REG - GreenX Metals Ltd - Quarterly Activities Report March 2026
Today 07:02
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260430:nRSd5300Ca&default-theme=true
RNS Number : 5300C GreenX Metals Limited 30 April 2026
NEWS RELEASE 30 April 2026
Quarterly Activities Report March 2026
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 ending and subsequent to 31 March 2026.
SUMMARY
· TANNENBERG COPPER PROJECT (GERMANY)
o The Tannenberg Copper Project (Tannenberg or Project) is a large scale,
relatively shallow and potential high-grade copper brownfields exploration
project that is strategically located in the heartland of German industry.
o An historical estimate of 728,000 tonnes contained copper (1,605 Mlbs) at an
average grade of 2.6% copper has been identified at the Project (1940
historical estimate).
o Independent company, St Joe Exploration GmbH, conducted limited drilling
between 1980 and 1984, further validating the 1940 historical estimate.
§ 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
o Significant ongoing work program: GreenX is progressing with an integrated
program at Tannenberg to support future JORC Code reporting, including,
continued reprocessing/interpretation of historical datasets, investigations
to re-access historical underground workings to conduct in-situ sampling, and
advancing plans for drilling to verify historical estimates and prove up
extensions to known mineralisation to underpin a future Mineral Resource
Estimate.
o During the quarter, GreenX was invited to the European Parliament in
Brussels to present the Tannenberg Project to a contingent of Members of the
European Parliament and officials representing the EU Critical Raw Materials
Committee. The invitation highlights the growing recognition across Europe,
and in Germany, of the importance of supporting domestic resource projects,
such as Tannenberg, that can contribute to strengthening strategic autonomy
and improving the resilience of critical raw materials supply chains.
o The Company notes that Lumina Metals Corp. (Lumina) is completing an initial
public offering (IPO) to list on the Toronto Stock Exchange (TSX), with Lumina
also seeking admission to the Warsaw Stock Exchange (WSE) in Poland. The IPO
was oversubscribed with Lumina raising C$406 million, implying a fully diluted
valuation of approximately C$1.4 billion. The IPO was supported by BMO Capital
Markets, National Bank Financial Inc., Morgan Stanley Canada Limited, RBC
Capital Markets and CIBC World Markets Inc., with participation from North
American and European investors (including Polish and German investors).
Lumina's projects are Kupferschiefer-type deposits hosted within the same
prolific copper belt that extends westward into Germany and hosts GreenX's
Tannenberg Project.
· ELEONORE NORTH PROJECT (GREENLAND)
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 mid-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.
o GreenX is finalising 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 During the quarter, the Singapore International Commercial Court of the
Republic of Singapore (Singapore Court) issued a judgment rejecting, in its
entirety, Poland's application to set-aside the Energy Charter Treaty (ECT)
award.
o Following the Singapore Court's rejection of Poland's ECT set-aside motion,
the Company was awarded ~A$1.6 million by the Singapore Court, payable by
Poland, fully reimbursing GreenX for all its legal costs claimed in defending
Poland's failed ECT set-aside motion. The A$1.6 million has now been paid by
Poland in full.
o The Company is currently preparing for enforcement activities of the ECT
award following the Singapore Court's rejection of Poland's ECT set-aside
motion.
· CORPORATE
o During the quarter, the Company successfully completed a placement to raise
gross proceeds of approximately A$13.6 million.
o Funds from the placement will be used for exploration and development
activities at Tannenberg and at Eleonore North, and for general working
capital, including costs in relation to the Company's ongoing set-aside
proceedings against Poland.
ENQUIRIES
Ben Stoikovich Kazimierz Chojna
Chief Executive Officer Investor Relations - Poland
+44 207 478 3900 Kim Eckhof
ir@greenxmetals.com (mailto: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 1: Tannenberg is located in the industrial centre of Europe within the
Basal Zechstein trend
(brown shading)
Modern Assays Validate Historical Copper Grades
The Company has previously released assay results from its historical core
logging and sampling program at Tannenberg. These results validated historical
exploration data from the 1980s and confirmed that mineralisation widths are
thicker than those used in the 1940 Historical Estimate (refer to
announcements dated 20 October 2025 and 20 November 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 Kupferschiefer 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.
Historical Estimate
GreenX has previously 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. The 1940 historical estimate was produced by the German company
Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG) and is based on the
95-drill hole exploration campaign carried out during the late 1930s (refer to
announcement dated 20 October 2025).
In addition, a later historical estimate from 1984 was produced by St Joe
Exploration GmbH (St Joe), which covers a small part of the same area as the
1940 historical estimate (St Joe's historical estimate).
