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#FCM First Class Metals PLC – First Class Metals Attendance Resourcing Tomorrow
First Class Metals PLC (“First Class Metals”, “FCM” or the “Company”), the UK-listed exploration company advancing high-grade, district-scale gold opportunities in Ontario, Canada, as well as critical metals, is pleased to announce its attendance at Resourcing Tomorrow, taking place from 2-4 December 2025 in London.
Chief Executive Officer, Marc Sale, Executive Chairman, James Knowles, and Company Secretary, Siddharth Muricken, will be on-site throughout the event at the Business Design Centre, engaging with investors, industry leaders, and potential strategic partners.
Opportunity to Experience FCM’s Ontario Portfolio First-Hand
First Class Metals will be exhibiting at stand C30, where attendees will be able to explore and discuss the Company’s technical progress, strategic development plans and exploration catalysts for 2026.
Core from Three High-Impact Projects on Display
In a major highlight for the event, FCM will be showcasing drill core and geological samples from three projects. For those unable to attend, high-resolution photographs of the core samples are included below, ensuring full visibility for all shareholders.
· North Hemlo (Gold) – A large, well-positioned gold-prospective land package where drilling is currently under way, supported by multiple identified targets and ongoing geological interpretation.
Figure 1 – North Hemlo
· Sunbeam Gold Project (Gold) – A historically producing district scale gold property hosting documented high-grade vein occurrences, with recent work highlighting areas that remain under-explored.
Figure 2 – Sunbeam
· Zigzag (Lithium & Critical Metals) Project – A lithium-bearing project where drilling completed in 2023 returned high-grade Li₂O intercepts, alongside additional critical-metal indicators that continue to be evaluated.
Figure 3 – Zigzag
These physical displays provide investors and stakeholders with a rare opportunity to examine the mineralisation style, geological setting, and technical quality driving FCM’s exploration confidence.
James Knowles Executive Chairman commented:
“Our team is genuinely looking forward to connecting with the wider industry at Resourcing Tomorrow. It’s an ideal moment to present the advances across our projects and to give attendees a first-hand look at core from North Hemlo, Sunbeam and Zigzag.”
An Ideal Moment to Engage with First Class Metals
The Company continues to build momentum across its Ontario portfolio, and management welcomes the opportunity to meet shareholders, analysts and potential collaborators during the conference.
To arrange a meeting, please contact info@firstclassmetalsplc.com
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO, Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
AlbR Capital Limited (Financial Adviser)
David Coffman
Website: www.albrcapital.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones
Website: Axcap247.com
Tel: (0)203 026 0449
#FDR First Development Resources PLC – Selta Project – REE Exploration Update
First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to provide an update in respect of the rare-earth element (“REE”) exploration strategy at its Selta Project (“Selta” or the “Project”) located in the Aileron Province of Australia’s Northern Territory.
HIGHLIGHTS
· First-pass rare-earth element exploration at the Selta Project will begin in early December 2025, focusing on stream-sediment sampling and reconnaissance mapping.
· Two priority REE target areas-Ingallan and West Nintabrinna-have been defined following detailed desktop studies, with both areas showing elevated historical Total REE results.
· The planned field programme aims to validate historical geochemical anomalies and generate new targets for potential follow-up mapping, sampling, and investigation of ionic clay potential at Ingallan.
Tristan Pottas, Chief Executive Officer of FDR, commented:
“Last month we stated our intention to fast-track REE exploration at Selta. The decision to accelerate this work was in response to a shift in geo-political policy to secure the supply and processing of Critical Minerals and REEs. I am pleased to report that a team will be on the ground at Selta in early December to conduct this important first phase of targeted REE exploration.
Exploration will include stream sediment sampling and reconnaissance mapping. The primary objective of which is to advance our understanding of elevated surface geochemical responses associated with the underlying lithological and structural features, and to identify potential zones of mineralisation for follow-up exploration.”
SELTA RARE EARTH TARGETS
Following the completion of multiple phases of in-depth desktop review, two REE target areas have been defined at Selta. The target areas are named Ingallan and West Nintabrinna, their locations, alongside other target areas on the Selta Project, are shown in Figure 1.
Notes: LCT-PEG = lithium, caesium, and tantalum (LCT) pegmatite (PEG)
Figure 1: Selta Project Data Review Targets
PLANNED FIELD EXPLORATION PROGRAMME – DECEMBER 2025
The field exploration programme which is expected to last one week is intended to validate and replicate, on an increased density, historical geochemical data which indicated elevated total rare-earth elements (“TREE”) associated with the underlying geology across the Ingallan and West Nintabrinna target areas. Samples collected on this fieldwork will be processed and analysed in January 2026; the results will inform future exploration on the property. Such exploration may include detailed mapping and sampling on both Ingallan and West Nintabrinna. On the latter, the Company is also planning test auger sampling to determine the area’s Ionic Clay potential.
INGALLAN STREAM SEDIMENT SAMPLING
The Ingallan area has received minimal exploration and is mapped as a gneissic granite. The target is largely based on and around this mapped intrusive body in the east of the property. This granite is noted to have mineral occurrences of tin (Sn) and beryllium (Be) approximately 6km to the east of the Selta licence area. Stream sediment sampling completed in 2011 by former ASX listed company Crossland Uranium1 (“Crossland”) identified two elevated TREE samples from watercourses that drained from the granite, suggesting a local enrichment. The granite is not known to have been drilled, or sampled in any way to date, and is inferred to extend to the northeast below a cover of surficial geology / weathered granite.
Stream sediments are a highly powerful tool for regional scale “first pass” exploration and are especially powerful when looking for heavier minerals such as those which contain REEs, as the action of water concentrates heavier metals. This type of sampling is not as effective for lighter minerals and elements – such as lithium (Li) hosted minerals (spodumene, petalite and lepidolite) or the clays that might host REE in their structure. As such, stream sediment sampling on Ingallan can only be reliably used to evaluate primary (pegmatite) REE mineralisation.
Twenty-two proposed sampling locations are shown in Figure 2. Sampling at Ingallan is designed to target primary and second / third-order streams to give an overview of the REE potential of the granite itself. The main point of reference for this sampling is the historical sampling completed by Crossland, supplemented by the mapped geology.
Figure 2: Selta Project – Ingallan Proposed Fieldwork December 2025
WEST NINTABRINNA STREAM SEDIMENT SAMPLING
The principal data source in this area is the historical geochemical sampling completed by Crossland which shows highly elevated TREE results from multiple watersheds in the target area. The underlying granite is understood to be fertile due to multiple known mineral occurrences of tungsten (W) to the south and historical tin workings and mineral occurrences to the west (both off the Selta licence area). The granite itself is shown to have a high uranium (U) / thorium (Th) ratio. A high U / Th ratio in granites and other intrusive rocks can indicate fractionated, evolved magmatic fluids, which are often enriched in incompatible elements such as REE, Li, and tantalum (Ta), these elements are often found in pegmatites associated with the granite, or enriched in the granite itself.
Based on the current level of understanding at West Nintabrinna, this area is considered prospective for primary (pegmatite) REE mineralisation. As with Ingallan, there are restrictions on the working area due to the Extent of a Recorded Site (in the west), and a Restricted Works area (in the east). The twenty-three sampling locations (Figure 3) have been selected to evaluate the REE potential of areas upstream of the sampling points that are outside either of the restricted areas and include locations near the historical sampling completed by Crossland.
Figure 3: Selta Project – West Nintabrinna Proposed Fieldwork December 2025
Stream sediment sampling is a significant tool in geochemical exploration. The composition of stream sediments reflects the bedrock geology, overburden cover and metalliferous mineralisation. Stream sediment sampling programmes are an effective way to “screen” exploration areas and home in on catchment areas which chemical analysis suggests are prospective. Drainage channels originate from discrete catchment areas; therefore, any samples of significance found in a channel will have originated from a specific catchment, enabling follow up exploration to focus on specific areas (Figure 4).
