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GreenX Metals #GRX – Gold and Critical Minerals Portfolio Expanded in Greenland
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce the granting of two new exploration licences at the Eleonore North Project (Figure 1) (Eleonore North or Project). The Company has secured exclusive rights to ~1,600 km2 of tenure prospective for reduced intrusion-related gold systems (RIRGS). These new licences complement the Company’s existing licences located 100 km to the north.
Figure 1: Location map of new Eleonore North licences in East Greenland with prospective Caledonian intrusions.
HIGHLIGHTS
· Multiple intrusion-related gold targets identified in two new licences covering ~1,600 km². The Company has been exploring the Eleonore North Project for reduced intrusion-related gold systems (RIRGS) since 2024. These new licences build on a growing understanding of this deposit style in this region and secures prospective Caledonian intrusions untested by the RIRGS model.
· Gold assays up to 50 g/t previously reported. Gold-mineralised boulders and quartz veins hosted in granitic intrusions were found in 1975. After a brief site visit in 1983, detailed gold‑scheelite exploration was recommended, but none took place.
· Anomalous gold, silver, tungsten, and arsenic in regional sediment sampling corresponds to target intrusions. Caledonian intrusions and adjacent strata are shedding mineralised material into local streams. Despite strong results from the historic stream sediment sampling program, follow-up gold exploration never took place.
· Extensive evidence of tungsten mineralisation in the form of scheelite from stream sediment sampling. Tungsten is one of the foremost defence materials, widely used in high-strength applications and in armour-piercing ammunition. Tungsten is designated as a strategic raw material by the EU and a critical mineral by the US.
· Fieldwork is now complete, with first results expected this quarter. Reconnaissance sampling and mapping have tested the RIRGS model over the Caledonian intrusions within the new licences. This fieldwork was run in conjunction with exploration at the existing Eleonore North licences (refer to announcement dated 22 July 2026).
· 160 km-long mineralised structural corridor. 60 km to the southeast of the licenced Caledonian intrusions, the Malmbjerg Climax-type molybdenum porphyry deposit straddles the same fault system. 100 km to the north, the structural system passes through the Company’s other licences which host the North Margeries Sb-W and South Margeries W historical deposits and the Noa Pluton Sb-Au-W prospect.
GreenX CEO, Mr Ben Stoikovich, commented: “Securing 1,600 km² of new gold and critical minerals tenure takes our Eleonore North portfolio to approximately 2,100 km² across four licences and gives us exclusive rights to a suite of Caledonian intrusions that have never been tested against the reduced intrusion-related gold model. Documented gold and scheelite anomalism have sat in the public record here since the 1980s without follow-up. We have teams on the ground testing these intrusions this season, with a clear and disciplined program of work through 2026.”
HISTORICAL GOLD RESULTS
In 1975, Nordisk Mineselskab A/S (Nordmine) collected gold-mineralised boulders and veins from the area now covered by the new licences (Table 1). Follow-up exploration involved stream sediment sampling throughout the region in 1979 and 1980. Heavy mineral concentrates from the earlier surveys were analysed in 1983. Gold, scheelite, and other indicator elements were detected within the licence areas. In 1983, geologists visited the site and recommended detailed follow-up exploration for gold and scheelite; however, no further exploration was conducted. Nordmine held an exclusive mineral licence covering 100,000 km2 in East Greenland until its liquidation in 1992.
|
Sample # |
Au (g/t) |
Company |
Longitude |
Latitude |
Year |
|
7512078/5 |
50 |
Nordmine |
-25.79437 |
72.43450 |
1975 |
|
8313013/B |
26 |
Nordmine |
-25.80941 |
72.44610 |
1983 |
|
7505590 |
12.7 |
Nordmine |
-25.81334 |
72.43415 |
1975 |
|
8313011/D |
5.4 |
Nordmine |
-25.80574 |
72.44088 |
1983 |
|
8313012/A |
4.6 |
Nordmine |
-25.80448 |
72.44385 |
1983 |
|
7910508 |
2.0 |
Nordmine |
-25.69453 |
72.44298 |
1979 |
Table 1: Selected historical grab sample results sourced from a publicly available Greenland government database.
Figure 2: Simplified geological map with historical Nordmine grab sample gold results. The inset map shows the location of selected historical high-grade grab samples from Table 1. All results are available in Appendix 1.
Geology – GOLD AND CRITICAL MINERALS POTENTIAL
The geological setting of the area is characterised by gneissic basement rocks and Proterozoic metasediments (Figure 2), separated by a major north-south thrust fault extending for 400 km (Figure 4). Thrusting and folding during the Caledonian orogeny juxtaposed the different rock packages. This major structure likely provided conduits for magma and later mineralised fluids. Caledonian intrusions are today found adjacent to fault zones in Eleonore Bay Supergroup sediments.
RIRGS deposits feature a geochemical zonation that changes with distance from the causative intrusion. Metal enrichments proximal to gold mineralisation typically include tungsten (W) and antimony (Sb). Geochemical signatures distal to gold mineralisation include enrichments in silver (Ag), copper (Cu), lead (Pb), and zinc (Zn). At the regional scale, arsenic (As) is a useful indicator for vectoring towards RIRGS-mineralised intrusions.
Regional stream sediment sampling included panning for heavy mineral concentrates. Analysis of the concentrate included counting grains of the tungsten-bearing mineral, scheelite. Figure 3 below shows the scheelite grain count in panned heavy mineral concentrates. There is a strong association between the Caledonian granites and high scheelite grain counts. The spatial association also applies to Au, Ag, Cu, Pb, Zn, and As in panned heavy mineral concentrates.
Figure 3: Scheelite grain count in historical panned heavy mineral concentrate samples.
CRITICAL MINERALS
Tungsten is designated as a Strategic Raw Material by the EU and a critical raw mineral by the US. Tungsten is one of the foremost defence materials, widely used in high-strength applications and ammunition. It is also suitable for high-temperature applications, such as supersonic and hypersonic vehicles. Tungsten’s density makes it ideal for armour-piercing ammunition and counterweights in spacecraft. Commercially, it is mainly used when high strength is required, such as for cutting and construction tools. Global strategic interest in tungsten increased significantly in February 2025, when China announced sweeping export controls targeting tungsten and four other metals used across defence, clean energy and other industries. China’s export controls were announced minutes after an additional 10% tariff on Chinese goods imposed by the U.S. President came into effect.
About 90% of global tungsten comes from Russia, China and North Korea, with China alone accounting for about 80% of the world’s tungsten output. The US has not had domestic tungsten production since 2015.
Work Programs
GreenX’s land tenure at Eleonore North now includes four licences (Figure 4). Prior to the summer fieldwork, the Company re-logged and re-assayed archive drill core from the historical North Margeries Sb-W and South Margeries W deposits. Additionally, historical airborne hyperspectral survey data covering the Margeries deposits was reprocessed (refer to announcement dated 14 May 2026). That data provided new targets which were visited during the field season. Results from the July 2026 fieldwork are expected in the coming months.
Table 2: Summary of work at each Eleonore North licence.
|
Licence Code |
Target |
2026 Work Program |
|
MEL-S 2026-120 & MEL 2026-124 |
Caledonian Intrusions |
· Reconnaissance sampling and mapping at target intrusions (July 2026). |
|
MEL 2023-39 |
Noa Pluton |
· Sampling and mapping at the Noa Pluton Sb-Au-W prospect (July 2026). |
|
MEL 2018-19 |
North and South Margeries |
· Bulk sampling Sb and W material from the Margeries deposits for sighter metallurgical test work (July 2026). · Re-processing airborne hyperspectral survey data (May 2026). · Core re-logging and re-sampling (May 2026). |
Figure 4: GreenX’s Eleonore North Project now comprises a portfolio of four exploration licences in East Greenland.
ISSUE OF SHARES
In accordance with the revised commercial terms of the option agreement under which GreenX acquired the Eleonore North Project (refer to announcement dated 15 July 2024), the grant of exploration licence MEL 2026-124 requires GreenX to issue the original vendor of Eleonore North GreenX shares with a value of A$250,000, calculated using the five-trading-day VWAP prior to the date of this announcement.
ENQUIRIES
|
Ben Stoikovich Chief Executive Officer
+44 207 478 3900 |
Kazimierz Chojna Investor Relations – Poland
Kim Eckhof Investor Relations – UK / Germany |
#GRX GreenX Metals Limited – Quarterly Activities Report June 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 30 June 2026.
