether Not reported.
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample Not reported.
preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise Not reported.
representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ Not reported.
material collected, including for instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being Not reported.
sampled.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory St Joe
procedures used and whether the technique is considered partial or total.
· Geochemical analysis was carried out by Robertson
Research Ltd, Wales, however the precise nature quality and appropriateness of
the assaying is unknown.
National Socialist Drilling (1930's)
· The precise nature quality and appropriateness of the
assaying is unknown.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the N/A
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, N/A
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying The verification of significant intersections by either independent or St Joe
alternative company personnel.
· No verification carried out.
National Socialist Drilling (1930's)
· Verification carried out by Masfeld AG against production
grades from Wolfsberg and Schnepfenbusch production grades
The use of twinned holes. No twinned holes.
Documentation of primary data, data entry procedures, data verification, data St Joe
storage (physical and electronic) protocols.
· No verification carried out.
National Socialist Drilling (1930's)
· Verification carried out by checking drilling data used
in the 1940 original document and the 1930's original drilling data.
Discuss any adjustment to assay data. No adjustments made.
Location of data points Accuracy and quality of surveys used to locate drill holes (collar and Location accuracy is unknown. The location of holes drilled by St Joes
down-hole surveys), trenches, mine workings and other locations used in Exploration comes from collar tables in historical reports. All other collar
Mineral Resource estimation. locations come from State/Federal databases.
Specification of the grid system used. St Joe
· Latitude and Longitude in degree, minutes and seconds
were provided by St Joes Exploration.
National Socialist Drilling (1930's)
· All drill collar coordinates are reported here in the
DHDN / 3-degree Gauss-Kruger zone 4 grid system.
Quality and adequacy of topographic control. Unknown
Data spacing and distribution Data spacing for reporting of Exploration Results. St Joe
· Between 400 to 700m
National Socialist Drilling (1930's)
· Between 500 to 1500m
Whether the data spacing and distribution is sufficient to establish the N/A, JORC Mineral Resources not reported.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied. No compositing applied
Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible The target Kupferschiefer layer is flat to slightly dipping, vertical drilling
structures and the extent to which this is known, considering the deposit therefore intercepts at right angles and is appropriate.
type.
If the relationship between the drilling orientation and the orientation of No sampling bias introduced by intersection angles.
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security The measures taken to ensure sample security. N/A
Audits or reviews The results of any audits or reviews of sampling techniques and data. N/A
Section 2 Reporting of Exploration Results
(Criteria in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or The Tannenberg 1 licence is held 100% by Group 11 Exploration GmbH. The
material issues with third parties such as joint ventures, partnerships, licences were awarded on the 6(th) June 2025 for three years and has now been
overriding royalties, native title interests, historical sites, wilderness or extended for a further three years to 6 June 2028. The licence is free from
national park and environmental settings. overriding royalties and native titles interests. There are historical mine
workings within the licence area, but no known historical sites of cultural
significance outside of mining.
The Tannenberg 2 exploration licence is held 100% by Group 11 Exploration
GmbH. The licence was granted effective 22 April 2025 and is valid for three
years also until 6 June 2028.
Within and surrounding both licence areas, there are environmental protections
zones with differing levels of protections. There are small areas identified
as Natura 2000 Fauna Flora Habitat Areas and Bird Sanctuaries. Other
environmental protection designated areas include Nature Reserves, National
Natural Monuments, Landscape Protection Area, and Natural Parks. Based on due
diligence and discussions with various stakeholders and consultants, the
presence of environmental protection areas does not preclude exploration or
eventual mining if conducted in accordance with applicable standards and
regulations.
The landform across the license area comprises mostly of farmland, forested
areas, and small towns and villages.
The security of the tenure held at the time of reporting along with any known The licences are in good standing.
impediments to obtaining a licence to operate in the area.
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Exploration was carried out by St Joes Exploration (in JV with the Broken Hill
Pty Co Ltd later a major global mining company) between 1980 and 1987. Two
projects were undertaken. The Richelsdorf project within the licence area as
well as the Spessart-Rhoen project 85 km to the south. Hole IDs starting with
'Ro' were drilled by St Joes Exploration.
Exploration in the 1930's was carried out by Manfeld AG and resulted in 95
drill holes which were used to establish 3 mines in the area, with
recommendations for the opening of a further 2 which never materialised.
Historical mining took place within the licence area. Mining activities ceased
in the 1950's.
Geology Deposit type, geological setting and style of mineralisation. Mineralisation is of the classic Kupferschiefer type (copper slate) within the
Permian Zechstein Basin of Germany and Poland.
The Zechstein Basin is hosted within the Southern Permian Basin ("SPB") of
Europe. The SPB is an intracontinental basin that developed on the northern
foreland of the Variscan Orogen.
Very high-grade copper mineralisation is generally associated with the
Kupferschiefer shale unit. However, minable copper mineralisation also occurs
in the footwall sandstone and hanging wall limestone units in Poland.
Mineralisation can be offset from the shale by up to 30 m above and 60 m
below.
Drill hole Information A summary of all information material to the understanding of the exploration N/A. Exploration drilling results not being reported.
results including a tabulation of the following information for all Material
drill holes:
easting and northing of the drill hole collar
elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.
If the exclusion of this information is justified on the basis that the N/A. Exploration drilling results not being reported.
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum N/A. Exploration drilling results not being reported.
and/or minimum grade truncations (eg cutting of high grades) and cut-off
grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and N/A. Exploration drilling results not being reported.
longer lengths of low grade results, the procedure used for such aggregation
should be stated and some typical examples of such aggregations should be
shown in detail.
The assumptions used for any reporting of metal equivalent values should be N/A
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Drilling is perpendicular to mineralisation. Detailed sampling was done to
Results. If the geometry of the mineralisation with respect to the drill hole lithological contacts on a range of scales from 1-50cm.
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should N/A. Exploration drilling results not being reported.
be a clear statement to this effect (eg 'down hole length, true width not
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts N/A. Exploration drilling results not being reported.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, N/A. Exploration drilling results not being reported.
representative reporting of both low and high grades and/or widths should be
practiced to avoid misleading reporting of Exploration Results.
Other substantive exploration data Other exploration data, if meaningful and material, should be reported All substantive results are reported. Geological logs and downhole gamma logs
including (but not limited to): geological observations; geophysical survey are not reported here.
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work The nature and scale of planned further work (eg tests for lateral extensions The Company plans to take the following next steps to further seek to verify
or depth extensions or large-scale step-out drilling). the historical estimates identified at Tannenberg:
· Relogging and sampling of archived drill core (underway
at the time of writing)
· Further review and validation of historical data.
· Twinning (repeat drilling) of certain holes.
· Mineral Resource Estimation and reporting according to
best practice and the JORC Code.
There is no certainty that further exploration work will result in the
historical estimate being reported in accordance with the JORC Code.
Diagrams clearly highlighting the areas of possible extensions, including the These diagrams are included in the main body of this release.
main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
Given the Company is reporting non-JORC historical estimates, further
exploration and evaluation activities are required to be completed to verify
the historical estimates as mineral resources in accordance the JORC Code.
Accordingly, the Company cannot complete the Section 3 Estimation and
Reporting of Mineral Resources JORC table until a mineral resource estimate
can be verified and estimated. There is no certainty that further exploration
work will result in the historical estimate being reported in accordance with
the JORC Code.
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