REG - GreenX Metals Ltd - Assays Validate Historic Copper at Tannenberg
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RNS Number : 3081I GreenX Metals Limited 20 November 2025
NEWS RELEASE 20 NOVEMBER 2025
Modern Assays Validate Historical Copper Grades at Tannenberg
HIGHLIGHTS
· High-grade copper intercepts confirmed: Modern assays from six
(of 47) archived drill cores confirm historical grades with intercepts of
1.0-3.7 m at 0.7-2.7% copper and 10-55 g/t silver
o Ro 23: 1.5 m at 2.7% copper and 55 g/t silver.
o Ro 45: 2.4 m at 1.4% copper and 18 g/t silver.
o Ro 25: 1.0 m at 2.0% copper and 41 g/t silver.
o Ro 17: 1.3 m at 1.2% copper and 24 g/t silver.
o Ro 15: 3.7 m at 1.2% copper and 17 g/t silver.
o Ro 38: 1.8 m at 0.7% copper and 15 g/t silver.
· Mineralisation thicker than 1940 historical estimate: New
intercepts demonstrate widths of 1.0‑3.7 m, significantly exceeding the
maximum thickness used in the 1940 Historical Estimate (refer to announcement
dated 20 October 2025)
· First Modern Assays for over 40 years: Results from re-sampling
of 1980s drill core from holes located up to 12 km apart show comparable or
higher grades and thicker intercepts than original analysis, validating
historical work and demonstrating resource upside and scale potential
· 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
· Quality assured program: All samples meet strict QAQC standards,
including >90% core recovery, with analysis by ISO/IEC 17025 accredited
laboratory
· Significant program ahead: Initial assay results from six of 47
archived cores now reported, with the historical core re-sampling program and
results reporting to continue through to Q1 2026
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX
or Company) is pleased to announce the first batch of assay results from its
historical core logging and sampling program at the Tannenberg Copper Project
(Tannenberg or Project) in Germany. These results further validate historical
exploration data from the 1980s and confirm that mineralisation widths are
thicker than those used in the 1940 Historical Estimate (refer to ASX
announcement dated 20 October 2025).
GreenX's Chief Executive Officer, Mr Ben Stoikovich, commented: "These initial
results are very pleasing, with the grades, including 2.7% copper intercept at
Ro 23, consistent with or slightly better than the historical results; the
thicker widths, including 3.7 metres at Ro 15, being in line with our
geological model and understanding of Kupferschiefer systems; and lastly the
scale, with these initial drill holes located up to 12 kilometres apart.
As previously announced to the market, a large amount of historical
exploration data is already available for the Project, and these initial
results are an important first step in applying modern techniques to validate
and build on the historical exploration as we begin to fully define the
Project's scale and importance.
With the majority of the core program still ahead of us, and the potential for
new discoveries in 18 previously unassayed holes, we're building a compelling
case for a significant copper resource in one of Europe's most accessible
mining districts."
EXPLORATION HISTORY AT TANNENBERG AND PROJECT RATIONALE
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
(Figure 1). 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 5 m-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 5 m around the Kupferschiefer horizon, rather than
the up to 90 m 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 30 m above and 60 m below the
Kupferschiefer shale horizon. KGHM's operations are located on the same
basement architecture as the Tannenberg Project.
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.
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
Kupferschiefer 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 38 536.25 538.00 1.75 0.7 15 100%
Nentershausen Ro 45 268.00 270.37 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 2: 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.
RELOGGING AND RESAMPLING PROCESSES
The core program currently underway involves re-logging, re-assaying,
hyperspectral scanning and the collection of petrophysical measurements for
historical core from 47 drillholes completed from the 1980s. Where
appropriate, assaying and hyperspectral scanning will cover up to 30 m above
and 60 m below the Kupferschiefer shale. The core was logged and sampled in
accordance with modern industry best practices at Palsatech Sala (Sweden).
Analysis of the samples was performed at SGS in Ankara (Türkiye) who are part
of the well-respected SGS testing, inspection and certification company. The
laboratory is accredited to ISO/IEC 17025 standard. GreenX further validated
the process using its own Quality Assurance and Quality Control program.
The core used in the program had been stored for 40 years by the Hessisches
Landesamt für Naturschutz, Umwelt und Geologie (HLNUG). This Hessen state
authority is responsible for preserving assets such as these for explorers and
interested parties in future decades. The core was stored in suitable
facilities and was found to be in excellent condition. HLNUG permitted GreenX
to transport, analyse, and sample the core under strict conditions, ensuring
the quality of the work and requiring that some core be left for future users.
The core will be returned to the archives upon completion of the program.
