NEWS RELEASE 30 APRIL 2025

Quarterly Activities Report March 2025

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 March 2025.

HIGHLIGHTS

Classification: 2.2 This announcement contains inside information

ENQUIRIES

TANNENBERG COPPER PROJECT (GERMANY)

Tannenberg is a large scale, relatively shallow and potential high-grade copper brownfields exploration project that is strategically located in the heartland of German industry.

Copper is currently recognised as a strategic raw material by the European Union.

During the quarter, the Company announced that following a rigorous selection process, it had been selected as one of eight exploration companies to participate in BHP's 2025 Xplor program in relation to Tannenberg.

The Xplor program was established in 2023 to support promising minerals explorers to accelerate the exploration needed to support the energy transition. Over a six-month program period, BHP Xplor targets development of technical, business and operational excellence within participating companies.

As a 2025 BHP Xplor cohort company, GreenX will receive a one-off, non-dilutive grant of up to US$500,000 (US$400,000 received to date), and in-kind services, mentorship, and networking opportunities with BHP and other industry experts and investors.

Subsequent to the end of the quarter, the Tannenberg project was expanded, following the grant of a second exploration licence, to cover an area of 1,900 km², a seven-fold increase from the 272 km² of project area previously held.

GreenX's participation in Xplor will expedite the build-out of geological concepts and the exploration timeframe at Tannenberg.

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

Upcoming Work Programs

Upcoming work programs at Tannenberg, designed in collaboration with BHP, will be used to aid future 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:

GREENLAND PROJECTS

Eleonore North Project

GreenX has previously announced that high grade antimony mineralisation had been identified at its Eleonore North project in Greenland, based on historical results recently released by the Geological Survey of Denmark and Greenland (GEUS). The historical results indicate the potential for a high-grade antimony-gold mineral system at ELN. Antimony prices have been on a rapid uptrend since China announced antimony export controls from 15 September 2024, with antimony prices in the US now having rocketed to over US$60,000/t from US$18,300/t².

Figure 3: Newly released GEUS assay results show evidence for high-grade antimony and gold mineralisation above the interpreted Noa Pluton.

Historical data has confirmed the presence of gold and high-grade antimony in outcropping veins at ELN including:

·      14m long chip sample grading 7.2% Sb and 0.53g/t Au³

·      40 m chip line with a length weighed average of 0.78g/t Au³

Significantly, GEUS geologist's identified stibnite (Sb₂S₃) as the antimony mineral. Stibnite is well-understood and the predominant ore mineral for commercial antimony production.

Antimony is designated a Critical Raw Material by both the EU and the US, with China being the world's major antimony ore producer and major exporter of refined antimony oxides and metallic antimony.

Global strategic interest in antimony has significantly increased in 2024 due to several factors:

·      China controls ~50% of global antimony mining, most downstream processing and 32% of global resources according to the Lowy Institute.

·      China's recent export ban on antimony, effective from 15 September 2024, has caused market disruption⁴.

·      Antimony is a crucial material in the defence supply chain, used in various military applications including ammunition, flame retardants, and smart weaponry.

·      Antimony is essential in renewable energy technologies including more-energy-efficient solar panel glass and in preventing thermal runaway in batteries.

The antimony market is expected to grow by 65% between 2024 and 2032⁵. However, the supply side, declining antimony grades and depleting resources for existing mines are becoming increasingly relevant.

To aid the Company's exploration targeting and fieldwork planning for ELN, GreenX's technical team intend to locate, analyse, and study further historical samples and data within GEUS's archives.

ANTIMONY RESULTS FROM NEWLY PUBLISHED GEOLOGICAL SURVEY ARCHIVE MATERIAL

GEUS's archives host an extensive collection of rock samples (with and without assays), maps, as well as government and company reports going back many decades. A sub-set of the archive material is available in digital format. GEUS is continuously digitising and publishing its archive material. The newly released data covers 2008 field work at the Noa Dal valley within the Company's ELN project. Government geologists collected mineralised samples from outcropping veins and scree near to the interpreted Noa Pluton. Selected highlights are presented in Table 1 below.

These newly released results conform with previously released historical results from the Noa Dal area (previously reported in ASX announcement dated 10 July 2023).

