Quarterly Report March 2025
BHP Xplor grant of US$500,000 secured; Tannenberg licence expanded sevenfold to 1,900km²; Poland challenging arbitration award.
- BHP Xplor non-dilutive funding US$500,000
- Arbitration award from Poland £252 million
- Tannenberg exploration licence expansion 1,900km² from 272km²
- Interest income accruing annually ~£14 million
- Antimony price US$60,000/t
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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 31 March 2025.
HIGHLIGHTS
German Project - Tannenberg Copper Project
o In January 2025, GreenX was selected as as one of eight exploration companies to participate in BHP's 2025 Xplor program.
o BHP Xplor will provide GreenX with US$500,000 in non-dilutive funding to support and accelerate its exploration plans at the Tannenb e rg Copper Project ( Tannenberg ) during the 6-month period of the program.
o Tannenberg exploration licence expanded to 1,900km 2 from 272km 2 .
Figure 1: Expanded Tannenberg Project Area
o The Tannenberg area contains historically producing copper mines and multiple historical drill intercepts, with excellent potential for new discoveries of shallow (50 m to 500 m), large scale and high-grade copper and silver mineralisation, with much of the new expanded licence area remaining untested by modern exploration.
o Funding from BHP Xplor is currently being used, in collaboration with BHP, to accelerate the geological concept build-out and exploration timeframe at Tannenberg including the newly expanded license area.
Greenland Projects
Eleonore North Project
o outstanding antimony results previously at the Eleonore North project in Greenland ( Eleonore North or ELN ).
o Antimony price now at US$60,000/t from historical prices of ~US$5,000 .
o Antimony and tungsten have been designated as "Critical Minerals" by the U.S. and the EU, with NATO designating tungsten as defence-critical for the Allied defence industry.
Arctic Rift Copper Project
o The Company is targeting large scale copper in multiple settings across a 5,774 km 2 licence at the Arctic Rift Copper Project ( ARC ).
o Further analysis on remote-sensing options underway which aims to improve understanding of the known copper mineralisation and to plan the next exploration program at the project.
Arbitration Award
o In October 2024, GreenX was awarded up to £252 million (A$525 million/ PLN 1.3 billion ) in compensation from the successful outcome of the international arbitration claims ( Claim ) against the Republic of Poland ( Poland or Respondent ) under both the Australia-Poland Bilateral Investment Treaty ( BIT ) and the Energy Charter Treaty ( ECT ).
o Interest income of ~£14 million (A$29 million / PLN 70 million) per annum is currently accruing to GreenX. Against this, interest expense of ~£2.7 million (A$5.6 million / PLN 13.4 million) per annum is accruing on the US$11.3 million of litigation funding utilised.
o Upon satisfaction of the award, it is GreenX's intention to return the majority of the available cash to shareholders.
o Since the award was made, Poland has lodged a request to set-aside the award with the courts of England and Wales in relation to the BIT award and the courts of Singapore in relation to the ECT Award. Poland is challenging jurisdictional aspects of both awards and alleging procedural unfairness, including in the Tribunal's decision on damages.
o The Company is strongly defending the set-aside motions.
Copper is currently recognised as a strategic raw material by the European Union.
During the quarter, the Company announced that following a rigorous selection process, it had been selected as one of eight exploration companies to participate in BHP's 2025 Xplor program in relation to Tannenberg.
As a 2025 BHP Xplor cohort company, GreenX will receive a one-off, non-dilutive grant of up to US$500,000 (US$400,000 received to date), and in-kind services, mentorship, and networking opportunities with BHP and other industry experts and investors.
Subsequent to the end of the quarter, the Tannenberg project was expanded, following the grant of a second exploration licence, to cover an area of 1,900 km2, a seven-fold increase from the 272 km2 of project area previously held.
GreenX's participation in Xplor will expedite the build-out of geological concepts and the exploration timeframe at Tannenberg.
Figure 2: Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend (brown shading)
Upcoming Work Programs
Upcoming work programs at Tannenberg, designed in collaboration with BHP, will be used to aid future drill targeting by the combined interpretation of geophysical, geological and data collation methods. The Tannenberg project is data-rich and the GreenX project team are well advanced with the process of collation of data from historic drilling and reporting. The Company expects the first collection of magnetic data to begin within weeks; core relogging and gravity data collection will be ongoing over the summer months.
Key features of the 2025 exploration program will include:
- Relogging, reassaying and scanning of archived core;
- Completion of an airborne magnetic and radiometric survey;
- Collection of additional ground gravity measurements;
- Reprocessing of archived geophysical data; and
- Collation of historic mining and production data.
GREENLAND PROJECTS
Eleonore North Project
GreenX has previously announced that high grade antimony mineralisation had been identified at its Eleonore North project in Greenland, based on historical results recently released by the Geological Survey of Denmark and Greenland (GEUS). The historical results indicate the potential for a high-grade antimony-gold mineral system at ELN. Antimony prices have been on a rapid uptrend since China announced antimony export controls from 15 September 2024, with antimony prices in the US now having rocketed to over US$60,000/t from US$18,300/t2.