The core was processed at a specialist mining industry facility in Sala
(Sweden) that utilises specialist equipment and personnel, and where industry
best practice procedures are already established. GreenX reports all
exploration results in accordance with the JORC Code (2012) (JORC Code). To
achieve appropriate Quality Assurance and Quality Control standards, sampling
requires appropriate systems to be used.
Figure 3 (Left to Right, Clockwise): Owner's team training and evaluation
(hole Ro 45, Assays for the visual core above have been reported in this
announcement) by GreenX, including Dr Prof Gregor Borg in Sala (Sweden); Core
transportation from the HLNUG archive; and core handling in Sala (Sweden).
Upcoming Work Programs
These results are the first assays to be released as part of GreenX's ongoing
archive core logging and sampling campaign, which is part of a broader
exploration program at Tannenberg, which includes:
· Logging, assaying, and hyperspectral scanning of remaining
historical core (ongoing);
· Reprocessing and analysis of historical geophysical data
(ongoing);
· Collation and digitisation of historical geological, mine
development, and production data (ongoing); and
· Twin drilling to verify historical estimates and establish a
mineral resource estimate in accordance with the JORC Code.
EXERCISE OF OPTION OVER TANNENBERG
As a result of the progress made on the Project to date, GreenX intends to
acquire 90% of the fully diluted share capital of Group 11 Exploration GmbH
(Group 11), a private German company which holds the Tannenberg exploration
licences, pursuant to the terms of the Joint Venture and Earn-in Agreement
(Agreement) as announced on 2 August 2024. Under the terms of the Agreement,
GreenX can elect to acquire 90% of the fully diluted share capital of Group 11
on or before 31 December 2025.
On electing to acquire 90% of Group 11, GreenX will be required to pay
A$3,000,000 to the vendors in GreenX shares (based on the higher of the 10-day
VWAP or A$0.30 per Share). The vendors' 10% interest in Group 11 will then be
free carried until the completion of a feasibility study by Group 11 or
GreenX. For further details, please refer to the announcement dated 2 August
2025.
To watch an interview by Mr Ben Stoikovich, GreenX's CEO, relating to this
announcement, please visit
https://www.voxmarkets.com/articles/interview-with-greenx-metals-ceo-ben-stoikovich-218474a
(https://www.voxmarkets.com/articles/interview-with-greenx-metals-ceo-ben-stoikovich-218474a)
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
The information in this announcement that relates to Exploration Results is
based on information compiled by Dr Matthew 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
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.
In relation to the disclosure of visual information/estimates, GreenX cautions
that the images displayed are for general illustrative purposes only, and that
the samples displayed, and visual methods of mineralisation identification and
estimation of mineral abundance should not be considered as a proxy or
substitute for laboratory analysis. Laboratory analysis would be required for
the grades of mineralisation. Visual information also potentially provides no
information regarding impurities or deleterious physical properties relevant
to valuations. Assays for the visual core above have been reported in this
announcement.
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.
Appendix 1: Exploration Results and JORC Tables
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 15 285.86 289.31 3.45 1.0 13
Ro 17 481.25 482.55 1.30 1.2 24 92%
Ro 17 481.51 482.42 0.91 1.4 11
Ro 23 366.00 367.50 1.50 2.7 55 93%
Ro 23 365.48 367.58 2.10 2.7 48
Ro 25 533.38 534.39 1.01 2.0 41 100%
Ro 25 533.38 534.39 1.01 1.8 N/A
Ro 38 536.25 538.00 1.75 0.7 15 100%
Ro 38 536.25 538.00 1.75 0.7 16
Nentershausen Ro 45 268.00 270.37 2.37 1.4 18 100%
Ro 45 268.00 270.00 2.00 1.6 19
Figures in Bold and black are 2025 results, and figures in regular typeface
are 1980s drilling results as reported by St Joe (previously reported in
accordance with JORC. Refer to announcements dated 2 August 2024 and 28 April
2025).
Table 2: Historical drill hole information (1980's Drilling Campaign)
Hole ID Easting Northing Elevation Dip (°) Depth (m)
(m MSL)
Ro 15 4348595 5647200 255 90 351
Ro 17 4348767 5646242 305 90 551
Ro 23 4347684 5647433 300 90 380
Ro 25 4349554 5646656 331 90 553
Ro 38 4351640 5647472 249 90 559
Ro 45 4356946 5656716 407 90 289
Note: Coordinates are DHDN / 3-degree Gauss-Kruger zone 4 (previously reported
in accordance with JORC. Refer to announcements dated 2 August 2024 and 28
April 2025).
