Quarterly Activities Report June 2024

• In July 2024, following renegotiation with Greenfields Exploration Pty Ltd (Greenfields) GreenX Metals Ltd (GreenX or the Company) entered into a revised agreement to acquire 100% of the Eleonore North Gold Project (Eleonore North or Project) in eastern Greenland.

o These revised terms provide GreenX with the opportunity to retain the Project and to conduct further exploration work before making a decision to continue with the Project by 31 December 2025.

o Field work to date at Eleonore North has been focused on determining the depth of an intrusion within the project area by deployment of an array of seismic nodes.

o The results from seismic nodes have significantly reduced the exploration search space at Eleonore North.

o Future fieldwork will now target these sites where plutons approach the surface. Within a RIRGS setting, 1-2 km-wide elongated plutons rising from a deeper batholith are very favourable exploration targets.

o GreenX will now collaborate with Geological Survey of Denmark and Greenland in Copenhagen (GEUS) to possibly commission a fast-tracked production of an updated geological map at Eleonore North based on helicopter photography collected in 2023.

o Samples collected by GEUS are also available in Copenhagen for inspection and analysis. These samples may provide a new regional perspective on the gold systems present in northeastern Greenland

o With completion of the hearing, the Tribunal will render an Award (decision) in due course.

o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX's lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.

• Cash balance as at 30 June 2024 was A$7.1 million and no debt.

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 June 2024.

eleonore north gold project

The Eleonore North gold project comprises of two exploration licences covering an area of 1,221 km2 in an arid part of north-eastern Greenland, approximately 1,000 km south of the Company's ARC project (Figure 1).

The two exploration licences are located on Ymer Island in the south and the Strindberg Land peninsula in the north (Figure 2). The 300 m deep fjords in this area are around 6 km wide, sailed annually by large container ships, and aircraft frequent the area. The Company had identified no significant environmental, archaeological, or social challenges in the area.

Subsequent to the end of the quarter and following renegotiation with Greenfields, GreenX will acquire a 100% interest in the Eleonore North project through a revised Option Agreement. Having spent the required amount on an agreed work exploration program for the Project; GreenX will now acquire the Project and conduct further exploration work before making a decision to continue with the Project by 31 December 2025.

Results from Seismic Survey

The Company commissioned a passive seismic survey over the Noa Pluton target at Eleonore North licence for the 2023 field season. Passive seismic surveys use ambient noises generated by nature instead of active noise sources. Natural noise sources include waves crashing in the ocean or creaking glaciers whereas active noise sources include vibration trucks or explosives. Passive seismic surveys with ambient noise are therefore much less impactful on the environment.

Fieldwork was completed by Greenfields in conjunction with the Institute of Mine Seismology (IMS). Eleonore North is prospective for RIRGS similar to the Fort Knox and Dublin Gulch/Eagle Gold deposits. The RIRGS deposit style hosts structurally-controlled gold in plutons as well as in the surrounding hornfels aureole. The purpose at of the survey at Eleonore North was to identify plutons that are blind to the surface in the target area.

Data collected from the array of passive seismic nodes was processed by IMS. As shown in the conceptual 3D velocity model below, multiple blind plutons may be situated in the target area (Figure 3). Hornfels have been mapped at Noa Dal, but the causative plutons have not yet been identified. Noa Dal has only been mapped at 1:250,000 scale by GEUS, so it is possible that detailed mapping could identify the currently unknown plutons. More likely however, the causative plutons are blind to the surface (as shown in the cross-section in Figure 3).

The results from 2023's passive seismic survey have significantly reduced the exploration search space at Eleonore North. Future fieldwork will target these sites where plutons approach the surface. Within a RIRGS setting, 1-2 km-wide elongated plutons rising from a deeper batholith are very favourable exploration targets.

Figure 3: IMS's conceptual 3D velocity model from Noa Dal target area with GreenX's interpretation of target plutons. Inset shows survey location in Noa Dal. Velocity values above 2,900 m/s are considered to be igneous material. The A-A' section shows three potential plutons extending upwards towards the surface.

Planned 2024 Activities

GreenX is again collaborating with the GEUS. For the last two years, GEUS has conducted fieldwork in the region surrounding and within the Eleonore North licence. GEUS has a multi-year project working to update the geological maps to a higher level of detail. This work is primarily being done with traditional field mapping, sample collection, and helicopter-based photography. Based on previous discussions with GEUS, there is the possibility to commission GEUS to fast-track production of an updated geological map at Eleonore North based on helicopter photography collected in 2023. Samples collected by GEUS are also available in Copenhagen for inspection and analysis. These samples may provide a new regional perspective on the gold systems present in northeastern Greenland.

Figure 4: Map showing regional historical samples collected by GUES as publicly available from GUES, a subset of which are available for inspection.

ARCTIC RIFT COPPER PROJECT

The ARC project is an exploration joint venture between GreenX and Greenfields. GreenX can earn-in up to 80% in ARC with the Company awaiting final registration of its initial 51% interest in the project. The project is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

DISPUTE WITH POLISH GOVERNMENT

Details of the Claim

The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company's claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX's lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.7 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns in relation to the ongoing BIT and ECT Tribunal proceedings. The LFA is a limited recourse loan with LCM that is on a "no win - no fee" basis.

CORPORATE

At 30 June 2024, GreenX had cash of A$7.1m placing it in a strong financial position to progress with exploration activities in Greenland and to pursue additional business development opportunities in the resource sector to complement its current projects.

APPENDIX 1: TENEMENT INFORMATION

As at 30 June 2024, the Company has an interest in the following tenements:

Notes:

1 In October 2021, the Company announced that it had entered into an Earn-In Agreement (EIA) with Greenfields to acquire an interest of up to 80% in ARC. Having met the spend requirement to earn its initial 51% interest, the Company is awaiting final registration of its interest in the project.

2 In July 2024, the Company announced that it had entered into a revised Option Agreement with Greenfields to acquire 100% of the Eleonore North project. As at the date of this announcement, the transfer of the licence into GreenX's name is pending.

Appendix 2: Related Party Payments

During the quarter ended 30 June 2024, the Company made payments of A$256,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$181,000 and the provision of a serviced office and company secretarial and administration services of A$75,000).

Appendix 3: Exploration and Mining Expenditure

During the quarter ended 30 June 2024, the Company made the following payments in relation to exploration activities:

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

GreenX Metals Limited

On 30 June 2020, the Company executed a Litigation Funding Agreement ( LFA ) for US$12.3 million (*now worth A$18.4 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited ( LCM ), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia - Poland Bilateral Investment Treaty ( BIT ). LCM will provide up to US$12.3million (~A$18.4 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments.

Answer: Not applicable

Answer: Not applicable

Answer: Not applicable

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2024

Authorised by: Company Secretary

(Name of body or officer authorising release - see note 4)

Notes