REG - GreenX Metals Ltd - Quarterly Activities Report December 2025
30/01/2026 07:00
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RNS Number : 0284R GreenX Metals Limited 30 January 2026
NEWS RELEASE 30 January 2026
Quarterly Activities Report December 2025
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
Ben Stoikovich Kazimierz Chojna
Chief Executive Officer Investor Relations - Poland
+44 207 478 3900 Kim Eckhof
ir@greenxmetals.com Investor Relations - UK / Germany
TANNENBERG COPPER PROJECT (GERMANY)
Tannenberg is a large scale, relatively shallow and potential high-grade
copper brownfields exploration project that is strategically located in the
heartland of German industry.
Copper is currently recognised as a strategic raw material by the European
Union.
Prior to closure in the 1950's, the Richelsdorf mines produced 416,500 tonnes
of copper and 33.7 million ounces of silver from Kupferschiefer type deposits.
These historic mines consisted of shallow underground workings originally
accessed from surface outcrops.
Kupferschiefer style deposits are a well-known and prolific subtype of
sediment-hosted copper deposit that are the second most prevalent source of
copper production and reserves in the world and have been historically mined
in Germany and are still mined in Poland.
Germany has been a significant mining jurisdiction in the past and continues
its mining tradition, including the K+S potash mines which operate 4 km away
from the license area and are located in the State of Hesse.
Figure 3: Tannenberg is located in the industrial centre of Europe within the
Basal Zechstein trend
(brown shading)
Tannenberg Copper Project Acquisition
During the quarter, the company announced that completion occurred following
exercise of its option to acquire 90% of Group 11, the company which holds the
Tannenberg exploration licences.
Since signing the Agreement in 2024, the licence 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). The acquisition of the
completed by the Company applies to the entire expanded Project area.
Modern Assays Validate Historical Copper Grades
The Company announced the first batch of assay results from its historical
core logging and sampling program at Tannenberg. These results further
validated historical exploration data from the 1980s and confirmed that
mineralisation widths are thicker than those used in the 1940 Historical
Estimate (refer to announcement dated 20 October 2025).
The Richelsdorf Mining District has been subject to significant historical
drilling, with a 95-hole drilling program completed in the mid-1930s by the
National Socialist Government. GreenX discovered the drill database from this
program in various German archives (refer to announcement dated 11 September
2025). Subsequent exploration from the 1970s onwards included copper and oil
exploration, with 47 relevant archived cores now available for modern
analysis. Of the 47 archived cores in the program, 18 holes have no recorded
historical assays, representing targets for potentially new mineralisation
discovery. The remaining 29 holes have limited historical assaying, typically
focused on a narrow 5m-wide interval across the Kupferschiefer shale, with the
true extent of the potential mineralised interval untested.
Historical exploration was constrained by the prevailing geological model,
which assumed copper mineralisation was syngenetic and restricted to the thin
Kupferschiefer shale. This limitation meant sampling focused on a narrow
interval, typically only 5m around the Kupferscheifer horizon, rather than the
up to 90m intervals that characterise economic Kupferschiefer deposits in
Poland today.
The modern understanding of Kupferschiefer copper systems, as demonstrated by
KGHM Polska Miedz (KGHM) operations in Poland, supports GreenX's epigenetic
model. KGHM produces over 589,000 tonnes of copper per annum (Source: KGHM
Annual Report 2024) from deposits similar to those at Tannenberg, with
mineralisation often occurring up to 30m above and 60m below the
Kupferschiefer shale horizon. KGHM's operations are located on the same
basement architecture as the Tannenberg Project.
2025 Core Sampling Results
The results announced here are historical core assay results where over 90% of
historical core was available over the target sample interval from an initial
six of the total 47 holes that form part of the program. The results have
confirmed that mineralisation is present in widths which are thicker than just
the narrow Kupferschiefer shale. In this program, mineralisation widths range
from 1.0 to 3.7 meters. These results show that the mineralisation is thicker
than only the Kupferschiefer strata included in the 1940 Historical Estimate.