The St Joe's historical estimate is based on limited drilling between 1980 and
1984 (refer to announcements dated 2 August 2024 and 28 April 2025). St Joe's
historical estimate provides further validation for the 1940s historical
estimate.
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 2). The historical estimate covers mineralisation from a
depth of 100m in the North to 400m in the Southern end area near Ronshausen.
The 1940 historical estimate covers only the narrow width Kupferschiefer shale
mineralisation, which is notable due to the mistaken belief at the time that
copper was only present in the distinctive Kupferschiefer shale. Later
exploration campaigns have found mineralisation over much wider thicknesses
(see 1984 St Joe's historical estimate section below). This is consistent with
GreenX's exploration hypothesis that historical exploration was mainly based
on an outdated deposit model that focused on the 20-60 cm-thick Kupferschiefer
shale horizon. The modern understanding of the Kupferschiefer deposit model
now shows that up to 95% of mineable copper can be hosted in the footwall
sandstone and hanging wall limestone, as evidenced at KGHM Polska Miedź S.A's
Polish mining operations.
Figure 2: Map showing the locations of the zones of the 1940 historical
estimate, related drill holes and historical mining operations
It is also noteworthy that the 1940 historical estimate did not include by-product silver mineralisation. The majority of the mineralisation (463,000 tonnes of contained copper) was found to be present in the Ronshausen region, with gradually decreasing amounts to the North, where the historical mining is to be found (refer Table 1 below).
Table 1: Summary of Historical Estimate information from the original 1940
Mansfeld report
Zone Surface Area Thickness Grade Cu Contained Copper
(m(2))
(%)
(t)
(cm)
Ronshausen 10,000,000 67.4 2.85 463,000
Hönebach 8,088,000 34.2 1.92 130,055
Wolfsberg 6,468,000 23.5 2.35 92,945
Schnepfenbusch 5,528,000 19.3 2.38 65,673
SUB-TOTAL 2.59 751,673
Less historical production (23,793)
TOTAL 727,880
Cautionary statement: The historical estimates in this announcement are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the historical estimate as a mineral resource ore
reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the historical estimate will
be able to be reported as a mineral resource ore reserve in accordance with
the JORC Code.
The 1940 historical estimate data provides a good level of transparency with
regard to the input data and the calculation methods used. The estimation
resulting from the drill hole data was cross-checked by Mansfeld AG against
the production grades at the Wolfsberg and Schnepfenbusch mines, which were
operating in the area at the time of 1940 historical estimate.
The comparison was favourable, and hence the assays from the exploration holes
were used. GreenX has reviewed original records covering 17 of the 18 holes
(~95%) used for the historical estimation and found no discrepancies.
Mansfeld AG made specific adjustments as part of the 1940 historical estimate
to account for sterilisation. A total of 250,000 tonnes of contained copper
was omitted to account for areas where surface features might prevent mining.
Mansfeld AG also estimated that a further 23,793 tonnes of contained copper
had already been extracted by mining at Wolfsberg and Schnepfenbusch (at a
production grade of 2.2% Copper). This amount was then subtracted from the
historical estimate, as presented in the original source document (refer Table
1 above).
1984 St Joe's Historical Estimate
Part of the Ronshausen zone of the 1940 historical estimate was drilled by St
Joe Exploration during the 1980's, resulting in recognition of the St Joe's
historical estimate more than 40 years later. Of the many holes drilled by St
Joe, a total of 14 holes were used in the estimate of 169,000 of contained
copper and 6.5 million ounces of contained silver. The St Joe's work estimated
grades of 2.1 % copper and 25 g/t silver at typical depths between 290 and
370m.
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.
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
GreenX continues to advance a coordinated suite of exploration activities at
the Project, which includes:
· Accessing historical mine workings to potentially conduct
sampling programs;
· Collation of historical geological, mine development, and
production data (ongoing); and
· Planning for future drilling to verify the historical estimates and
in order to establish a mineral resource estimate in accordance with the JORC
Code.
European Parliament Visit
During the quarter, GreenX was invited to the European Parliament in Brussels
to present the Tannenberg Project to a contingent of Members of the European
Parliament and officials representing the EU Critical Raw Material Committee.
The invitation and highlights the growing recognition across Europe, and in
Germany, of the importance of supporting domestic resource projects, such as
Tannenberg, that can contribute to strengthening strategic autonomy and
improving the resilience of critical raw materials supply chains.
