REG - GreenX Metals Ltd - Quarterly Activities Report September 2022
28/10/2022 07:00
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RNS Number : 4314E GreenX Metals Limited 28 October 2022
GREENX METALS LIMITED
NEWS RELEASE 28 October 2022
Quarterly Activities Report September 2022
Highlights
· GreenX continued with its exploration work program to acquire up
to 80% of the ARC copper project in Greenland:
o ARC is a significant, large-scale project (5,774km(2) license area) with
historical exploration results and recent analysis indicative of an extensive
mineral system with potential to host world-class copper deposits.
o In August 2022, laboratory XRF analysis of native copper samples from ARC
showed high purity consistently over 99% copper. Analysis also confirmed the
presence of silver in one sample, and no significant deleterious elements in
any of the samples.
o Despite adverse weather and ice conditions in Greenland affecting access
to ARC during 2022, a site visit was made and limited samples were collected.
GreenX was able to deliver the key exploration equipment into Greenland which
should result in better efficiencies in the next field season.
o Results for the 2022 site visit to be released in the coming weeks.
· International arbitration claims against the Republic of Poland
under both the Energy Charter Treaty and the Australia-Poland Bilateral
Investment Treaty continue at pace:
o Statement of Reply for ongoing arbitration against Poland has been filed
with a revised claim for compensation in the amount of £737 million (A$1.3
billion/PLN 4.0 billion) as prepared by external quantum experts.
o Claim includes an updated assessment of the value of GreenX's lost profits
and damages related to both the Jan Karski and Debiensko mines, and accrued
interest related to any damages.
o Following the lodgement of final substantive filings from both parties
subsequent to the end of the quarter, the next step in the arbitration process
is for the hearing to be conducted in front of the Tribunal.
o GreenX notes the recent success of AIM listed, Rockhopper Exploration
plc's Energy Charter Treaty claim against the Republic of Italy in relation to
oil and gas licenses including a unanimous decision against the Republic of
Italy to award €190 million in damages plus interest.
· Cash balance at 30 September 2022 of A$4.2 million to fund
activities at ARC plus A$7.4 million available under the litigation funding
facility to continue pursuing GreenX's dispute against the Republic of Poland.
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to
present its Quarterly Activities Report for the period during and subsequent
to 30 September 2022.
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE
NATIVE COPPER
During the quarter, GreenX and its joint-venture (JV) partner Greenfields
Exploration Ltd (Greenfields) announced the results of preliminary analysis on
three historical samples of native copper nodules from the ARC Project (ARC or
the Project) in Greenland. The samples were obtained from a recently opened
government geological storage facility in Copenhagen. Three native copper
samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC
were subject to advanced micro-XRF scanning, a more precise and comprehensive
technology when compared to more common portable XRFs.
The best analysis result was for a sample found immediately south of the
Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t
silver, 0.004% antimony and 0.000% arsenic.
The samples from Neergard Dal and Neergard South indicated copper purity of
99.7% and 99.4% respectively, with low to no deleterious elements detected in
any of the samples. The high quality of the analysed samples is comparable to
blister copper, a product typically produced by smelting prior to being sent
to a refinery.
The results of the micro-XRF analysis are supportive of the potential quality
of the mineralisation at ARC and will inform future field programs which will
incorporate geochemical sampling, portable core drilling, and geophysics at
high-priority targets within ARC. The Discovery Zone, where the highest-purity
analysed sample was recovered, is the highest priority exploration target.
Despite adverse weather and ice conditions in Greenland affecting access to
ARC during 2022, a site visit was made and limited samples were collected.
GreenX was able to deliver the key exploration equipment into Greenland which
should result in better efficiencies in the next field season.
About ARC
ARC is an exploration joint venture between GreenX and Greenfields. GreenX can
earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting
large scale copper in multiple settings across a 5,774 km(2) Special
Exploration Licence in eastern North Greenland. The area has been historically
underexplored yet is prospective for copper, forming part of the newly
identified Kiffaanngissuseq metallogenic province.
