REG - GreenX Metals Ltd - Geophysics to Commence and Placement

GreenX MetalsAnnouncement

19/05/2025 07:00

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RNS Number : 1820J  GreenX Metals Limited  19 May 2025

 

NEWS RELEASE  19 MAY 2025

AIRBORNE GEOPHYSICAL SURVEY TO COMMENCE AT TANNENBERG AND COMPLETION OF
PLACEMENT

HIGHLIGHTS

·    In January 2025, Tannenberg was one of eight early-stage exploration
projects selected by BHP for the 2025 BHP Xplor program.

·    ~600 line-km of high-resolution helicopter-borne magnetic and
radiometric measurements to be collected at Tannenberg over the historical
Richelsdorf Mining District.

·    Funding from BHP Xplor is currently being used, in collaboration with
BHP, to accelerate the geological concept build-out and exploration timeframe.
The survey is 100% funded by the BHP Xplor program.

·    Results are expected to identify important deposit-scale faults as
well as the extent of historical underground workings.

·    The Tannenberg area contains historically producing copper mines and
multiple historical drill intercepts, with excellent potential for new
discoveries of shallow (50 m to 500 m), large scale and high-grade copper and
silver mineralisation, with much of the new expanded licence area remaining
untested by modern exploration

·    The Company has received firm commitments for a Placement of 7.1
million new fully paid ordinary shares to raise gross proceeds of A$4.6
million before costs

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or Company) is pleased to
advise that an airborne geophysical survey at the Tannenberg Copper Project
(Tannenberg or Project) will be flown in the coming weeks. The airborne survey
is fully permitted and will collect magnetic and radiometric data over the
Project area with results expected to identify important deposit-scale faults
as well as the extent of historical underground workings to be used to plan
for future exploration programs.

Furthermore, the Company is pleased to announce that it has successfully
completed a bookbuild and secured firm commitments for a placement of 7.1
million new ordinary shares at a price of A$0.65 (£0.315) per share (New
Shares) to raise gross proceeds of approximately A$4.6 million (Placement).

The Placement was supported by new and existing investors.

Together with the Company's existing cash resources (A$3.7 million as at 30
April 2025(unaudited)), the proceeds of the Placement will help ensure that
GreenX retains a strong balance sheet position.

GreenX CEO, Mr Ben Stoikovich, said "The airborne geophysical survey is the
first new major exploration work to occur at Tannenberg in over 40 years and
is being funded out of the BHP Xplor grant of USD$500,000 announced in January
2025. The survey was designed in collaboration with the BHP Xplor team and
local German service providers, and will identify faulting that is likely a
significant control on mineralization, and also the extent of historical
underground workings. Kupferschiefer style sediment hosted copper deposits are
widely acknowledged as one of the most prolific sources of modern-day copper
production globally. With the Tannenberg Copper Project expanding to
1,900km(2) recently, we have a large scale, relatively shallow and potential
high-grade copper brownfields exploration project that is strategically
located in the heartland of German industry."

 

The net proceeds from the Placement will be used for working capital and
business development purposes. The Placement is expected to settle on 23 May
2025, and Company will issue the New Shares on or about 26 May 2025 under its
capacity pursuant to ASX Listing Rule 7.1A.

Figure 1: Expanded Tannenberg Project Area with historical mine workings and
drill collars,  showing the airborne survey location.

 
AIRBORNE GEOPHYSICAL SURVEY

A 602-line kilometre magnetic and radiometric helicopter survey will shortly
commence over a 58 km(2) area at the Tannenberg Copper Project (Figure 1). The
survey was designed in collaboration with the BHP Xplor team and local German
service providers. A nose boom configuration was selected for safer operation
over mixed rural and urban environments (Figure 2). Results from the survey
will identify faults which play an important role in controlling
mineralisation. Additionally, the magnetic data can verify the extent of the
historical underground workings. All required permits are held and
notifications have been made. Operations are permitted to commence during May.
In total, the survey should be completed within one week. Results of the
geophysical survey will be analysed once the contractor has completed the
airborne survey and conducted the geophysical data processing.

 

Figure 2: Nose boom magnetic and radiometric configuration on helicopter.

Upcoming Work Programs

The geophysical survey sits within a larger work program planned in
collaboration with and funded by the BHP Xplor program. Key features of
GreenX's 2025 exploration program include:

·      Completion of the airborne magnetic and radiometric survey;

·      Re-logging, re-assaying, and hyperspectral scanning of historical
core;

·      Analysis of archived geophysical data; and

·      Collation of historic mining and production data.

ISSUE OF NEW SHARES

In addition to the issue of New Shares, the Company will also issue 79,365
ordinary fully paid shares to a consultant in lieu of cash (Additional
Shares). An application will be made for admission of the New Shares plus
Additional Shares to the standard listing segment of the Official List of the
FCA (Official List) and to trading on the main market of the London Stock
Exchange for listed securities (LSE Admission). LSE Admission is expected to
take place on 28 May 2025.

 

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules (DTRs), following LSE Admission, the Company's issued
ordinary share capital will be the Company's issued ordinary share capital
will be 287,083,088 ordinary fully paid shares. The figure of 287,083,088 may
be used by shareholders as the denominator for the calculations by which they
can determine if they are required to notify their interest in, or a change to
their interest in, the Company following LSE Admission.

 

Following the issue of the New Shares, GreenX will have the following
securities on issue:

·      287,083,088 ordinary fully paid shares;

·      4,775,000 unlisted options exercisable at A$0.45 each on or
before 30 November 2025;

·      5,525,000 unlisted options exercisable at A$0.55 each on or
before 30 November 2026;

·      5,000,000 Class A performance rights that have an expiry date 8
October 2026; and

·      6,000,000 Class B performance rights that have an expiry date 8
October 2026.

 

 

ENQUIRIES

 Ben Stoikovich

Chief Executive Officer

 +44 207 478 3900

 

Competent Persons Statement

The information in this announcement that relates to exploration results were
extracted from the ASX announcements dated 28 April 2025 which is available to
view at www.greenxmetals.com (http://www.greenxmetals.com) .

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 announcement

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.

 

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