Table 2: Drill hole assays (2025 Logging and Resampling Program)
Hole Intersect (m) Cu Ag
ID (%) (ppm)
From To Interval
Ro 15 285.6 286.24 0.64 0.44 6
Ro 15 286.24 287 0.76 0.71 11
Ro 15 287 287.56 0.56 0.73 10
Ro 15 288.2 288.76 0.56 3.09 39
Ro 15 288.76 289.3 0.54 2.39 37
Ro 17 481.25 481.6 0.35 0.32 5
Ro 17 481.6 481.96 0.36 1.43 17
Ro 17 481.96 482.3 0.34 1.54 31
Ro 17 482.3 482.55 0.25 1.60 52
Ro 23 366 366.5 0.5 0.85 17
Ro 23 366.5 367 0.5 1.00 75
Ro 23 367 367.5 0.5 1.00 74
Ro 25 533.38 533.89 0.51 3.15 66
Ro 25 533.89 534.39 0.5 0.73 15
Ro 38 536.25 536.66 0.41 0.91 15
Ro 38 536.66 537 0.34 1.70 35
Ro 38 537 537.5 0.5 0.34 7
Ro 38 537.5 538 0.5 0.30 8
Ro 38 538.35 538.7 0.35 0.30 6
Ro 38 538.7 539 0.3 0.39 7
Ro 38 539 539.5 0.5 0.48 10
Ro 45 268.34 269 0.66 2.10 33
Ro 45 269 269.63 0.63 1.53 21
Ro 45 269.63 270 0.37 1.48 10
Ro 45 270 270.37 0.37 1.06 8
Note: Only assay results equal to or greater than 0.3% copper are included in
this table.
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 1980's Drilling Campaign
specialised industry standard measurement tools appropriate to the minerals
under investigation, such as down hole gamma sondes, or handheld XRF All 1980's analyses reported in this announcement were from diamond drill
instruments, etc). These examples should not be taken as limiting the broad core. The core for the holes was 47 mm diameter in all cases, except Ro 17 and
meaning of sampling. Ro 15 where core was 60 mm in diameter. Due to the historic nature of the
drilling results reported herein, it is not possible to comment on the quality
of the drilling used to produce the results described.
Sampling of ¼ core was conducted during multiple exploration phases between
1980 and 1987 within the licence area by St Joe.
The 1980's information 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 Joe Explorations and Mansfeld AG. No other information is
available for the exploration drilling.
2025 Logging and Resampling Program
The core used for the program had been sampled to varying degrees during the
40 years in storage. Sampling restrictions were placed on the program by the
owners. As such, two sampling protocols were used: ¼ core sampling and sliver
sampling.
Where ¼ core sampling was employed, the program used industry standard
methods to take 25% of the core which was originally extracted from the hole.
Sliver sampling was employed where only 25% of the core was available in order
to leave core in the box to maintain the archive correctly. In this case 20%
of the remaining 25% was sampled using a specialist saw. Where this resulted
in low sample mass, the interval lengths were increased in order to maintain
suitable representivity.
For the intervals from most holes (Ro 38, Ro 17, Ro 25 and Ro 45), ¼ core was
sampled for the majority of the samples and sliver sampling for the remaining
narrow intervals.
For the hole Ro 23, 79% of the sampling was conducted using the sliver method
and the remaining using ¼ core.
For the intervals from Ro 15 only sliver sampling was used.
A handheld XRF was used to assist with confirming the representivity of the
sliver sampling and determining sample.
Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used.
1980's Drilling Campaign
No details covering the representivity of the samples for 1980's assays were
reported by the authors.
2025 Logging and Resampling Program
Due to the extremely fine-grained mineralisation and matrix of Kupferschiefer
Mineralisation (eg Rahfeld, 2018), the heterogeneity of the sampled materials
is known to be extremely low. By comparison with other deposits, fundamental
sampling error (FSE) is likely to be between 2-5% coefficient of variation
(Absalov, 2011). This means that the introduction of error from sub-sampling
of the core and samples will be negligible and very low sample sizes are
suitable for assessing grade.
In order to further validate the low FSE, in the sliver samples. pXRF
measurements were made at spacings of 5-10cm where sliver samples were taken.
The results of the pXRF measurements confirmed that a very low error was found
and that the use of sliver samples is suitable for assessing grade.
A handheld XRF was used only for validation of sliver samples and assisting
with selection of sample intervals. The Olympus Vanta (V2MR) configured with
the GeoChem(3) calibration. A reading time of 40 seconds was used. A blank
standard or CRM was analysed daily before the start of work. Procedures were
in place to ensure correct operation.
