NEWS RELEASE  20 NOVEMBER 2025 

Modern Assays Validate Historical Copper Grades at Tannenberg

HIGHLIGHTS

·      High-grade copper intercepts confirmed: Modern assays from six (of 47) archived drill cores confirm historical grades with intercepts of 1.0-3.7 m at 0.7-2.7% copper and 10-55 g/t silver

o  Ro 23: 1.5 m at 2.7% copper and 55 g/t silver.

o  Ro 45: 2.4 m at 1.4% copper and 18 g/t silver.

o  Ro 25: 1.0 m at 2.0% copper and 41 g/t silver.

o  Ro 17: 1.3 m at 1.2% copper and 24 g/t silver.

o  Ro 15: 3.7 m at 1.2% copper and 17 g/t silver.

o  Ro 38: 1.8 m at 0.7% copper and 15 g/t silver.

·      Mineralisation thicker than 1940 historical estimate: New intercepts demonstrate widths of 1.0‑3.7 m, significantly exceeding the maximum thickness used in the 1940 Historical Estimate (refer to announcement dated 20 October 2025)

·      First Modern Assays for over 40 years: Results from re-sampling of 1980s drill core from holes located up to 12 km apart show comparable or higher grades and thicker intercepts than original analysis, validating historical work and demonstrating resource upside and scale potential

·      Confirms GreenX epigenetic model: Results confirm that mineralisation extends beyond the narrow Kupferschiefer shale horizon into the footwall and hanging wall, consistent with KGHM's Polish operations (589,000tpa copper production) located on the same basement architecture

·      Quality assured program: All samples meet strict QAQC standards, including >90% core recovery, with analysis by ISO/IEC 17025 accredited laboratory

·      Significant program ahead: Initial assay results from six of 47 archived cores now reported, with the historical core re-sampling program and results reporting to continue through to Q1 2026

GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or Company) is pleased to announce the first batch of assay results from its historical core logging and sampling program at the Tannenberg Copper Project (Tannenberg or Project) in Germany. These results further validate historical exploration data from the 1980s and confirm that mineralisation widths are thicker than those used in the 1940 Historical Estimate (refer to ASX announcement dated 20 October 2025).

GreenX's Chief Executive Officer, Mr Ben Stoikovich, commented: "These initial results are very pleasing, with the grades, including 2.7% copper intercept at Ro 23, consistent with or slightly better than the historical results; the thicker widths, including 3.7 metres at Ro 15, being in line with our geological model and understanding of Kupferschiefer systems; and lastly the scale, with these initial drill holes located up to 12 kilometres apart.

As previously announced to the market, a large amount of historical exploration data is already available for the Project, and these initial results are an important first step in applying modern techniques to validate and build on the historical exploration as we begin to fully define the Project's scale and importance.

With the majority of the core program still ahead of us, and the potential for new discoveries in 18 previously unassayed holes, we're building a compelling case for a significant copper resource in one of Europe's most accessible mining districts."  

EXPLORATION HISTORY AT TANNENBERG AND PROJECT RATIONALE

The Richelsdorf Mining District has been subject to significant historical drilling, with a 95-hole drilling program completed in the mid-1930s by the National Socialist Government. GreenX discovered the drill database from this program in various German archives (refer to announcement dated 11 September 2025). Subsequent exploration from the 1970s onwards included copper and oil exploration, with 47 relevant archived cores now available for modern analysis (Figure 1). Of the 47 archived cores in the program, 18 holes have no recorded historical assays, representing targets for potentially new mineralisation discovery. The remaining 29 holes have limited historical assaying, typically focused on a narrow 5 m-wide interval across the Kupferschiefer shale, with the true extent of the potential mineralised interval untested.

Historical exploration was constrained by the prevailing geological model, which assumed copper mineralisation was syngenetic and restricted to the thin Kupferschiefer shale. This limitation meant sampling focused on a narrow interval, typically only 5 m around the Kupferschiefer horizon, rather than the up to 90 m intervals that characterise economic Kupferschiefer deposits in Poland today.

The modern understanding of Kupferschiefer copper systems, as demonstrated by KGHM Polska Miedz (KGHM) operations in Poland, supports GreenX's epigenetic model. KGHM produces over 589,000 tonnes of copper per annum (Source: KGHM Annual Report 2024) from deposits similar to those at Tannenberg, with mineralisation often occurring up to 30 m above and 60 m below the Kupferschiefer shale horizon. KGHM's operations are located on the same basement architecture as the Tannenberg Project.

Figure 1: Map of reported assay results where greater than 90% of the historical core over the target interval was available from the archived core.

2025 CORE SAMPLING RESULTS

The results announced here are historical core assay results where over 90% of historical core was available over the target sample interval from an initial six of the total 47 holes that form part of the program. The results have confirmed that mineralisation is present in widths which are thicker than just the narrow Kupferschiefer shale. In this program, mineralisation widths range from 1.0 to 3.7 meters. These results show that the mineralisation is thicker than only the Kupferschiefer strata included in the 1940 Historical Estimate. Not only do these results confirm that the analyses performed by St Joe in the 1980s were accurate, but also that the concept of syngenetic mineralisation restricted to the narrow Kupferschiefer is geologically incorrect. The results are consistent with the expectation that considerably more mineralisation exists at the Tannenberg project than reflected in the 1940 Historical Estimate, which was restricted to reporting mineralisation in the Kupferschiefer shale only (refer to announcement dated 20 October 2025).

