GreenX locks in 90% of Germany’s Tannenberg copper play – here’s what just changed
GreenX Metals has completed its option to acquire 90% of Group 11 Exploration GmbH, the holder of the Tannenberg exploration licences in Germany. Since signing the original joint venture and earn-in, the licence area has ballooned seven-fold to about 1,900 km², now split across the Tannenberg 1 and Tannenberg 2 licences.
The company is pitching Tannenberg as a large, district-scale copper opportunity in a low sovereign risk jurisdiction, and it is hard to argue with the timing. Copper has been elevated to Strategic Raw Material status under the EU Critical Raw Materials Act, and Germany is visibly deploying capital to secure domestic supply.
Why this acquisition matters for investors
Three things stand out. First, scale: 1,900 km² is a serious land position in a historically productive region. Second, data: GreenX has surfaced extensive historical drilling and estimates, and is validating them with modern assays. Third, policy tailwinds: Brussels and Berlin are actively backing critical mineral projects with accelerated permitting and funding initiatives.
In short, GreenX has moved from optionholder to project owner-operator with momentum, in a place where copper projects are now getting policy and, increasingly, financial support.
Key numbers at a glance
| Item | Detail |
|---|---|
| Ownership | 90% of Group 11 Exploration GmbH |
| Licence area | ~1,900 km² (Tannenberg 1 extended; Tannenberg 2 at 1,628 km², valid 3 years and extendable) |
| Consideration | A$3,000,000 in GreenX shares (3,487,147 Shares based on 10-day VWAP) |
| Vendor position | 10% free carried to feasibility study; option to swap for 0.5% Net Smelter Royalty |
| Milestone payment | 5 million Shares if a Scoping Study is announced within 5 years from 1 August 2024 |
| 1940 historical estimate | 728,000 tonnes contained copper (1,605 Mlbs) at 2.6% Cu across four zones |
| 1984 historical estimate | 169,000 tonnes contained copper at 2.1% Cu plus 6.5 Moz silver at 25 g/t Ag |
| Modern assay highlights | 1.5 m at 2.7% Cu and 55 g/t Ag (Ro23); 3.7 m at 1.2% Cu and 17 g/t Ag (Ro15); widths 1.0–3.7 m |
What the rocks and the records are saying
GreenX has uncovered original project archives, including a 1935-1938 National Socialist Government drilling campaign. The 1940 historical estimate outlined 728,000 tonnes of contained copper at an average 2.6% Cu across Ronshausen, Hönebach, Wolfsberg and Schnepfenbusch. That work focussed on the thin Kupferschiefer horizon – a copper-bearing shale layer – and did not include by-products.
Later, St Joe Exploration GmbH did limited drilling in 1980-1984, concentrating on 28% of Ronshausen and adding silver into the mix. They reported consistent grades of 2.1% copper plus 25 g/t silver, equating to 169,000 tonnes contained copper and 6.5 million ounces of silver, and noted mineralisation up to 3.45 m thick straddling rocks above and below the Kupferschiefer.
Fast forward to 2025, and GreenX has begun bringing those records into the modern era. Re-logging and re-assaying 1980s core is delivering encouraging widths of 1.0-3.7 m, including 1.5 m at 2.7% Cu and 55 g/t Ag, and 3.7 m at 1.2% Cu and 17 g/t Ag. The team’s working hypothesis is that mineralisation extends well beyond the shale, consistent with operations in Poland where copper occurs up to 30 m above and 60 m below the Kupferschiefer.
Important caveat: all historical estimates are not reported in accordance with the JORC Code (2012). A competent person has not done sufficient work to classify these as mineral resources or ore reserves. Treat them as a guide, not a bankable inventory.
Policy tailwinds: the EU and Germany want domestic copper
The regulatory backdrop is as supportive as it has been in years. The EU Critical Raw Materials Act is now fully in force, formally designating copper as a Strategic Raw Material and setting 2030 targets for domestic extraction, refining and recycling. In 2025, that moved from rhetoric to action, with copper projects eligible for streamlined approvals and preferential funding under the RESourceEU Action Plan.
Germany is deploying its €1 billion Raw Materials Fund through KfW, committing €150 million to Vulcan Energy in December 2025, alongside €250 million from the European Investment Bank and €204 million in government grants. This demonstrates that strategic projects can attract direct state-backed financing.
Meanwhile, industry demand is real. Germany’s automotive, engineering, electrical and chemical sectors – more than 25% of GDP – are electrifying and digitalising, which points to rising copper intensity. Exploration is also heating up nearby, with Anglo American active at Löwenstern and Leine-Kupfer.
Work programme and near-term catalysts
- Ongoing re-logging, assaying and hyperspectral scanning of historical core to upgrade data quality.
- Reprocessing and analysis of historical geophysics to refine targets across the 1,900 km² licence package.
- Collation and digitisation of historical geology, mine and production data.
- Twin drilling to verify historical results and underpin a maiden mineral resource estimate under the JORC Code.
In plain English: expect a steady flow of assays and technical updates as GreenX works towards a modern resource definition. A Scoping Study – an early-stage technical and economic assessment – within five years of 1 August 2024 would also trigger an issue of 5 million Shares to the vendor.
Deal terms and structure: neat, aligned, and with options
GreenX settled the acquisition by issuing A$3,000,000 in value of shares (3,487,147 Shares). The vendor’s residual 10% is free carried to completion and announcement of a feasibility study, which limits near-term funding friction at the project level. There are standard drag-along and tag-along rights, plus an Area of Influence provision to cover the expanded footprint.
Notably, the vendor can swap its 10% for a 0.5% Net Smelter Royalty – a revenue-based royalty on metal sales – which could simplify ownership if exercised. That optionality, combined with the Scoping Study share milestone, aligns incentives for progress.
My take: a big land grab with credible geology, but still early
Positives: the scale-up to 1,900 km², validation from modern assays, and the policy wind at GreenX’s back all point to a well-timed acquisition. The project sits in an established mining region with nearby operations and infrastructure, which could shorten development pathways if the geology stacks up.
Watchouts: the headline copper tonnages are historical and non-JORC. The current results are from re-assayed historical core, not fresh drilling across the district, and the real test will be twin drilling and new discovery holes. Timelines can slip, even with supportive policy, and the step from historical estimates to a compliant resource is non-trivial.
What to watch next
- Further assay batches from the 1980s core rework and any confirmation of thicker mineralised intervals.
- Start of twin drilling and first modern drill results – a key de-risking moment.
- Any move towards a maiden JORC resource and early Scoping Study milestones.
- Signals of government or EU designation support specific to Tannenberg, given the CRMA framework.
Bottom line
GreenX has converted its option into ownership at Tannenberg, assembling a district-scale copper position in Germany just as Europe prioritises domestic supply. The historical dataset is extensive and the initial modern assays are supportive, but the value unlock hinges on fresh drilling and a compliant resource. For investors, this is an early-stage, high-optionalitiy copper exploration story with macro tailwinds and a clean deal structure – one to watch as the rigs turn.