Figure 4: Selta Project – West Nintabrinna Target; Historical TREE Catchment Areas and Proposed Sampling Locations
REE exploration is central to the Company’s plans at Selta. The December 2025 stream sediment programme is the first phase of systematic, methodical exploration which has been designed to better understand the REE potential across the Project area. FDR is hoping to capitalise on the increased profile of REE and potentially benefit from the recently announced United States – Australia Critical Minerals Framework and its aim of accelerating the development of mining, processing and recycling projects in priority commodities which it is anticipated will include Junior explorers. The new Framework includes a USD$1 billion investment from both nations over the next six months to help accelerate and unlock an USD$8.5 billion pipeline of critical mineral projects, with a joint commitment to fast-track approvals, which could significantly impact the junior exploration sector.2
REFERENCES
1. Melville, P. (2015) Fourth Annual and Final Report for EL 28492 for the period 28 July 2011 to 22 May 2015. Crossland Strategic Metals Ltd, Mount Stafford, Northern Territory. Submitted to the Northern Territory Department of Mines and Energy.
2. Minerals Council of Australia (2025) US-Australia Framework to unlock USD$8.5 Billion Critical Minerals Pipeline [online] (October 21 2025). Available at: https://minerals.org.au/resources/us-australia-framework-to-unlock-usd8-5-billion-critical-minerals-pipeline
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been reviewed and approved by Mr Nicholas O’Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a principal consultant working for Mining Analyst Consulting Ltd which has been retained by First Development Resources plc to provide technical support.
GLOSSARY
|
Term |
Definition |
|
Aileron Province |
A large geological region in the Northern Territory made up of ancient granites and metamorphic rocks, known for hosting minerals such as rare earths, uranium and lithium. |
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Augering |
A shallow drilling method that uses a spiral drill to collect soil or weathered rock samples from just below the surface. |
|
Catchment Area |
The area of land that drains water into a particular stream; minerals in a sample likely come from this upstream area. |
|
Critical Minerals |
Minerals essential for modern technologies that have a high risk of supply shortages, including REE, lithium and tantalum. |
|
Fractionation (Magmatic) |
A process during cooling of magma where certain elements become concentrated in the final melt, enriching rocks in REE, lithium, tin and tantalum. |
|
Gneissic Granite |
A granite that has been deformed by heat and pressure, giving it a banded appearance. |
|
Ionic Clay |
Clay-rich material where rare-earth elements are loosely attached to clay surfaces and can be extracted using mild leaching. |
|
LCT Pegmatite |
A coarse-grained igneous rock enriched in lithium, caesium and tantalum, often hosting lithium minerals. |
|
Mineralisation |
The natural concentration of minerals in rocks or sediments to levels that may have economic value. |
|
Pegmatite |
A very coarse-grained igneous rock formed from late-stage magma, often containing rare metals and REE. |
|
Primary Mineralisation |
Mineral deposits found in the original bedrock where they formed. |
|
REE (Rare-Earth Elements) |
A group of 17 metallic elements used in magnets, electronics and renewable energy technologies. |
|
Recorded Sacred Site |
A recorded sacred site is a site that is known to the Authority but has not been registered and includes recorded sacred burial sites. The Authority may hold the information required to register the site should this become the wishes of the custodians. Alternatively, a recorded sacred site may still require further research in order to obtain all necessary information. |
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Restricted Works Area |
Areas where exploration is limited or prohibited due to cultural or environmental regulations. |
|
Stream Sediment Sampling |
A method where sediment from streams is analysed to identify upstream sources of mineralisation. |
|
Surficial Geology |
Loose soils and weathered materials covering solid rock. |
For further information visit www.firstdevelopmentresources.com or contact the following:
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First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#GRX GreenX Metals Limited – Quarterly Activities Report September 2025
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 during and subsequent to 30 September 2025.
HIGHLIGHTS
· GERMANY – TANNENBERG COPPER PROJECT
· HISTORICAL ESTIMATE:
o The Company announced an historical estimate of 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper on part of the Tannenberg Copper Project (Tannenberg or Project) licence area
§ Estimate based on a 1935-1938 National Socialist Government drilling campaign across four zones: Ronshausen, Hönebach, Wolfsberg and Schnepfenbusch
§ Drilling targeted the thin Kupferschiefer horizon only
§ Focused only on copper and did not include by-product metals
o Independent company St Joe Exploration GmbH conducted limited drilling between 1980 and 1984, further validating the 1940 historical estimate
§ Drilling focused on only 28% of the Ronshausen zone but included by-product silver
§ Drilling identified up to 3.45m thick mineralisation straddling the Kupferschiefer and the limestone hanging wall and sandstone footwall above and below the Kupferschiefer
§ 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained copper and 6.5 million ounces of silver
o Exploration upside potential under modern interpretation: St Joe Exploration confirmed thicker widths of copper and silver mineralisation at Ronshausen, and more may exist up to 30m above and 60m below the Kupferschiefer in the limestone hanging wall and sandstone footwall
§ Hypothesis is consistent with modern understanding of the Kupferschiefer deposit model as demonstrated at KGHM’s Polish mining operations which are also found on the same geological structure as the Tannenberg Project.
o GreenX is currently relogging and resampling over 4km of archived core from 47 holes to upgrade historical data to modern standards
§ Investigation of German mining archives and the digitisation of original historical data continues
§ Planning of future twin drilling campaign to verify the historical estimates, and to establish a mineral resource estimate in accordance with the JORC Code (2012) (JORC Code)
o Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
Figure 1: Map showing the location of the zones of the historical estimates and historical mining operations
· HISTORICAL DRILL DATABASE:
o Drilling database comprising 95 drillholes from 1930s exploration discovered in German archives, providing data that represents significant cost and time savings for the ongoing Tannenberg exploration program
o Original detailed geological documentation recovered for 43 drillholes to date, including lithological descriptions, stratigraphic interpretations and other comprehensive data
o Historical assay results located so far for 35 drillholes covering copper, silver, lead, and zinc, with additional sporadic assays for nickel, cobalt, molybdenum, and vanadium
o Archive search program expanded to locate additional drillhole data including German national archives, provincial archives in former East German states and private collections
o Integration of digitised drill logs into GreenX drillhole database and 3D geological models underway to support ongoing exploration activities
· AEROMAG RESULTS IDENTIFY PRIMARY COPPER SOURCE:
o Successful completion of 58km2 airborne magnetic and radiometric survey over the Tannenberg Project, covering the brownfields Richelsdorf copper district, which produced 416,500 tonnes of copper at grades of between 0.8 and 1.2%1 (1800s to 1950s)
o Major geological insight gained with identification of deep metal source structures directly below the historic Richelsdorf mines, following the first modern exploration completed in 40 years
o Mid-European Crystalline Zone (MECZ) identified beneath the mining district – the same geological structure understood to be the primary source of copper in the Kupferschiefer deposits across the European Copperbelt in Germany and Poland
o Large-scale anomalies extend beyond survey area into the Tannenberg 2 licence, significantly increasing exploration potential
ENQUIRIES
|
Ben Stoikovich +44 207 478 3900
|
#FDR First Development Resources PLC – Over-Subscribed Strategic Placing and TVR
First Development Resources plc (AIM: FDR) the UK based, Australia focused exploration company with mineral interests in Western Australia and the Northern Territory, is pleased to announce that, following strong investor interest, it has raised £1,000,000 (before expenses) through an over-subscribed placing of 33,333,333 new ordinary shares of 1p each in the Company (the “Placing Shares”) at an issue price of 3p per Placing Share (the “Placing”) representing a discount of approximately 8% from the middle close market price of 3.25p as at the close of business on 24 October 2025. Each Placing Share will have one warrant attached, exercisable at 5p for a period of 12-months from the Admission to trading on AIM of the Placing Shares. The Placing was undertaken by SI Capital Limited and First Equity Limited.
HIGHLIGHTS
· Oversubscribed Strategic Placing raises £1,000,000 to fast-track exploration activities at FDR’s Selta project targeting rare-earth elements (“REE”)
· Establishment by United States and Australia of a Framework for securing supply of Critical Minerals and Rare-Earth Elements (“REE”) has demonstrated the urgency to expedite REE exploration at Selta
· Preparations for REE exploration at Selta have commenced in earnest with teams expected to be on site later this year.
