GreenX Metals (GRX) H1 2026 earnings summary

Executive summary

• Completed acquisition of 90% of Group 11, securing the Tannenberg Copper Project in Germany, expanding the project area seven-fold to 1,900 km².

• Modern assays validated historical copper grades and revealed thicker mineralisation than previously estimated, indicating significant resource upside.

• Advanced exploration at Eleonore North in Greenland, confirming high-grade gold, antimony, and tungsten mineralisation with large-scale potential.

• Singapore Court dismissed Poland's application to set aside the ECT arbitration award, upholding a compensation right of £252 million plus interest.

• Raised A$13.6 million in a placement to fund exploration, development, and ongoing arbitration costs.

Financial highlights

• Net loss for the half-year ended 31 December 2025 was $8.2 million, compared to $2.1 million for the same period in 2024.

• Major loss drivers: $4.4 million impairment of the ARC project, $1.0 million arbitration expenses, $0.8 million exploration expenses, and $0.6 million non-cash share-based payments.

• Net assets decreased to $6.8 million from $14.3 million at 30 June 2025, mainly due to ARC impairment and arbitration costs.

• Cash reserves post-placement were approximately $14.6 million.

Outlook and guidance

• Focus on defending and enforcing the ECT award against Poland and continuing exploration at Tannenberg and Eleonore North.

• 2026 work programs include drilling, geophysical reprocessing, and metallurgical testing to advance both projects toward JORC-compliant resource estimates.

• Ongoing assessment of new resource sector opportunities.