Poland Challenges £252M Arbitration Award as GreenX Metals Advances Critical Minerals

BHP Xplor Boosts Tannenberg Copper Project

GreenX Metals Limited (ASX:GRX) has secured a coveted spot in BHP's 2025 Xplor program, joining seven other exploration companies to accelerate development at its Tannenberg Copper Project in Germany. The program offers GreenX a non-dilutive grant of approximately US$500,000 alongside mentorship and industry networking, aimed at expediting geological modelling and exploration activities over the next six months. This injection of capital and expertise is expected to sharpen GreenX's exploration focus and potentially shorten the timeline to resource definition in one of Europe's industrial heartlands.

Eleonore North: Antimony's Rising Strategic Importance

In Greenland, GreenX's Eleonore North project has delivered compelling historical assay results indicating high-grade antimony mineralisation, with samples grading up to 23% antimony and notable gold intersections. This comes at a time when antimony prices have surged to over US$40,000 per tonne, driven by China's export restrictions and escalating global demand for critical minerals essential to defence and renewable energy technologies. The company has bolstered its Greenland exploration team with a specialist geologist to re-evaluate and redesign programs, positioning GreenX to capitalize on the growing strategic interest in the region.

Advancing Arctic Rift Copper Project Exploration

GreenX continues to advance its Arctic Rift Copper Project (ARC) in Greenland, targeting large-scale copper mineralisation across a vast 5,774 km2 licence. With an enhanced technical team now in place, the company is exploring advanced remote sensing techniques to better understand known copper sulphide zones and to inform the next phase of exploration. The ARC project remains a key asset in GreenX's portfolio, reflecting the company's commitment to critical mineral exploration in underexplored but highly prospective terrains.

Landmark Arbitration Win Against Poland

Perhaps most significantly, GreenX has been awarded approximately £252 million (A$497 million) in compensation following a successful international arbitration against the Republic of Poland under bilateral investment and energy treaties. Interest income on the award is accruing at around £14 million annually, offset partially by litigation funding costs. The company intends to return the majority of the cash to shareholders once the award is satisfied. However, Poland has initiated legal challenges seeking to set aside the awards on jurisdictional and procedural grounds. GreenX is vigorously defending these challenges, confident in the strength of its case and the high threshold for overturning such awards.

Financial Position and Outlook

At the end of December 2024, GreenX held a cash balance of A$5 million, supplemented by the BHP Xplor funding dedicated to Tannenberg exploration. The company’s disciplined expenditure on exploration and corporate activities reflects a strategic approach to advancing its projects while managing costs. The arbitration award, if realised without significant delay, could materially strengthen GreenX’s balance sheet and provide capital for accelerated exploration and shareholder returns.

GreenX’s positioning in critical minerals, combined with strategic partnerships and a robust legal victory, underscores its potential to become a significant player in the evolving global minerals landscape. The company’s Greenland projects, in particular, align with increasing geopolitical interest and supply chain diversification efforts in critical minerals.