Corporate Activity in the European Kupferschiefer Copper Belt
Subsequent to the end quarter, GreenX notes that Lumina is completing an
initial public offering (IPO) to list on the TSX, with Lumina also seeking
admission to the WSE in Poland. The IPO was oversubscribed with Lumina raising
C$406 million, implying a fully diluted valuation of approximately C$1.4
billion. The IPO was supported by BMO Capital Markets, National Bank Financial
Inc., Morgan Stanley Canada Limited, RBC Capital Markets and CIBC World
Markets Inc., with participation from North American and European investors
(including Polish and German investors).
The IPO is scheduled to close on 30 April 2026, with Lumina's shares expected
to commence trading on the TSX shortly thereafter. Lumina's proposed admission
to the WSE remains subject to approval of its Polish prospectus by the Polish
regulator, with timing to be determined.
Lumina is advancing three sediment-hosted copper-silver projects in
south-western Poland - Nowa Sól, Sulmierzyce and Mozów - which Lumina
describes as collectively representing one of the most significant
copper-silver discoveries in Europe in recent decades. Most notably, the
Lumina projects are Kupferschiefer-type deposits hosted within the same
prolific Mid-European Zechstein copper belt that extends westward into Germany
and hosts GreenX's Tannenberg Project. The scale of the Lumina IPO, and the
breadth of institutional interest behind it, underscores growing investor
appetite for European Kupferschiefer copper exposure and highlights the
strategic relevance of advancing a large-scale copper project such as
Tannenberg within the same geological province.
Eleonore North Project
Eleonore North is located in East Greenland on Ymer Island and the
Strindbergland Peninsula, where two licences covering approximately 1,221 km²
are prospective for gold, antimony, copper and tungsten. The project comprises
MEL 2023-39, which hosts the Noa Prospect targeting a potentially large-scale
bulk tonnage gold/antimony system with the potential to host a RIRGS; and MEL
2018-19, which hosts the Margeries Prospects, where high-grade tungsten and
antimony mineralisation has been identified as historical estimates.
Figure 3: Overview of gold and critical metal prospects within Eleonore North.
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. 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.
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.
Next steps for Eleonore North (2026 programme planning)
GreenX is finalising 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
Antimony and Tungsten Market
The commodity backdrop has also strengthened materially: antimony prices have
been on a rapid uptrend since China announced antimony export controls in
September 2024, with U.S. prices rising from US$18,300/t to over US$60,000/t
in 2025, and have currently settled at US$48,000/t. Since then, China has
suspended the controls, however, has implemented a licencing regime which
keeps the prices elevated, albite at lower levels.
The tungsten market backdrop has shifted materially over the past twelve
months. Following China's tightening of tungsten export controls in late 2024
and early 2025, Chinese ammonium paratungstate (APT) exports fell to near-zero
by late 2025, driving APT benchmark prices from their long-term average of
approximately US$300/mtu to record highs above US$3,000/mtu by late March 2026
- a more than tenfold increase. With China controlling over 80% of global
tungsten production and an even higher share of APT processing, both the
European Union and the United States have designated tungsten a critical
mineral, and Western buyers across defence, aerospace and tooling sectors are
actively seeking non-Chinese supply. This backdrop materially enhances the
strategic value of advancing a tungsten-bearing project in a stable European
jurisdiction.
SINGAPORE COURT DISMISSED POLAND'S SET ASIDE APPLICATION
During 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.
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 a Tribunal had
unanimously held that Poland breached its obligations under the BIT and ECT.
At the time of the award, approximately £183 million (A$378 million / PLN 900
million) was awarded pursuant to the ECT (with payments under one award offset
against the other).
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.
During the quarter, the Singapore Court issued a judgment rejecting, in its
entirety, Poland's application to set aside the ECT award.
A redacted judgment has been released by the Singapore Court and the Company
intends to bring the judgment to the attention of the English courts as part
of the BIT set-aside proceedings.
In February 2026, GreenX submitted a request to the Singapore Court to order
Poland to reimburse it for its costs claimed in defending its rights in the
set-aside proceedings, which amounted to A$1.6 million.
Following this request, the Singapore Court issued an order requiring Poland
to pay the A$1.6 million, which has now been paid in full.
Poland has applied to the Court of Appeal of the Republic of Singapore (Court
of Appeal) to challenge the rejection of the first ECT set-aside motion. This
appeal is being heard in September 2026 by the Court of Appeal, following
which Poland will have no further rights of appeal within the Singapore
courts. 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
During the quarter, the Company completed a placement to raise gross proceeds
of approximately A$13.6 million.