Not only do these results confirm that the analyses performed by St Joe in the
1980s were accurate, but also that the concept of syngenetic mineralisation
restricted to the narrow Kupferschiefer is geologically incorrect. The results
are consistent with the expectation that considerably more mineralisation
exists at the Tannenberg project than reflected in the 1940 Historical
Estimate, which was restricted to reporting mineralisation in the
Kupfershiefer shale only (refer to announcement dated 20 October 2025).
Table 1: Results of the 2025 relogging and sampling campaign.
Locality Hole ID Intersect (m) Cu Ag Core Recovery
(%)
(g/t)
From To Interval
Ronshausen Ro 15 285.60 289.30 3.70 1.2 17 96%
Ro 17 481.25 482.55 1.30 1.2 24 92%
Ro 23 366.00 367.50 1.50 2.7 55 93%
Ro 25 533.38 534.39 1.01 2.0 41 100%
Ro 38 536.25 538.0 1.75 0.7 15 100%
Nentershausen Ro 45 268.0 270.37 2.37 1.4 18 100%
Most holes for the six sets of assay results reported are located in the
Ronshausen area, where the 1940 Historical Estimate was subsequently validated
by the 1980's Historical Estimate produced by St Joe (refer to announcement
dated 20 October 2025). One of the assay results is from hole Ro 45 located
near Nentershausen to the north of the area covered by the 1940 Historical
Estimate, in the vicinity of the Reichenberg mine.
Figure 4: The locations of the historical estimates and the reported assay
results from the initial batch of six holes where greater than 90% of the
historical core over the target interval was available from the archived core.
Historical Estimate
During the quarter, the Company announced that it had identified a historical
estimate of 728,000 contained tonnes of copper (1,605 Mlbs) at an average
grade of 2.6% copper at Tannenberg 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 further
discussion below).
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.
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.
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 3). 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 5: 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 (refer Table 2 below).
Table 2: 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
2 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 4).
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 6: 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.
Ongoing Exploration Work Programs at Tannenberg
With the acquisition of Tannenberg now complete, GreenX continues to advance a
coordinated suite of exploration activities at the Project, 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
· Planning for future twin drilling to verify the historical
estimates and in order to establish a mineral resource estimate in accordance
with the JORC Code.
Eleonore North GOLD AND ANTIMONY Project
GreenX has previously announced that high grade antimony mineralisation had
been identified at its Eleonore North project in Greenland (Eleonore North or
ELN), based on historical results recently released by the Geological Survey
of Denmark and Greenland (GEUS). The historical results indicate the potential
for a high-grade antimony-gold mineral system at ELN. Antimony prices have
been on a rapid uptrend since China announced antimony export controls from 15
September 2024, with antimony prices in the US now having increased to over
US$60,000/t from US$18,300/t.
Noa Prospect - potentially large-scale bulk tonnage gold/antimony
The Noa Prospect is located within the ELN Project on exploration licence MEL
2023-39 and has the potential to host a RIRGS, analogous to large bulk-tonnage
deposit types found in Canada including Donlin Creek, Fort Knox and Dublin
Gulch.
· Gold and antimony mineralisation documented at the high-priority
Noa Prospect within Eleonore North
· Geophysical "bullseye" anomaly 6 km wide co-incident with
elevated gold and antimony mineralisation from historical geochemical
sampling1
· Anomalous gold mineralisation associated with quartz veining
exposed at surface over a length of up to 15 km
· Historical individual specimens grading up to 23% antimony (Sb),
and other samples up to 4g/t gold (Au)
· Previously reported historical data confirmed the presence of
gold and high-grade antimony in outcropping veins at ELN, including:
o 14 m long chip sample grading 7.2% Sb and 0.53g/t Au
o 40 m chip line with a length weighed average of 0.78g/t Au
· 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 15 km trend
Eleonore North hosts antimony and gold-bearing veins in an area sitting above
a geophysical anomaly at Noa interpreted to be a pluton (Figure 5). A passive
seismic survey in 2023 showed evidence for multiple blind intrusions rising to
just beneath the surface, and processing of results in 3D identified 1-2 km
wide elongated plutons, which are priority targets.