SUMMARY
· TANNENBERG COPPER PROJECT (GERMANY)
o EXPLORATION TARGET:
o Exploration Target announced demonstrates potential for a globally significant copper endowment at Tannenberg.
o Exploration Target captures hanging wall and footwall mineralisation above and below the Kupferschiefer shale: a modern view of the deposit that the 1940 historical estimate did not contemplate.
o Validated by Kupferschiefer mining in Poland, where up to 95% of mineable copper at KGHM Polska Miedź S.A’s operations is hosted in the same footwall sandstone and hanging wall limestone units that host the Tannenberg Exploration Target.
o Built on validated historical foundations: the Exploration Target builds on the 1940 National Socialist historical estimate area; the 1984 St Joe historical estimate; validation via resampling and logging of 1980’s core by GreenX and digitised archive material collected since August 2024.
o An inflection point for Tannenberg: with the Exploration Target estimated, GreenX now transitions from archive synthesis to active exploration, including Scoping Study-level metallurgical test work, a seismic survey and commencement of an initial drill program.
o Work completed by Palsatech in a specialist logging facility in Sweden with MSA Mining Consulting UK Ltd’s independent competent person compiling the Exploration Target.
o MINERALOGY AND PROCESSING STUDY:
o Subsequent to the Exploration Target, GreenX completed an early-stage mineralogy and processing study for Tannenberg.
o Mineralogy study confirms Tannenberg mineralisation is consistent with producing Polish Kupferschiefer mines
o Independent metallurgical review by MSA Mining Consulting UK confirms Tannenberg confirms potential suitability for a conventional flotation-based processing route, as used at KGHM’s (WSE:KGH) long-running operations and planned for Lumina Metals’ (TSE:LMCU) Nowa Sól project.
o Established Kupferschiefer flowsheet provides a baseline processing route for Tannenberg. KGHM’s operations process 30 Mtpa at 1.6% Cu and 45 g/t Ag, achieving 89% copper and 86% silver aggregate recovery from a blended feed of Kupferschiefer shale, sandstone and carbonate-hosted mineralisation using crushing, two-stage grinding, rougher flotation, fine regrinding and multi-stage cleaning.
o Modern processing technologies offer potential to enhance recoveries. Advances, including high-pressure grinding rolls, fine-particle flotation systems and advanced reagent schemes, will be investigated, with potential to improve liberation and recovery of fine-grained copper sulphides relative to legacy flowsheets developed decades ago for KGHM.
o The mineralogy study, completed by SGS Lakefield on ten drill core samples, shows that the copper is predominantly hosted in chalcocite with additional bornite, chalcopyrite and covellite, typical of Kupferschiefer deposits.
o Bi-modal copper sulphide grain size distribution identified, with both coarse (>25 to 30 µm) and very fine disseminated material (<5 to 10 µm), informing comminution and flotation circuit design.
o Historical extraction at Tannenberg materially de-risks metallurgy. The Tannenberg mines produced 416,500 tonnes of copper and 33.7 Moz of silver predominantly during the 1930’s to 50’s, when mineral processing technology was not as advanced as it is in modern times.
o Supports progression to scoping-level metallurgical testwork on representative samples of each lithology to seek to confirm initial mineralogical findings, assess comminution characteristics and evaluate flotation performance.
· ELEONORE NORTH PROJECT (GREENLAND)
o Fieldwork is currently underway at Eleonore North, targeting gold, tungsten and antimony mineralisation.
o A Reduced Intrusion-related Gold System specialist evaluating the Noa Pluton prospect as well as untested targets
o Bulk sampling of tungsten and antimony-mineralised material at North and South Margeries deposits is expected to support scoping-study level metallurgical sighter test work.
o Archive core from North and South Margeries deposits was sampled prior to fieldwork and are currently being assayed with results expected in the coming months.
o Aim of fieldwork in 2026 is to confirm drill ready targets at both North and South Margeries and Noa Pluton.
o Multiple walk-up surface anomalies identified along strike and adjacent to the existing high-grade tungsten and antimony historical estimates previously identified.
o A 2 km-long prospectivity anomaly at North Margeries sits adjacent to a major east-west fault structure, with multiple additional anomalies surrounding the South Margeries historical estimate.
o Targets were generated by applying modern processing techniques to a heritage dataset acquired from an airborne hyperspectral survey flown in 2000 across the East Greenland Licences.
o Tungsten and antimony are both listed as critical raw materials by the European Union and the United States, with global supply heavily concentrated in China.
· ARBITRATION SET-ASIDE PROCEEDINGS
o As previously announced, the Singapore Court rejected, in its entirety, Poland’s application to set aside the Company’s ECT award, thereby upholding GreenX’s previously announced right to compensation under the ECT.
o A redacted judgment has been released by the Singapore Court, and the Company has brought the judgment to the attention of the English courts as part of the BIT set-aside proceedings. Under the English Arbitration Act 1996, the threshold to succeed on a set-aside application in the courts of England and Wales is exceptionally high, and courts typically reject these challenges unless there has been a serious procedural irregularity.
o Poland has applied to the 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.
o The Company will continue to defend its awards and update the market in line with its continuous disclosure requirements.
ENQUIRIES
|
Ben Stoikovich Chief Executive Officer
+44 207 478 3900 |
Kazimierz Chojna Investor Relations – Poland
Kim Eckhof Investor Relations – UK / Germany |
Link here to view the full announcement
GreenX Metals #GRX – 2026 Fieldwork Underway At Eleonore North
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce that fieldwork has commenced at its Eleonore North project in East Greenland (Eleonore North or Project). The exploration program is targeting gold (Au), tungsten (W), and antimony (Sb).
HIGHLIGHTS
· Active exploration underway at the Eleonore North Project, located in East Greenland. The field team are following up high-priority gold, tungsten, and antimony targets, including known prospects and newly generated targets.
· A Reduced Intrusion-related Gold System specialist will evaluate the Noa Pluton prospect as well as untested targets.
· Bulk sampling of tungsten and antimony-mineralised material at North and South Margeries deposits is expected to support scoping study level metallurgical sighter test work.
· Archive core from North and South Margeries deposits was sampled prior to fieldwork commencing and is currently being assayed, with results expected in the coming months.
· Tungsten and antimony are both listed as critical raw materials by the European Union and the United States, with global supply heavily concentrated in China; the Eleonore North Project hosts high-grade occurrences of both in a stable Western jurisdiction.
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “Greenland is an exciting frontier for GreenX, and this program advances a portfolio of gold, tungsten and antimony targets that has seen very little modern exploration.
Tungsten and antimony are critical raw materials for both the European Union and the United States, and Eleonore North gives us high-grade occurrences of both in a stable Western jurisdiction at a time when supply is heavily concentrated in China. Importantly, the tungsten and antimony mineralisation has a surface expression, which allows us to make rapid progress in expanding the known mineralisation and generating additional targets.
This year we are in the field to advance our existing prospects, including the Noa Pluton gold-antimony target and the North and South Margeries deposits. At the same time, our growing understanding of intrusion-related gold systems in the region has enabled us to identify a number of new targets.”
|
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Photo 1: Helicopter view of southern Ymer Island en route to Eleonore North.
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|
|
Photo 2: Field team at South Margeries (W). |
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|
Photo 3: Vein mineralisation at North Margeries (Sb-W).
In relation to the disclosure of visual information and rock chip descriptions, the Company cautions that the images displayed are for general illustrative purposes only, and that the samples displayed, and visual methods of any visible mineral identification and estimation of mineral abundance should not be considered as a proxy for laboratory analysis, and that laboratory analysis is required to determine the grades of the rock chip samples. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. The rock chip samples are point samples (typically 5-15cm in diameter) taken in the field and do not represent true trends or widths of mineralisation. The Company will update the market when the laboratory samples are received. |
Summer Work PROGRAM
Fieldwork at the Eleonore North Project this year covers multiple objectives. At Noa Pluton, a Reduced Intrusion-related Gold System (RIRGS) specialist will conduct mapping and sampling to evaluate antimony and intrusion-related gold potential, and identify potential drill targets. At both North (Sb-W) and South Margeries (W), the team will collect 50 kg to 100 kg bulk samples of mineralised material for scoping study level sighter test work. Recent hyperspectral analysis and prospectivity mapping have also highlighted alteration anomalies along strike and adjacent to both deposits (refer to announcement dated 14 May 2026). These untested hyperspectral anomalies have the potential to be satellite discoveries.
The field team will also visit newly generated RIRGS targets in the broader region for reconnaissance style prospecting, as approved by the Greenland Mineral Resource Authority.
Figure 1: Summer fieldwork is taking place at the Eleonore North licence package on Ymer Island, East Greenland.
