GreenX Metals (GRX) H2 2024 earnings summary

Executive summary

• Acquired rights to the Tannenberg Copper Project in Germany (up to 90% interest) and revised agreement to acquire 100% of Eleonore North Gold Project in Greenland.

• Continued exploration at Arctic Rift Copper Project (ARC) in Greenland, now holding a 51% interest after meeting the first earn-in milestone.

• Ongoing international arbitration against the Republic of Poland, with claims up to £737 million related to blocked projects.

• Cash balance at 30 June 2024 was A$7.1 million, supporting further exploration.

Financial highlights

• Net loss for the year ended 30 June 2024 was $4.55 million, compared to $3.52 million in 2023.

• Revenue increased to $451,134 (2023: $313,149), mainly from interest income.

• Arbitration finance facility income dropped to $413,728 from $4.85 million in 2023.

• Exploration and evaluation expenses rose to $1.09 million (2023: $0.51 million).

• Cash and cash equivalents at year-end were $7.17 million (2023: $8.67 million).

Outlook and guidance

• Focus on completing the Tannenberg work program to extend the exploration license.

• Continue enforcing rights in the Poland arbitration and exploring new business opportunities.

• Ongoing exploration in Greenland, with further fieldwork planned at Eleonore North and ARC.