Aspects of the determination of mineralisation that are Material to the Public 2025 Logging and Resampling Program
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 Sampling ¼ core followed industry standard procedures. The same side of the
samples from which 3 kg was pulverised to produce a 30 g charge for fire core was sampled throughout each hole. The samples were cut using an automated
assay'). In other cases more explanation may be required, such as where there saw designed for core cutting in order to eliminate any sample loss.
is coarse gold that has inherent sampling problems. Unusual commodities or
mineralisation types (eg submarine nodules) may warrant disclosure of detailed
information.
The use of sliver sampling is uncommon in many deposits, although known to be
used in some sedimentary hosted copper deposits similar to the Kupferschiefer.
Due to the extremely fine-grained mineralisation and matrix of Kupferschiefer
Mineralisation (eg Rahfeld, 2018), the heterogeneity of the sampled materials
is known to be extremely low. By comparison with other deposits, FSE is likely
to be between 2-5% coefficient of variation (Absalov, 2011). This means that
the introduction of error from sub-sampling of the core and samples will be
negligible and very low sample sizes are suitable.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, 1980's Drilling Campaign
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 The samples were all taken from core and the core for the holes was 47 mm
oriented and if so, by what method, etc). diameter in all cases, except Ro 17 and Ro 15 where core was 60 mm in
diameter. No other details of the drilling are available.
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results Core recoveries for the relevant intercepts are as follows:
assessed.
· Ro 23 93%
· Ro 38 100%
· Ro 17 92%
· Ro 25 100%
· Ro 35 86%. Not reported, below 90%.
· Ro 19 75%. Not reported, below 90%.
· Ro 15 96%
· Ro 45 100%
The recoveries reported here are measured from the core available for sampling
in 2025.
Measures taken to maximise sample recovery and ensure representative nature of Not known.
the samples.
Whether a relationship exists between sample recovery and grade and whether It is believed that low core recoveries in some cases may have been caused by
sample bias may have occurred due to preferential loss/gain of fine/coarse researchers removing small sections of the core that contained elevated
material. copper. For that reason, a core recovery limit of 90% was used to select which
holes to report.
Due to the same possibility of past researchers removing copper enriched
parts, it is possible that the intervals announced here may under-report
copper. The addition of the 90% core recovery selection criteria has limited
that effect.
Logging Whether core and chip samples have been geologically and geotechnically logged Geological and geotechnical logging has been completed according to industry
to a level of detail to support appropriate Mineral Resource estimation, best practice and would be suitable to support Mineral Resource Estimation.
mining studies and metallurgical studies. Note that JORC Mineral Resources not reported in this announcement.
Whether logging is qualitative or quantitative in nature. Core (or costean, Geological and geotechnical logging is qualitative. Wet and dry core photos
channel, etc) photography. have been taken.
The total length and percentage of the relevant intersections logged. 1980's Drilling Campaign
The entire hole was logged, the target zone is typically 2 m thick.
2025 Logging and Resampling Program
All available core was logged. The amount of available core always included
the mineralised T1 stratigraphic horizon and was a minimum of 10m above and
below that unit. In most cases at least 90m of core was logged and some cases
the entire hole.
Sub-sampling techniques If core, whether cut or sawn and whether quarter, half or all core taken. 1980's Drilling Campaign
Samples were sawn using ¼ core.
2025 Logging and Resampling Program
Where ¼ core was sampled, industry standard sampling methods were used.
Where sliver samples were taken, a small rock saw was used to take 20% of the
¼ core that was available.
In all cases the same side of the core was sampled from top to bottom.
If non-core, whether riffled, tube sampled, rotary split, etc and whether N/A
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample 1980's Drilling Campaign
preparation technique.
Methods unknown.
2025 Logging and Resampling Program
Industry standard and accredited techniques were used in all cases. Samples
were weighed, then crushed in a jaw crusher to 75% passing 2 mm. The crushed
sample was then split using a rotary splitter to 250 g. The sub sample was
then pulverised to 85% passing a 75 µm.
All procedures were accredited to ISO/IEC 17025 standard.
Quality control procedures adopted for all sub-sampling stages to maximise 1980's Drilling Campaign
representivity of samples.
Methods unknown.
2025 Logging and Resampling Program
Screen tests were performed and reported for both crushing and pulverising
stages. The results showed that comminution met and exceeded the standards
above.
Measures taken to ensure that the sampling is representative of the in situ 1980's Drilling Campaign
material collected, including for instance results for field
duplicate/second-half sampling. Methods unknown.