Tristan Pottas, Chief Executive Officer of FDR, commented:
“This Placing is in strategic response to the recently announced US – Australia Framework for securing of supply in the mining and processing of Critical Minerals and rare-earth elements following China’s decision to restrict exports of REEs. The REE potential at Selta has always been central to our plans for the Project and this shift in geo-political policy allows us to greatly accelerate our planned REE exploration programme at Selta to properly define its potential as another world-class Australian REE project.
With strong support from the market, FDR is now well-funded for a highly active three-pronged exploration programme at Selta and Wallal to include the initiation of multiple REE exploration initiatives at Selta, the definition of gold targets at Selta ahead of an anticipated Reverse Circulation drilling campaign and Diamond Drilling at Wallal targeting magnetic bullseye anomalies.
With preparation well underway for the execution of these plans we look forward to a busy end to 2025 before an extremely active start to 2026 on the ground which I look forward to updating shareholders on as and when able.”
Use of proceeds
The net proceeds of the Placing will be used for the following work programmes:
Selta
FDR plans to expedite REE exploration at Selta where the underlying geology is postulated to be compositionally similar to Arafura Rare Earth’s world class Nolans Project which is located 100km to the southeast. Exploration will focus on two REE targets – Ingallan and Nintabrinna West.
Additionally, the Company will be looking to develop drill targets for gold at the previously defined Lander West target. On 20th October, the Company announced its planned fieldwork (from the existing cash resources) for the Lander West target area (which hosts the interpreted Stafford Gold Trend) the results of which will be used to refine drill targets. Proceeds from the Placing will be used to develop these drill targets using Reverse Circulation drilling.
Wallal
The Company is reviewing its options at Wallal which include the Eastern anomaly and the Border anomaly. Funds secured from the Placing will be used to secure access and permitting ahead of further drilling activities.
Investor Warrants Extension
As part of the Placing and subject to Investor Warrant holder approval, the Directors are proposing to extend the term of the 56,831,921 Investor Warrants (as defined in the Company’s Admission Document dated 23 July 2025) exercisable at 10p by six months to 29 January 2027. The Company shall be writing to each Investor Warrant holder to notify them of the same. Any potential AIM Rule 13 matters will be considered as and when the extension is approved.
Concert Party interest
The Concert Party (as defined in the Admission Document published on 23 July 2025), is currently interested in aggregate in 44.54% of the existing issued share capital reducing to 34.11% in the enlarged issued share capital on Admission. As the members of the Concert Party therefore currently hold and will continue to hold on Admission more than 30 per cent. but less than 50 per cent. of the Company’s voting share capital for so long as they continue to be treated as acting in concert, any further increases in the Concert Party’s interests in Ordinary Shares are subject to the provisions of Rule 9 of the Takeover Code.
Application for Admission
Application has been made for the Placing Shares to be admitted to trading on AIM (“Admission”) and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on or around 31 October 2025. Once issued, the Placing Shares will rank pari passu with the Company’s existing Ordinary Shares.
Total Voting Rights
Following Admission of the Placing Shares, the enlarged issued share capital of the Company will comprise 139,192,763 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Consequently, 139,192,763 is the figure which may be used by shareholders from Admission as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
For further information visit www.firstdevelopmentresources.com or contact the following:
|
First Development Resources plc Tristan Pottas (CEO) |
Tel: +44 (0) 20 3778 1397 |
|
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Asia Szusciak |
Tel: +44 (0) 20 7628 3396 |
|
SI Capital Limited Broker Nick Emerson |
Tel: +44 (0) 1483 413 500 |
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
ABOUT FIRST DEVELOPMENT RESOURCES
First Development Resources’ assets comprise eight granted tenements covering a total area of 2,314.4km2. Five of the tenements, comprising three prospective copper-gold projects, are located in Western Australia (WA) while the remaining three tenements, comprising a rare-earth element (REE), uranium, lithium and gold project, are located in the Australian’s Northern Territory. All tenements are wholly owned by FDR. The assets are a mixture of drill ready and earlier stage exploration.
The WA Projects include the Company’s Wallal Project as well as Ripon Hills and Braeside West Projects situated in the Paterson Province, which is widely regarded as one of the most productive regions in Australia for the discovery of world-class gold-copper deposits, and which is home to several world-class mines and more recent discoveries.
The Selta Project in the Northern Territory is located in an area considered highly prospective for uranium and rare-earth element mineralisation along with base and precious metal mineralisation. Numerous companies are actively exploring within the region.
Beyond the existing portfolio, FDR is actively looking to expand its portfolio through the acquisition of early-stage exploration projects in Australia.
#BRES Blencowe Resources PLC – Further Drilling Results – Camp Lode
Blencowe Resources Plc (LSE: BRES), the natural resources company advancing the Orom-Cross graphite project in Uganda, is pleased to announce further assay results from its Stage 7 drilling programme at its flagship Orom-Cross graphite project in northern Uganda.
The Stage-7 campaign, the largest undertaken by the Company to-date, combined geotechnical drilling, infill drilling and exploration drilling (both step-out and deep drilling) across multiple deposits, including Camp Lode, Northern Syncline and Beehive.
The programme is designed to both expand and upgrade existing mineralisation with the infill component specifically focused on converting existing JORC Resources into Reserves for inclusion within the Definitive Feasibility Study (DFS), which remains on track for completion in Q4 2025.
Initial assays from the infill drilling at Camp Lode have delivered a sequence of strong, high-grade near-surface hits, underscoring Orom-Cross’s exceptional blend of scale, shallow mineralisation and low-cost, open-pit potential.
First results from the Northern Syncline, where drilling targeted both infill and deeper extensions, are now in final lab stages and will be reported on imminently in a separate announcement.
Highlights – Camp Lode:
· Hole L1602: 27.49m @ 8.18% TGC; including 6.4m @ 10.19% TGC and 10.95m @ 11.13%TGC
→ Confirms high-grade continuity to the south-east.
· Hole L1703: 25.39m @ 7.34% TGC, including 10.41m @ 11.27% TGC.
· Hole: L1803: 27.75m @ 5.41% TGC, including 10.89m @ 9.73%TGC from surface to 12m.
· Hole L1502: 16.26m(TW) @ 7.37% TGC from surface to 17m in depth.
· Hole L1601: 13.63m @ 6.18% TGC.
· Hole L1703: 27.49m @ 8.18% TGC, including 6.4m @ 10.19% TGC and 10.95m @ 11.13%TGC
Significance:
These results confirm high-grade extensions within and adjacent to the planned pit area, providing additional higher-grade tonnes that will strengthen early-stage project economics. Access to elevated-grade material early in the mine schedule is expected to enhance cash flow and shorten payback once operations commence.
Drilling Programme Integration
· Geotechnical and infill drilling data will be combined in the updated geological model to feed detailed mine design and mine sequencing for the Definitive Feasibility Study.
· Combined with assay results from the Northern Syncline infill this data will feed into the JORC Resource and Reserve upgrade, targeted to materially increase the mineable tonnage within the DFS.
· Northern Syncline extensions and Beehive deposit will both deliver tonnes into a revised Orom-Cross exploration target to highlight future potential.
· Laboratories have confirmed that Northern Syncline infill assays are being finalised, and results are expected shortly. This area hosts large-tonnage, moderate-grade mineralisation, ideal for long-term production feed and blending flexibility.
Permanent Camp Construction
Work is now nearing completion on a permanent camp at Orom-Cross, which will support further exploration in 2026 and provide facilities for contractors during mine construction. This permanent camp is scheduled for completion in late October 2025 (see Appendix).
Executive Chairman Cameron Pearce commented:
“The infill assays are beginning to come through and thus far they are excellent. The results from Camp Lode confirm further long intersections of high-grade, near-surface graphite that will strengthen early-stage project economics, while the broader Stage 7 drilling programme continues to deliver exactly what we hoped for, namely growth, continuity, and more tonnes for conversion to Reserves.
All this data will feed directly into our upgraded JORC Resource statement and the Definitive Feasibility Study, which both remain on track for completion for Q4 2025. The DFS will in turn allow us to move directly into project financing discussions, leveraging the strong relationships we have already built and opening new ones as we take Orom-Cross into Phase 1 development.