GreenX and GEX consider the observed geological setting and features of ARC to
be indicative of an extensive mineral system capable of hosting world-class
copper deposits. The large scale of the mineral system, widespread copper
anomalism, combined with dual mineralising events are analogous to the largest
copper systems known worldwide. Accordingly, GreenX considers that ARC has the
potential to be a globally significant metallogenic province.
Historical field programs identified widespread copper-silver occurrences at
surface:
· geochemical sampling found that 80% of stream sediment samples
contain native copper
· native copper is found in situ or as float, with individual
clasts of native copper weighing up to 1 kg+
· high grade copper sulphides, grading up to 2.15% Cu and 35.5g/t
Ag over 4.5m true width, are known from trench sampling of fault zones within
sediments (see GreenX announcement dated 20 January 2022 entitled "New Copper
Targets Identified at ARC")
· assay results from individual samples are much higher grade,
including:
o 53.8% Cu and 2,480g/t Ag o 7.9% Cu and 53 g/t Ag
o 20.7% Cu and 488g/t Ag o 5.3% Cu and 112 g/t Ag
o 12.5% Cu and 385g/t Ag o 5.0% Cu and 304 g/t Ag
o 9.0% Cu and 112 g/t Ag o 4.0% Cu and 82 g/t Ag
Very high-grade copper mineralisation identified at ARC is associated with the
Minik Anomaly, a coincident magnetic-electromagnetic-gravity feature in an
area where there is a change in oxidation state and widespread native copper
in stream sediments. These features are presented as the footprint of a
large-scale hydrothermal system.
The frequency and size of the native copper clasts, and the high grade of the
copper-silver sulphides that are exposed at the surface, bode well for the
prospectivity of copper deposits and will be a will be a key focus of the
first field campaign.
There are multiple targets and favourable geological settings considered to be
prospective within the ARC project area, including the following.
· The highly anomalous basalt is a high priority target that has
not previously been the focus of commercial exploration. These basalts are
the source of the native copper.
· The sulphide mineralised faults passing through these basalts
into the overlying sediments have been subject to first pass exploration and
shown to be rich in copper and silver. The high-grade sulphides in these
faults will be the focus of further exploration.
· The permeable coarse-grained sandstone within the Jyske Ås Fm
has high grade copper that is effectively unexplored. This stratiform
mineralisation adds the potential for significant lateral extension of the
known mineralisation exposed in the faults of the Discovery Zone.
As such, the extensive ARC mineral system is known to be prospective for
basalt, fault, and sedimentary rock-hosted ('sediment-hosted') mineralisation
that despite the attractive grades, is virtually unexplored.
CORPORATE
Financial Position
As at 30 September 2022, GreenX had A$4.2 million to fund activities at ARC
plus A$7.4 million available under the litigation funding facility to continue
pursuing GreenX's dispute against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
During the quarter, the Company reported that as part of the ongoing
international arbitration claims (Claim) against the Republic of Poland under
both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral
Investment Treaty (BIT) (together the Treaties), GreenX had filed its
Statement of Reply in the BIT arbitration.
This is the final material filing that GreenX has made for the BIT
arbitration, with the next step in the arbitration process, following the
lodgement of Poland's Rejoinder, is for the hearing to be conducted in front
of the Tribunal.
Based upon revised external expert reports in response to Poland's Statement
of Defence, GreenX is now seeking compensation in the amount of £737 million
(equivalent to A$1.3 billion or PLN 4.0 billion).
Details of the Claim
The Company's Claim against the Republic of Poland is being prosecuted through
an established and enforceable legal framework, with GreenX and Poland
agreeing to apply the United Nations Commission on International Trade Law
Rules (UNCITRAL) rules to the proceedings.
