GreenTech’s Munni Munni expansion opens a bigger Pilbara opportunity

Munni Munni becomes GreenTech’s central bet

GreenTech Metals Limited (ASX:GRE) spent 2026 reshaping itself around the West Pilbara, completing the acquisition of a 70% interest in the Munni Munni PGE-copper-nickel project and securing an option to increase that stake to 80%. The deal brought Munni Munni alongside the company’s Whundo copper-zinc-gold project, creating a consolidated land package of more than 500 square kilometres.

The prize is substantial on paper, although the most important qualification is also the easiest to miss. Munni Munni’s historical estimate of 23.6 million tonnes at 2.9 grams per tonne 4E, for 2.2 million ounces, was prepared under JORC 2004 and has not yet been validated as a JORC 2012 Mineral Resource. GreenTech says it is re-estimating the resource, with copper-dominant domains and metallurgical work now taking priority.

Drilling supports broader PGE and copper potential

Phase 1 drilling comprised 2,928 metres across 12 reverse-circulation and diamond holes, supplemented by resampling of preserved historical core. The work returned thicker mineralised zones across the Ferguson Reef, including 12 metres at 3.13 grams per tonne PGE3, 0.30% copper and 0.17% nickel from 90 metres, with a two-metre interval grading 8.37 grams per tonne PGE3, 0.63% copper and 0.34% nickel.

GreenTech also identified shallow copper and nickel mineralisation that was not fully recognised in the historical model, which used a 1.9 grams per tonne PGE cut-off. An independent geochemical review subsequently highlighted a copper anomaly measuring approximately five kilometres by two kilometres and prospective targets along the intrusion’s basal contact. The company has framed those results as expanding Munni Munni beyond its established PGE story, but the targets remain exploration propositions rather than economic discoveries.

Whundo adds a second copper development track

At Whundo, GreenTech is working from a JORC 2012 Indicated and Inferred resource of 6.2 million tonnes at 1.12% copper and 1.04% zinc. The project also carries a conceptual exploration target of 15 million to 23 million tonnes at 0.9% to 1.4% copper and 0.2% to 0.4% zinc, which the company explicitly cautions is not a Mineral Resource.

After year end, GreenTech commenced an approximately 8,300-metre drilling campaign across Whundo and Munni Munni. The program combines 4,750 metres of RC drilling with 3,560 metres of diamond drilling, including wider-diameter holes intended to support metallurgical composite samples at Whundo. The company is therefore attempting to advance resource confidence and project economics on two fronts at once, rather than relying solely on the Munni Munni re-estimation.

Capital position improves, funding caveat remains

The balance sheet is materially stronger than a year earlier. GreenTech raised $5.2 million in December 2025 and a further $7.5 million in May 2026, ending the year with $6.38 million in cash and a working capital surplus of $6.36 million. Its annual loss narrowed to $4.40 million from $10.56 million, although the company remains an exploration-stage business with no operating revenue and no dividend.

That cash balance does not remove the financing question. The directors’ forecast through September 2027 assumes a further $6 million equity raising, which is not committed. The auditor drew attention to a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern, while noting that the audit opinion itself was not modified. GreenTech says it can scale back exploration, pursue asset sales or joint ventures, and seek further equity if required; each option carries its own implications for pace, ownership or dilution.