HIGHLIGHTS
- Outcropping gold and high-grade antimony mineralisation now confirmed at the Noa Prospect within the Eleonore North Project in East Greenland
- High-grade tungsten and antimony mineralisation also identified in Historical Estimate at the Margeries Prospects within the Eleonore North Project:
- 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
- 58kt of mineralised rock grading at 3.2% W at South Margeries
- 32kt of mineralised rock grading at 1% W at North Margeries
- Potential to identify large scale deposits in new underexplored province with gold mineralisation associated with quartz veining at surface over a length of up to 15 km
- Field activities initially focusing on the shallow gold and high-grade tungsten and antimony potential are currently being finalised for 2026
- GreenX will issue the deferred consideration (A$1 million in value of GreenX shares, escrowed for 12 months) in due course for the Eleonore North Project to retain a 100% interest in the Project
- Cautionary statement: The Historical Estimates in this announcement are not reported in accordance with the JORC Code (2012) (JORC Code). A competent person has not done sufficient work to classify the Historical Estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the Historical Estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
24 NOVEMBER 2025. GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or Company) is pleased to announce that following an extensive analysis of new and existing exploration data for the Eleonore North Project (ELN or Eleonore North) in Greenland since July 2024, GreenX now intends to issue the deferred consideration for the Eleonore North Project, being A$1 million in value of GreenX shares (escrowed for 12 months), and thereby GreenX retaining a 100% interest in the Project.
GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “We have been able to identify a number of potentially high value gold, tungsten and antimony targets at Eleonore North, which warrant further exploration. Tungsten and antimony are listed as critical minerals for the European Union and the U.S., and with gold at record prices, we are providing shareholders with exposure to a large and underexplored region for highly sought after minerals.
Over the coming months we will finalise the Eleonore North Project exploration programme for 2026, to further define and prioritise potential drill targets.”
Figure 1: Overview of gold and critical metal prospects within Eleonore North.
NOA PROSPECT– POTENTIALLY LARGE-SCALE BULK TONNAGE GOLD/ANTIMONY
The Noa Prospect is located within the ELN Project on exploration licence MEL 2023-39 and has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
- Gold and antimony mineralisation documented at the high-priority Noa Prospect within Eleonore North2
- Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold and antimony mineralisation from historical geochemical sampling2
- Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km1.
- Historical individual specimens grading up to 23% antimony (Sb), and other samples up to 4g/t gold (Au)[i]
- Previously reported historical data confirmed the presence of gold and high-grade antimony in outcropping veins at ELN including:
- 14 m long chip sample grading 7.2% Sb and 0.53g/t Au[ii]
- 40 m chip line with a length weighed average of 0.78g/t Au2
- Antimony mineralisation has been identified along a ~4km trend in veins and structures, that broadly aligns with previously identified gold veining at surface within a 15 km trend1.
Eleonore North hosts antimony- and gold-bearing veins in an area sitting above a geophysical anomaly at Noa interpreted to be a pluton (Figure 2). A passive seismic survey in 2023 showed evidence for multiple blind intrusions rising to just beneath the surface[iii]. Geological features such as the metal association and mineralisation style provide additional evidence for a RIRGS being active at the Noa prospect.
Figure 2: Historical results show evidence for high-grade antimony and gold mineralisation above the interpreted pluton at Noa.
Previous exploration was focused on orogenic gold mineralisation meaning that RIRGS targets have been overlooked. GreenX believes that the antimony-gold mineralisation above the pluton at Noa could be analogous to Perpetua Resources’ Stibnite Gold Project in Idaho, USA. There, RIRGS and orogenic gold mineralisation styles overprint each other.
During the 2023 field season, a passive seismic survey was undertaken above the pluton at Noa within ELN. Processing the results in 3D identified multiple blind plutons within the survey area. These 1 to 2 km-wide elongated plutons make ideal hosts for RIRGS mineralisation and are priority targets.
