Quarterly Activities Report March 2026

GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period ending and subsequent to 31 March 2026.

SUMMARY

TANNENBERG COPPER PROJECT (GERMANY)

o The Tannenberg Copper Project (Tannenberg or Project) is a large scale, relatively shallow and potential high-grade copper brownfields exploration project that is strategically located in the heartland of German industry.

o An historical estimate of 728,000 tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper has been identified at the Project (1940 historical estimate).

§ 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained copper and 6.5 million ounces of silver.

o Cautionary statement: The historical estimates in this announcement are not reported in accordance with the JORC Code (2012) (JORC Code). A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code

o Significant ongoing work program: GreenX is progressing with an integrated program at Tannenberg to support future JORC Code reporting, including, continued reprocessing/interpretation of historical datasets, investigations to re-access historical underground workings to conduct in-situ sampling, and advancing plans for drilling to verify historical estimates and prove up extensions to known mineralisation to underpin a future Mineral Resource Estimate.

o During the quarter, GreenX was invited to the European Parliament in Brussels to present the Tannenberg Project to a contingent of Members of the European Parliament and officials representing the EU Critical Raw Materials Committee. The invitation highlights the growing recognition across Europe, and in Germany, of the importance of supporting domestic resource projects, such as Tannenberg, that can contribute to strengthening strategic autonomy and improving the resilience of critical raw materials supply chains.

o The Company notes that Lumina Metals Corp. (Lumina) is completing an initial public offering (IPO) to list on the Toronto Stock Exchange (TSX), with Lumina also seeking admission to the Warsaw Stock Exchange (WSE) in Poland. The IPO was oversubscribed with Lumina raising C$406 million, implying a fully diluted valuation of approximately C$1.4 billion. The IPO was supported by BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Limited, RBC Capital Markets and CIBC World Markets Inc., with participation from North American and European investors (including Polish and German investors). Lumina's projects are Kupferschiefer-type deposits hosted within the same prolific copper belt that extends westward into Germany and hosts GreenX's Tannenberg Project.

ELEONORE NORTH PROJECT (GREENLAND)

o Outcropping gold and high-grade antimony mineralisation now confirmed at the Noa Prospect within the Eleonore North Project (Eleonore North or ELN) in East Greenland.

o High-grade tungsten and antimony mineralisation also identified in historical estimate at the Margeries Prospects within the Eleonore North project:

§ 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries.

§ 58kt of mineralised rock grading at 3.2% W at South Margeries o.

§ 32kt of mineralised rock grading at 1% W at North Margeries.

o Potential to identify large scale deposits in new underexplored province with gold mineralisation associated with quartz veining at surface over a length of up to 15 km

o Field activities initially focusing on the shallow gold and high-grade tungsten and antimony potential are currently being finalised for mid-2026.

o GreenX is finalising the 2026 exploration programme to define and prioritise drill targets, including processing the historical hyperspectral survey and undertaking field mapping/sampling at Noa to ground-truth "reduced intrusion-related gold system" (RIRGS) targets; and at Margeries, collecting bulk samples for W/Sb metallurgical sighter test work, reviewing archived core for re-analysis/metallurgical sampling, and reprocessing historic geophysics/hyperspectral data alongside field mapping to generate drill targets

SINGAPORE COURT DISMISSED POLAND'S SET-ASIDE APPLICATION

o During the quarter, the Singapore International Commercial Court of the Republic of Singapore (Singapore Court) issued a judgment rejecting, in its entirety, Poland's application to set-aside the Energy Charter Treaty (ECT) award.

o Following the Singapore Court's rejection of Poland's ECT set-aside motion, the Company was awarded ~A$1.6 million by the Singapore Court, payable by Poland, fully reimbursing GreenX for all its legal costs claimed in defending Poland's failed ECT set-aside motion. The A$1.6 million has now been paid by Poland in full.

o The Company is currently preparing for enforcement activities of the ECT award following the Singapore Court's rejection of Poland's ECT set-aside motion.

CORPORATE

o During the quarter, the Company successfully completed a placement to raise gross proceeds of approximately A$13.6 million.

o Funds from the placement will be used for exploration and development activities at Tannenberg and at Eleonore North, and for general working capital, including costs in relation to the Company's ongoing set-aside proceedings against Poland.