Next Steps
North and South Margeries
Rock samples collected during the program will be sent for multi-element analysis while bulk material will undergo metallurgical sighter test work. This test work is designed to provide scoping study level insights into the metallurgy and processing characteristics. Extensional and infill drilling could be warranted if the sighter test work is positive, particularly if the hyperspectral anomalies previously identified along strike are confirmed as antimony and tungsten mineralisation.
All results are expected in the coming months.
Noa Pluton
Results from Noa Pluton will be evaluated by our RIRGS specialist with additional gold and antimony sampling to form the basis for follow-up exploration programs, including the potential to identify drill targets for future field seasons.
ENQUIRIES
|
Ben Stoikovich Chief Executive Officer |
Kazimierz Chojna Investor Relations – Poland
|
|
+44 207 478 3900 ir@greenxmetals.com |
Kim Eckhof Investor Relations – UK/Germany
|
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.
Competent Persons Statement
The information in this report that relates to previous exploration results were extracted from the ASX announcements dated 15 July 2024 and 27 November 2024, which are available to view at 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
#GRX GreenX Metals Limited – Issue of Shares on Exercise of Options
GreenX Metals Limited (GreenX or Company) advises that it has issued 643,572 ordinary fully paid shares (Shares) on the exercise of 1,500,000 unlisted options pursuant to a cashless exercise facility.
An application for the admission of the Shares to the Equity shares (international commercial companies secondary listing) 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) will be submitted in due course.
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 311,972,551 ordinary shares. The above figure of 311,972,551 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 Shares and unlisted options, GreenX has the following securities on issue:
· 311,972,551 ordinary fully paid shares;
· 11,000,000 performance rights that have an expiry date 8 October 2026;
· 4,025,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026;
· 7,600,000 unlisted options exercisable at A$1.05 each on or before 31 May 2029;
· 7,600,000 unlisted options exercisable at A$1.20 each on or before 31 May 2030; and
· 5,600,000 unlisted options exercisable at A$1.50 each on or before 31 May 2031.
A Change of Directors Interest Notice is provided below in relation to the exercise of options.
Enquiries:
|
GreenX Metals Limited |
Tel: +61 8 9322 6322 |
|
Dylan Browne, Company Secretary |
Email: info@greenxmetals.com |
Change of Director’s Interest Notice
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 30/09/01 Amended 01/01/11
|
Name of entity GreenX Metals Limited |
|
ABN 23 008 677 852 |
We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director |
Mark Pearce |
|
Date of last notice |
2 December 2025 |
Part 1 – Change of director’s relevant interests in securities
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Direct or indirect interest |
Direct and Indirect |
|
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. |
NMLP Family Trust (beneficial interest)Crystal Brook Investments Pty Ltd (beneficial interest) |
|
Date of change |
26 June 2026 |
|
No. of securities held prior to change
|
a) 2,728,589 b) 500,000 c) 600,000 d) 600,000 |
|
Class |
a) Fully paid ordinary shares b) Unlisted incentive options exercisable at A$0.55 each on or before 30 November 2026 c) Unlisted incentive options exercisable at A$1.05 each on or before 31 May 2029 d) Unlisted incentive options exercisable at A$1.20 each on or before 31 May 2030 |
|
Number acquired |
a) 214,524 |
|
Number disposed |
b) (500,000)
|
|
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation |
Issue of 214,524 ordinary shares following the exercise of 500,000 unlisted options pursuant to a cashless exercise facility |
|
No. of securities held after change |
a) 2,728,589 b) – c) 600,000 d) 600,000 |
|
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back |
Issue of ordinary shares following the exercise of unlisted options pursuant to a cashless exercise facility |
Part 2 – Change of director’s interests in contracts
Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.
|
Detail of contract |
Not applicable |
|
Nature of interest |
Not applicable |
|
Name of registered holder (if issued securities) |
Not applicable |
|
Date of change |
Not applicable |
|
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed |
Not applicable |
|
Interest acquired |
Not applicable |
|
Interest disposed |
Not applicable |
|
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation |
Not applicable |
|
Interest after change |
Not applicable |
Part 3 – +Closed period
|
Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required? |
No |
|
If so, was prior written clearance provided to allow the trade to proceed during this period? |
Not applicable |
|
If prior written clearance was provided, on what date was this provided? |
Not applicable |
|
Initial notification/Amendment |
Initial |
|
LEI |
213800EHCGNYSCN9T108 |
|
Place of transaction |
Australian Securities Exchange (ASX) |
#GRX GreenX Metals Limited – Issue of Unlisted Options
GreenX Metals Limited (GreenX or Company) advises that it has issued 900,000 unlisted options exercisable at A$1.05 each on or before 31 May 2029, 900,000 unlisted options exercisable at A$1.20 each on or before 31 May 2030 and 5,600,000 unlisted options exercisable at A$1.50 each on or before 31 May 2031.
The Company also advises that it has cancelled 400,000 unlisted options exercisable at A$1.05 each on or before 31 May 2029 and 400,000 unlisted options exercisable at A$1.20 each on or before 31 May 2030, following the cessation of employment by the relevant holder.
Following the issue and cancellation of unlisted options, GreenX has the following securities on issue:
· 311,328,979 ordinary fully paid shares;
· 11,000,000 performance rights that have an expiry date 8 October 2026;
· 5,525,000 unlisted options exercisable at A$0.55 each on or before 30 November 2026;
· 7,600,000 unlisted options exercisable at A$1.05 each on or before 31 May 2029;
· 7,600,000 unlisted options exercisable at A$1.20 each on or before 31 May 2030; and
· 5,600,000 unlisted options exercisable at A$1.50 each on or before 31 May 2031.
Enquiries:
|
GreenX Metals Limited |
Tel: +61 8 9322 6322 |
|
Dylan Browne, Company Secretary |
Email: info@greenxmetals.com |
#GRX GreenX Metals LTD – Study Finds Tannenberg Consistent with Polish Mine
HIGHLIGHTS
· Tannenberg mineralisation consistent with producing Polish Kupferschiefer copper-silver mines. Review by independent metallurgist from MSA Mining Consulting UK confirms potential suitability for a conventional flotation-based processing route, as used at KGHM’s (WSE:KGH) long-running operations and planned for Lumina Metals’ (TSE: LMCU) Nowa Sól project
· Established Kupferschiefer flowsheet provides baseline processing route for Tannenberg. KGHM’s operations process 30 Mtpa at 1.6% Cu and 45 g/t Ag, achieving 89% copper and 86% silver aggregate recovery from a blended feed of Kupferschiefer shale, sandstone and carbonate-hosted mineralisation using crushing, two-stage grinding, rougher flotation, fine regrinding and multi-stage cleaning
· Modern processing technologies offer potential to enhance recoveries. Advances, including high-pressure grinding rolls (HPGR), fine-particle flotation systems and advanced reagent schemes, will be investigated, with potential to improve liberation and recovery of fine-grained copper sulphides relative to legacy flowsheets developed decades ago for KGHM
· Mineralogy study completed by SGS Lakefield on ten drill core samples. This study shows that the copper is predominantly hosted in chalcocite with additional bornite, chalcopyrite and covellite, typical of Kupferschiefer deposits
· Bi-modal copper sulphide grain size distribution identified, with both coarse (>25-30 µm) and very fine disseminated material (<5-10 µm), informing comminution and flotation circuit design
· Historical extraction at the Tannenberg Project materially de-risks metallurgy. The Tannenberg mines produced 416,500 tonnes of copper and 33.7 Moz of silver predominantly during the 1930’s – 50’s, when mineral processing technology was not as advanced as it is in modern times
· Supports progression to scoping-level metallurgical testwork on representative samples of each lithology to seek to confirm initial mineralogical findings, assess comminution characteristics and evaluate flotation performance
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce that it has completed an early-stage mineralogy and processing study for its Tannenberg Copper Project (Tannenberg or the Project) in Germany. The mineralogy study was completed by SGS Canada Inc. at its Lakefield Ontario facility (SGS Lakefield). It was followed by an independent metallurgical review undertaken by MSA Mining Consulting UK Ltd (MSA-UK) through Principal Associate Metallurgist, Mr Gordon Cunningham. The review has benchmarked Tannenberg against operating and development Kupferschiefer mines in Poland, confirming that copper mineralisation at Tannenberg is consistent with copper-silver deposits in the region and is considered amenable to conventional flotation-based processing methods.
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “This mineralogy study confirms that the copper is contained in the same size and style of minerals as the producing Polish Kupferschiefer mines. This independent review supports a potential conventional flotation processing route, which reduces technical risk at this early stage. This gives us confidence that Tannenberg appears to have the right ingredients to follow a proven development pathway, and we will advance metallurgical test work to unlock that potential.”