At the same time, extensive testing programmes continue to validate Orom-Cross as a globally competitive graphite source. Independent laboratories including graphite specialists Wuhan University in China and American Energy Technologies in the U.S. have confirmed SPG purities up to 99.99%, while recent SAFELOOP testing demonstrated one of the highest natural graphite loadings ever recorded in an EV battery anode at 68%. Most recently, Apollo Energy Systems in the U.S. achieved a 12% performance gain using Orom-Cross graphite in lead-acid batteries, opening another diversified large market opportunity.
These are all exceptional outcomes that reinforce the tier one quality and versatility of our product and project. They come as we near completion of the DFS, which will showcase Orom-Cross as one of the cleanest, most advanced and commercially attractive graphite projects globally.”
Preliminary drill results Camp Lode
Further Drilling Detail
The Company drilled 11 diamond drillholes in the Camp Lode deposit as part of a Resource infill and upgrade exercise. At Camp Lode, these holes have indicated a possible grade extension to the orebody in the south-east, with the holes infilling an area between the main drilling from the Stage 6 program and exploratory holes drilled in Stage 5 to define the probable limit of the lode. The resultant assays represent very high grades of graphite in comparison to the overall Orom-Cross resource.
The intersections from the program all occur within the area of the completed drilling with the majority of the intersection occurring within 26 meters of the surface. The ability to mine substantial volume of graphite from shallow depths contributes to Orom-Cross having operating costs sitting within the lowest percentile of graphite projects worldwide, and this is considered a major advantage as Blencowe drives towards first DFS completion and Phase 1 production.
The results from these 11 holes at Camp Lode, plus the 4 geotechnical holes recently announced, will be included within the resource model updates. The assay labs are continuing to prioritise the Orom-Cross samples and the Company expects further results shortly.
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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Twitter https://twitter.com/BlencoweRes
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Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is finalising the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.
Appendix
First permanent camp facilities nearing completion at Orom-Cross.
#GRX GreenX Metals LTD – GreenX Uncovers Historical Estimate at Tannenberg
HIGHLIGHTS
· 1940 Historical Estimate of Significant Scale: Historical Estimate from 1940 identifies 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper in part of Tannenberg Project licence area discovered from original project data archives
o Estimate based on a 1935-1938 National Socialist Government drilling campaign across four zones: Ronshausen, Hönebach, Wolfsberg and Schnepfenbusch
o Drilling targeted the thin Kupferschiefer horizon only
o Focused only on copper and did not include by-product metals
· 1984 Historical Estimate provides Validation: Independent company St Joe Exploration GmbH conducted limited drilling between 1980 and 1984, further validating the 1940 historical estimate
o Drilling focused on only 28% of the Ronshausen zone but included by-product silver
o Drilling identified up to 3.45m thick mineralisation straddling the Kupferschiefer and the limestone hanging wall and sandstone footwall above and below the Kupferschiefer
o 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained copper and 6.5 million ounces of silver
· Exploration Upside Potential under Modern Interpretation: St Joe Exploration confirmed thicker widths of copper and silver mineralisation at Ronshausen, and more may exist up to 30m above and 60m below the Kupferschiefer in the limestone hanging wall and sandstone footwall
o Hypothesis is consistent with modern understanding of the Kupferschiefer deposit model as demonstrated at KGHM’s Polish mining operations which are also found on the same geological structure as the Tannenberg Project
· Active Exploration Program: GreenX is currently relogging and resampling over 4km of archived core from 47 holes to upgrade historical data to modern standards
o Investigation of German mining archives and the digitisation of original historical data continues
o Planning of future twin drilling campaign to verify the historical estimates, and to establish a mineral resource estimate in accordance with the JORC Code (2012) (JORC Code)
· Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or Company) is pleased to announce that through its ongoing search of original archive data, the Company has identified a historical estimate of 728,000 contained tonnes of copper (1,605 Mlbs) at an average grade of 2.6% Cu from the Tannenberg Copper Project (Tannenberg or Project) dating from 1940 (1940 historical estimate). The 1940 historical estimate was produced by the German company Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG) and is based on the 95-drill hole exploration campaign carried out during the late 1930s (refer to announcement dated 11 September 2025).
In addition, a later historical estimate from 1984 was produced by St Joe Exploration GmbH (St Joe), which covers a small part of the same area as the 1940 historical estimate (St Joe’s historical estimate).
The St Joe’s historical estimate is based on limited drilling between 1980 and 1984 (refer to announcements dated 2 August 2024 and 28 April 2025). St Joe’s historical estimate provides further validation for the 1940s historical estimate.
Figure 1: Map showing the location of the zones of the historical estimates and historical mining operations
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “This represents a significant breakthrough in our archive search and fundamentally supports our exploration hypothesis of the Tannenberg mineral system. It demonstrates that extensive copper mineralisation was identified historically, but exploration at the time was constrained by the prevailing geological model, which focused solely on the thin Kupferschiefer shale and the urgent need to mine given the outbreak of World War II. The 1940 historical estimate, based on a narrow-mineralised interval and excluding by-product silver, was further validated by the 1984 work and modern understanding from Poland’s Kupferschiefer mining operations, together confirming that copper mineralisation extends beyond the Kupferschiefer horizon and providing major proof of concept and clear alignment with GreenX’s geological model. The implications are substantial, reinforcing the potential for a large-scale and high-grade brownfield copper project at Tannenberg, and underscoring the project’s significance as a major European copper opportunity.”
1940 MANSFELD HISTORICAL ESTIMATE
The 1940 historical estimate was calculated by Mansfeld AG according to the relevant German standards applicable during that time. The 1940 historical estimate is based on 18 holes from the 95-hole database generated during the 1935 to 1938 drilling campaign. The original archive document established 728,000 tonnes of contained copper at an average grade of 2.6% copper between the Wolfsberg and Schnepfenbusch mines in the North and the Ronshausen area in the South (Figure 2). The historical estimate covers mineralisation from a depth of 100m in the North to 400m in the Southern end area near Ronshausen.
The 1940 historical estimate covers only the narrow width Kupferschiefer shale mineralisation, which is notable due to the mistaken belief at the time that copper was only present in the distinctive Kupferschiefer shale. Later exploration campaigns have found mineralisation over much wider thicknesses (see 1984 St Joe’s historical estimate section below). This is consistent with GreenX’s exploration hypothesis that historical exploration was mainly based on an outdated deposit model that focused on the 20-60 cm-thick Kupferschiefer shale horizon. The modern understanding of the Kupferschiefer deposit model now shows that up to 95% of mineable copper can be hosted in the footwall sandstone and hanging wall limestone, as evidenced at KGHM Polska Miedź S.A’s Polish mining operations.
Figure 2: Map showing the locations of the zones of the 1940 historical estimate, related drill holes and historical mining operations
It is also noteworthy that the 1940 historical estimate did not include by-product silver mineralisation. The majority of the mineralisation (463,000 tonnes of contained copper) was found to be present in the Ronshausen region, with gradually decreasing amounts to the North, where the historical mining is to be found (See Table 1).
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Table 1: Summary of Historical Estimate information from the original 1940 Mansfeld report |
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Zone |
Surface Area |
Thickness (cm) |
Grade Cu |
Contained Copper |
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Ronshausen |
10,000,000 |
67.4 |
2.85 |
463,000 |
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Hönebach |
8,088,000 |
34.2 |
1.92 |
130,055 |
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Wolfsberg |
6,468,000 |
23.5 |
2.35 |
92,945 |
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Schnepfenbusch |
5,528,000 |
19.3 |
2.38 |
65,673 |
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SUB-TOTAL |
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2.59 |
751,673 |
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Less historical production |
(23,793) |
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TOTAL |
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727,880 |
Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimate as a mineral resource ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource ore reserve in accordance with the JORC Code.
The 1940 historical estimate data provides a good level of transparency with regard to the input data and the calculation methods used. The estimation resulting from the drill hole data was cross-checked by Mansfeld AG against the production grades at the Wolfsberg and Schnepfenbusch mines, which were operating in the area at the time of 1940 historical estimate. The comparison was favourable, and hence the assays from the exploration holes were used. GreenX has reviewed original records covering 17 of the 18 holes (~95%) used for the historical estimation and found no discrepancies.
