Tannenberg Copper Project Expanded to 1,900km2

NEWS RELEASE  28 April 2025

TANNENBERG COPPER PROJECT IN GERMANY EXPANDED TO 1,900km²

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or Company) is pleased to advise that it's Tannenberg Copper Project (Tannenberg or Project) has expanded to 1,900km² from 272km² which includes a new region containing additional historic drill intercepts. The expanded project is highly prospective for sediment-hosted (Kupferschiefer type) copper deposits.

HIGHLIGHTS

·      The Tannenberg exploration licence now covers 1,900 km², a seven-fold increase from the original 272 km² project area 

·      Original Tannenberg exploration licence extended for a further three years (Tannenberg 1)

·      Second, large Tannenberg exploration licence awarded, which covers 1,628km², and is valid for three years (Tannenberg 2). Tanneberg 2 can be extended for an additional 3 years under German law

Figure 1: Expanded Tannenberg Project Area

·      The Tannenberg project is held through an earn-in agreement whereby GreenX can earn a 90% interest

·      In January 2025, Tannenberg was one of eight early-stage exploration projects selected by BHP for the 2025 BHP Xplor program

·      Funding from BHP Xplor is currently being used, in collaboration with BHP, to accelerate the geological concept build-out and exploration timeframe at Tannenberg including the newly expanded license area

·      The Tannenberg area contains historically producing copper mines and multiple historical drill intercepts, with excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high-grade copper and silver mineralisation, with much of the new expanded licence area remaining untested by modern exploration

·      In addition to the historic drilling results announced in August 2024, Tannenberg 2 also contains excellent multiple drill intercepts including: 0.69m at 3.1% Cu and 31.7ppm Ag from 378m; and 2.2m at 0.9% Cu and 23.1ppm Ag from 378m

GreenX CEO, Mr Ben Stoikovich, said "Following a comprehensive review of the historical data, we identified that the expanded area had similar Kupferschiefer style geology as seen at the Richelsdorf historic mining district in the original Tanneberg 1 license area. Kupferschiefer style sediment hosted copper deposits are widely acknowledged as one of the most prolific sources of modern-day copper production globally. With the Tannenberg Copper Project expanding to 1,900km², we now have an even larger scale, relatively shallow and potential high-grade copper brownfields exploration project that is strategically located in the heartland of German industry, with copper being recognised as a strategic raw material by the European Union."

Figure 2: Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend (brown shading)

TANNENBERG COPPER PROJECT

Following the expansion of the Project from 272km² to 1,900km², the Company is pleased to report new historical drill results in accordance with the JORC Code (2012).

Table 1: Selected Drill Holes.

Bold equates to previously reported drill holes. Refer to ASX announcement dated 2 August 2024. N/A equates to not assayed.

Figure 3: Historical mining around Richelsdorf District exploited mineralisation near the surface. Historical drilling intercepted mineralised Kupferschiefer down to 436 m. Much of the Kupferschiefer between 50 to 600 m remains untested

Figure 4: The expanded licence area includes an addition 1,628km² of ground which is underlain by the same prospective T1 Kupferschiefer sequence as seen around the Richelsdorf historic mining district

In the south of the licence area near the town of Ronshausen, drill holes intersected mineralised Kupferschiefer sequence at depths ranging from 211 to 368 m below the surface (e.g., Ro18 and Ro23). Near the town of Nentershausen in the north, an isolated drill hole intersected 2 m at 1.6% Cu (Ro45).

Upcoming Work Programs

These new and previous reported drill results will be used as a basis for future work programs at the Project, in collaboration with BHP, to aid drill targeting by the combined interpretation of geophysical, geological and data collation methods. The Tannenberg project is data-rich and the GreenX project team are well advanced with the process of collation of data from historic drilling and reporting. The Company expects the first collection of magnetic data to begin within weeks; core relogging and gravity data collection will be ongoing over the summer months.

Key features of the 2025 exploration program will include:

·      Relogging, reassaying and scanning of archived core;

·      Completion of an airborne magnetic and radiometric survey;

·      Collection of additional ground gravity measurements;

·      Reprocessing of archived geophysical data; and

·      Collation of historic mining and production data.

As the Tannenberg 1 exploration licence has been renewed, GreenX can now elect to exercise its option over the Project, pursuant to the earn-in agreement (refer to ASX announcement dated 2 August 2024).

ENQUIRIES

-ENDS-

TENEMENT INFORMATION

Table 2: Tenement information.

Notes

¹ Target commodities

² Commodities included in the exploration licence

Competent Persons Statement

Information in this announcement that relates to Exploration Results is based on information compiled by Dr Matthew Jackson, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy. Dr Jackson is employed as Technical Director for GreenX Metals. 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.

Forward Looking Statements

This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on GreenX's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Appendix 1: Exploration Results and JORC Tables

Table 1: Historical drill hole information

Note: Coordinates are DHDN / 3-degree Gauss-Kruger zone 4.

Table 2: Historical drill hole assays

Note: Only assay results equal to or greater than 0.3% copper are reported.

JORC Code, 2012 Edition - Table 1 Report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria in the preceding section also apply to this section.)