GreenX Reports Key Arbitration Win and High-Grade Copper Validation at Tannenberg

Arbitration win leaves Poland with fewer options – and interest is ticking up

GreenX Metals has cleared a major legal hurdle. The Singapore International Commercial Court has rejected, in full, Poland’s bid to set aside the Energy Charter Treaty (ECT) award. That upholds GreenX’s right to compensation under the award made in October 2024.

Here’s what has actually been confirmed:

• Total compensation awarded in October 2024 was approximately £252 million across the BIT and ECT cases, with about £183 million under the ECT component.
• Additional interest of approximately £17 million accrued from October 2024 to 31 December 2025 and will continue to compound until full payment.
• Singapore has also awarded A$1.6 million in legal costs to GreenX for the failed set-aside motion.
• Poland has appealed the Singapore decision in February 2026, but the company expects this to be dealt with expeditiously; GreenX is preparing enforcement actions.

Opinion: This is a clear positive. Set-asides are hard to win, and Poland didn’t. An appeal remains, and the UK set-aside process on the BIT side is still running, so timelines to cash are uncertain. However, the compounding interest strengthens GreenX’s hand the longer this drags on.

Tannenberg copper story gets thicker – modern assays validate and extend

At the Tannenberg Copper Project in Germany, GreenX has both scale and validation signals. Historical work from 1940 compiled a historical estimate (not JORC-compliant) of 728,000 tonnes contained copper at an average grade of 2.6% copper. That estimate only captured the thin Kupferschiefer shale horizon, ignoring the broader system.

Modern re-assays of archived core now show thicker mineralised widths than assumed in 1940, with copper and silver into both the sandstone footwall and limestone hanging wall:

• Ro 23: 1.5 m at 2.7% copper and 55 g/t silver
• Ro 25: 1.0 m at 2.0% copper and 41 g/t silver
• Ro 15: 3.7 m at 1.2% copper and 17 g/t silver
• Ro 45: 2.4 m at 1.4% copper and 18 g/t silver
• Ro 17: 1.3 m at 1.2% copper and 24 g/t silver
• Ro 38: 1.8 m at 0.7% copper and 15 g/t silver

Separately, St Joe Exploration’s 1980s work (also historical, not JORC) over part of Ronshausen estimated 169,000 tonnes contained copper at 2.1% copper plus 25 g/t silver (6.5 million ounces silver), with mineralised widths up to 3.45 m. That covered only 28% of the Ronshausen zone.

Why it matters: Kupferschiefer deposits can host most of their mineable copper outside the paper-thin shale. The modern intercepts support GreenX’s epigenetic model and point to resource upside. The project area has also expanded roughly seven-fold since 2024 to around 1,900 km2, and it sits in the industrial core of Germany where copper is a strategic EU raw material.

Important caveat: All Tannenberg tonnages and grades cited above are historical estimates or early assay datasets and are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify them as mineral resources or ore reserves. GreenX plans 2026 work including further data reprocessing and drilling to underpin future JORC reporting.

Quick primer: what’s Kupferschiefer?

Kupferschiefer is a sediment-hosted copper system common in Germany and Poland. Older work assumed copper sat only in a thin shale; modern mining shows significant copper can occur up to tens of metres above and below that layer. That’s the upside GreenX is chasing at Tannenberg.

Greenland optionality: gold, antimony and tungsten at Eleonore North

In East Greenland, Eleonore North offers a second leg. At the Noa prospect, outcropping gold and high-grade antimony have been documented, with a geophysical “bullseye” anomaly about 6 km wide. The geological concept is a RIRGS – a reduced intrusion-related gold system – a bulk-tonnage style seen in places like Canada.

At the Margeries prospects, historical estimates (not JORC) highlight critical metals:

• North Margeries: 83 kt at 4.6% antimony (Sb)
• South Margeries: 58.1 kt at 3.2% tungsten (W)
• North Margeries: 32 kt at 1% tungsten (W)

Planned 2026 work includes hyperspectral processing, field mapping and sampling at Noa to define drill targets, plus bulk samples and review of archived core for tungsten/antimony test work at Margeries. Again, these are historical numbers and not JORC resources.

Financial health check: loss driven by ARC impairment and legal spend

For the half-year to 31 December 2025, GreenX posted a net loss of A$8.2 million (2024: A$2.1 million). The main swing factor was a non-cash A$4.4 million impairment as it winds up the Arctic Rift Copper joint venture and prepares to relinquish the licence. Arbitration-related expenses were A$1.0 million, while exploration and evaluation expenses were A$0.8 million.

Cash at 31 December 2025 was A$2.2 million. After period end, GreenX raised approximately A$13.6 million via a placement, taking cash reserves to about A$14.6 million. Net assets at period end were A$6.8 million.

Key numbers	Figure
Net loss (H1 FY26)	A$8.2 million
ARC impairment	A$4.4 million
Arbitration expenses	A$1.0 million
Cash at 31 Dec 2025	A$2.2 million
Post-period placement	A$13.6 million
Estimated cash post-raise	~A$14.6 million
ECT/BIT award (Oct 2024)	~£252 million total
Interest accrued to Dec 2025	~£17 million

Award proceeds aren’t on the balance sheet yet

GreenX has not recognised the award as an asset due to ongoing set-aside and appeal processes, so it remains a contingent asset. Note that litigation funding isn’t free: upon recovery, GreenX must repay US$11.3 million to its funder, pay a five-times multiple on that amount, and interest at 30% per annum (from 1 January 2025, compounding monthly). In addition, 6% of the balance is due to key management and 3% to key legal advisers, as previously approved. That’s a chunky take, but it comes with the territory of non-recourse funding.

Strategy, risks and my take

Why this update is positive

• Legal momentum: A full rejection of Poland’s ECT set-aside strengthens enforceability and keeps interest compounding.
• Technical validation: Modern assays confirm copper-silver grades and thicker zones, supporting a larger system than the 1940 narrow-shale view.
• Scale and position: A licence area of about 1,900 km2 in central Germany near existing mining infrastructure is strategically attractive.
• Fresh capital: The A$13.6 million raise provides working room for 2026 exploration and legal processes.

What keeps me cautious

• No JORC resource yet: All Tannenberg tonnages are historical estimates. The step to a reportable Mineral Resource requires drilling verification.
• Legal timing and leakage: Appeals and enforcement can take time, and the litigation funding waterfall will materially reduce net recoveries.
• Cost base and dilution risk: Ongoing arbitration and exploration need cash; further raises are possible if the award isn’t monetised promptly.
• Greenland execution: ELN is remote and seasonal; while the upside is real, logistics and weather are not trivial.

What to watch next in 2026

• Tannenberg workplan: continued reprocessing of historical data, hyperspectral scanning and the move to verification drilling to underpin a future JORC Mineral Resource.
• Eleonore North field season: mapping and sampling at Noa, plus bulk metallurgical samples and core review at Margeries to frame drill targets.
• Legal milestones: outcome of Poland’s Singapore appeal on the ECT award and progress in the English courts on the BIT set-aside; any enforcement actions.
• Cash cadence: deployment of the A$13.6 million placement and any signals on additional funding needs.

Bottom line

This read-across is encouraging: GreenX has de-risked the legal pathway on the ECT award and strengthened the geological case at Tannenberg with thicker, grade-bearing intercepts. The company has topped up its cash, exited a lower-priority Greenland copper JV, and sharpened focus on copper in Germany plus gold/critical metals in Greenland.

The prize is large, but still contingent. For investors, this is a classic catalyst set-up: drill verification at Tannenberg and enforcement progress on the award. If GreenX can convert historical potential into JORC resources while pushing the award towards cash, the equity story could re-rate. Until then, expect volatility and keep an eye on the pace of both the drill-bit and the courts.