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

Prior to closure in the 1950's, the Richelsdorf mines produced 416,500 tonnes of copper and 33.7 million ounces of silver from Kupferschiefer type deposits. These historic mines consisted of shallow underground workings originally accessed from surface outcrops.

Figure 1: Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend

(brown shading)

Modern Assays Validate Historical Copper Grades

The Company has previously released assay results from its historical core logging and sampling program at Tannenberg. These results validated historical exploration data from the 1980s and confirmed that mineralisation widths are thicker than those used in the 1940 Historical Estimate (refer to announcements dated 20 October 2025 and 20 November 2025).

The Richelsdorf Mining District has been subject to significant historical drilling, with a 95-hole drilling program completed in the mid-1930s by the National Socialist Government. GreenX discovered the drill database from this program in various German archives (refer to announcement dated 11 September 2025).

Subsequent exploration from the 1970s onwards included copper and oil exploration, with 47 relevant archived cores now available for modern analysis. Of the 47 archived cores in the program, 18 holes have no recorded historical assays, representing targets for potentially new mineralisation discovery. The remaining 29 holes have limited historical assaying, typically focused on a narrow 5m-wide interval across the Kupferschiefer shale, with the true extent of the potential mineralised interval untested.

Historical exploration was constrained by the prevailing geological model, which assumed copper mineralisation was syngenetic and restricted to the thin Kupferschiefer shale. This limitation meant sampling focused on a narrow interval, typically only 5m around the Kupferschiefer horizon, rather than the up to 90m intervals that characterise economic Kupferschiefer deposits in Poland today.

The modern understanding of Kupferschiefer copper systems, as demonstrated by KGHM Polska Miedz (KGHM) operations in Poland, supports GreenX's epigenetic model. KGHM produces over 589,000 tonnes of copper per annum (Source: KGHM Annual Report 2024) from deposits similar to those at Tannenberg, with mineralisation often occurring up to 30m above and 60m below the Kupferschiefer shale horizon. KGHM's operations are located on the same basement architecture as the Tannenberg Project.

Historical Estimate

GreenX has previously identified a historical estimate of 728,000 contained tonnes of copper (1,605 Mlbs) at an average grade of 2.6% copper at Tannenberg from 1940. The 1940 historical estimate was produced by the German company Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG) and is based on the 95-drill hole exploration campaign carried out during the late 1930s (refer to announcement dated 20 October 2025).

1940 Mansfeld Historical Estimate

The 1940 historical estimate was calculated by Mansfeld AG according to the relevant German standards applicable during that time. The 1940 historical estimate is based on 18 holes from the 95-hole database generated during the 1935 to 1938 drilling campaign. The original archive document established 728,000 tonnes of contained copper at an average grade of 2.6% copper between the Wolfsberg and Schnepfenbusch mines in the North and the Ronshausen area in the South (Figure 2). The historical estimate covers mineralisation from a depth of 100m in the North to 400m in the Southern end area near Ronshausen.

It is also noteworthy that the 1940 historical estimate did not include by-product silver mineralisation. The majority of the mineralisation (463,000 tonnes of contained copper) was found to be present in the Ronshausen region, with gradually decreasing amounts to the North, where the historical mining is to be found (refer Table 1 below).

Table 1: Summary of Historical Estimate information from the original 1940 Mansfeld report

Mansfeld AG made specific adjustments as part of the 1940 historical estimate to account for sterilisation. A total of 250,000 tonnes of contained copper was omitted to account for areas where surface features might prevent mining. Mansfeld AG also estimated that a further 23,793 tonnes of contained copper had already been extracted by mining at Wolfsberg and Schnepfenbusch (at a production grade of 2.2% Copper). This amount was then subtracted from the historical estimate, as presented in the original source document (refer Table 1 above).

1984 St Joe's Historical Estimate

Part of the Ronshausen zone of the 1940 historical estimate was drilled by St Joe Exploration during the 1980's, resulting in recognition of the St Joe's historical estimate more than 40 years later. Of the many holes drilled by St Joe, a total of 14 holes were used in the estimate of 169,000 of contained copper and 6.5 million ounces of contained silver. The St Joe's work estimated grades of 2.1 % copper and 25 g/t silver at typical depths between 290 and 370m.