The claim Tribunals have been constituted, with both Claims being registered
with the Permanent Court of Arbitration in the Hague. The BIT and ECT claim
proceedings proceed at pace, with the Company now having filed a revised claim
for damages against Poland with the Tribunal in the amount of £737 million
(A$1.3 billion/PLN4.0 billion), which includes damages related to both the Jan
Karski and Debiensko projects, and accrued interest related to any damages.
The Claim for damages has been assessed by external quantum experts appointed
by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed a Litigation Funding
Agreement (LFA) for US$12.3 million with Litigation Capital Management (LCM).
The facility is currently being drawn down to cover legal, tribunal and
external expert costs as well as defined operating expenses associated with
the Claim. The LFA is a limited recourse loan with LCM that is on a "no win -
no fee" basis.
In September 2020, GreenX announced that it had formally commenced with the
Claim by serving the Notices of Arbitration against the Republic of Poland. In
June 2021, GreenX announced that it had formally lodged its Statement of Claim
in the BIT arbitration, including the first assessed claim for compensation.
The Company's Statement of Reply, the last significant filing to be made by
the Company, has now been filed in both Arbitrations. The Statement of Reply
addresses various points raised by the Republic of Poland in their Statement
of Defence. The Statement of Reply also contains a re-evaluation of the claim
for damages based on responses to Poland's Statement of Defence.
GreenX's dispute alleges that the Republic of Poland has breached its
obligations under the applicable Treaties through its actions to block the
development of the Company's Jan Karski and Debiensko projects in Poland which
effectively deprives GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there
exists an investment dispute between GreenX and the Polish Government.
GreenX's notification called for prompt negotiations with the Government to
amicably resolve the dispute and indicated GreenX's right to submit the
dispute to international arbitration in the event of the dispute not being
resolved amicably. As of the date of this report, no amicable resolution of
the dispute has occurred, since the Polish Government has declined to
participate in discussions related to the dispute and accordingly the Company
has formally proceeded with its Claim as discussed above.
GreenX's investment dispute with the Republic of Poland is not unique, with
international media widely reporting that the political environment and
investment climate in Poland has deteriorated since the change in Government
in 2015. As a result, there are a significant number of International
Arbitration claims being bought against Poland.
Furthermore, GreenX notes the recent success of AIM listed Rockhopper
Exploration plc's (Rockhopper) ECT claim against the Republic of Italy in
relation to oil and gas licenses.
On 24 August 2022, Rockhopper announced that an ECT arbitration panel had
reached a unanimous decision against the Republic of Italy to award Rockhopper
€190 million in damages plus interest at EURIBOR +4% compounded annually
from 2016 until the time of payment.
All costs associated with the Rockhopper arbitration were funded on a
non-recourse ("no win - no fee") basis from a specialist arbitration funder,
similar to GreenX's litigation funding arrangements. After payments due to the
arbitration funder, Rockhopper expects to retain approximately 80% of the
award.
-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 announcement that relates to Exploration Results for
ARC is extracted from the ASX announcements dated 6 October 2021 and 22
January 2022 which are 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 announcements; (b) all material assumptions and technical
parameters underpinning the content in the relevant announcements 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.
To view this announcement in full, including all illustrations and figures,
please refer to www.greenxmetals.com (http://www.greenxmetals.com) .
APPENDIX 1: TENEMENT INFORMATION
As at 30 September 2022, the Company has an interest in the following
tenements:
Location Tenement Percentage Status Tenement Type
Interest
Greenland Arctic Rift Copper Project (Licence No. 2021-07 MEL-S) -(1) Granted Exploration Licence
Jan Karski, Poland Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)(2) 100 In dispute(2) Exclusive Right to apply for a mining concession
Debiensko, Poland Debiensko 1 100 In dispute(2) Mining
Kaczyce, Poland Kaczyce 1 100 Granted Mining & Exploration (includes gas rights)
Notes:
(1 ) In October 2021, the Company announced that it had entered
into an Earn-In Agreement (EIA) with GEX to acquire an interest of up to 80%
in ARC. As at the date of this announcement, the Company held no beneficial
interest in ARC, other than through the EIA.