2025 Logging and Resampling Program
Industry standard quality control methods were used. GRX used coarse and pulp
duplicates were inserted at a frequency of 1/50 each. Field duplicates were
not used due to restrictions on the proportion of core available for sampling.
The maximum error between crush duplicates was found to be 2.0% and 0% for Cu
and Ag respectively, which supports the view the FSE is low and that sliver
sampling was representative of the mineralisation.
Whether sample sizes are appropriate to the grain size of the material being 1980's Drilling Campaign
sampled.
Methods unknown, but given that ¼ core was sampled, samples are likely to
meet modern industry standards.
2025 Logging and Resampling Program
For the ¼ core samples masses were between 0.19 kg and 7.89 kg. This is
appropriate.
For the sliver samples, masses were between 0.1 kg and 0.84 Kg. This is
appropriate given the low FSE, validation by pXRF and low error seen in coarse
duplicates.
Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory 1980's Drilling Campaign
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. The
precise nature quality and appropriateness of the assaying is unknown.
2025 Logging and Resampling Program
Industry standard and accredited procedures were used. All samples were
analysed using a four-acid digestion with an Inductively Coupled Plasma -
Atomic Emission Spectroscopy (ICP-AES) finish. Where analyses were found to be
above detection limits, an Atomic Absorption Spectroscopy (AAS) finish was
used.
All procedures were accredited to ISO/IEC 17025 standard.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the A handheld XRF was used only for validation of sliver samples and assisting
parameters used in determining the analysis including instrument make and with selection of sample intervals. The Olympus Vanta (V2MR) configured with
model, reading times, calibrations factors applied and their derivation, etc. the GeoChem(3) calibration. A reading time of 40s was used. A blank standard
or CRM was analysed daily before the start of work. Procedures were in place
to ensure correct operation.
Nature of quality control procedures adopted (eg standards, blanks, Quality Control samples were added at a rate of 10%. For every 100 samples, 4
duplicates, external laboratory checks) and whether acceptable levels of Certified Reference Materials were used, two Pulp duplicates, two crush
accuracy (ie lack of bias) and precision have been established. duplicate and two blanks were inserted.
Certified reference materials were matrix matched where possible and included
ore and cut-off grade materials for copper and silver.
Verification of sampling and assaying The verification of significant intersections by either independent or 1980's Drilling Campaign
alternative company personnel.
The 1980's drilling significant intersections were verified using the 2025
logging and sampling program.
2025 Logging and Resampling Program
No verification completed.
The use of twinned holes. No twinned holes reported.
Documentation of primary data, data entry procedures, data verification, data 1980's Drilling Campaign
storage (physical and electronic) protocols.
10% Electronic data records were verified against paper records, focussing on
ore grades.
2025 Logging and Resampling Program
10% Electronic data records were verified against paper records, focussing on
ore grades.
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 Joe
down-hole surveys), trenches, mine workings and other locations used in Explorations comes from collar tables in historical reports. All other
Mineral Resource estimation. collar locations come from State/Federal databases.
Specification of the grid system used. 1980's Drilling
Latitude and Longitude in degree, minutes and seconds were provided by St Joe
Explorations.
Quality and adequacy of topographic control. Unknown
Data spacing and distribution Data spacing for reporting of Exploration Results. 1980's Drilling
Between 400 m to 700 m.
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. 1980's Drilling Campaign
Methods not known.
2025 Logging and Resampling Program
Full chain of custody tracking was completed for all transportation of core
and samples.
Audits or reviews The results of any audits or reviews of sampling techniques and data. No audits completed.
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 Joe Explorations (in JV with the Broken Hill
Pty Co Ltd later BHP-Utah) 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 Joe Explorations.
Exploration in the 1930's was carried out by Mansfeld 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 All drill hole collar information has been provided in Table 1 of Appendix 1.
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 All drill hole collar information has been provided in Table 1 of Appendix 1.
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 Industry standard methods used. No cut-off grade or high cut was applied.
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 Industry standard methods used. No cut-off grade or high cut was applied.
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 No metal equivalents reported.
clearly stated.
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Drilling was perpendicular to mineralisation and therefore intercept
Results. If the geometry of the mineralisation with respect to the drill hole thicknesses are the same as mineralisation thicknesses.
angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should Drilling was perpendicular to mineralisation and therefore intercept
be a clear statement to this effect (eg 'down hole length, true width not thicknesses are the same as mineralisation thicknesses.
known').
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts Relevant maps were included on pages, 2, and 4. Also refer to maps included in
should be included for any significant discovery being reported These should announcements dated 2 August 2024 and 28 April 2025.
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, All relevant and material results have been 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 additional 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.
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.
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