The net proceeds from the placement are being 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 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 March 2026, the Company has an interest in the following tenements:
Location Tenement Percentage Status Tenement Type
Interest
Germany Tannenberg 1 90 Granted Exploration Licence
Germany Tannenberg 2 90 Granted Exploration Licence
Greenland Eleonore North gold project 100 Granted Exploration Licence
(Licence No's 2018-19 and 2023-39)
Greenland Arctic Rift Copper project (ARC) (Licence No. 2025-168) -(1) Withdrawn(1) Exploration Licence
Notes:
(1 ) Given the prospectivity and focus on Tannenberg in Germany
and at Eleonore North, and following a review of its portfolio of projects and
the most efficient and effective use of the Company's resources, GreenX has
agreed to wind up the ARC joint venture. The Company is currently in the
process of relinquishing the ARC exploration licence held in Greenland and
winding up the joint venture entity which is expected to be completed in the
second half of 2026.
Appendix 2: Related Party Payments
During the quarter ended 31 March 2026, the Company made payments of A$225,000
to related parties and their associates. These payments relate to existing
remuneration arrangements (director fees, consulting fees and superannuation
of A$142,000 and for the provision of administrative, secretarial and
corporate services of A$83,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 31 March 2026, the Company made the following
payments in relation to exploration activities:
Activity A$000
Germany (Tannenberg)
Ongoing exploration work programs (assays, reprocessing historical data, 342
etc)
Personnel costs (geology and technical team) 198
Sub-total 540
Greenland (Eleonore North)
Personnel costs (geology and technical team) 29
Exploration work programs (data review, geoimagery, etc) 15
Sub-total 44
Total as reported in the Appendix 5B (items 1.2(a) and 2.1(d)) 584
There were no mining or production activities and expenses incurred during the
quarter ended 31 March 2026.
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 March 2026
Consolidated statement of cash flows Current quarter Year to date
$A'000
(9 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (584) (662)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (429) (1,236)
(e) administration and corporate costs (452) (934)
1.3 Dividends received (see note 3) - -
1.4 Interest received 18 112
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 (93) (239)
(b) Recoupment of legal costs 1,580 1,580
(c) Arbitration and legal related expenses (171) (2,999)
1.9 Net cash from / (used in) operating activities (131) (4,378)
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 - (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 - (848)
3. Cash flows from financing activities 13,600 14,095
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 (187) (216)
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 13,413 13,879
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 2,184 6,826
4.2 Net cash from / (used in) operating activities (item 1.9 above) (131) (4,378)
4.3 Net cash from / (used in) investing activities (item 2.6 above) - (848)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 13,413 13,879
4.5 Effect of movement in exchange rates on cash held (34) (47)
4.6 Cash and cash equivalents at end of period 15,432 15,432
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 flows) to the related items in the accounts
$A'000
$A'000
5.1 Bank balances 4,432 2,184
5.2 Call deposits 11,000 -
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) 15,432 2,184
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 (225)
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 available to the entity.
$A'000
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities 17,826* 16,284
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 17,826* 16,284
7.5 Unused financing facilities available at quarter end 1,542
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
On
30
Jun
e
202
0,
the
Com
pan
y
exe
cut
ed
a
Lit
iga
tio
n
Fun
din
g
Agr
eem
ent
(LF
A)
for
US$
12.
3
mil
lio
n
(*n
ow
wor
th
A$1
7.8
mil
lio
n
wit
h
the
mov
eme
nt
of
the
A$
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$
16.
2
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) (131)
8.2 (Payments for exploration & evaluation classified as investing activities) -
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (131)
8.4 Cash and cash equivalents at quarter end (item 4.6) 15,432
8.5 Unused finance facilities available at quarter end (item 7.5) 1,542
8.6 Total available funding (item 8.4 + item 8.5) 16,974
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) >10
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?
Answer: Not applicable
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?
Answer: Not applicable
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?
Answer: Not applicable
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 April 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.
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 UPDLBLBXQZLFBBV
Copyright 2019 Regulatory News Service, all rights reservedRecent news on GreenX Metals
See all newsREG - GreenX Metals Ltd - Quarterly Activities Report March 2026
AnnouncementREG - Civil Aviation Auth. - DRAFT DECISION ON EXPANSION EARLY COSTS RECOVERY
AnnouncementREG - GreenX Metals Ltd - A$1.6m Received for Legal Costs from Poland
AnnouncementREG - GreenX Metals Ltd - Issue of Shares
AnnouncementREG - GreenX Metals Ltd - Half Year Accounts
Announcement