TYPICAL PROCESSING METHODS – KUPFERSCHIEFER OPERATIONS (KGHM AND LUMINA METALS ANALOGUES)
The sediment-hosted (Kupferschiefer) copper-silver deposits in Poland provide a well-established processing analogue for GreenX’s Tannenberg Project, with both long-running operations at KGHM and a recent Preliminary Economic Assessment (PEA) for Lumina Metals’ Nowa Sól Project applying similar flotation-based processing routes with selective regrinding.
At KGHM’s operations, approximately 30 Mtpa of ore is treated from the Kupferschiefer sequence at an average feed grade of around 1.6% copper and 45 g/t silver. The plant processes a blended feed comprising Kupferschiefer shale, sandstone and carbonate-hosted mineralisation. Processing is based on a conventional sulphide flotation flowsheet, starting with crushing followed by two-stage grinding (rod-ball or ball-ball milling) to a primary grind size of approximately 75 µm (Source: KGHM, Micon, 2013 (see Appendix 2)).
Following grinding, the slurry is treated through flotation circuits consisting of two stages of rougher flotation. The rougher concentrate is then reground to a much finer size, typically less than 20 µm, before passing through multi-stage cleaning circuits. This combination of initial grinding and subsequent fine regrinding is critical to liberate the fine-grained copper sulphide minerals characteristic of Kupferschiefer deposits. The process produces a copper concentrate grading approximately 23% Cu and containing significant silver, with typical metallurgical performance of around 89% copper recovery and 86% silver recovery. The final concentrate is then transported to smelting and refining facilities, where copper metal is produced and silver and other by-products are recovered.
The PEA stage Nowa Sól Cu-Ag Project, owned by Lumina Metals and located within the same Kupferschiefer belt as both Tannenberg and the KGHM mines, provides a modern comparison and follows a similar processing philosophy (Source: Lumina Metals, Micon, 2026 (see Appendix 2)). The proposed flowsheet incorporates semi-autogenous grinding (SAG) with ball milling and pebble crushing, targeting a primary grind size of approximately 60 µm, followed by flotation processing. As with KGHM, the flotation circuit includes two stages of rougher flotation, with the rougher concentrate subjected to fine regrinding (to approximately 11 µm) and multiple cleaning stages to improve concentrate grade and recovery.
The Nowa Sól flowsheet is designed to produce a copper concentrate grading greater than 26% Cu, with strong silver credits (in excess of 1,200 g/t Ag), and expected recoveries of more than 88% for copper and approximately 86% for silver. The final concentrate is planned to be thickened and filtered prior to sale.
Together, these operating and development analogues demonstrate that Kupferschiefer mineralisation can be successfully processed using conventional flotation circuits that incorporate fine grinding, concentrate regrinding and multi-stage cleaning. They also highlight the importance of achieving sufficient liberation of fine-grained copper minerals, a key factor in maximising recovery and concentrate quality in this style of deposit. In the cases of both KGHM and Lumina, there remains a strong opportunity to refine and optimise the flowsheets. In KGHM’s case, the plant was built many decades ago, and the Lumina flowsheet used a limited amount of sample material.
COMPARISON OF TANNENBERG COPPER-SILVER MINERALISATION WITH POLISH ANALOGUES
The new mineralogical work was completed by SGS Lakefield on ten selected historical drill core samples distributed throughout the mineralised area (Figure 1). The analysis covered three types of mineralisation, including shale, sandstone and carbonate (Figure 2) and provided confirmation of the deportment of the Tannenberg mineralisation, allowing for an important comparison to the Polish deposits. The study utilised TESCAN Integrated Mineral Analyzer (TIMA) and Scanning Electron Microscopy (SEM) techniques to characterise mineral composition, grain size and liberation behaviour.
The results indicate that copper mineralisation is dominated by chalcocite, with additional contributions from bornite, chalcopyrite and covellite, together with minor pyrite, galena and sphalerite. Copper occurs across Kupferschiefer shale, sandstone and carbonate lithologies, with the shale generally hosting the highest grades.
Figure 1: Map showing location of drill holes, indicating those used in the mineralogy study.
A key outcome of the study is the identification of a distinctly bi-modal grain size distribution of copper sulphides, with both coarse particles (>25-30 µm) and very fine disseminated material (<5-10 µm) present within the host rocks. This fine-grained component is pervasive, with all analysed sections containing copper mineralisation below 5 µm. The presence of this bi-modal distribution is considered a critical factor influencing comminution requirements, flotation performance and overall metallurgical recovery.
When compared to Polish Kupferschiefer operations and development projects, the Tannenberg mineralisation shows strong similarities in grain-size distribution. The presence of fine and disseminated sulphide mineralisation is consistent with observations from these analogue deposits, where fine grinding and regrinding are required to achieve adequate liberation.
Hole:Ro 45 |
268.34 mKupferschiefer |
269.00 mKupferschiefer |
269.63 mFootwall Grauligend |
Hole:Ro 25 |
533.38 mKupferschiefer |
533.89 mKupferschiefer |
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Hole:Ro 15 |
286.24 mHanging wall Limestone |
287.00 mHanging wall Limestone |
288.20 mHanging wall Limestone |
Hole:Ro 38 |
536.66 mKupferschiefer |
539.00 mFootwall Grauligend |
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Figure 2: Copper sulphide gangue mineral association images for the ten samples which formed part of the study. The width of each image is 1.5mm.
Based on these similarities, conventional flotation processing is considered an appropriate baseline metallurgical approach for Tannenberg. The Polish analogues demonstrate that crushing, primary grinding, flotation, concentrate regrinding and multi-stage cleaning can achieve strong recoveries of copper and silver from Kupferschiefer ores. As with all such operations, the bi-modal grain size distribution identified at Tannenberg suggests that particular attention will need to be given to comminution strategy, including the potential requirement for finer grinding to effectively liberate ultra-fine copper minerals.
The mineralogical data also indicates the presence of organic carbon and minor deleterious elements, which may report to concentrate and influence product quality. As a result, future metallurgical testwork will evaluate additional processing steps, such as carbon pre-flotation or specialised reagent schemes, to optimise concentrate grade and marketability.
The Competent Person and independent metallurgical consultant, Mr Cunningham from MSA-UK, has concluded that the Tannenberg mineralisation is materially similar to Polish analogue ores. The Competent Person considers that the Tannenberg mineralisation is potentially well suited to a flotation-based processing flowsheet and that, subject to further test work, metallurgical recoveries are comparable to, or potentially better than the ~89% Cu and ~86% Ag recoveries reported from Polish mines may be achievable at Tannenberg. The Competent Person also considers that the Project may potentially produce a copper-silver concentrate of a type that could have strong market acceptance. The Competent Person has concluded, with reasonable confidence, that the following material factors support this assessment, subject to further test work:
· This new mineralogy study includes TIMA and SEM analysis conducted on 10 samples from four drill holes, which are considered representative of the Tannenberg mineralisation. The selected drill holes provide good spatial coverage of the target mineralisation, as shown in Figure 1.
· The Tannenberg mineralisation is interpreted to have formed through the same genetic process as the Polish analogue ores, with all projects existing on the same structure and mineral system, the Mid-European Crystalline Zone (please refer to GreenX’s announcement dated 9 September 2025).
· Copper and silver ore-mineral grain size, host mineral associations and other deportment characteristics at Tannenberg have been found to be materially similar to the published data from the Polish analogue ores. These fundamental technical characteristics are key to determining metallurgical recovery.
· Both copper and silver were historically extracted at the Tannenberg Project through mining activities undertaken up to the 1950’s.
· The metallurgical recoveries referenced above are consistent with the 2013 Technical Report prepared by Micron International Limited, an independent consultant to KGHM (Refer to Appendix 2).
· Modern developments in copper processing technologies may provide opportunities to improve overall metallurgical recoveries relative to the KGHM mines, which were constructed in the 1960s.
This initial mineralogical assessment at Tannenberg also highlights the importance of detailed metallurgical testwork to optimise grind size, concentrate quality and recovery for the Project. The shallow depth of the Tannenberg Project, with the existence of spoil heaps and potentially accessible old workings will facilitate metallurgical test work being conducted during early project study phases.
RECENT DEVELOPMENTS IN COPPER PROCESSING TECHNOLOGIES
While Kupferschiefer deposits in Poland have been processed for decades using conventional flotation circuits, more recent technological developments offer opportunities to enhance metallurgical performance.
Advances in comminution technologies, such as HPGR, can improve the liberation of fine-grained copper minerals by breaking ore along natural grain boundaries. This is particularly important for Kupferschiefer mineralisation, where a significant portion of copper occurs in very fine particles.
