Quarterly Activities Report June 2025

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 2025.

HIGHLIGHTS

German Project - Tannenberg Copper Project

o The Company announced that it was initiating an historical core logging and sampling program at the Tannenberg Copper Project (Tannenberg).

o Core from 47 historical drill holes from the Tannenberg are now being comprehensively re-evaluated using modern exploration techniques.

o Program provides major opportunity to unlock untested copper potential given under-sampling of target strata in historical core, which presents significant discovery upside.

o Potential to discover previously unrecognised mineralisation in hanging wall limestone and footwall sandstones using modern analytical techniques.

o Additional high-resolution helicopter-borne magnetic and radiometric geophysics has now been flown over part of Tannenberg covering the historical Richelsdorf Mining District with results expected to identify important deposit-scale faults as well as the extent of historical underground workings.

Figure 1: Distribution of historical holes selected for logging and assaying

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 Tannenberg exploration licence expanded seven-fold to 1,900km2 from 272km2 following grant of additional exploration licence at the project.

Greenland Projects

Eleonore North Project

o Outstanding antimony results previously announced for 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 km2 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$517 million/PLN 1.2 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 68 million) per annum is currently accruing to GreenX. Against this, interest expense of ~£2.7 million (A$5.6 million / PLN 13.2 million) per annum is accruing on the US$11.3 million of litigation funding utilised.

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.

o The Company is strongly defending the set-aside motions with the hearing in Singapore for the ECT Award held subsequent to the end of the quarter.

Copper is currently recognised as a strategic raw material by the European Union.

During 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.

Figure 2: Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend

(brown shading)

In January 2025, the Company announced that it had been to participate in BHP's 2025 Xplor program in relation to Tannenberg.

As a 2025 BHP Xplor cohort company, GreenX has received a non-dilutive grant of US$500,000 and in-kind services, mentorship, and networking opportunities with BHP and other industry experts and investors.

Historical Core Logging and Sampling Program

During the quarter, a core logging and sampling program commenced with core from historical drill holes now becoming accessible for comprehensive re-evaluation using modern techniques. The work involves packing the core for shipment to a specialist European core logging facility, geological logging, sampling, assaying, and hyperspectral scanning of core from 47 drill holes from within the Tannenberg exploration licences.

Results are expected to confirm and expand known copper mineralisation. There is also potential for the identification of completely new mineralisation in 18 holes which have no recorded historical assays.

Modern understanding reveals potential for substantially wider mineralised intervals based on Poland's world-class KGHM Kupferschiefer mines where copper mineralisation can be offset up to 30m above and 60m below the T1 shale horizon.

There is also the potential to discover previously unrecognised mineralisation in hanging wall limestone and footwall sandstones using modern analytical techniques.

There are strong indications of mineralisation extending beyond the historically sampled intervals already identified in the archived core including previously reported drill hole results:

• Ro 45 ends in 1% Cu after 2.7 m @ 1.6% Cu & 19 g/t Ag from 268 m
• Ro 22 starts in 0.67% Cu for 3.14 m @ 1.2% Cu & 15 g/t Ag from 436 m
• Ro 41 starts in 0.45% Cu at 414 m and did not fully capture hanging wall mineralisation
• Ro 38 ends in 0.37% Cu at 538 m and did not fully capture footwall mineralisation

A comprehensive 4km core logging and 2km assay program using advanced hyperspectral scanning technology is being completed which was not available to historical operators

The program further aims to establish an enhanced geophysical dataset through petrophysical measurements which will be used to optimise future exploration targeting.

Results from this historical core program are expected in the December quarter 2025.

AIRBORNE GEOPHYSICAL SURVEY

During the quarter, an airborne geophysical survey was conducted at Tannenberg which was designed to collect magnetic and radiometric data over the project area with results expected to identify important deposit-scale faults as well as the extent of historical underground workings to be used to plan for future exploration programs

A 602-line kilometre magnetic and radiometric helicopter survey was completed over a 58 km2 area at Tannenberg. Results from the survey will identify faults which play an important role in controlling mineralisation. Additionally, the magnetic data can verify the extent of the historical underground workings. Results of the geophysical survey will be analysed once the geophysical data processing is complete.

EXPLORATION WORK PROGRAMS

Other ongoing and upcoming key exploration programs at Tannenberg include:

• Analysis of historical geophysical data;
• Collation of historic mining and production data;
• Logging, assaying, and hyperspectral scanning of historical core; and
• airborne magnetic and radiometric survey (flown in May).

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 increased to over US$60,000/t from US$18,300/t2.

Figure 3: Released GEUS assay results show evidence for high-grade antimony and gold mineralisation above the interpreted Noa Pluton.

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

GEUS's archives host an extensive collection of rock samples (with and without assays), maps, as well as government and company reports going back many decades. A sub-set of the archive material is available in digital format.

GEUS is continuously digitising and publishing its archive material. The newly released data covers 2008 field work at the Noa Dal valley within the Company's ELN project. Government geologists collected mineralised samples from outcropping veins and scree near to the interpreted Noa Pluton. Selected highlights are presented in Table 1 below.

Table 1: Selected antimony and gold results from 2008 GEUS fieldwork

GEOLOGICAL SIGNIFICANCE OF ANTIMONY

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$517 million / PLN1.2 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$377 million/ PLN 900 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.
• interest of approximately £11 million (A$23 million / PLN 55 million) will accrue from when the Award was made in October 2024 to end of July 2025 and will continue to compound annually until full and final payment by the Respondent. Interest expense of only ~£2.0 million (A$4.2 million / PLN 10.0 million) has accrued on the US$11.3 million of litigation funding utilised.

Previously, the Polish Prime Minister, Mr Donald Tusk, stated in a press conference that:

The Company is strongly defending the set-aside motions with the hearing in Singapore for the ECT Award held subsequent to the end of the quarter. Following completion of the hearing, a decision will be made by the courts in due course with no specified date available for a decision. The Company will continue to update the market, within the confines of court directed confidentiality requirements, in line with its continuous disclosure requirements.

All of GreenX's costs associated with the initial 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$5.6 million / PLN 13.3 million) per annum).

CORPORATE

During the quarter, the Company completed a placement of 7.1 million fully paid ordinary shares to raise $4.6 million (before costs).

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 30 June 2025, the Company has an interest in the following tenements:

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. During the quarter, the Tannenberg 1 exploration licence was extended for a further three years which allows GreenX with the ability to exercise its option over the project, pursuant to the earn-in agreement. During the quarter, the Tannenberg 2 exploration licence was granted, 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 exploration licences in accordance with Greenland law. As at the date of this report, the ARC exploration licence extension remains pending.

Appendix 2: Related Party Payments

During the quarter ended 30 June 2025, the Company made payments of A$268,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$190,000 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 30 June 2025, 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$18.7 million with the movement of the A$ 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$17.1 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. ^In January 2025, 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$0.5 million (A$0.8 million) in BHP Xplor funding.

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: 25 July 2025

Authorised by: Company Secretary

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

Notes