Mansfeld AG made specific adjustments as part of the 1940 historical estimate to account for sterilisation. A total of 250,000 tonnes of contained copper was omitted to account for areas where surface features might prevent mining. Mansfeld AG also estimated that a further 23,793 tonnes of contained copper had already been extracted by mining at Wolfsberg and Schnepfenbusch (at a production grade of 2.2% Copper). This amount was then subtracted from the historical estimate, as presented in the original source document (refer Table 1 above).
1984 ST JOE’S HISTORICAL ESTIMATE
Part of the Ronshausen zone of the 1940 historical estimate was drilled by St Joe Exploration during the 1980’s, resulting in recognition of the St Joe’s historical estimate more than 40 years later. Of the many holes drilled by St Joe, a total of 14 holes were used in the estimate of 169,000 of contained copper and 6.5 million ounces of contained silver. The St Joe’s work estimated grades of 2.1 % copper and 25 g/t silver at typical depths between 290 and 370m (Figure 3).
St Joe benefited from both technological advancements and enhanced geological understanding in the 40 years following the work by Mansfeld AG. Consequently, St Joe assayed wider intersections and found that the mineralisation was up to 3.45m width. The historical estimate was calculated using thicknesses of between 1.5 to 2m, considerably thicker than the narrow Kupferschiefer assayed and estimated by Mansfeld AG in 1940.
Figure 3: Map showing the drill holes and locations of the Ronshausen zone of the 1940 historical estimate and the relative location of the 1984 St Joe’s historical estimate
Given the increased mineralisation thickness covered by St Joe and the fact that the drilling covered only 28% of the Ronshausen zone, the St Joe’s historical estimate further validates the 1940 historical estimate. The identification of much thicker mineralisation and contained silver also points to considerable exploration upside over all five mineralisation zones covered by the 1940 historical estimate.
Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
1930s DRILLING CAMPAIGN
The 18 holes used in the 1940 historical estimate were drilled between 1935 and 1938 (Figure 4). The southern holes tested the downdip continuation of known Kupferschiefer mining sites from the mid-1800s and led to the opening of the Wolfsberg and Schnepfenbusch mines. In the northern area, the drilling discovered previously unknown down-faulted Kupferschiefer that does not outcrop and had not been previously exploited. This discovery led to the opening of the Reichenberg mine.
GreenX recently found the majority of the relevant original records of these drill holes in a regional archive. To date, of the 95 holes indicated to exist in the 1930s database, the Company has found logs for 43 holes, and of those, original historical assay results have been found for 35 holes. GreenX is continuing the archive search whilst digitising the records to add to the geological database for the Project.
Drilling up to 95 holes today is estimated to cost over €25 million and take several years, given modern permitting requirements. The discovery of the original historical drill database and 1940 historical estimate not only represents a significant saving in both time and money for GreenX, but it also provides valuable data points for its current exploration work program, including exploration targeting and 3D modelling. Combined with the 47 drill cores GreenX is currently re-logging and sampling (Figure 4), the quantity of previous exploration data available at Tannenberg is quickly growing, and underscores Tannenberg as a significant brownfield exploration opportunity.
Figure 4: Location Map of GreenX’s Tannenberg project area showing the newly discovered 95 x 1930s drillholes, the location of the three underground copper/ silver mines opened during the late 1930s, and the location of the modern era 47 archive core holes that GreenX now has access to for re-logging and sampling
Upcoming Work Programs
The discovery of this historical estimate and the National Socialist era drill database is part of the Company’s continued search for original historical mining and production data in German archives, which are part of a broader exploration program at Tannenberg, which includes:
· Logging, assaying, and hyperspectral scanning of historical core (ongoing);
· Reprocessing and analysis of historical geophysical data (ongoing);
· Collation of historical geological, mine development, and production data (ongoing); and
· Airborne magnetic and radiometric survey (results released in September 2025)
In light of the discovery of this significant upgrade in the understanding of the Tannenberg mineralisation, GreenX is planning a future twin drilling campaign to verify the historical estimates, in order to establish a mineral resource estimate in accordance with the JORC Code.
ENQUIRIES
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+44 207 478 3900 ir@greenxmetals.com |
Sapan Ghai Chief Commercial Officer – UK
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Kim Eckhof Investor Relations – UK / Germany
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Kazimierz Chojna Investor Relations – Poland
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Competent Person Statement – HISTORICAL Estimate
The information in this announcement that relates to historical estimates is based on information reviewed and compiled by Dr Matt Jackson, a Competent Person who is a member of the Australian 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. Dr Jackson confirms that the information provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies relating to the Tannenberg Copper Project.
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
Mansfeldsche Kupferschieferbergbau AG. (1940). On the development of the Richelsdorf area. In German. State archive of Saxony Anhalt Region (Merseburg)*
St Joe Exploration GMBH. (1984) A Final report on the activities of St Joe Explorations GMBH in the Kupferschiefer project, Richelsdorf 1984. Archive No 17. PO BOX, 5780, 3000 Hannover 1.*
*English translation of the original source document
SCHEDULE 1 – HISTORICAL ESTIMATE
Details of Non-JORC Historical Estimates in relation to ASX Listing Rule Chapter 5
Listing Rules 5.10 to 5.12: Requirements applicable to reports of historical estimates of mineralisation for material mining projects:
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5.10 – An entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project to the public is not required to comply with rule 5.6 of the JORC Code) provided the entity complies with rules 5.12, 5.13 and 5.14 |
For the Non-JORC historical estimate included in this market release, GreenX is not required to comply with Listing Rule 5.6 of the JORC Code as all relevant and requested disclosures are stated in this announcement and tabulated below. The Company complies with Listing Rule 5.12 requirements for the statement of Non-JORC historical estimates, as discussed below. |
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5.11- An entity must not include historical estimates or foreign estimates (other than qualifying historic estimates) of mineralisation in an economic analysis (including a scoping study, preliminary feasibility study, or a feasibility study) of the entity’s mineral resources and ore reserves holdings. |
GreenX is not applying any economic analysis or commentary to the historical estimates in this Announcement. The historical estimates should not be relied upon for any economic evaluation. |
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5.12 – Subject to rule 5.13, an entity reporting historical estimates or foreign estimates of mineralisation in relation to a material mining project must include all of the following information in a market announcement and give it to ASX for release to the market: |
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5.12.1 – The source and date of the historical estimates or foreign estimates. |
On the 2 January 1940 a historical estimate was estimated by Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG). The original source document was discovered by GreenX in the archive of the Saxony Anhalt Region of Germany located in Merseburg. In 1984, a historical estimate was created by St Joe Explorations GMBH. The original source document was found in archives of the Hessian Agency for Nature Conservation, Environment and Geology. The original data (drillhole logs and assays) for the historic estimates were found across various mining archives in Germany. |
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5.12.2 – Whether the historical estimates or foreign estimates use categories of mineralisation other than those defined in Appendix 5A (JORC Code) and if so, an explanation of the differences. |
No resource category or reporting code was quoted as the practice of the reporting codes was only introduced in Germany in the 1990’s and common practice from the 2000’s onwards.. The 1984 St Joe’s historical estimate uses categories which were not used in this announcement to avoid inadvertent comparison with similar terms used in the JORC Code. The historical estimate figures used in this announcement are referred to by St Joe as “geological reserve” whereas in accordance with the JORC Code, the term “reserve” could only be used after quantitative assessment of modifying factors. The historical estimates were made prior to the JORC Code reporting guidelines being formulated and do not conform to the requirements in the JORC Code. |
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5.12.3 – The relevance and materiality of the historical estimates or foreign estimates to the entity. |
The historical estimates are both material and relevant to the Tannenberg Project and Company, as they indicate the project’s scale while supporting the view that further exploration is warranted to evaluate the mineralisation in accordance with the JORC Code. Further, the historical estimate for the Tannenberg Project lie within the Tannenberg 1 and Tannenberg 2 exploration licences and are relevant to understanding the extent of mineralisation and copper grades present at the project. The original historical estimate documents also detail the results of an exploration program and historical estimates that were used to justify the establishment of mining operations in the 1940s. The information is material due to GreenX’s statutory obligation to release information that affects the understanding and prospectivity of the Tannenberg Project and any potential unmined mineralisation present. The information gained will be central to guiding future mineral exploration to develop the project. |
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5.12.4 – The reliability of the historical estimates or foreign estimates, including by reference to any of the criteria in Table 1 of Appendix 5A (JORC Code) which are relevant to understanding the reliability of the historical estimates or foreign estimates. |