GEOLOGICAL SIGNIFICANCE OF ANTIMONY

GreenX is targeting Reduced Intrusion-related Gold Systems (RIRGS) at ELN. The hypothesised blind-to-the-surface Noa Pluton forms the basis for the RIRGS exploration model. Antimony-gold veins at surface were considered to be supporting evidence for RIRGS at ELN. With the favourable shift in the antimony market, the outcropping veins have become a potentially viable and attractive target.

The antimony-gold mineralisation at ELN could be analogous to Perpetua Resources' Stibnite Gold Project in Idaho, USA. There, RIRGS and orogenic gold mineralisation styles overprint each other. Prior to the RIRGS model at ELN, the gold-bearing veins at Noa Dal were thought to be of orogenic origin. It is relatively common in gold deposits which are proximal to intrusions to feature characteristics of RIRGS and orogenic gold mineralisation styles.   

 The scale and potential of the antimony-gold veins will be evaluated with a follow-up investigation in the next phase of fieldwork.

GEUS is in the process of releasing results from regional mapping and sampling surveys from field seasons in 2022 and 2023 across East Greenland. GreenX plans to use the soon-to-be-released data as part of ongoing evaluation of the antimony and gold potential at ELN and the region.

 Given recent developments in the antimony market, GreenX's exploration strategy at the ELN project in East Greenland will continue with a renewed focus on the known Sb-Au mineral systems at the Noa pluton.

GreenX has been able to access further historical data for ELN with a review currently underway. Following completion of this review further updates will be made, expected in the coming weeks.

Arctic Rift Copper Project

The Arctic Rift Copper Project (ARC) in Greenland is an exploration joint venture between GreenX and Greenfields Pty Ltd (Greenfields). GreenX can earn-in up to 80% in ARC with the Company currently owning a 51% interest in the project. The project is targeting large scale copper in multiple settings across a 5,774 km² Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

The results of work program announced previously have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

The Company is in the process of analysing further remote-sensing options for ARC, which  would be used to enhance current understanding of the known copper sulphide mineralisation and refine plans for the next exploration program.

SUCCESSFUL ARBITRATION OUTCOME IN DISPUTE WITH POLISH GOVERNMENT

In October 2024, GreenX reported a successful outcome of the international arbitration Claim against Poland under both the BIT and the ECT (together the Treaties).

The Company was awarded:

·      approximately £252 million (A$525 million / PLN1.3 billion) in compensation by the Tribunal under the BIT (BIT Award) which includes interest compounded at the Sterling Over-Night Interbank Average (SONIA) plus one percentage point (+1%) compounded annually from 31 December 2019 to the date of the award (7 October 2024). 

·      approximately £183 million (A$381 million/ PLN 907 million) in compensation by the Tribunal under the ECT (ECT Award), which includes interest compounded at the SONIA overnight rate +1% compounded annually from 31 December 2019. Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.

·      Additional Interest of approximately £8 million (A$17 million / PLN 40 million) has accrued since the Award was made to end of April 2025 and will continue to compound annually until full and final payment by the Respondent.

·      Interest income of ~£14 million (A$29 million / PLN 70 million) per annum is currently accruing to GreenX. However, interest expense of only ~£2.7 million (A$5.6 million / PLN 13.4 million) per annum is accruing on the US$11.3 million of litigation funding utilised.

·      Both Awards are subject to any payments made by the Respondent to the Claimant in the other arbitration such that the Claimant is not entitled to double compensation i.e., any amount paid by Poland in one arbitration (i.e., ECT) is set off against Poland's liability in the other arbitration (i.e., BIT).

The compensation is denominated in British pound sterling. No hedging is in place for the compensation and accordingly is subject to fluctuations in foreign currency.

Previously, the Polish Prime Minister, Mr Donald Tusk, stated in a press conference that:

"The case is rather hopeless, because a lost arbitration is a lost arbitration. We have two big cases on our shoulders. The PiS government blew this issue.

The Australians, as you know, were promised that their mine would be built there. For years they were misled and later the commitment was withdrawn. It was quite obvious that they would go to arbitration, and it was rather obvious that they would win this arbitration.