In addition, modern flotation technologies and specialised fine-particle recovery systems can improve recovery of ultra-fine sulphide minerals, while advanced reagent schemes and pre-treatment steps, such as carbon pre-flotation, may further enhance concentrate grade.
These developments indicate that modern flowsheets have the potential to achieve improved copper and silver recoveries compared to historic operations, particularly for fine-grained Kupferschiefer ores.
Upcoming Work Programs
In addition to the ongoing exploration activities, GreenX will advance the next stage of processing work and focus on scoping-level metallurgical test work using representative samples collected from the key mineralised lithologies. This program will be designed to confirm the initial mineralogical findings, assess comminution characteristics and evaluate flotation performance, including recovery, concentrate grade and reagent selection.
Results from this test work will be used to develop a preliminary metallurgical flowsheet for the Tannenberg Project. This flowsheet will provide the basis for subsequent, more advanced metallurgical programs, including variability testing, optimisation of grind size and flotation conditions, and detailed assessment of concentrate quality and processing performance.
ENQUIRIES
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Ben Stoikovich Chief Executive Officer |
Kazimierz Chojna Investor Relations – Poland
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+44 207 478 3900 ir@greenxmetals.com |
Kim Eckhof Investor Relations – UK/Germany
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Competent Persons Statement (Exploration Results)
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 Australasian 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.
Competent Persons Statement (metallurgy MINERALOGY STUDY)
The information in this announcement that relates to Exploration Results (metallurgy mineralogy study) is based on information compiled by Mr Gordon Cunningham, a Competent Person who is a Member of the Engineering Council of South Africa and a Fellow of the South African Institute of Mining and Metallurgy, a Recognised Professional Organisation included in a list promulgated by ASX from time to time. Mr Cunningham is a Technical Consultant for MSA Mining Consulting UK Ltd. Mr Cunningham 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’. Mr Cunningham 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.
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.
REFERENCES AND SOURCES
Please refer to Appendix 2 below.
Appendix 1: Exploration Results and JORC Tables
Table 1: Historical drill hole information (used for process mineralogy study)
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Hole ID |
Easting |
Northing |
Elevation (m MSL) |
Dip (°) |
Depth (m) |
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Ro 15 |
4348595 |
5647200 |
255 |
90 |
351 |
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Ro 25 |
4349554 |
5646656 |
331 |
90 |
553 |
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Ro 38 |
4351640 |
5647472 |
249 |
90 |
559 |
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Ro 45 |
4356946 |
5656716 |
407 |
90 |
289 |
Note: Coordinates are DHDN / 3-degree Gauss-Kruger zone 4.
JORC Code, 2012 Edition – Table 1 Report
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
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Criteria |
JORC Code explanation |
Commentary |
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Sampling techniques |
Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
1980’s Drilling Campaign All 1980’s analyses reported in this announcement were from diamond drill core. The core for the holes was 47 mm diameter in all cases, except Ro 17 and 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. |
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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. |
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Aspects of the determination of mineralisation that are Material to the Public 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 samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
2025 Logging and Resampling Program Sampling ¼ core followed industry standard procedures. The same side of the core was sampled throughout each hole. The samples were cut using an automated saw designed for core cutting in order to eliminate any sample loss. 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. |
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Drilling techniques |
Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, 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 oriented and if so, by what method, etc). |
1980’s Drilling Campaign The samples were all taken from core and the core for the holes was 47 mm 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. |
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Drill sample recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
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Core recoveries for the relevant intercepts are as follows: · Ro 15 96% · Ro 25 100% · Ro 38 100% · Ro 45 100% The recoveries reported here are measured from the core available for sampling in 2025. |
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Measures taken to maximise sample recovery and ensure representative nature of the samples. |
Not known. |
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Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
It is believed that low core recoveries in some cases may have been caused by researchers removing small sections of the core that contained elevated 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. |
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Logging |
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
Geological and geotechnical logging has been completed according to industry best practice and would be suitable to support Mineral Resource Estimation. Note that JORC Mineral Resources not reported in this announcement. |
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Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. |
Geological and geotechnical logging is qualitative. Wet and dry core photos have been taken. |
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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. |
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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. 2026 Process Mineralogy Study A sub sample of coarse rejects (2mm) was taken using a Jones Type Riffle splitter at SGS Ankara. |
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a |
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. |
N/A |
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For all sample types, the nature, quality and appropriateness of the sample preparation technique. |
1980’s Drilling Campaign 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. |
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Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. |
1980’s Drilling Campaign 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. 2026 Process Mineralogy Study The results of screen tests demonstrate that sub sampling for process mineralogy was appropriate and no bias has been introduced. |
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Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. |
1980’s Drilling Campaign 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. |
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Whether sample sizes are appropriate to the grain size of the material being sampled. |
1980’s Drilling Campaign 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. 2026 Process Mineralogy Study The stoichiometric “TIMA Calculated” assay was found to show an excellent correlation with the chemical assays, hence the sample size and splitting method used for the mineralogy study can be considered to be appropriate. |
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Quality of assay data and laboratory tests |
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
1980’s Drilling Campaign 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. 2026 Process Mineralogy Study 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. Although no industry accreditations are available for such mineralogy studies, the work was performed to internal standards set up by SGS Lakefield who have an excellent reputation for such work. |
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For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
2026 Process Mineralogy Study No geophysical tools, spectrometers, handheld XRF or similar devices were used in this study. Mineralogy data was collected using TESCAN Integrated Mineral Analyzer (TIMA) and Scanning Electron Microscopy (SEM) instruments which were calibrated according to manufacturers specifications. |
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Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
2025 Logging and Resampling Program Quality Control samples were added at a rate of 10%. For every 100 samples, 4 Certified Reference Materials were used, two Pulp duplicates, two crush duplicate and two blanks were inserted. Certified reference materials were matrix matched where possible and included cut-off grade materials for copper and silver. 2026 Process Mineralogy Study QC samples are not suitable for quality control of such work. However the stoichiometric “TIMA Calculated” assay was found to show an excellent correlation with the chemical assays, hence the sample size and splitting method used for the mineralogy study can be considered to be appropriate. |
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Verification of sampling and assaying |
The verification of significant intersections by either independent or alternative company personnel.
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No significant intersections reported. |
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The use of twinned holes. |
No twinned holes reported. |
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Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
2026 Process Mineralogy Study TIMA and SEM work was carried out separately and found to show similar grain size and mineral chemistry results. |
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Discuss any adjustment to assay data. |
No adjustments made. |
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Location of data points |
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
Location accuracy is unknown. The location of holes drilled by St Joe Explorations comes from collar tables in historical reports. All other collar locations come from State/Federal databases. |
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Specification of the grid system used. |
1980’s Drilling Latitude and Longitude in degree, minutes and seconds were provided for collars by St Joe Explorations. |
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Quality and adequacy of topographic control. |
Unknown |
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Data spacing and distribution |
Data spacing for reporting of Exploration Results. |
1980’s Drilling Between 400 m to 700 m. |
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Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
N/A, JORC Mineral Resources not reported. |
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Whether sample compositing has been applied. |
N/A |
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Orientation of data in relation to geological structure |
Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
N/A |
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If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
N/A |
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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. |
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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.)
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Criteria |
JORC Code explanation |
Commentary |
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Mineral tenement and land tenure status |
Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
The Tannenberg 1 licence is held 100% by Group 11 Exploration GmbH (Group 11) a subsidiary of GreenX. The licences were awarded on the 6th June 2025 for three years and has now been extended for a further three years to 6 June 2028. The licence is free from 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 also held 100% by Group 11. 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. |
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The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
The licences are in good standing. |
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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. |
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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. |
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Drill hole Information |
A summary of all information material to the understanding of the exploration 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. |
All drill hole collar information has been provided in Table 1 of Appendix 1. |
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If the exclusion of this information is justified on the basis that the 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. |
All drill hole collar information has been provided in Table 1 of Appendix 1. |
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Data aggregation methods |
In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
Industry standard methods used. No cut-off grade or high cut was applied. |
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Where aggregate intercepts incorporate short lengths of high grade results and 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. |
Industry standard methods used. No cut-off grade or high cut was applied. |
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The assumptions used for any reporting of metal equivalent values should be clearly stated. |
No metal equivalents reported. |
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Relationship between mineralisation widths and intercept lengths |
These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. |
N/A |
|
|
|
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
N/A |
|
|
Diagrams |
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
Relevant maps provided in announcement dated 20 November 2025 and also in Figure 1 above. |
|
|
Balanced reporting |
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
All relevant and material results have been reported. |
|
|
Other substantive exploration data |
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey 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. |
All substantive results are reported. Geological logs and downhole gamma logs are not reported here. |
|
|
Further work |
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). |
Provided on page 6 of this announcement.
|
|
|
|
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
N/A |
|
APPENDIX 2: Company Specific Sources
|
Project |
Company |
Status |
Source Data |
Link |
|
Legnica-Glogów Copper Belt |
KGHM Polska Miedź S.A. |
Producing |
NI 43-101 Technical Report (Feb-2013) |
https://kghm.com/sites/default/files/document-attachments/kghm_technical_report_micon.pdf |
|
Nowa Sól Copper Silver Project |
Lumina Metals Corp |
Development |
NI 43-101 Preliminary Economic Assessment (8-April-2026) |
#GRX GreenX Metals Limited – Notice of GM
GreenX Metals Limited (GreenX or the Company) advises that its General Meeting (Meeting) will be held on Tuesday, 14 July 2026 at 10:00am (AWST) at the Conference Room, Ground Floor, 28 The Esplanade, Perth, Western Australia 6000.