The historical estimates are not reported in accordance with the JORC Code. A competent person has not completed sufficient work to classify the historical estimates as a Mineral Resource Estimate in accordance with JORC Code 2012. The Estimates were made prior to the JORC Code 2012 reporting guidelines being formulated and do not conform to the requirements in the JORC Code 2012. Of the 18 holes used for the 1940 historical estimate, GreenX has found details of 17 holes and assays in various archives across Germany. These independently identified records confirm the grades and locations used in the estimate. The 1940 historical estimate validated the drill hole grades used in the estimate by comparing them with production grades from the Schnepfenbusch and Wolfsberg mining operations. The comparisons were favourable and confirmed the grades used in the historical estimate. A map of the 1940 historical estimate zones was reportedly attached to the original document, this has not been found by GreenX. GreenX has independently calculated the surface area of each of the estimate zones based on drill hole locations and the text description and the results match the estimation work performed in 1940. The German language 1940 estimate was translated by an online translation tool and was separately read and summarised by a specialist native German speaker. The human German speaker was not aware of the online translation. Both summaries were independent of each other and all key facts matched. The Company has completed a Table 1 of Appendix 5A (JORC Code) which are relevant to understanding the reliability of the historical estimates. Please refer below. GreenX is not treating the historical estimates as a Mineral Resource Estimate or Ore Reserve and considers the historical estimates to represent an exploration project that requires verification. However, nothing has come to the attention of the Company or the Competent Person that causes it to question the accuracy or reliability of the historical estimate and it is on this basis that the Company and Competent Person consider the historical estimates to be reliable. However, the Company and Competent Person has not independently validated the historical estimates and therefore is not to be regarded as reporting, adopting or endorsing the historical estimate. It is possible that following evaluation and/or further exploration work the currently reported historical estimates may materially change and at this point the Company will need to be update the reporting in accordance with the JORC Code (or it may never become reportable at all in accordance with the JORC Code). |
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5.12.5 – To the extent known, a summary of the work programs on which the historical estimates or foreign estimates are based and a summary of the key assumptions, mining and processing parameters and methods used to prepare the historical estimates or foreign estimates. |
Refer to the “1930’s drilling campaign” and 1984 St Joe’s historical estimate sections of this announcement. The 1940 historical estimate were based on 18 drill-holes completed in the late 1930’s. The 1984 St Joe’s historical estimate was based on 16 drill-holes in the early 1980’s. The collar locations are indicated on the map in the main body of the announcement. No cut-off grade was used and this was believed to be appropriate because as the estimate covers only a very narrow portion of the known mineralisation with sharp grade boundaries. Additionally, the drill holes were only sampled in the very narrow portion of the copper mineralised Kupferschifer shale.
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5.12.6 – Any more recent estimates or data relevant to the reported mineralisation available to the entity. |
Some additional holes were drilled by Mansfeld AG which were not used in the 1940 historical estimate because they were drilled after the publication of the estimate. GreenX has access to only part of the information for these holes and they are all believed to have results that confirm the estimate. The 1940 historical estimate was validated within the Ronshausen (Field 5) area by the later 1984 St Joe historical estimate. There are sufficient similarities between both the grade and tonnage of each of the estimates to justify confidence in the 1940 Mansfeld AS historical estimate. |
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5.12.7 – The evaluation and/or exploration work that needs to be completed to verify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with Appendix 5A (JORC Code) |
The Company plans to take the following next steps to further seek to verify the historical estimates identified at Tannenberg: · Relogging and sampling of archived drill core (underway at the time of writing) · Further review and validation of historical data. · Twinning (repeat drilling) of certain holes. · Mineral Resource Estimation and reporting according to best practice and the JORC Code. There is no certainty that further exploration work will result in the historical estimate being reported in accordance with the JORC Code. |
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5.12.8 – The proposed timing of any evaluation and/or exploration work that the entity intends to undertake and a comment on how the entity intends to fund that work. |
The Company expects to complete the next steps identified above in the following 12 months. GreenX currently has cash reserves of approximately $3.7 million (30 September 2025 – unaudited). |
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5.12.9 – A cautionary statement proximate to, and with equal prominence as, the reported historical estimates or foreign estimates stating that: the estimates are historical estimates or foreign estimates and are not reported in accordance with the JORC Code; a competent person has not done sufficient work to classify the historical estimates or foreign estimates as mineral resources or ore reserves in accordance with the JORC Code; and it is uncertain that following evaluation and/or further exploration work that the historical estimates or foreign estimates will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code |
A cautionary statement, proximate to, and with equal prominence as, the reported historical estimates has been stated on pages 1, 4 and 5 of this announcement. |
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5.12.10 – A statement by a named competent person or persons that the information in the market announcement provided under rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies for the material mining project. The statement must include the information referred to in rule 5.22(b) and (c). |
A statement by a named competent person is included on page 7 of this announcement. |
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. |
Due to the historic nature of the drilling results reported herein, it is not possible to comment on the quality of the sampling used to produce the results described. It is known from historic reports that the drill core was sawn. Sampling of ¼ core was conducted during multiple exploration phases between 1980 and 1987 within the licence area by St Joe. The information shown here 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 Joes Exploration and Mansfeld AG. No other information is available for the exploration drilling. |
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Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
No details covering the representivity of the samples for the 1940 or 1984 estimate were included. Verification of the exploration assays was carried out by Masfeld AG against production grades from Wolfsberg and Schnepfenbusch production grades
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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. |
Work was not conducted to modern industry standards. |
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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). |
St Joes Exploration · 10 cm drill cores were collected, further specifications are not known. National Socialist Drilling (1930’s) · Unknown drilling techniques. |
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Drill sample recovery |
Method of recording and assessing core and chip sample recoveries and results assessed.
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Due to the historic nature of the drilling results reported herein, it is not possible to comment on the recoveries achieved at the time. |
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Measures taken to maximise sample recovery and ensure representative nature of the samples. |
Not reported. |
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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. |
Not reported. |
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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. |
N/A, JORC Mineral Resources not reported. |
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Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. |
Available logs are qualitative only. |
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The total length and percentage of the relevant intersections logged. |
The entire hole was logged, the target zone is typically 2 m thick. |
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Sub-sampling techniques |
If core, whether cut or sawn and whether quarter, half or all core taken. |
St Joe · A reference to ¼ core is reported however this is not specific to every hole/phase. National Socialist Drilling (1930’s) · Unknown sub sampling techniques.
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and sample preparation |
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. |
Not reported. |
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For all sample types, the nature, quality and appropriateness of the sample preparation technique. |
Not reported. |
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Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. |
Not reported. |
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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. |
Not reported. |
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Whether sample sizes are appropriate to the grain size of the material being sampled. |
Not reported. |
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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. |
St Joe · Geochemical analysis was carried out by Robertson Research Ltd, Wales, however the precise nature quality and appropriateness of the assaying is unknown.
National Socialist Drilling (1930’s) · The precise nature quality and appropriateness of the assaying is unknown.
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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. |
N/A |
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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. |
N/A |
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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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St Joe · No verification carried out.
National Socialist Drilling (1930’s) · Verification carried out by Masfeld AG against production grades from Wolfsberg and Schnepfenbusch production grades
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The use of twinned holes. |
No twinned holes. |
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Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
St Joe · No verification carried out.
National Socialist Drilling (1930’s) · Verification carried out by checking drilling data used in the 1940 original document and the 1930’s original drilling data.
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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 Joes Exploration 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. |
St Joe · Latitude and Longitude in degree, minutes and seconds were provided by St Joes Exploration.
National Socialist Drilling (1930’s) · All drill collar coordinates are reported here in the DHDN / 3-degree Gauss-Kruger zone 4 grid system.
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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. |
St Joe · Between 400 to 700m
National Socialist Drilling (1930’s) · Between 500 to 1500m |
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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. |
No compositing applied |
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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. |
The target Kupferschiefer layer is flat to slightly dipping, vertical drilling therefore intercepts at right angles and is appropriate. |
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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. |
No sampling bias introduced by intersection angles. |
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Sample security |
The measures taken to ensure sample security. |
N/A |
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Audits or reviews |
The results of any audits or reviews of sampling techniques and data. |
N/A |
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. 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 held 100% by Group 11 Exploration GmbH. 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 Joes Exploration (in JV with the Broken Hill Pty Co Ltd later a major global mining company) 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 Joes Exploration.