Speaking frankly, I would most likely, and I cannot exclude that it will go this way, to find the person directly responsible for Poland now having to pay well over a billion zloty if we do not find a legal solution - which I think has very little probability to set aside the award in this arbitration. So, speaking the truth, I will expect my officers to inform the public in the coming days who made a decision or refrained from making a decision with the consequence of these gigantic losses, that is the compensation that we as the Polish State must pay to the Australians." ¹

Since the Award was made, Poland has lodged a request to set-aside the Award with the courts of England and Wales in relation to the BIT Award and the courts of Singapore in relation to the ECT Award. Poland is challenging jurisdictional aspects of both Awards and alleging procedural unfairness, including in the Tribunal's decision on damages.

The threshold to succeed on a set-aside motion in either the English or Singapore courts is very high, with the courts rejecting set-aside applications in the vast majority of cases.

It is important to note that a "set-aside" motion is different from a general "appeal" since a set-aside motion can in general only relate to a lack of jurisdiction on the part of the Tribunal or procedural unfairness. Under both set-aside motions, the actual merits of the Claim cannot be revisited by the courts.

The Company is strongly defending the set-aside motions and will update the market, if required, in line with its continuous disclosure requirements.

All of GreenX's costs associated with the Claim were funded on a limited basis from Litigation Capital Management (LCM). To date, GreenX has drawn down US$11.3 million from LCM. Once the Award compensation is received from Poland, LCM will be entitled to be paid back the US$11.3 million, a multiple of five times of the US$11.3 million and, from 1 January 2025, interest on the US$11.3 million at a rate of 30% per annum, compounding monthly (which equates to interest of approximately US$3.6 million (£2.7 million / A$5.8 million / PLN 13.4 million) per annum).

Further information on the Claim and Award can be found in the Company's announcements dated 8 October 2024, 17 October 2024, 11 November 2024 and 22 January 2025.

-ENDS-

Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

Competent Persons Statement

The information in this report that relates to exploration results were extracted from the ASX announcements dated 15 July 2024, 2 August 2024 and 27 November 2024 and 28 April 2025 which are available to view at www.greenxmetals.com.

GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement

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

Sources:

¹ https://www.gov.pl/web/premier/wsparcie-dla-rodzicow-wczesniakow (refer to the video (29:45-32:00)),

 https://biznes.pap.pl/wiadomosci/firmy/unikniecie-wyplaty-odszkodowania-wynikajacego-z-arbitrazu-greenx-malo. 

² https://www.larvottoresources.com

³ Previously reported - refer to ASX announcement dated 10 July 2023.

⁴ https://chemical.chemlinked.com/news/chemical-news/china-restricts-export-of-antimony-and-related-products.

⁵ https://www.fortunebusinessinsights.com/antimony-market-104295.

APPENDIX 1: TENEMENT INFORMATION

As at 31 March 2025, the Company has an interest in the following tenements:

Notes:

¹        In August 2024, the Company announced that it had entered into an earn-in agreement for Tanneberg through which GreenX can earn a 90% interest in the project. As at the date of this report, the Company held no beneficial interest in Tannenberg, other than through the Tannenberg earn-in agreement. Subsequent to the end of the quarter, the Tannenberg 1 exploration licence was extended for a further three years. 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. The Tannenberg 2 exploration licence was granted after the end of the quarter, which has expanded the total project area to 1,900km² from 272km².

²        In October 2021, the Company announced that it had entered into an earn-in agreement with Greenfields to acquire an interest of up to 80% in ARC. Having met the spend requirement, the Company has been issued with its initial 51% interest in ARC. Prior to 31 December 2024, the Company applied for an extension of the ARC and ELN  exploration licences in accordance with Greenland law. As at the date of this report, the ELN 2018-19 exploration licence has been renewed for a further five years with the other two Greenland licence extensions currently pending.

Appendix 2: Related Party Payments

During the quarter ended 31 March 2025, the Company made payments of A$224,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$146,000 and the provision of a serviced office and company secretarial and administration services of A$78,000).

Appendix 3: Exploration and Mining Expenditure

During the quarter ended 31 March 2025, the Company made the following payments in relation to exploration activities:

There were no mining or production activities and expenses incurred during the quarter ended 31 March 2025.

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

Date:                30 April 2025

Authorised by:  Company Secretary

(Name of body or officer authorising release - see note 4)

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee - eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.