MARGERIES PROSPECTS - HIGH GRADE TUNGSTEN & ANTIMONY HISTORICAL ESTIMATE
The Margeries Prospects also are located within the ELN Project on exploration licence MEL 2018-19, where high-grade tungsten mineralisation and antimony mineralisation has been identified as follows, as historical estimates:
- 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
- 58.1kt of mineralised rock grading at 3.2% W at South Margeries
- 32kt of mineralised rock grading at 1% W at North Margeries
- Cautionary statement: The Historical Estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Historical Estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the Historical Estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
- Over 2,000m of historical drilling completed with core still available in Greenland, as well as sighter metallurgical test work on the tungsten, both of which will be revisited and re-analysed by the Company’s geologists to aim to conform with JORC requirements
- Both tungsten and antimony are on the USA and EU critical raw materials list, both experiencing dramatic price increases over the last year due to Chinese restriction of exports with both commodities critical to defence and the energy transition
- The mineralisation is hosted within a >10 km strike length underexplored sulphide bearing hydrothermal vein system and east to west fault systems
Figure 3: Location map for the Margeries Prospects within MEL 2018-19.
Both the North and South Margeries targets host Historical Estimates including tungsten (W). North Margeries additionally includes an antimony (Sb) Historical Estimate. North and South Margeries are both within 10 km of fjords allowing ready shipping access. The region is mountainous with locally ice-covered plateaus and deep U-shaped valleys.
Previous Tungsten-Antimony Exploration
The first commercial exploration in the area was carried out by Nordisk Mineselskab A/S (Nordisk) who began their initial investigations in the western part of Ymer Island in the 1950s. Nordisk was dissolved in 1991 and the permit covering the North and South Margeries prospects was taken over by NunaOil A/S (NunaOil) in 1992. NunaOil later became (NunaMinerals). NunaMinerals held the licence until 2016 when the company went into liquidation.
Based on the historical data that the Company has now reviewed, exploration work by Nordisk began on Ymer Island in the 1950s after galena-bearing veins had been identified in the Noa area (Harpøth, 1986). Pan samples collected in streams of western Ymer Island in the 1970s led to the discovery of North Margeries and South Margeries.
These targets were drilled in 1981 and 1983 by Nordisk with a total of 35 holes for 2,240m. Shallower holes were drilled in 1981 using a diamond drill rig, while in 1983 deeper, percussion holes were drilled. In 1992, NunaOil took 137 stream samples. Between 2008 and 2014, NunaMinerals flew heliborne magnetics and electromagnetics surveys over Noa and Margeries valleys. The Company will revisit and re-analyse the historic drilling data with an aim to report it in accordance with the JORC Code.
Historic Metallurgical Test Work
Scoping level metallurgical test work by SGS Mineral Services UK in 2012 on a bulk sample from South Margeries has been obtained by the Company.
GreenX’s technical team will continue to review and verify the historical metallurgical test work, whilst assessing the opportunity to take samples from historic core for modern day mineralogical analysis and to obtain additional bulk samples for both tungsten and antimony metallurgical sighter test work, with an aim to be reported in accordance with the JORC Code.
Historical Estimate
In 1984, a Historical Estimate was prepared by Nordisk for North and South Margeries using the data collected during the drilling programs of 1981 and 1983.
At South Margeries, the mean value of the Historical Estimate is 58.1kt of mineralised rock grading at 3.2% W. At North Margeries, the Historical Estimate is 83kt of antimony-mineralised rock with a mean grade of 4.6% Sb and 32kt of tungsten-mineralised rock grading at 1% W.
The Historical Estimates were calculated by Nordisk using the original data collected by the same company.
No modern resource estimation compliant with current industry reporting codes such as JORC has been undertaken in the project area.
Cautionary statement: The Historical Estimates in this announcement are not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the Historical Estimate as a mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the Historical Estimate will be able to be reported as a mineral resources or ore reserves in accordance with the JORC Code.