Exploration in the 1930’s was carried out by Manfeld 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. |
N/A. Exploration drilling results not being reported. |
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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. |
N/A. Exploration drilling results not being reported. |
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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. |
N/A. Exploration drilling results not being reported. |
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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. |
N/A. Exploration drilling results not being reported. |
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The assumptions used for any reporting of metal equivalent values should be clearly stated. |
N/A |
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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. |
Drilling is perpendicular to mineralisation. Detailed sampling was done to lithological contacts on a range of scales from 1-50cm. |
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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. Exploration drilling results not being reported. |
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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. |
N/A. Exploration drilling results not being reported. |
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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. |
N/A. Exploration drilling results not being reported. |
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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. |
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Further work |
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). |
The Company plans to take the following next steps to further seek to verify the historical estimates identified at Tannenberg: · Relogging and sampling of archived drill core (underway at the time of writing) · Further review and validation of historical data. · Twinning (repeat drilling) of certain holes. · Mineral Resource Estimation and reporting according to best practice and the JORC Code. There is no certainty that further exploration work will result in the historical estimate being reported in accordance with the JORC Code. |
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Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
These diagrams are included in the main body of this release. |
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Section 3 Estimation and Reporting of Mineral Resources
Given the Company is reporting non-JORC historical estimates, further exploration and evaluation activities are required to be completed to verify the historical estimates as mineral resources in accordance the JORC Code. Accordingly, the Company cannot complete the Section 3 Estimation and Reporting of Mineral Resources JORC table until a mineral resource estimate can be verified and estimated. There is no certainty that further exploration work will result in the historical estimate being reported in accordance with the JORC Code.
#FCM First Class Metals LTD – Half Yearly Report & Total Voting Rights
First Class Metals PLC (“First Class Metals”, “FCM”, or the “Company”), UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to present its interim results for the six months ended 30 June 2025.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, as at 30 September 2025, the Company’s issued share capital consists of 233,932,820 Ordinary Shares of £0.001, each with one voting right. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company is 233,932,820.
The above figure of 233,932,820 should be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / Dan Harris
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones
Website: Axcap247.com
Tel: (0)203 026 0449
#GRX GreenX Metals Limited – Historical Database Discovered From the 1930s
TANNENBERG – MAJOR HISTORICAL DRILL DATABASE DISCOVERED FROM 1930s EXPLORATION
HIGHLIGHTS
· Historical Tannenberg drilling database comprising 95 drillholes from 1930s exploration discovered in German archives, providing data that represents significant cost and time savings for the ongoing Tannenberg exploration program
· Drillholes formed geological basis for construction of the Richelsdorf Mining District, comprised of a smelting complex and three Kupferschiefer copper mines that were developed within GreenX’s Tannenberg licence area between the late 1930s and the end of World War 2: the Reichenberg, Wolfsberg, and Schnepfenbusch mines
· The discovery of the 95 drillhole database significantly increases GreenX’s confidence in the potential for delineating sedimentary-hosted copper resources at the Tannenberg Project
· Original detailed geological documentation recovered for 43 drillholes to date, including lithological descriptions, stratigraphic interpretations and other comprehensive data
· Historical assay results located so far for 35 drillholes covering copper, silver, lead, and zinc, with additional sporadic assays for nickel, cobalt, molybdenum, and vanadium
· Archive search program expanded to locate additional drillhole data including German national archives, provincial archives in former East German states and private collections
· Integration of digitised drill logs into GreenX drillhole database and 3D geological models underway to support ongoing exploration activities
GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany – FSE:A3C9JR) (GreenX or Company) is pleased to announce that 95 historical drillhole records covering the Tannenberg Copper Project (Tannenberg or Project) have been identified in historical archives.
These 1930s drillholes are significant because they provided the geological foundation for opening three previously operated Kupferschiefer copper mines – Reichenberg, Wolfsberg, and Schnepfenbusch (Figure 1). The National Socialist government opened these mines during the late 1930s to provide domestic copper supply for the Second World War. These 95 drill logs from the National Socialist era are separate and distinct from the modern era 47 historical cores (typically drilled post 1970) that the Company is in the process of re-logging and sampling (refer to announcement dated 16 June 2025).
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “There is tremendous value to be gained from this historical drill database, which had up until very recently been lost to history. These holes were drilled between 1935 and 1938 to establish increased domestic production of copper in the lead-up to the Second World War. Alongside the modern 47 cores from the Hessen state geological archive that are currently being re-logged and sampled by GreenX, this additional 95-hole 1930s drill database represents a significant saving in both cost and time to advance our geological understanding of the Tannenberg Project and further emphasises that Tannenberg is a highly compelling brownfields opportunity.”
Figure 1: Location map of the 95 drill holes from the 1930s drill database at Tannenberg
1930s Drill database
Drilled between 1935 and 1938, the 95 holes tested two concepts (Figure 1). The southern holes tested the downdip continuation of known Kupferschiefer mining sites from the mid-1800s and led to the opening of the Wolfsberg and Schnepfenbusch mines. In the northern area, drilling revealed previously unknown down-faulted Kupferschiefer that does not outcrop and had not previously been exploited. This discovery led to the opening of the Reichenberg mine (Figure 2). The three mines formed the “Richelsdorf Mining District” and are located on the Tannenberg exploration licences.
Some of the original records of these drill holes were recently found by GreenX in a regional archive. To date, of the 95 holes indicated to exist in the 1930s database, the Company has found logs for 43 holes, including historical assay results for 35 of these. The archives have not been digitised, and the search process involves manually reviewing the database and scanning relevant records. GreenX is continuing its archive search to recover further data within the database.
Drilling up to 95 holes today is estimated to cost in excess of €25 million and take several years, given modern permitting requirements. The discovery of the historic drill database not only represents a significant saving in both time and money for GreenX, but it also provides valuable data points for its current exploration work program including exploration targeting and 3D modelling. Combined with the modern era 47 drill cores GreenX is currently re-logging and sampling (Figure 2), the quantity of previous exploration data available at Tannenberg is quickly growing, and underscores Tannenberg as a significant brownfield exploration opportunity.
Figure 2: Location Map of GreenX’s Tannenberg project area showing the newly discovered 95 1930s drillholes, the location of the three underground copper/ silver mines opened during the late 1930s, and the location of the modern era 47 archive core holes that GreenX now has access to for re-logging and sampling
HISTORICAL CONTEXT
In an effort to bolster domestic supply of strategic metals, copper exploration was initiated by the National Socialist regime in the Richelsdorf District in the mid-1930s. The Richelsdorf District was chosen as the primary focus for exploration because copper, silver, cobalt and baryte mining was known in the region since the Middle Ages up until the mid-1800s. This earlier extraction of Kupferschiefer copper ores in the Richelsdorf District had taken place at surface outcrop and progressively gotten deeper with isolated bell pits until that point in time. The 1930s exploration program and the subsequent development of the three Richelsdorf district copper mines are believed to have been part of the government’s Four-Year plan (see below). Historical production from the Richelsdorf District is estimated at 416,500 tonnes of copper and 1,050 tonnes (33.7 million ounces) of silver.
In 1936, the National Socialist regime announced a Four-Year Plan for Germany, gearing its economic policy towards rearmament and preparing the country for industrial independence by 1940. The primary purpose of the Four-Year plan was to prepare the nation for war by achieving self-sufficiency in raw materials like copper and reducing reliance on international trade. This strategy was adopted because many believed that trade embargoes and naval blockades against Germany were a key reason for defeat during the First World War. To mitigate the impacts of future trade blockades and embargoes, the 1936 Four-Year Plan called for increasing domestic production of non-ferrous metals, developing synthetic substitutes, promoting conservation, stockpiling materials, and regulating imports to ensure Germany had the resources needed for rearmament.