In accordance with 110D of the Corporations Act 2001 (Cth), the Company will not be dispatching physical copies of the Notice of Meeting (unless a shareholder has elected to receive documents in hard copy in accordance with the timeframe specified in section 110E(8) of the Corporations Act 2001 (Cth)).
A copy of the Notice of Meeting can be viewed and downloaded online as follows:
|
· |
the Company’s website: https://greenxmetals.com/investors/announcements/. |
|
· |
the Company’s ASX Market announcements page at www.asx.com.au under the Company’s ASX code “GRX”; or |
|
· |
if you have provided an email address and have elected to receive electronic communications from the Company, you will receive an email to your nominated email address with a link to an electronic copy of the Notice of Meeting. |
The Company intends to hold a physical meeting. The Company will notify shareholders of any changes to this by way of an announcement and the details will also be made available on our website.
The Notice of Meeting is important and should be read in its entirety. If you are in doubt as to the course of action you should follow, you should consult your stock broker, investment advisor, accountant, solicitor or other professional adviser.
You may also, prior to the Meeting, obtain a paper copy of the Notice of Meeting (free of charge) by contacting the Company Secretary on +61 8 9322 6322 or by sending an email to info@greenxmetals.com.
Holders of Depositary Interests should complete and sign a separate Form of Instruction and return it by the time and in accordance with the instructions set out in the Form of Instruction. Holders on the Warsaw Stock Exchange should contact their brokers to submit their vote for the Meeting. Holders of Depositary Interests and holders on the Warsaw Stock Exchange will not be eligible to vote in person at the Meeting.
How do I update my communications preferences?
Shareholders can still elect to receive some or all of their communications in physical or electronic form or elect not to receive certain documents such as annual reports. To review your communications preferences, or sign up to receive your shareholder communications via email, please update your communication preferences with Computershare at http://www.investorcentre.com/au or contact your broker.
Enquiries:
|
GreenX Metals Limited |
Tel: +61 8 9322 6322 |
|
Dylan Browne, Company Secretary |
Email: info@greenxmetals.com |
GreenX Metals #GRX – Exploration Target highlights potential for large-scale copper-silver project in Germany
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce an Exploration Target at the Tannenberg Copper Project (Tannenberg or the Project), in Germany. The estimated range of potential mineralisation in the Exploration Target is: 144 – 279 Mt at 0.9% – 1.4% Cu and 15 – 21 g/t Ag for 1.3 – 3.9 Mt Cu and 69 – 188 Moz Ag.
HIGHLIGHTS
· Exploration Target demonstrates potential for globally significant copper endowment at Tannenberg Copper Project, Germany.
· Exploration Target captures hanging wall and footwall mineralisation above and below the Kupferschiefer shale: a modern view of the deposit that the 1940 historical estimate did not contemplate.
· Validated by Kupferschiefer mining in Poland, where up to 95% of mineable copper at KGHM Polska Miedź S.A’s operations is hosted in the same footwall sandstone and hanging wall limestone units that host the Tannenberg Exploration Target.
· Built on validated historical foundations: Exploration Target builds on the 1940 National Socialist historical estimate area; the 1984 St Joe historical estimate; validation via resampling and logging of 1980’s core by GreenX and digitised archive material collected since August 2024.
· An inflection point for the Project: With the Exploration Target estimated, GreenX now transitions from archive synthesis to active exploration, including accessing historical underground mines for Scoping Study-level metallurgical test work, seismic survey evaluation and commencement of an initial drill program.
Cautionary Statement: The Exploration Target has been reported in accordance with the 2012 edition of the JORC Code (JORC Code). The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the reported target areas. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
|
Table 1: Exploration Target for Tannenberg |
|||||
|
Prospect |
Tonnes Range |
Cu Grade Range |
Ag Grade Range |
Contained Cu Range |
Contained Ag Range |
|
Zone 1 |
8 to 16 Mt |
0.9 to 1.4% Cu |
15 to 21 g/t Ag |
0.1 to 0.2 Mt Cu |
3.9 to 10.8 Moz Ag |
|
Zone 2 |
40 to 78 Mt |
0.4 to 1.1 Mt Cu |
19.3 to 52.7 Moz Ag |
||
|
Zone 3 |
96 to 186 Mt |
0.9 to 2.6 Mt Cu |
46.3 to 125.6 Moz Ag |
||
|
Total |
144 to 279 Mt |
1.3 to 3.9 Mt Cu |
69.4 to 188.4 Moz Ag |
||
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “Today’s Exploration Target at Tannenberg is a result of 18 months of archive data search and synthesis. It also marks an inflection point where we transition from searching for archive data to ramping up our own exploration programs. The modern understanding of the Kupferschiefer system, demonstrated by the scale of Kupferschiefer mining operations in Poland today, shows that economic copper mineralisation extends well beyond the thin shale horizon that historical German exploration focused on. The size of the potential copper endowment at Tannenberg in Hessen, Germany, in the same geological formation of the world-class Polish deposits, justifies continued investment and exploration”.
Figure 1: Outline of the Exploration target and its relationship to previous historical estimates and historical underground mining operations at Tannenberg. Section A-B is shown in Figure 4.
EXPLORATION TARGET
The Exploration Target provides a modern view of the copper potential at Tannenberg. Unlike the 1940 Historical Estimate, which assessed only the thin Kupferschiefer shale horizon (refer to announcement dated 20 October 2025), the Exploration Target captures mineralisation in the hanging wall above and footwall below the shale. This is consistent with the modern understanding of Kupferschiefer deposits as evidenced at KGHM Polska Miedź S.A’s (KGHM) mining operations in Poland. The sections below set out the historical foundations, the modern thickness model and the supporting work that underpin the Exploration Target.
Cautionary Statement: The Exploration Target has been reported in accordance with the JORC Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the reported target areas. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
Figure 2: Top-down view of the Exploration Target wireframe at Tannenberg.
From historical mining district to Exploration Target
The Tannenberg Project has a long-documented history of drilling, mining, and estimation work, providing well-defined and historically validated copper-silver mineralisation that underpins today’s Exploration Target.
A 95-hole drilling campaign was completed by the National Socialist Government between 1935 and 1938 across the Richelsdorf Mining District. This dataset formed the geological basis for the construction of three Kupferschiefer copper mines within the Tannenberg licence area, Reichenberg, Wolfsberg and Schnepfenbusch. These mines operated between the late 1930’s and in some cases up to the mid 1950’s. GreenX has digitised and integrated this drillhole database into its geological models (refer to announcement dated 11 September 2025).
The 1940 historical estimate, produced by Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG), is based on a spatially relevant subset of 18 holes from the 95-hole database and established 728,000 tonnes of contained copper* at an average grade of 2.6% copper (in the narrow Kupferschiefer shale only) between the Wolfsberg and Schnepfenbusch mines in the north and the Ronshausen area in the south (see Figure 1). The historical estimate covers mineralisation from a depth of 100 m in the north to 400 m in the southern end area near Ronshausen (refer to announcement dated 20 October 2025).
A later historical estimate from 1984 was produced by St Joe Explorations GmbH (St Joe), based on limited drilling between 1980 and 1984 (refer to announcements dated 2 August 2024 and 28 April 2025). The St Joe historical work estimated (20 October 2025) 169,000 tonnes of contained copper and 6.5 million ounces of contained silver within the small section of zone 3. St Joe assayed wider intersections and found that the mineralisation was up to 3.45 m thick. This is considerably thicker than the narrow Kupferschiefer shale assayed and estimated by Mansfeld AG in 1940. St Joe provided the first modern indication that economic mineralisation extends beyond the Kupferschiefer shale itself.