Ongoing Exploration Work Programs at Tannenberg

GreenX continues to advance a coordinated suite of exploration activities at the Project, which includes:

• Accessing historical mine workings to potentially conduct sampling programs;
• Collation of historical geological, mine development, and production data (ongoing); and
• Planning for future drilling to verify the historical estimates and in order to establish a mineral resource estimate in accordance with the JORC Code.

European Parliament Visit

During the quarter, GreenX was invited to the European Parliament in Brussels to present the Tannenberg Project to a contingent of Members of the European Parliament and officials representing the EU Critical Raw Material Committee. The invitation and highlights the growing recognition across Europe, and in Germany, of the importance of supporting domestic resource projects, such as Tannenberg, that can contribute to strengthening strategic autonomy and improving the resilience of critical raw materials supply chains.

Corporate Activity in the European Kupferschiefer Copper Belt

Subsequent to the end quarter, GreenX notes that Lumina is completing an initial public offering (IPO) to list on the TSX, with Lumina also seeking admission to the WSE in Poland. The IPO was oversubscribed with Lumina raising C$406 million, implying a fully diluted valuation of approximately C$1.4 billion. The IPO was supported by BMO Capital Markets, National Bank Financial Inc., Morgan Stanley Canada Limited, RBC Capital Markets and CIBC World Markets Inc., with participation from North American and European investors (including Polish and German investors).

The IPO is scheduled to close on 30 April 2026, with Lumina's shares expected to commence trading on the TSX shortly thereafter. Lumina's proposed admission to the WSE remains subject to approval of its Polish prospectus by the Polish regulator, with timing to be determined.

Lumina is advancing three sediment-hosted copper-silver projects in south-western Poland - Nowa Sól, Sulmierzyce and Mozów - which Lumina describes as collectively representing one of the most significant copper-silver discoveries in Europe in recent decades. Most notably, the Lumina projects are Kupferschiefer-type deposits hosted within the same prolific Mid-European Zechstein copper belt that extends westward into Germany and hosts GreenX's Tannenberg Project. The scale of the Lumina IPO, and the breadth of institutional interest behind it, underscores growing investor appetite for European Kupferschiefer copper exposure and highlights the strategic relevance of advancing a large-scale copper project such as Tannenberg within the same geological province.

Eleonore North Project

Eleonore North is located in East Greenland on Ymer Island and the Strindbergland Peninsula, where two licences covering approximately 1,221 km² are prospective for gold, antimony, copper and tungsten. The project comprises MEL 2023-39, which hosts the Noa Prospect targeting a potentially large-scale bulk tonnage gold/antimony system with the potential to host a RIRGS; and MEL 2018-19, which hosts the Margeries Prospects, where high-grade tungsten and antimony mineralisation has been identified as historical estimates.

Figure 3: Overview of gold and critical metal prospects within Eleonore North.

Noa Prospect - potentially large-scale bulk tonnage gold/antimony

The Noa Prospect is located within the ELN Project on exploration licence MEL 2023-39 and has the potential to host a RIRGS, analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.

• Gold and antimony mineralisation documented at the high-priority Noa Prospect within Eleonore North
• Geophysical "bullseye" anomaly 6 km wide co-incident with elevated gold and antimony mineralisation from historical geochemical sampling1
• Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km
• Historical individual specimens grading up to 23% antimony (Sb), and other samples up to 4g/t gold (Au)

o 14 m long chip sample grading 7.2% Sb and 0.53g/t Au

o 40 m chip line with a length weighed average of 0.78g/t Au

• Antimony mineralisation has been identified along a ~4km trend in veins and structures, that broadly aligns with previously identified gold veining at surface within a 15 km trend

Eleonore North hosts antimony and gold-bearing veins in an area sitting above a geophysical anomaly at Noa interpreted to be a pluton. A passive seismic survey in 2023 showed evidence for multiple blind intrusions rising to just beneath the surface, and processing of results in 3D identified 1-2 km wide elongated plutons, which are priority targets.

Margeries Prospects - high grade tungsten and antimony Historical Estimate

The Margeries Prospects are also located within the ELN Project on the exploration licence MEL 2018-19 where high-grade tungsten and antimony mineralisation has been identified as historical estimates:

• 83 kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
• 58.1 kt of mineralised rock grading 3.2% W at South Margeries
• 32 kt of mineralised rock grading 1% W at North Margeries

Over 2,000 m of historical drilling has been completed, with core still available in Greenland, together with scoping-level metallurgical test work on tungsten. GreenX will revisit and re-analyse the historical drilling and metallurgical data with an aim to report in accordance with the JORC Code.

