GreenX prepares Tannenberg drilling as Greenland and Poland catalysts converge

Tannenberg moves from archive work towards drilling

GreenX Metals Limited (ASX:GRX) is taking its German copper project into its next practical test: an initial drilling program planned for 2027. The September quarter report keeps the headline exploration figure in view, with Tannenberg carrying a conceptual Exploration Target of 144-279 million tonnes at 0.9%-1.4% copper and 15-21 grams per tonne silver, equivalent to 1.3-3.9 million tonnes of contained copper and 69.4-188.4 million ounces of silver.

“Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend (brown shading).”

“Outline of the Exploration Target and its relationship to previous historical estimates and historical underground mining operations at Tannenberg.”

Caption and image © Greenx Metals Limited. From “Quarterly Activities Report September 2026”, 30 Oct 2026.

The latest report builds on the Tannenberg Exploration Target outlined earlier this year, but the numbers remain an Exploration Target rather than a JORC Mineral Resource. GreenX says there has been insufficient exploration to estimate a resource and that further work may not produce one. The company is digitising historical geological, mining and production records, planning seismic surveys to support future drilling and continuing to assess archived core.

That work is being undertaken against a supportive copper backdrop cited by the company: London Metal Exchange copper traded at about US$14,875 a tonne in September, while Chilean mine production in August fell about 13% year on year. Those market figures may improve the appeal of a large copper concept, but they do not change the project's exploration status or establish economic viability.

Greenland fieldwork leaves assays and metallurgy as the next tests

“Location map of new Eleonore North licences in East Greenland with prospective Caledonian intrusions.”

In East Greenland, GreenX has completed its 2026 field program across the Eleonore North portfolio, now comprising four licences covering approximately 2,100 square kilometres. The work tested reduced intrusion-related gold system targets on two newly granted licences, while teams also mapped and sampled the Noa Pluton and collected bulk material from the North and South Margeries tungsten and antimony prospects.

The expanded ground position follows the 1,600 km² Greenland licences secured earlier in the year. Historical work in the new areas included grab samples assaying up to 50 g/t gold, alongside anomalous silver, tungsten and arsenic in stream sediments. Those results are historical indicators rather than a current resource estimate; the more consequential evidence now lies in the pending assays, archive-core results and metallurgical sighter tests.

“Simplified geological map with historical Nordmine grab sample gold results.”

“GreenX’s Eleonore North Project now comprises a portfolio of four exploration licences in East Greenland.”

Caption and image © Greenx Metals Limited. From “Quarterly Activities Report September 2026”, 30 Oct 2026.

GreenX says those tests could provide scoping-study-level information on processing characteristics at Margeries. Follow-up drilling may be considered if the metallurgy is positive, while results from Noa Pluton and the newly tested Caledonian intrusions will be used to shape future exploration programs.

Poland award enters enforcement phase with appeals unresolved

The company's other major value driver remains legal rather than geological. GreenX says the Singapore International Commercial Court dismissed Poland's application to set aside the Energy Charter Treaty award and ordered Poland to pay A$1.6 million of GreenX's legal costs, which has been paid. Poland appealed that decision, and the Singapore Court of Appeal has now heard the matter; its decision was still pending at the reporting date.

The Singapore ECT dismissal is also relevant to the separate Bilateral Investment Treaty proceedings in England and Wales, where the set-aside hearing took place during October. GreenX says it has begun preparing enforcement activities following the initial Singapore dismissal. The company reports a total award of about £252 million, or A$477 million, plus approximately £25 million a year in continuing and compounding interest, but the report does not establish when or how much of that amount might be recovered.

Operational spending remains modest and exploration-focused: GreenX reported A$653,000 of exploration expenditure for the quarter, comprising A$349,000 in Germany and A$304,000 in Greenland. There was no mining or production activity. The next evidence points are therefore unusually clear: drill planning and target validation at Tannenberg, laboratory and metallurgical results from Greenland, and court decisions that will determine how far the arbitration award can move from legal entitlement towards cash recovery.