Figure 4: Geological map for the South Margeries target within MEL 2018-19. The mineralisation is open to the east and dips to the north.
Figure 5: Geological map for the North Margeries target within MEL 2018-19. The mineralisation is open along strike and dips to the north.
Critical Raw Materials
Both tungsten and antimony are on the USA and EU critical raw materials lists, with both recently experiencing dramatic supply constraints due to China announcing restriction of exports between late 2023 and February 2025, with both commodities being critical to defence, the energy transition and other industries.
ANTIMONY: Global strategic interest in antimony has significantly increased over the last 18 months due to several factors:
- China controls ~50% of global antimony mining, most downstream processing and 32% of global resources according to the Lowy Institute.
- China's previously announced export ban on antimony has caused market disruption.
- Antimony is a crucial material in the defence supply chain, used in various military applications including ammunition, flame retardants, and smart weaponry.
- Antimony is essential in renewable energy technologies including more-energy-efficient solar panel glass containing and in preventing thermal runaway in batteries.
The antimony price has now climbed to US$60,000/t from historical prices of ~US$5,000 - 10,000/t. The strategic importance of antimony is such that during 2025 the US government has facilitated development of an investment in US antimony assets. In September 2025, the DLA awarded U.S. Antimony Corp an exclusive, sole-source contract for up to US$245 million to supply antimony metal ingots for the national defence stockpile.
In January 2025, the US government issued final permitting for Perpetua Resources' Stibnite gold/ antimony project in Idaho. The Pentagon has committed nearly US$60 million to the project through the Defence Production Act. In October 2025 JPMorgan Chase (JP Morgan) announced that it will invest $75 million of its own funds for a ~3% stake in Perpetua from its recently announced $1.5 trillion investment fund for U.S. national security, a move underscoring the Perpetua’s key role in producing a metal which is used to make bullets and other weaponry.
TUNGSTEN: Global strategic interest in tungsten significantly increased in February 2025 when China announced sweeping export controls targeting tungsten and four other metals used across defence, clean energy and other industries. China’s export controls were announced minutes after an additional 10% tariff on Chinese goods imposed by U.S. President Donald Trump came into effect.
About 90% of global tungsten comes from Russia, China and North Korea, with China alone accounting for about 80 per cent of the world’s tungsten output. The US has not had domestic tungsten production since 2015.
Geology
The Project is centred around the >10 km thick, unmetamorphosed Late Precambrian Eleonore Bay Group (EBG) sedimentary package. Replacement type tungsten-antimony-gold mineralisation is hosted within wide sulphide-bearing hydrothermal veins and east to west fault systems (>10 km in length) which cuts sandstones, siltstones and shales of the Quartzitic Series of the EBG at Noa. The multicoloured series of the EBG (limestone, dolomite and dolomitic shale) hosts separate, high grade lenses of scheelite (tungsten) and stibnite (antimony) mineralisation at South Margeries and North Margeries, respectively.
The tungsten and antimony mineralisation in the Margeries Prospects occurs in silicified lensoid breccia zones in the central portions of graben like fault structures associated with E-W faults. The very high grades of tungsten and antimony and their restriction to discrete strata within the EBG is inferred to result from chemical traps offered by the availability of calcium within limestones and dolomites (scheelite mineralisation) and similarly the high concentrations of sulphur within the dolomite-shales (stibnite mineralisation). The vertical expression of the hydrothermally zoned mineralised system is upwards of 1,500 metres.
Exploration Potential
In 2008, NunaMinerals commissioned SkyTEM to conduct a helicopter-borne combined time domain electromagnetic (EM) and magnetic geophysical survey, comprising of 2,250 line kilometres. This resulted in the delineation of several significant geophysical targets within the area, many of which may correspond to known geochemical sediment anomalies. Hyperspectral surveying by NunaMinerals could potentially identify a unique spectral signature occurring with the structures hosting further mineralisation. This could be an important dataset for delineating the strike continuity of existing targets and the potential identification of additional mineralisation within the region (although no forecast is made of whether that may occur).
