Singapore Court Dismisses Poland’s Set-Aside

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GreenX Metals Limited has announced a significant victory as the Singapore Court has dismissed Poland's application to set aside the Energy Charter Treaty (ECT) award, upholding GreenX's right to compensation. This follows an October 2024 award where GreenX received approximately £252 million (A$519 million / PLN 1.2 billion) in compensation and interest, with £183 million (A$378 million / PLN 900 million) specifically under the ECT. Additional interest of approximately £17 million (A$34 million / PLN 83 million) has already accrued and will continue to compound until full payment. Poland's attempt to challenge the award in Singapore has been rejected, and GreenX intends to use this judgment in ongoing proceedings in England.

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GreenX Metals Limited (GreenX or Company) is pleased to announce that the Singapore International Commercial Court of the Republic of Singapore (Singapore Court) has rejected, in its entirety, the Republic of Poland's (Poland) application to set aside the Energy Charter Treaty (ECT) award, thereby upholding GreenX's previously announced right to compensation under the ECT.

As previously advised, in October 2024, GreenX was awarded approximately £252 million (A$519 million / PLN 1.2 billion) in compensation and interest in the Australia-Poland Bilateral Investment Treaty (BIT) award after the Tribunal unanimously held that Poland breached its obligations under the BIT and ECT.
At the time, approximately £183 million (A$378 million / PLN 900 million) was awarded pursuant to the ECT (with payments under one award offset against the other).
The Singapore Court has issued a judgment whereby it has rejected, in its entirety, Poland's application to set aside the ECT award.
Additional interest of approximately £17 million (A$34 million / PLN 83 million) has already accrued from when the Award was made in October 2024 to end of December 2025 and will continue to compound annually until full and final payment by Poland.

In January 2025 Poland lodged a request to set-aside the ECT award in the Singapore Court challenging jurisdictional aspects of the ECT award and alleged procedural unfairness in the Tribunal's decision on damages.

GreenX advises that the Singapore Court has now issued a judgment whereby it has rejected, in its entirety, Poland's application to set aside the ECT award.

A redacted judgment has been released by the Singapore Court. The Company intends to bring the judgment to the attention of the English courts as part of the BIT set-aside proceedings. Poland has the right to apply to the Singapore courts to appeal the dismissal of the ECT set-aside motion, however if an appeal is granted, it is expected that such an appeal would be dealt with expeditiously by the relevant Singapore court with Poland then having no further rights of appeal. The threshold to succeed on a set aside motion in either the Singapore or English courts is very high, with the courts rejecting set-aside applications in the vast majority of cases.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.