Figure 7: Historical results show evidence for high-grade antimony and gold
mineralisation above the interpreted pluton at Noa.
Margeries Prospects - high grade tungsten and antimony Historical Estimate
The Margeries Prospects are also located within the ELN Project on the
exploration licence MEL 2018-19 where high grade tungsten and antimony
mineralisation has been identified as historical estimates:
· 83 kt of mineralised rock with a mean grade of 4.6% Sb at North
Margeries
· 58.1 kt of mineralised rock grading 3.2% W at South Margeries
· 32 kt of mineralised rock grading 1% W at North Margeries
Over 2,000 m of historical drilling has been completed, with core still
available in Greenland, together with scoping-level metallurgical test work on
tungsten. GreenX will revisit and re-analyse the historical drilling and
metallurgical data with an aim to report in accordance with the JORC Code.
Cautionary statement: The Historical Estimate referred to above 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 8: Location map for the Margeries Prospects within MEL 2018-19.
Next steps for Eleonore North (2026 programme planning)
Over the coming months, GreenX will finalise the ELN exploration programme for
2026 to further define and prioritise potential drill targets, including:
Noa Prospect:
· Process the historical hyperspectral survey
· Field mapping and sampling to ground-truth RIRGS targets and
identify drill targets
Margeries Prospects:
· Collect bulk sample material for both tungsten and antimony
metallurgical sighter test work
· Inspect the archive core with a view to obtaining samples for
re-analysis and metallurgical sighter test work
· Reprocessing of historic geophysics/hyperspectral data and field
mapping to identify drill targets
Singapore COURT Dismisses Poland's Set-Aside Application
Subsequent to the quarter, the Company announced that the Singapore Court
rejected, in its entirety, Poland's application to set aside the ECT award,
thereby upholding GreenX's previously announced right to compensation under
the ECT.
In January 2025 Poland lodged a request to set-aside the ECT award in the
Singapore Court challenging jurisdictional aspects of the ECT award and
alleged procedural unfairness in the Tribunal's decision on damages.
GreenX advised that the Singapore Court has now issued a judgment whereby it
has rejected, in its entirety, Poland's application to set aside the ECT
award.
A redacted judgment has been released by the Singapore Court. The Company
intends to bring the judgment to the attention of the English courts as part
of the BIT set-aside proceedings. Poland has the right to apply to the
Singapore courts to appeal the dismissal of the ECT set-aside motion, however
if an appeal is granted, it is expected that such an appeal would be dealt
with expeditiously by the relevant Singapore court with Poland then having no
further rights of appeal. The Company expects that Poland will file an appeal
for the ECT set-aside which will likely be made in February 2026. The
threshold to succeed on a set aside motion in either the Singapore or English
courts is very high, with the courts rejecting set-aside applications in the
vast majority of cases.
The Company will continue to defend its awards and update the market in line
with its continuous disclosure requirements.
Corporate
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.
The net proceeds from the placement will be used for exploration and
development activities at Tannenberg and Eleonore North, and general working
capital, including costs in relation to the Company's ongoing arbitration and
set-aside proceedings against Poland.
-ENDS-
Forward Looking Statements
This release may include forward-looking statements. 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. 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.
Competent Persons Statement
The information in this report that relates to exploration results were
extracted from the ASX announcements dated 15 July 2024, 2 August 2024, 27
November 2024, 28 April 2025, 9 September 2025 and 20 November 2025 which are
available to view at www.greenxmetals.com (http://www.greenxmetals.com) .
The information in this announcement that relates to historical estimates for
Tannenberg were extracted from the ASX announcement dated 20 October 2025,
entitled 'GreenX Uncovers Historical Estimate at Tannenberg Copper Project'
(Original Announcement).