Historical data has confirmed the presence of gold and high-grade antimony in outcropping veins at ELN including:
- 14m long chip sample grading 7.2% Sb and 0.53g/t Au3
- 40 m chip line with a length weighed average of 0.78g/t Au3
Global strategic interest in antimony has significantly increased in 2024 due to several factors:
- China's recent export ban on antimony, effective from 15 September 2024, has caused market disruption4.
ANTIMONY RESULTS FROM NEWLY PUBLISHED GEOLOGICAL SURVEY ARCHIVE MATERIAL
Table 1: Selected antimony and gold results from 2008 GEUS fieldwork
| Sample # | Sb (%) | Au (g/t) | Field description |
|---|---|---|---|
| 469506 | 23.40 | 0.00 | Quartz vein with stibnite. Sample from boulder or scree |
| 496901 | 22.20 | 0.44 | Massive stibnite from mineralised zone |
| 496918 | 15.10 | 0.54 | Quartz vein + galena + chalcopyrite |
| 469504 | 6.65 | 0.83 | Shale with stibnite |
| 496912 | 0.10 | 4.10 | Clay alteration: hanging wall |
| 496904 | 0.11 | 4.70 | Clay alteration: footwall |
| 496910 | 0.04 | 2.20 | Intense clay alteration |
GEOLOGICAL SIGNIFICANCE OF ANTIMONY
GreenX has been able to access further historical data for ELN with a review currently underway. Following completion of this review further updates will be made, expected in the coming weeks.
Arctic Rift Copper Project
The Arctic Rift Copper Project (ARC) in Greenland is an exploration joint venture between GreenX and Greenfields Pty Ltd (Greenfields). GreenX can earn-in up to 80% in ARC with the Company currently owning a 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.
SUCCESSFUL ARBITRATION OUTCOME IN DISPUTE WITH POLISH GOVERNMENT
In October 2024, GreenX reported a successful outcome of the international arbitration Claim against Poland under both the BIT and the ECT (together the Treaties).
The Company was awarded:
- approximately £252 million (A$525 million / PLN1.3 billion) in compensation by the Tribunal under the BIT (BIT Award) which includes interest compounded at the Sterling Over-Night Interbank Average (SONIA) plus one percentage point (+1%) compounded annually from 31 December 2019 to the date of the award (7 October 2024).
- approximately £183 million (A$381 million/ PLN 907 million) in compensation by the Tribunal under the ECT (ECT Award), which includes interest compounded at the SONIA overnight rate +1% compounded annually from 31 December 2019. Interest will continue to accrue at SONIA +1% compounded annually until full and final payment by the Respondent.
- Additional Interest of approximately £8 million (A$17 million / PLN 40 million) has accrued since the Award was made to end of April 2025 and will continue to compound annually until full and final payment by the Respondent.
- Interest income of ~£14 million (A$29 million / PLN 70 million) per annum is currently accruing to GreenX. However, interest expense of only ~£2.7 million (A$5.6 million / PLN 13.4 million) per annum is accruing on the US$11.3 million of litigation funding utilised.
Previously, the Polish Prime Minister, Mr Donald Tusk, stated in a press conference that:
All of GreenX's costs associated with the Claim were funded on a limited basis from Litigation Capital Management (LCM). To date, GreenX has drawn down US$11.3 million from LCM. Once the Award compensation is received from Poland, LCM will be entitled to be paid back the US$11.3 million, a multiple of five times of the US$11.3 million and, from 1 January 2025, interest on the US$11.3 million at a rate of 30% per annum, compounding monthly (which equates to interest of approximately US$3.6 million (£2.7 million / A$5.8 million / PLN 13.4 million) per annum).
2 https://www.larvottoresources.com
3 Previously reported - refer to ASX announcement dated 10 July 2023.
4 https://chemical.chemlinked.com/news/chemical-news/china-restricts-export-of-antimony-and-related-products.
5 https://www.fortunebusinessinsights.com/antimony-market-104295.
APPENDIX 1: TENEMENT INFORMATION
As at 31 March 2025, the Company has an interest in the following tenements:
| Location | Tenement | Percentage Interest | Status | Tenement Type |
|---|---|---|---|---|
| Germany | Tannenberg 1 | -1 | Granted | Exploration Licence |
| Germany | Tannenberg 2 | -1 | Granted | Exploration Licence |
| Greenland | Arctic Rift Copper project (Licence No. 2021-07 MEL-S) | 51 2 | Granted 2 | Exploration Licence |
| Greenland | Eleonore North gold project (Licence No's 2018-19 and 2023-39) | 100 | Granted 2 | Exploration Licence |
Notes:
1 In August 2024, the Company announced that it had entered into an earn-in agreement for Tanneberg through which GreenX can earn a 90% interest in the project. As at the date of this report, the Company held no beneficial interest in Tannenberg, other than through the Tannenberg earn-in agreement. Subsequent to the end of the quarter, the Tannenberg 1 exploration licence was extended for a further three years. As the Tannenberg 1 exploration licence has been renewed, GreenX can now elect to exercise its option over the project, pursuant to the earn-in agreement. The Tannenberg 2 exploration licence was granted after the end of the quarter, which has expanded the total project area to 1,900km2 from 272km2.