Cautionary statement: The Historical Estimate referred to above are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Historical Estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the Historical Estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.

Next steps for Eleonore North (2026 programme planning)

GreenX is finalising the ELN exploration programme for 2026 to further define and prioritise potential drill targets, including:

Noa Prospect:

• Process the historical hyperspectral survey
• Field mapping and sampling to ground-truth RIRGS targets and identify drill targets

Margeries Prospects:

• Collect bulk sample material for both tungsten and antimony metallurgical sighter test work

Antimony and Tungsten Market

The commodity backdrop has also strengthened materially: antimony prices have been on a rapid uptrend since China announced antimony export controls in September 2024, with U.S. prices rising from US$18,300/t to over US$60,000/t in 2025, and have currently settled at US$48,000/t. Since then, China has suspended the controls, however, has implemented a licencing regime which keeps the prices elevated, albite at lower levels.

The tungsten market backdrop has shifted materially over the past twelve months. Following China's tightening of tungsten export controls in late 2024 and early 2025, Chinese ammonium paratungstate (APT) exports fell to near-zero by late 2025, driving APT benchmark prices from their long-term average of approximately US$300/mtu to record highs above US$3,000/mtu by late March 2026 - a more than tenfold increase. With China controlling over 80% of global tungsten production and an even higher share of APT processing, both the European Union and the United States have designated tungsten a critical mineral, and Western buyers across defence, aerospace and tooling sectors are actively seeking non-Chinese supply. This backdrop materially enhances the strategic value of advancing a tungsten-bearing project in a stable European jurisdiction.

SINGAPORE COURT DISMISSED POLAND'S SET ASIDE APPLICATION

During the quarter, the Company announced that the Singapore Court rejected, in its entirety, Poland's application to set aside the 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 a Tribunal had unanimously held that Poland breached its obligations under the BIT and ECT.

At the time of the award, approximately £183 million (A$378 million / PLN 900 million) was awarded pursuant to the ECT (with payments under one award offset against the other).

During the quarter, the Singapore Court issued a judgment rejecting, in its entirety, Poland's application to set aside the ECT award.

A redacted judgment has been released by the Singapore Court and the Company intends to bring the judgment to the attention of the English courts as part of the BIT set-aside proceedings.

In February 2026, GreenX submitted a request to the Singapore Court to order Poland to reimburse it for its costs claimed in defending its rights in the set-aside proceedings, which amounted to A$1.6 million.

Following this request, the Singapore Court issued an order requiring Poland to pay the A$1.6 million, which has now been paid in full.

Poland has applied to the Court of Appeal of the Republic of Singapore (Court of Appeal) to challenge the rejection of the first ECT set-aside motion. This appeal is being heard in September 2026 by the Court of Appeal, following which Poland will have no further rights of appeal within the Singapore courts. 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.

CORPORATE

During the quarter, the Company completed a placement to raise gross proceeds of approximately A$13.6 million.

The net proceeds from the placement are being used for exploration and development activities at Tannenberg and Eleonore North, and general working capital, including costs in relation to the Company's ongoing arbitration and set-aside proceedings against Poland.

APPENDIX 1: TENEMENT INFORMATION

As at 31 March 2026, the Company has an interest in the following tenements:

Notes:

1 Given the prospectivity and focus on Tannenberg in Germany and at Eleonore North, and following a review of its portfolio of projects and the most efficient and effective use of the Company's resources, GreenX has agreed to wind up the ARC joint venture. The Company is currently in the process of relinquishing the ARC exploration licence held in Greenland and winding up the joint venture entity which is expected to be completed in the second half of 2026.

Appendix 2: Related Party Payments

During the quarter ended 31 March 2026, the Company made payments of A$225,000 to related parties and their associates. These payments relate to existing remuneration arrangements (director fees, consulting fees and superannuation of A$142,000 and for the provision of administrative, secretarial and corporate services of A$83,000).

Appendix 3: Exploration and Mining Expenditure

During the quarter ended 31 March 2026, 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$17.8 million with the movement of the A$ 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$16.2 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.

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 2026

Authorised by: Company Secretary

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

Notes