GreenX confirms that (a) it is not in possession of any new information or
data relating to the historical estimates that materially impacts on the
reliability of the estimates or GreenX's ability to verify the historical
estimates as mineral resources or ore reserves in accordance with the JORC
Code; (b) that the supporting information provided in the Original
Announcement referred to in ASX Listing Rule 5.12 continues to apply and has
not materially changed; and (c) the form and context in which the Competent
Person's findings are presented have not been materially modified from the
Original Announcement.
GreenX confirms that (a) it is not aware of any new information or data that
materially affects the information included in the original announcement; (b)
all material assumptions and technical parameters underpinning the content in
the relevant announcement continue to apply and have not materially changed;
and (c) the form and context in which the Competent Person's findings are
presented have not been materially modified from the original announcements.
The information in this announcement that relates to the historical estimate
for Eleonore North were extracted from the ASX announcement dated 24 November
2025, entitled 'Greenx Targeting Gold, Tungsten & Antimony At Eleonore
North Project In Greenland' (ELN Original Announcement).
GreenX confirms that (a) it is not in possession of any new information or
data relating to the historical estimate that materially impacts on the
reliability of the estimates or GreenX's ability to verify the historical
estimates as mineral resources or ore reserves in accordance with the JORC
Code; (b) that the supporting information provided in the ELN Original
Announcement referred to in ASX Listing Rule 5.12 continues to apply and has
not materially changed; and (c) the form and context in which the Competent
Person's findings are presented have not been materially modified from the ELN
Original Announcement.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
APPENDIX 1: TENEMENT INFORMATION
As at 31 December 2025, the Company has an interest in the following
tenements:
Location Tenement Percentage Status Tenement Type
Interest
Germany Tannenberg 1 90(1) Granted Exploration Licence
Germany Tannenberg 2 90(1) Granted Exploration Licence
Greenland Eleonore North gold project 100(2) Granted Exploration Licence
(Licence No's 2018-19 and 2023-39)
Greenland Arctic Rift Copper project (Licence No. 2025-168) -(3) Withdrawn(3) Exploration Licence
Notes:
(1 ) In August 2024, the Company announced that it had entered
the earn-in Agreement for Tannenberg through which GreenX could earn a 90%
interest in the Project. During the quarter, GreenX announced that it had
exercised its option to acquire a 90% interest in the Project.
(2 ) As announced in July 2024 regarding the revised commercial
terms for GreenX to acquire the Eleonore North Project, a final payment of
A$1,000,000 in cash or GreenX shares was required for GreenX to retain the ELN
Project after 31 December 2025. During the quarter the Company announced that
it would retain its interest in ELN and issue $1,000,000 in value of GreenX
shares (subject to 12 months escrow and based on the 5-trading day VWAP to 1
January 2026).
(3 ) Given the prospectivity and focus at Tannenberg and Eleonore
North and following a review of its portfolio of projects and the most
efficient and effective use of the Company's resources, GreenX announced that
it had decided to withdraw from the ARC Joint Venture thereby relinquishing
its rights in the Arctic Rift Copper project.