Cautionary statement for historical estimates: The historical estimates referenced in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimates 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 estimates will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
Modern thickness model
The modern understanding of the Kupferschiefer deposit model, as evidenced at KGHM’s Polish mining operations on the same geological setting as Tannenberg, shows that up to 95% of mineable copper can be hosted in the footwall sandstone and hanging wall limestone, with mineralisation often occurring up to 30 m above and 60 m below the Kupferschiefer shale horizon.
Applying the thick mineralisation concept to the historically defined Tannenberg footprint produces a statistically-derived mineralised thickness of 1.7 m – 3.3 m, compared with the 20 cm – 60 cm (shale-only) thickness used in the 1940 historical estimate. The 1.7 m – 3.3 m thickness is consistent with the wider intercepts confirmed by St Joe in the 1980s and has now been independently validated by GreenX’s resampling of available archived core.
COMPLETION OF ARCHIVE CORE logging and sampling
After relogging a total of 4,389 m of archived core and taking 2,368 new samples, GreenX has now brought its work on the archived core to a close. This program was initiated after the discovery that drill core had been retained in the archives of the Hessisches Landesamt für Naturschutz, Umwelt und Geologie (HLNUG) for over 40 years since drilling. This new logging and sampling has been conducted in accordance with industry standard practices and has facilitated the estimation of the Exploration Target ranges. In addition to the validation of the historical copper and silver grades around the historical mining areas (see announcement date 20 November 2025), the data has demonstrated that the copper and silver mineralisation persists many kilometres away from the historical copper mines (Wolfsberg, Schnepfenbusch, and Reichenberg).
Figure 3: Location map of 1980s Archive drillholes recently logged and assayed by GreenX.
Upcoming and ONGOING Work Programs
GreenX is advancing a coordinated suite of exploration activities which will test the validity of the Exploration Target identified at Tannenberg, including:
· Mineralogical and desktop metallurgical analysis of material collected from archive core – Q2 2026;
· Accessing historical underground mines for scoping study-level metallurgical test work, chip sampling, as well as mapping and surveying for 3D modelling – 2H 2026;
· Collation and digitisation of historical geological, mine development, and production data – ongoing;
· Analysis of the use of seismic surveys to aid future drilling campaigns including collecting petrophysical measurements for seismic forward modelling – Q2 2026;
· Seismic survey, if appropriate – commencement H2 2026; and
· Initial drill program – commencement late 2026.
Exploration target: Drillhole database audit and verification
GreenX logged, sampled, and assayed available archive core at Tannenberg (Archive). The work was done by Palsatech in a specialist logging facility in Sweden. MSA Mining Consulting UK Ltd’s (MSA-UK) independent competent person visited the facility while Archive core was being processed. All intercepts with significant Cu-Ag mineralisation were drilled by St Joe’s during their 1980s exploration drilling.
The 1930s National Socialist drillhole database was compiled by GreenX geologists, transcribed from hard copy, historical records. An independent audit and verification of the data against these records was not undertaken by MSA-UK. Given that the intention is to declare an Exploration Target, this is not considered a material risk by MSA-UK.
Data validation was undertaken during the import routine in the form of correcting issues such as from/to errors and preparing the data in a format that can readily be imported into three-dimensional modelling software.
Exploration target: Geological Modelling
A geological model was constructed in Leapfrog Geo. Although a number of mapped faults cross the area, only five, relevant fault structures were considered in the model (Figure 1). Four stratigraphic units, namely the Basement, Rotliegend, Zechstein and Buntsandstein were modelled. Due its narrowness and the lateral scale of the model, which spans several kilometres, the Kupferschiefer layer was modelled only as the contact between the Rotliegend and Zechstein. Displacement by faulting is data driven, where the relative position of the stratigraphic units on either side of the fault determines the vertical displacement (Figure 4).
A conceptual mineralisation model was constructed from the drillhole data using a threshold value of 0.30 % Cu. This value was based on the log-probability plot for the combined dataset (Figure 5), which shows a break in the grade population around this threshold. This is a reasonable value, as it incorporates mineralisation in the footwall Rotliegend, the Kupferschiefer and the hanging wall Zechstein.
In addition to the grade threshold, a minimum thickness of 1.5 m was applied during the modelling process, based on regulation and practise at copper mines in Poland Where necessary, low-grade samples falling below the threshold were incorporated into the mineralised zone to achieve the minimum thickness, provided the full composite grade satisfied the threshold value. Due to the sampling bias in the National Socialist dataset, only data generated from 1980s era drilling was used to constrain the thickness of the mineralisation model.
However, the National Socialist data was used to infer lateral continuity of the mineralisation. In order to not overstate tonnages, the mineralisation was truncated against the modelled faults, extrapolated no more than 500 metres beyond the data and limited within the Tannenberg license boundary. Furthermore, mined out areas where discounted from the mineralisation model.
Three areas were considered, a larger area to the southwest, Zone 3, where the model is informed by a combination of Archive and National Socialist data and two smaller areas across fault boundaries towards the northeast, Zone 1 and Zone 2, as shown in Figures 1 and 2.
Zone 3 has an areal extent of approximately 6 km by 3.5 km. The mineralisation thins out towards the southwest and northwest where drillholes tend to have low-grade copper intercepts that do not meet the minimum thickness criteria, therefore being excluded from the model. Towards the northeast, the mineralisation terminates against a northwest-southeast running fault. Zone 2 is located adjacent to Zone 3 on the northeast side of the bounding fault, with an extent of 3.1 km in the northwest to southeast direction and 2.8 km in the northeast direction. Zone 1 is narrow, bound by two parallel faults and has an areal extent of 1.8 km by 900 m. Both Zones 1 and 2 have been restricted in extent from known mined out areas to the north.
Figure 4: Pseudo 3D cross section of modelled stratigraphic units and zones of the Exploration Target estimate. Section (A-B) is also shown in Figure 1. Modified from MSA-UK.
Figure 5: Log probability plot of the copper grades from Archive database. Modified from MSA-UK
Exploration target: GRADE AND THICKNESS ESTIMATION
As per the requirements for declaring an Exploration Target, grade and tonnages need to be expressed in ranges. The lateral extent of the mineralised zones is restricted by structural features and the license boundary, with little room for extrapolation. Therefore, tonnage ranges are given by assuming a variable thickness of the mineralised zones, which is supported by the dataset. Only the Archive data was used to derive grade and thickness ranges as it provides a complete vertical profile through the mineralised zone. Samples captured within the Zone 3 mineralised area were selected and composited to full thickness, resulting in ten composite samples. Full thickness composites were used to derive both grade and thickness ranges for the Exploration Target because this approach minimises the variability of the smaller sample intervals, thus reducing sampling bias and avoiding artificially inflated grades when estimating grade ranges. An additional drillhole, Ro 45, located to the north outside of the area of interest was also used to supplement the data. This hole was included as it is the only Archive drillhole outside of the modelled area that meets the minimum criteria and was incorporated to support the statistical analysis given the limited number of available data points. The remaining Archive holes were not considered as they fall outside the modelled extents of the mineralisation.
The list of drillholes, copper and silver grades and accumulated grades are shown in Table 2 below.
|
Table 2: List of full thickness composites for grade and thickness estimation |
|||||||
|
Hole ID |
From |
To |
Thickness (m) |
Cu (%) |
Ag (g/t) |
Accumulated Copper Grade Cu % per metre |
Accumulated Silver Grade Ag g/t per metre |
|
Ro 15 |
285.6 |
289.3 |
3.7 |
1.19 |
16.6 |
4.41 |
61.5 |
|
Ro 17 |
481.25 |
483 |
1.75 |
0.89 |
18.2 |
1.56 |
31.9 |
|
Ro 18 |
209 |
210.76 |
1.76 |
3.00 |
28.7 |
5.28 |
50.6 |
|
Ro 19 |
339 |
342 |
3 |
1.38 |
16.2 |
4.13 |
48.5 |
|
Ro 20 |
377 |
378.68 |
1.68 |
1.33 |
14.6 |
2.24 |
24.5 |
|
Ro 22 |
435.76 |
439.4 |
3.64 |
0.94 |
16.0 |
3.43 |
58.1 |
|
Ro 23 |
366 |
367.5 |
1.5 |
2.69 |
55.3 |
4.04 |
83.0 |
|
Ro 25 |
533.38 |
534.89 |
1.51 |
1.32 |
27.9 |
2.00 |
42.2 |
|
Ro 35 |
379.15 |
381 |
1.85 |
0.35 |
10.5 |
0.65 |
19.5 |
|
Ro 38 |
536.25 |
539.5 |
3.25 |
0.56 |
11.4 |
1.83 |
37.2 |
|
Ro 45 |
268.34 |
270.37 |
2.03 |
1.62 |
20.5 |
3.29 |
41.7 |
|
Source: MSA-UK |
|||||||
Statistics were derived for the length-weighted copper and silver grades and composite sample lengths as shown in Table 3.
