REG - GreenX Metals Ltd - GreenX Selected for BHP Xplor’s 2025 Program

GreenX MetalsAnnouncement

06/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250106:nRSF2185Sa&default-theme=true

RNS Number : 2185S  GreenX Metals Limited  06 January 2025

 

NEWS RELEASE 6 JANUARY 2025

 

GREENX SELECTED FOR BHP XPLOR'S 2025 ACCELERATOR PROGRAM

 

·      GreenX is one of eight early-stage exploration companies selected
by BHP to participate in the 2025 BHP Xplor program

·      BHP Xplor will provide GreenX with approximately US$500,000 in
non-dilutive funding to support and accelerate its exploration plans at the
Tannenburg Copper Project during the 6-month period of the program

·      Selection for BHP Xplor also gives GreenX access to BHP's global
expertise, networks and partnerships

·      BHP Xplor is expected to accelerate the geological concept
build-out and exploration timeframe at the Tannenberg Copper Project

 

 

GreenX Metals Limited (GreenX or Company) is pleased to announce that
following a rigorous selection process, it has been selected as one of eight
exploration companies to participate in BHP's 2025 Xplor program.

The Xplor program was established in 2023 to support promising minerals
explorers to accelerate the exploration needed to support the energy
transition. Over a six-month program period, BHP Xplor targets development of
technical, business and operational excellence within participating companies.

As a 2025 BHP Xplor cohort company, GreenX will receive a one-off,
non-dilutive grant of up to US$500,000, and in-kind services, mentorship, and
networking opportunities with BHP and other industry experts and investors.

There are no obligations or commitments on GreenX beyond the conclusion of the
BHP Xplor program attached to the grant, other than certain exclusivity,
pre-emption and data sharing rights as disclosed below.

It is expected GreenX's participation in Xplor will expedite the build-out of
geological concepts and the exploration timeframe at the Tannenberg Copper
Project (Tannenberg or Project) in Germany. GreenX intends to use the grant to
conduct geophysics programs over the Tannenberg licence area.

GreenX Metals' Chief Executive Officer, Mr Ben Stoikovich, commented:

"This is an exciting opportunity for GreenX and a strong endorsement of the
exploration potential of the Tannenberg project targeting Kupferschiefer style
copper mineralisation. 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. The
Tannenberg license 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 licence area remaining untested by
modern exploration.

We are pleased to be recognised for our approach by BHP, a clear industry
leader, and look forward to working with the BHP Xplor team going forward."

The eight BHP Xplor 2025 cohort explorers were selected from hundreds of
applicants.

 

BHP's Head of Xplor, Marley Palin, congratulated GreenX, saying:

"The field of applicants for BHP Xplor was extremely strong this year.
Successful applicants had to demonstrate not only that their critical-mineral
projects were highly prospective but also that they were committed to pushing
industry boundaries in their geological concepts and data-gathering, testing
and processing to realise the project. GreenX more than met these criteria and
we look forward to partnering with them."

 

 

ENQUIRIES

 

 Ben Stoikovich            Sapan Ghai

Chief Executive Officer
Business Development

 +44 207 478 3900          +44 207 478 3900

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 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.

 

Summary of Exclusivity, Pre-Emption Rights and Data Sharing

Exclusivity

Only in respect of the Project, for the duration of the 6 month program term,
GreenX will not, without the prior written consent of BHP:

·      undertake or propose to undertake an IPO or any other transaction
which is not a Permitted Transaction (Restricted Transaction); or

·      solicit or enter into any discussions regarding the foregoing.

A Permitted Transaction is a transaction which doesn't have the purpose or
effect of raising capital in connection with the Project or which is only for
general working capital purposes of the business of GreenX.

The Project is the Tannenberg Copper Project in Germany within a defined area
as specified in the Xplor program agreement.

Pre-Emption Rights

If during the program term, BHP or a related entity elect to make a
non-binding proposal for an investment in the Project or GreenX, BHP has a
Right of First Refusal (ROFR) until 12 months after the end of the program
term as follows:

·      If GreenX or a third party propose a Restricted Transaction, BHP
will have the ROFR to negotiate a definitive agreement as the exclusive
counterparty regarding any proposed Restricted Transaction on the same terms
and conditions as offered in the proposed Restricted Transaction.

Data Sharing

During the program term GreenX commits to provide BHP with certain information
including progress reports regarding the Project, technical data obtained and
expenditure incurred.

GreenX Option Agreement

The provisions above do not impact GreenX's rights under the Option Agreement
for the Project (refer to announcement dated 2 August 2024).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUNVRRVVUARRR