GreenX Metals (GRX) Q1 2026 TU earnings summary

Executive summary

• Announced historical copper estimate of 728,000 tonnes at 2.6% Cu at Tannenberg, Germany, based on 1930s-1940s drilling and validated by 1980s work, with significant exploration upside identified.

• Ongoing exploration at Tannenberg includes relogging 47 core holes, digitising historical data, and planning a twin drilling campaign to establish a JORC-compliant resource.

• Greenland projects advanced, with high-grade antimony-gold mineralisation confirmed at Eleonore North and continued evaluation of the Arctic Rift Copper Project.

• Successful arbitration outcome against the Polish government, awarding over £252 million (A$519 million) in compensation, though subject to set-aside motions in courts.

Financial highlights

• Net cash outflow from operating activities for the quarter was A$2.69 million, mainly due to legal expenses and staff costs.

• Exploration expenditure totaled A$373,000 for the quarter, with A$332,000 in Germany and A$41,000 in Greenland.

• Cash and cash equivalents at quarter end were A$3.75 million, down from A$6.83 million at the start of the quarter.

• No mining or production revenue was generated during the quarter.

Outlook and guidance

• Legal costs are expected to decrease following the completion of the ECT set-aside hearing, with no date specified for a decision.

• Ongoing operations depend on raising additional financing; management is confident in securing further funding as needed.

• Exploration focus will remain on Tannenberg and Greenland projects, with further drilling and data analysis planned.