|
Table 3: Summary statistics of mineralised drillhole composites |
|||||||
|
Variable |
Minimum |
Maximum |
Mean |
Median |
Lower Quartile |
Upper Quartile |
Coefficient of Variation |
|
Thickness (m) |
1.50 |
3.70 |
2.33 |
3.00 |
1.68 |
3.25 |
0.37 |
|
Cu grade (%) |
0.35 |
3.00 |
1.28 |
1.19 |
0.89 |
1.38 |
0.63 |
|
Ag grade (g/t) |
10.5 |
55.3 |
19.4 |
16.2 |
14.6 |
20.5 |
0.65 |
|
Source: MSA-UK |
|||||||
An attempt was made to derive grade and thickness ranges using a two-sided confidence interval method on the dataset however this statistical approach resulted in very narrow ranges which are not representative of the inherent variability of the data. Therefore, the interquartile range (IQR) was used instead to define the lower and upper grade and thickness ranges. In this case, the IQR is considered appropriate for this small dataset, as it provides a measure of dispersion around the median, thus reducing the influence of grade and thickness outliers. The resultant ranges are therefore a more realistic representation of the dataset (Table 4).
|
Table 4: Exploration Target lower and upper ranges for grade and thickness |
||
|
Variable |
Lower Range |
Upper Range |
|
Thickness (m) |
1.7 |
3.3 |
|
Cu (%) |
0.9 |
1.4 |
|
Ag (g/t) |
15 |
21 |
|
Source: MSA-UK Note: Grade and thickness ranges rounded to one decimal place to reflect this is an estimate |
||
Density data is not currently available for the project, therefore average densities were sourced from available literature (Taylor, R.D and Anderson, E.D., 2010). An assumption was made for a three metre thick mineable width with the Kupferschiefer shale representing 0.40 m of the total thickness, while the Zechstein and Rotliegend have assumed thicknesses of 1.30 m. Average densities were assigned as shown in Table 5.
|
Table 5: Assumed average densities per stratigraphic unit |
|||
|
Stratigraphic Unit |
Rock Type |
Thickness (m) |
Density (t/m3) |
|
Zechstein |
Limestone |
1.30 |
2.75 |
|
Kupferschiefer |
Shale |
0.40 |
2.40 |
|
Rotliegend |
Sandstone |
1.30 |
2.55 |
|
Source: Taylor, R.D and Anderson, E.D., 2010 |
|||
A weighted, average relative density for the three-metre-thick mineralised zone is calculated as 2.62 t/m3.
Exploration target: ESTIMATION
According to the JORC Code, an Exploration Target is “a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource”. The code states that the terms “Resource” and “Reserves” must not be used in this context to refer to the potential quantity and grade of the target.
The base case for the mineralisation is based on the areal extent of copper mineralisation, above a threshold of 0.30 % Cu, that meets a minimum thickness criteria of 1.50 m. Surfaces created in Leapfrog Geo were used to model lateral continuity of the mineralised zones and derive areas for three zones. Thickness ranges were derived from the Archive data and using an assumed average density of 2.62 t/m3, lower and upper ranges of tonnages were calculated as shown in Table 6.
|
Table 6: Tonnage ranges for each zone |
||||||
|
Zone |
Area (m2) |
Thickness (m) |
Density (t/m3) |
Tonnage (Mt) |
||
|
Lower |
Upper |
Lower |
Upper |
|||
|
Zone 1 |
1,800,000 |
1.7 |
3.3 |
2.62 |
8 |
16 |
|
Zone 2 |
9,000,000 |
40 |
78 |
|||
|
Zone 3 |
21,500,000 |
96 |
186 |
|||
|
Total |
43,000,000 |
144 |
279 |
|||
|
Source: MSA-UK. Note: m2 = square metres; m = metres; t/m3 = tonnes per cubed metre; Mt = Million Tonnes Areas are rounded to the nearest 100,000 m2 to reflect this is an estimate Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate Grade and thickness ranges rounded to one decimal place to reflect this is an estimate |
||||||
Full thickness composite grade data was used to derive grade ranges for copper, with the estimated contained copper ranges shown in Table 7.
|
Table 7: Copper grade and contained metal ranges for each Zone |
||||||
|
Zone |
Tonnage (Mt) |
Cu Grade (%) |
Contained Cu (Mt) |
|||
|
Lower |
Upper |
Lower |
Upper |
Lower |
Upper |
|
|
Zone 1 |
8 |
16 |
0.9 |
1.4 |
0.1 |
0.2 |
|
Zone 2 |
40 |
78 |
0.4 |
1.1 |
||
|
Zone 3 |
96 |
186 |
0.9 |
2.6 |
||
|
Total |
144 |
279 |
1.3 |
3.9 |
||
|
Source: MSA-UK Note: Mt = Million Tonnes. Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate Grade and thickness ranges rounded to one decimal place to reflect this is an estimate |
||||||
Similarly, silver grade ranges were used to derive contained silver lower and upper scenarios for each zone as shown in Table 8.
|
Table 8: Silver grade and contained metal ranges for each Zone |
||||||
|
Zone |
Tonnage (Mt) |
Ag Grade (g/t) |
Contained Ag (Moz) |
|||
|
Lower |
Upper |
Lower |
Upper |
Lower |
Upper |
|
|
Zone 1 |
8 |
16 |
15 |
21 |
3.9 |
10.8 |
|
Zone 2 |
40 |
78 |
19.3 |
52.7 |
||
|
Zone 3 |
96 |
186 |
46.3 |
125.6 |
||
|
Total |
144 |
279 |
69.4 |
188.4 |
||
|
Source: MSA-UK Note: Mt = Million Tonnes; Moz – million troy ounces g/t – gram per metric tonne; Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate Ounces are rounded to the nearest 100,000 troy ounce to reflect this is an estimate Grade and thickness ranges rounded to one decimal place to reflect this is an estimate 1 troy ounce (oz) = 31.1034768 grams |
||||||
The Exploration Target for the combined Tannenberg mineralisation is shown in Table 9. As per the JORC Code, it must be stated that the potential quantity and grade of the Exploration Targets are conceptual in nature, that there has been insufficient exploration to estimate Mineral Resources and that it is uncertain if further exploration will result in the estimation of Mineral Resources.
|
Table 9: Tannenberg Combined Exploration Target |
|||||||||
|
Tonnages (Mt) |
Cu (%) |
Ag (g/t) |
Contained Cu (Mt) |
Contained Ag (Moz) |
|||||
|
Lower |
Upper |
Lower |
Upper |
Lower |
Upper |
Lower |
Upper |
Lower |
Upper |
|
144 |
279 |
0.9 |
1.4 |
15 |
21 |
1.3 |
3.9 |
69.4 |
188.4 |
|
Source: MSA-UK. Note: Mt = Million Tonnes; Moz – million troy ounces; g/t – gram per metric tonne; Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate Contained copper and silver ounces are rounded to the nearest 100,000 troy ounce to reflect this is an estimate Grade and thickness ranges rounded to one decimal place to reflect this is an estimate 1 troy ounce (oz) = 31.1034768 grams |
|||||||||
INCENTIVE SECURITIES
In order to incentivise management and align their interests with shareholders, the Company will issue incentive options which will only vest if the following project milestone at Tannenberg is achieved:
· Class C: the public announcement by GreenX of an independently assessed JORC Code inferred resource of at least 1,500,000 tonnes of contained copper equivalent at a minimum resource grade of 1% Cu Equivalent** (or equivalent, with a cut-off grade of 0.3% Cu equivalent).
|
Holder |
Class C |
|
Mr Benjamin Stoikovich (subject to shareholder approval) |
1,500,000 |
|
Mr Mark Pearce (subject to shareholder approval) |
600,000 |
|
Other key employees and consultants (to be issued under the Company’s shareholder approved equity incentive plan) |
5,600,000 |
**Cu Equivalent means any combination of Cu, Ag, Ni, Co, Cr, Pt, Pd, Au, Rh, Ru, Ir, Os, Zn and/or Pb.
ENQUIRIES
|
Ben Stoikovich Chief Executive Officer |
Kazimierz Chojna Investor Relations – Poland
|
|
+44 207 478 3900 ir@greenxmetals.com |
Kim Eckhof Investor Relations – UK/Germany |