Appendix 2: Related Party Payments
During the quarter ended 31 December 2025, the Company made payments of
A$230,000 to related parties and their associates. These payments relate to
existing remuneration arrangements (director fees, consulting fees and
superannuation of A$147,000 and the provision of a serviced office and company
secretarial and administration services of A$83,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 31 December 2025, the Company made the following
payments in relation to exploration activities:
Activity A$000
Germany (Tannenberg)
Ongoing exploration work programs (re-logging core, reprocessing historical 257
data, etc)
Personnel costs (geology and technical team) 246
Sub-total 503
Greenland (Eleonore North)
Personnel costs (geology and technical team) 29
Other (data review, geoimagery, etc) 8
Sub-total 37
Total as reported in the Appendix 5B (items 1.2(a) and 2.1(d)) 510
There were no mining or production activities and expenses incurred during the
quarter ended 31 December 2025.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
GreenX Metals Limited
ABN Quarter ended ("current quarter")
23 008 677 852 31 December 2025
Consolidated statement of cash flows Current quarter Year to date
$A'000
(6 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (37) (78)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (402) (807)
(e) administration and corporate costs (282) (482)
1.3 Dividends received (see note 3) - -
1.4 Interest received 34 94
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material)
(a) Business Development (104) (146)
(b) Arbitration and legal related expenses (765) (2,828)
1.9 Net cash from / (used in) operating activities (1,556) (4,247)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) Entities
(b) Tenements - -
(c) property, plant and equipment - (13)
(d) exploration & evaluation (503) (835)
(e) investments - -
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (503) (848)
3. Cash flows from financing activities 495 495
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt - (28)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings - -
3.7 Transaction costs related to loans and borrowings - -
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities 495 467
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 3,754 6,826
4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,556) (4,247)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (503) (848)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 495 467
4.5 Effect of movement in exchange rates on cash held (6) (14)
4.6 Cash and cash equivalents at end of period 2,184 2,184
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash
$A'000
$A'000
flows) to the related items in the accounts
5.1 Bank balances 2,184 3,754
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 2,184 3,754
6. Payments to related parties of the entity and their associates Current quarter
$A'000
6.1 Aggregate amount of payments to related parties and their associates included (230)
in item 1
6.2 Aggregate amount of payments to related parties and their associates included -
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements
$A'000
$A'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities 18,435* 16,840
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 18,435* 16,840
7.5 Unused financing facilities available at quarter end 1,595
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
On
30
Jun
e
202
0,
the
Com
pan
y
exe
cut
ed
a
Lit
iga
tio
n
Fun
din
g
Agr
eem
ent
(LF
A)
for
US$
12.
3
mil
lio
n
(*n
ow
wor
th
A$1
8.4
mil
lio
n
wit
h
the
mov
eme
nt
of
the
A$
com
par
ed
to
the
$US
)
wit
h
LCM
Fun
din
g
UK
Lim
ite
d a
sub
sid
iar
y
of
Lit
iga
tio
n
Cap
ita
l
Man
age
men
t
Lim
ite
d
(LC
M),
to
pur
sue
the
dam
age
s
Cla
im
in
rel
ati
on
to
the
inv
est
men
t
dis
put
e
bet
wee
n
Gre
enX
and
Pol
and
).
To
dat
e,
Gre
enX
has
dra
wn
dow
n
US$
11.
2
mil
lio
n
(A$
17.
0
mil
lio
n)
(Ou
tst
and
ing
Fun
din
g).
In
acc
ord
anc
e
wit
h
the
ter
ms
of
the
LFA
,
onc
e
the
com
pen
sat
ion
is
rec
eiv
ed,
LCM
is
ent
itl
ed
to
be
pai
d
the
Out
sta
ndi
ng
Fun
din
g,
a
mul
tip
le
of
fiv
e
tim
es
the
Out
sta
ndi
ng
Fun
din
g
(ba
sed
on
the
per
iod
sin
ce
ent
eri
ng
int
o
the
LFA
)
and
fro
m 1
Jan
uar
y
202
5,
int
ere
st
on
the
Out
sta
ndi
ng
Fun
din
g
at
a
rat
e
of
30%
per
ann
um,
com
pou
ndi
ng
mon
thl
y.
8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (1,556)
8.2 (Payments for exploration & evaluation classified as investing activities) (503)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (2,059)
8.4 Cash and cash equivalents at quarter end (item 4.6) 2,184
8.5 Unused finance facilities available at quarter end (item 7.5) 1,595
8.6 Total available funding (item 8.4 + item 8.5) 3,789
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.8
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Subsequent to the end of the quarter, the Company announced that it had
successfully completed a bookbuild and received firm commitments for a
placement to raise A$13.6 million (before costs). The net proceeds from the
placement will be used for exploration and development activities at
Tannenberg and Eleonore North, and general working capital, including costs in
relation to the Company's ongoing arbitration and set-aside proceedings
against Poland.
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Please refer to response at 8.8.1 above.
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Please refer to response at 8.8.1 above.
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 30 January 2026
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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