Up until the 1930s, German domestic copper production was centred on the Mansfeld region in Sachsen-Anhalt, where Kupferschiefer copper had been mined for more than 800 years. As a result of the Great Depression, in 1933, the government amalgamated numerous Mansfeld mining and smelting operations into one company, Mansfelder Kupferschieferbergbau AG (Mansfeld AG). This company encapsulated the geological, exploration, mining and metallurgical expertise of the German copper mining industry. The ore deposit of the Mansfeld District was becoming depleted, which necessitated exploration in new regions including Richelsdorf and Sangerhausen. Due to historic production from the district, Mansfeld AG was tasked with conducting the copper exploration drilling in the Richelsdorf District, which was completed between 1935 and 1938 and funded by the government.
Following the partition of West and East Germany at the end of the Second World War, the Mansfeld copper mining district was located in Soviet-controlled East Germany. East Germany, officially the German Democratic Republic (GDR), was a communist state that existed from 1949 to 1990 (Figure 3). Copper mining continued in the former East Germany at Sangerhausen up until 1990. It is also understood that the pre-war administrative centre for the Richelsdorf District became part of the neighbouring state of Thuringia, which was part of the GDR.
This offers one explanation as to why the 95 hole 1930s historical drill database was lost to history since 1945, as much of the knowledge of the drill database for the Richelsdorf mines existed behind the Iron Curtain in former East Germany, whereas the Richelsdorf mines were located just over the West German side of the border (Figure 3). Under these circumstances, the drillhole database and knowledge of exploration and mining of the Richelsdorf Mining District appear to have been mainly forgotten by industry and academia until now. Accordingly, GreenX is continuing its archival search in out-of-state archives of the former East Germany and in private collections. It is likely that these documents have not been looked at since they were archived decades ago.
Figure 3: Political map of Germany post Second World War, divided into West and East Germany (GDR), and showing the relative locations of Mansfeld and Richelsdorf copper mining districts
Upcoming Work Programs
The discovery of the National Socialist era drill database is part of the Company’s continued search for historical mining and production data in German archives, which are part of a broader exploration program at Tannenberg, which includes:
· Logging, assaying, and hyperspectral scanning of historical core;
· Reprocessing and analysis of historical geophysical data; and
· Collation of historic geological, mine development and production data.
ENQUIRIES
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+44 207 478 3900 info@greenxmetals.com |
Sapan Ghai Chief Commercial Officer – UK
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Kim Eckhof Investor Relations – UK / Germany
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Kazimierz Chojna Investor Relations – Poland
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#FCM First Class Metals PLC – MOU with Valereum to Explore Tokenised Funding
First Class Metals PLC (“First Class Metals” or the “Company”), the UK-listed exploration company focused on the discovery of economic metal deposits across its strategic footprint in Ontario, Canada, is pleased to announce that it has entered into a non-binding Memorandum of Understanding (“MOU”) with Valereum Plc (“Valereum”), a market-leading digital asset infrastructure group listed on the Aquis Stock Exchange (AQSE: VLRM).
The MOU sets out a framework for both parties to evaluate the potential for applying regulated tokenisation to fund mineral exploration and development projects within First Class Metals’ asset portfolio.
Pioneering a Modern Approach to Project-Level Funding
This strategic collaboration combines First Class Metals’ exploration expertise and project pipeline with Valereum’s innovative, regulated digital asset infrastructure to evaluate the development of a tokenised investment model for mineral exploration projects.
The initiative aims to create a digital pathway for project-level funding that:
· Enables project-level funding through SPV participation, preserving shareholder value on a non-dilutive basis for the Company’s shareholders.
· Facilitating market access to global investors with direct participation into high-potential mineral resource projects.
· Utilises existing regulated legal structures to issue fully compliant tokens with KYC/AML fulfilment.
· Supports ESG-aligned, responsible investment structures.
· Aligns with global investment trends, including the rapid expansion of the Real-World Asset (“RWA”) tokenisation market, forecast to exceed US$16 trillion by 2030[1].
The parties believe this represents the first serious attempt by a UK-listed resource company to apply regulated tokenisation to the mineral exploration sector – a development that could fundamentally transform how early-stage mineral exploration projects are financed and advanced.
Specific project selection remains under review, with further announcements to follow once assets are formally identified. It is emphasised that the MOU is non-binding and exploratory in nature, and there is no certainty that any transaction, investment, or tokenisation event will ultimately occur.
By exploring the application of regulated tokenisation to mineral projects, First Class Metals and Valereum are evaluating how such models could enhance investor access, support non-dilutive capital formation, and align with the increasing emphasis on ESG-aligned financing in the resource sector.
It is emphasised that the Company remains committed to its fundamental identity as a mineral resource exploration company.
James Knowles, Chairman of First Class Metals, commented:
“This collaboration represents a bold, forward-thinking approach to unlocking the value of our highly prospective portfolio while preserving shareholder value at the PLC level. By partnering with Valereum, a recognised innovator in regulated digital assets, we are positioning First Class Metals at the forefront of responsible, modern exploration finance. This has the potential to reshape how mineral projects like ours are funded, developed, and ultimately delivered.”
Pete Sekhon, Valereum Business Development commented:
“I have known James for a number of years, and when this opportunity presented itself, it made so much sense on many levels. We are excited about exploring what can be done together. This collaboration represents a pivotal moment in the evolution of both mining and blockchain. Bringing together Valereum’s expertise in digital assets with FCM’s high-quality exploration portfolio in Canada opens the door to a new era of capital markets access for mining. Tokenisation offers a route to unlock the value of in-ground resources in a regulated and accessible way.”
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://fcm-l.investorhub.com/link/MP7o0P
For further information, please contact:
James Knowles, Executive Chair & Managing Director
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones
Website: Axcap247.com
Tel: (0)203 026 0449
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Mining (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 250km² in north west Ontario. A further three blocks are under option and cover an additional 30km2.FCM is focussed on exploring for gold, but has base metals and critical metals mineralisation. FCM is maintaining a joint venture with GT Resources on the West Pickle Lake Property a drill-proven ultra-high-grade Ni-Cu project.
The flagship properties, North Hemlo and Sunbeam, are gold focussed. North Hemlo has a significant discovery in the Dead Otter trend which is a discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay from a grab sample ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was successfully drilled prior to Christmas 2023 and results have now been released.
The Kerrs Gold property, acquired under option by First Class Metals in April 2024, is located in northeastern Ontario within the Abitibi Greenstone Belt, one of the world’s most prolific gold-producing regions. The project holds a historical inferred resource of approximately 386,000 ounces of gold, underscoring its potential as a meaningful addition to FCM’s expanding gold portfolio. Kerrs Gold complements the Company’s exploration strategy and provides exposure to a well-established mining district. FCM is currently reviewing plans to advance the project and further unlock its value.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
For further information see the Company’s presentation on the web site:
www.firstclassmetalsplc.com
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of statements. Given these risks future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
The MOU described herein is non-binding and does not constitute a legally enforceable agreement to proceed with any transaction. The parties have agreed to collaborate on an exploratory basis and any material developments will be disclosed as required under the Company’s regulatory obligations.
¹ Source: BCG Tokenisation Market Outlook 2023 | ESG Market Insights 2024
#FCM First Class Metals PLC – Investor Webinar
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed company focused on the discovery of economic metal deposits across its strategic exploration footprint in Ontario, Canada is pleased to announce an investor webinar on Tuesday, 17 June 2025 at 2:30pm BST.
Hear from James Knowles (Executive Chairman) and Marc Sale (CEO), who will share an update on the Company’s current position and provide a forward-looking exploration overview across its priority projects, North Hemlo and Sunbeam.
Sign up for the webinar here: https://firstclassmetalsplc.com/webinars/lej6ne-next-steps-in-exploration-insights-into-north-hemlo-sunbeam
Engage with us by asking questions, watching video summaries and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: firstclassmetalsplc.com/announcements.
For further information, please contact:
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Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub
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https://firstclassmetalsplc.com/link/Ky0Z7r
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James Knowles, Executive Chairman
Marc J Sale, CEO
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JamesK@Firstclassmetalsplc.com 07488 362641 07711 093532 |
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Novum Securities Limited (Financial Adviser) David Coffman |
(0)20 7399 9400 |
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Axis Capital Markets (Broker) Lewis Jones
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Axcap247.com (0) 203 026 0449 |