(2 ) GreenX formally commenced international arbitration claims
against the Republic of Poland under both the ECT and the BIT in 2021. GreenX
alleges that the Republic of Poland has breached its obligations under the
Treaties through its actions to block the development of the Company's Jan
Karski and Debiensko projects in Poland.
Appendix 2: Related Party Payments
During the quarter ended 30 September 2022, the Company made payments of
$232,000 to related parties and their associates. These payments relate to
existing remuneration arrangements (director fees, consulting fees and
superannuation of ($140,000) and the provision of a serviced office and
company secretarial and administration services ($92,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 30 September 2022, the Company made the following
payments in relation to exploration activities:
Activity $000
Greenland (ARC)
Project Management 163
Logistics (including transportation of equipment) 725
Other (field supplies, fuel, satellite imagery, etc) 181
Greenland sub-total as reported in the Appendix 5B (item 2.1(d)) 1,069
Poland
Legal and permitting related expenditure 73
Consultants - technical and Debiensko statutory operations personnel 95
Other 195
Poland sub-total as reported in the Appendix 5B (item 1.2(a)) 363
Total 1,432
There were no mining or production activities and expenses incurred during the
quarter ended 30 September 2022.
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 30 September 2022
Consolidated statement of cash flows Current quarter Year to date
$A'000
(3 months)
$A'000
1. Cash flows from operating activities - -
1.1 Receipts from customers
1.2 Payments for (363)* (363)*
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (135) (135)
(e) administration and corporate costs (119) (119)
1.3 Dividends received (see note 3) - -
1.4 Interest received 13 13
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 (62) (62)
(b) Property rental and gas sales 23 23
(c) Arbitration related expenses (584) (584)
(d) Receipt of arbitration funding 767 767
(e) Occupancy (336) (336)
1.9 Net cash from / (used in) operating activities (796) (796)
*includes legal and permitting expenditure and payments made to consultants
(Debiensko technical statutory operations personnel).
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) Entities
(b) Tenements - -
(c) property, plant and equipment - -
(d) exploration & evaluation (1,069) (1,069)
(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 (1,069) (1,069)
3. Cash flows from financing activities - -
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 - -
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 - -
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 6,108 6,108
4.2 Net cash from / (used in) operating activities (item 1.9 above) (796) (796)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (1,069) (1,069)
4.4 Net cash from / (used in) financing activities (item 3.10 above) - -
4.5 Effect of movement in exchange rates on cash held - -
4.6 Cash and cash equivalents at end of period 4,243 4,243
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 4,243 6,108
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,243 6,108
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 (232)
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
$A'000
Add notes as necessary for an understanding of the sources of finance available to the entity.
7.1 Loan facilities 18,917* 11,515
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 18,917* 11,515
7.5 Unused financing facilities available at quarter end 7,402
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
On
30
Jun
e
202
0,
the
Com
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y
exe
cut
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a
Lit
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tio
n
Fun
din
g
Agr
eem
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(LF
A)
for
US$
12.
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(*n
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wor
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A$1
8.9
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wit
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the
mov
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of
the
A$
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par
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(LC
M),
to
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dam
age
s
cla
ims
in
rel
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to
the
inv
est
men
t
dis
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bet
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n
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and
the
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Gov
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Pol
and
in
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the
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Pol
and
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(~A
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.
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n
LCM
is
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In
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for
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LCM
sha
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rep
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of
any
fun
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dra
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plu
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and
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tot
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of
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dra
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fro
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the
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fac
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8. Estimated cash available for future operating activities $A'000
8.1 Net cash from / (used in) operating activities (item 1.9) (796)
8.2 (Payments for exploration & evaluation classified as investing activities) (1,069)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (1,865)
8.4 Cash and cash equivalents at quarter end (item 4.6) 4,243
8.5 Unused finance facilities available at quarter end (item 7.5) 7,402
8.6 Total available funding (item 8.4 + item 8.5) 11,645
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6
No
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:
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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: 28 October 2022
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
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