2 In October 2021, the Company announced that it had entered into an earn-in agreement with Greenfields to acquire an interest of up to 80% in ARC. Having met the spend requirement, the Company has been issued with its initial 51% interest in ARC. Prior to 31 December 2024, the Company applied for an extension of the ARC and ELN exploration licences in accordance with Greenland law. As at the date of this report, the ELN 2018-19 exploration licence has been renewed for a further five years with the other two Greenland licence extensions currently pending.
Appendix 2: Related Party Payments
During the quarter ended 31 March 2025, the Company made payments of A$224,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$146,000 and the provision of a serviced office and company secretarial and administration services of A$78,000).
Appendix 3: Exploration and Mining Expenditure
During the quarter ended 31 March 2025, the Company made the following payments in relation to exploration activities:
| Activity | A$000 |
|---|---|
| Germany (Tannenberg) | |
| Work program and sampling | 21 |
| Personnel costs (geology and technical team) | 172 |
| Sub-total | 193 |
| Greenland (Eleonore North and ARC) | |
| Personnel costs (geology and technical team) | 32 |
| Other (data review, geoimagery, etc) | 46 |
| Sub-total | 78 |
| Total as reported in the Appendix 5B (items 1.2(a) and 2.1(d)) | 271 |
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
GreenX Metals Limited
| ABN | Quarter ended ("current quarter") | ||
|---|---|---|---|
| 23 008 677 852 | 31 March 2025 | ||
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
| 1. | Cash flows from operating activities | - | - |
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | (78) | (234) |
| (a) exploration & evaluation | |||
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | (413) | (1,148) | |
| (e) administration and corporate costs | (135) | (664) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 52 | 193 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (provide details if material) (a) Business Development (b) Other income (BHP Xplor grant) (c) Arbitration and legal related expenses (d) Occupancy | (52) 398 (262) (204) | (401) 398 (263) (663) |
| 1.9 | Net cash from / (used in) operating activities | (694) | (2,782) |
| 2. | Cash flows from investing activities | - | - |
| 2.1 | Payments to acquire or for: | ||
| (a) Entities | |||
| (b) Tenements | - | - | |
| (c) property, plant and equipment | (1) | (4) | |
| (d) exploration & evaluation | (193) | (322) | |
| (e) investments | - | - | |
| (f) other non-current assets | - | - | |
| 2.2 | Proceeds from the disposal of: | - | - |
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | (194) | (326) |
| 3. | Cash flows from financing activities | - | - |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | - | (111) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | - | (111) |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 4,830 | 7,163 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (694) | (2,782) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (194) | (326) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | - | (111) |
| 4.5 | Effect of movement in exchange rates on cash held | (1) | (3) |
| 4.6 | Cash and cash equivalents at end of period | 3,941 | 3,941 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| 5.1 | Bank balances | 3,941 | 1,830 |
| 5.2 | Call deposits | - | 3,000 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 3,941 | 4,830 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | (224) | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | - | |
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| 7.1 | Loan facilities | 19,693* | 17,989 |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | 800^ | 400 |
| 7.4 | Total financing facilities | 20,493* | 18,389 |
| 7.5 | Unused financing facilities available at quarter end | 2,104 | |
On 30 June 2020, the Company executed a Litigation Funding Agreement ( LFA ) for US$12.3 million (*now worth A$19.7 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited ( LCM ), to pursue the damages Claim in relation to the investment dispute between GreenX and Poland). To date, GreenX has drawn down US$11.2 million (A$18.0 million) ( Outstanding Funding ). In accordance with the terms of the LFA, once the compensation is received, LCM is entitled to be paid the Outstanding Funding, a multiple of five times the Outstanding Funding (based on the period since entering into the LFA) and from 1 January 2025, interest on the Outstanding Funding at a rate of 30% per annum, compounding monthly. ^During the quarter, the Company announced that it had been selected to participate in BHP's 2025 Xplor program which will provide the Company with US$0.5 million (A$0.8 million) in non-dilutive funding to support and accelerate its exploration plans at the Tannenberg Copper Project. To date, the Company has received US$0.25 million (A$0.4 million) in BHP Xplor funding with further US$0.25 million (A$0.4 million) still to be provided.
| ABN | Quarter ended ("current quarter") | |
|---|---|---|
| 23 008 677 852 | 31 March 2025 | |
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 |
| 8. | Estimated cash available for future operating activities | $A'000 |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (694) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (193) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (887) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 3,941 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | 2,104 |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 6,045 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 7 |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
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: 30 April 2025
Authorised by: Company Secretary
(Name of body or officer authorising release - see note 4)
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.