GreenX Faces Legal Hurdles Despite £435 Million Arbitration Win Against Poland

• 728,000 tonnes historical copper estimate at Tannenberg
• Validation from 1930s and 1980s drilling data
• Airborne survey identifies key geological structures
• High-grade antimony and gold confirmed at Eleonore North, Greenland
• £435 million arbitration award against Poland under legal challenge

Historical Copper Potential at Tannenberg

GreenX Metals Limited has disclosed a significant historical estimate of 728,000 tonnes of contained copper at an average grade of 2.6% at its Tannenberg Copper Project in Germany. This estimate, derived from a 1935-1938 drilling campaign by the National Socialist Government and validated by 1980s drilling from St Joe Exploration GmbH, highlights the project's potential as a high-grade copper resource. Notably, the historical work focused on the Kupferschiefer horizon, a well-known sediment-hosted copper deposit type prevalent in Europe.

The company is actively re-logging and resampling archived drill core to upgrade the historical data to modern standards and plans a twin drilling campaign to verify these estimates and establish a JORC-compliant mineral resource. The discovery of a comprehensive 95-hole drill database from the 1930s, along with detailed geological documentation and assay results, provides a valuable foundation for ongoing exploration.

Geophysical Insights and Exploration Upside

A recent 58 square kilometre airborne magnetic and radiometric survey over the Tannenberg project area has identified deep metal source structures beneath the historic Richelsdorf copper district. These anomalies correspond to the Mid-European Crystalline Zone (MECZ), a geological feature understood to be the primary copper source in Kupferschiefer deposits across Germany and Poland. The survey's findings extend beyond the current license area, significantly enhancing exploration potential.

Greenland Projects Gain Momentum

In Greenland, GreenX confirmed high-grade antimony and gold mineralisation at the Eleonore North project, based on historical data from the Geological Survey of Denmark and Greenland. With antimony prices surging following China's export controls, the project’s antimony-gold veins, including samples grading up to 23.4% antimony, have become increasingly attractive. The company is targeting Reduced Intrusion-related Gold Systems, a model supported by recent geological findings.

Meanwhile, the Arctic Rift Copper Project in North Greenland, where GreenX holds a 51% interest, is under review for corporate options amid rising prospectivity.

Arbitration Award Against Poland

GreenX reported a successful international arbitration award against the Republic of Poland totaling approximately £435 million (A$897 million), arising from a long-standing investment dispute. The award includes compounded interest and is subject to ongoing legal challenges by Poland in courts in England and Singapore. GreenX is vigorously defending these set-aside motions, with no decision date yet announced. The outcome of this legal process remains a critical factor for the company’s financial outlook.

Financial Position and Outlook

During the September quarter, GreenX incurred exploration and legal expenses totaling approximately A$2.7 million, with cash reserves of A$3.75 million and available financing facilities of A$1.6 million. The company acknowledges the need to raise additional funds to support ongoing exploration, development, and legal defence activities. Management remains confident in securing necessary financing to advance its projects and uphold its arbitration award.

Bottom Line?

GreenX’s next steps in drilling and legal defence will be pivotal in unlocking value from its historic copper assets and arbitration award.

Questions in the middle?

• Will GreenX successfully convert the historical copper estimate into a JORC-compliant resource?
• How will the ongoing legal challenges to the arbitration award impact GreenX’s financial stability?
• What are the prospects and timelines for advancing the Greenland antimony-gold projects amid rising commodity prices?