Table 1: Results of the 2025 relogging and sampling campaign.

Most holes for the six sets of assay results reported are located in the Ronshausen area, where the 1940 Historical Estimate was subsequently validated by the 1980's Historical Estimate produced by St Joe (refer to announcement dated 20 October 2025). One of the assay results is from hole Ro 45 located near Nentershausen to the north of the area covered by the 1940 Historical Estimate, in the vicinity of the Reichenberg mine.

Figure 2: The locations of the historical estimates and the reported assay results from the initial batch of six holes where greater than 90% of the historical core over the target interval was available from the archived core.

RELOGGING AND RESAMPLING PROCESSES

The core program currently underway involves re-logging, re-assaying, hyperspectral scanning and the collection of petrophysical measurements for historical core from 47 drillholes completed from the 1980s. Where appropriate, assaying and hyperspectral scanning will cover up to 30 m above and 60 m below the Kupferschiefer shale. The core was logged and sampled in accordance with modern industry best practices at Palsatech Sala (Sweden). Analysis of the samples was performed at SGS in Ankara (Türkiye) who are part of the well-respected SGS testing, inspection and certification company. The laboratory is accredited to ISO/IEC 17025 standard. GreenX further validated the process using its own Quality Assurance and Quality Control program.

The core used in the program had been stored for 40 years by the Hessisches Landesamt für Naturschutz, Umwelt und Geologie (HLNUG). This Hessen state authority is responsible for preserving assets such as these for explorers and interested parties in future decades. The core was stored in suitable facilities and was found to be in excellent condition. HLNUG permitted GreenX to transport, analyse, and sample the core under strict conditions, ensuring the quality of the work and requiring that some core be left for future users. The core will be returned to the archives upon completion of the program.

The core was processed at a specialist mining industry facility in Sala (Sweden) that utilises specialist equipment and personnel, and where industry best practice procedures are already established. GreenX reports all exploration results in accordance with the JORC Code (2012) (JORC Code). To achieve appropriate Quality Assurance and Quality Control standards, sampling requires appropriate systems to be used.

Figure 3 (Left to Right, Clockwise): Owner's team training and evaluation (hole Ro 45, Assays for the visual core above have been reported in this announcement) by GreenX, including Dr Prof Gregor Borg in Sala (Sweden); Core transportation from the HLNUG archive; and core handling in Sala (Sweden).

Upcoming Work Programs

These results are the first assays to be released as part of GreenX's ongoing archive core logging and sampling campaign, which is part of a broader exploration program at Tannenberg, which includes: 

·      Logging, assaying, and hyperspectral scanning of remaining historical core (ongoing);

·      Reprocessing and analysis of historical geophysical data (ongoing);

·      Collation and digitisation of historical geological, mine development, and production data (ongoing); and

·      Twin drilling to verify historical estimates and establish a mineral resource estimate in accordance with the JORC Code.

EXERCISE OF OPTION OVER TANNENBERG

As a result of the progress made on the Project to date, GreenX intends to acquire 90% of the fully diluted share capital of Group 11 Exploration GmbH (Group 11), a private German company which holds the Tannenberg exploration licences, pursuant to the terms of the Joint Venture and Earn-in Agreement (Agreement) as announced on 2 August 2024. Under the terms of the Agreement, GreenX can elect to acquire 90% of the fully diluted share capital of Group 11 on or before 31 December 2025.

On electing to acquire 90% of Group 11, GreenX will be required to pay A$3,000,000 to the vendors in GreenX shares (based on the higher of the 10-day VWAP or A$0.30 per Share). The vendors' 10% interest in Group 11 will then be free carried until the completion of a feasibility study by Group 11 or GreenX. For further details, please refer to the announcement dated 2 August 2025.

To watch an interview by Mr Ben Stoikovich, GreenX's CEO, relating to this announcement, please visit https://www.voxmarkets.com/articles/interview-with-greenx-metals-ceo-ben-stoikovich-218474a

ENQUIRIES

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information compiled by Dr Matthew Jackson, a Competent Person who is a Member of the 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

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.

In relation to the disclosure of visual information/estimates, GreenX cautions that the images displayed are for general illustrative purposes only, and that the samples displayed, and visual methods of mineralisation identification and estimation of mineral abundance should not be considered as a proxy or substitute for laboratory analysis. Laboratory analysis would be required for the grades of mineralisation. Visual information also potentially provides no information regarding impurities or deleterious physical properties relevant to valuations. Assays for the visual core above have been reported in this announcement.

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.

Appendix 1: Exploration Results and JORC Tables

Table 1: Results of the 2025 relogging and sampling campaign

Figures in Bold and black are 2025 results, and figures in regular typeface are 1980s drilling results as reported by St Joe (previously reported in accordance with JORC. Refer to announcements dated 2 August 2024 and 28 April 2025).

Table 2: Historical drill hole information (1980's Drilling Campaign)

Note: Coordinates are DHDN / 3-degree Gauss-Kruger zone 4 (previously reported in accordance with JORC. Refer to announcements dated 2 August 2024 and 28 April 2025).

Table 2: Drill hole assays (2025 Logging and Resampling Program)

Note: Only assay results equal to or greater than 0.3% copper are included in this table.

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.)