GreenX has acquired the historical hyperspectral data from the Danish and Greenlandic Geological Survey (GEUS) in Copenhagen and will appoint a geophysics contractor to process the data.
Drill core from the Historical Estimate at the Margeries Prospects exists in government archives and is available for inspection and sampling.
NEXT STEPS FOR THE ELEONORE NORTH PROJECT
Noa Prospect:
- Process the historical hyperspectral survey;
- Field mapping and sampling to ground-truth RIRGS targets and identify drill targets.
Margeries Prospects:
- Collect bulk sample material for both tungsten and antimony metallurgical sighter test work;
- Inspect the archive core with a view to obtaining samples for re-analysis and metallurgical sighter test work.
- Reprocessing of historic geophysics / hyperspectral data and field mapping to identify drill targets.
ELN COMMERCIAL TERMS
As announced on 15 July 2024 regarding the revised commercial terms for GreenX to acquire the Eleonore North Project, a final payment of A$1,000,000 in cash or GreenX shares was required for GreenX to retain the ELN Project after 31 December 2025.
GreenX now intends to retain its interest in ELN and accordingly will issue A$1,000,000 in value of GreenX shares (subject to 12 months escrow and based on the 5 trading day VWAP to 1 January 2026) in due course, but no later than 31 January 2026.
ARCTIC RIFT COPPER PROJECT (ARC) AND JOINT VENTURE
Given the prospectivity and focus on the Tannenberg Copper Project in Germany and at Eleonore North, and following a review of its portfolio of projects and the most efficient and effective use of the Company’s resources, GreenX has decided to withdraw from the ARC Joint Venture, which in accordance with the terms of the Earn-in and Joint Venture Agreement (JVA) between GreenX Metals Limited, its wholly owned subsidiary Mineral Investments Pty Ltd, and Greenfields Exploration Limited (GEX) dated 6 October 2021, will become effective in 90 days. As a result of the withdrawal from the JVA, the Company will recognise an impairment expense of A$7.77 million relating to the impairment of the exploration and evaluation asset previously recognised in relation to the ARC project.
ENQUIRIES
+44 207 478 3900
Sapan Ghai
Chief Commercial Officer – UK
Kim Eckhof
Investor Relations - UK / Germany
Kazimierz Chojna
Investor Relations – Poland
Competent Person Statement – Historical Estimate
The information in this announcement that relates to the Historical Estimates is based on information reviewed and compiled by Dr Matt Jackson, a Competent Person who is a member of the Australian Institute of Geoscientists. Dr Jackson is a consultant engaged by GreenX. Dr Jackson has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Jackson consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Dr Jackson confirms that the information in this announcement provided under ASX Listing Rules 5.12.2 to 5.12.7 is an accurate representation of the available data and studies relating to the Eleonore North Project.
Competent Person Statement – EXPLORATION RESULTS
The information in this report that relates to exploration results were extracted from the ASX announcements dated 10 July 2023, 15 July 2024 and 27 November 2024 which are available to view at www.greenxmetals.com.
GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcement; (b) all material assumptions and technical parameters underpinning the content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.
Forward Looking Statements
This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
This announcement has been authorised for release by Mr Ben Stoikovich, Director.
References and sources
Cook, M.R. (2012). Scoping level testing on a scheelite ore sample Nuna Minerals. SGS. Internal company report.
Harpøth, O. (1986). The Noa Dal antimony-gold vein on Ymers, central East Greenland. (Nordisk Mineselskab A/S, internal company report).
Pedersen, J.L. & Olesen B.L. (1984). Vein Type Tungsten and Antimony Mineralisation in Central East Greenland. (Nordisk Mineselskab A/S, internal company report). Historical Estimate Original Source Document
[i] Previously reported – refer to ASX announcement dated 27 November 2024
[ii] Previously reported – refer to ASX announcement dated 10 July 2023
[iii] Refer to ASX announcement dated 15 July 2024