2026 Annual Report

Original announcement by lse on

Company
GreenX Metals Limited
Ticker
GRX
Exchange
LSE
Region
Unavailable
Primary commodity
Copper
Secondary commodities
Silver, Gold, Tungsten, Antimony
Document categories
Resource update, Metallurgy, Other
Extracted
2026-09-30 07:06:38 UTC

Analysis by Minestarters Atlas

Atlas analysis published:

Minestarters Atlas analysis

Summary

GreenX Metals Limited's 2026 Annual Report details a pivotal year, marked by the Singapore Court upholding its £252 million arbitration award against Poland and the definition of a substantial Exploration Target at the Tannenberg Copper Project in Germany. Early metallurgical studies for Tannenberg indicate amenability to conventional flotation processing. Despite these operational and legal advancements, the company reported a net loss of $12.3 million and impaired its Arctic Rift Copper Project, with the arbitration decision still facing an appeal.

Reasoning: The company's annual report highlights a significant legal victory with the Singapore Court upholding a substantial arbitration award against Poland, alongside the definition of a large, JORC-compliant Exploration Target for the Tannenberg Copper Project and positive early metallurgical findings. However, the company reported a considerable net loss and impaired one of its projects, and the arbitration decision is still subject to appeal.

Positive factors

  • Arbitration award upheld
  • Large Exploration Target defined
  • Metallurgical study confirms processing suitability
  • Increased cash reserves

Negative factors

  • Significant net loss
  • Project impairment
  • Historical estimates not JORC compliant
  • Arbitration appeal pending
  • Exploration Target is conceptual

Facts used in scoring: 24

Classification and evidence

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: The Exploration Target for Tannenberg has been reported in accordance with the 2012 edition of the JORC Code.

Evidence · text

“The Exploration Target has been reported in accordance with the 2012 edition of the JORC Code ( JORC Code ).”

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: Mr Rui Goncalves, a Competent Person, compiled the Exploration Target for Tannenberg.

Evidence · text

“Mr Rui Goncalves, a Competent Person who is registered with the South African Council of Natural Scientific Professions, a Recognised Professional Organisation' included in a list promulgated by ASX from time to time. Mr Goncalves is a full-time employee of MSA Mining Consulting UK Ltd, an independent consulting company. Mr Goncalves 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'. Mr Goncalves consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.”

Maiden Resourceneutral

First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.

Why it applies: The Exploration Target represents a new, modern interpretation of the Tannenberg deposit, establishing a baseline for future work.

Evidence · text

“The establishment of the Exploration Target represents an important inflection point for Tannenberg.”

Historical Estimate Onlynegative

Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The historical estimates for Tannenberg are explicitly stated as not reported in accordance with the JORC Code.

Evidence · text

“The historical estimates in this announcement are not reported in accordance with the JORC Code (2012) ( JORC Code ).”

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: No Competent Person or Qualified Person is mentioned as having signed off on the historical estimates for Tannenberg.

Evidence · text

“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.”

Historical Estimate Onlynegative

Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The historical estimates for Eleonore North are explicitly stated as not reported in accordance with the JORC Code.

Evidence · text

“The historical estimates in this announcement are not reported in accordance with the JORC Code.”

No QP/CP Disclosurenegative

No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.

Why it applies: No Competent Person or Qualified Person is mentioned as having signed off on the historical estimates for Eleonore North.

Evidence · text

“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.”

Mill Routeneutral

Processing via mill or concentrator (CIL, CIP, tank leach, flotation).

Why it applies: The mineralogy study for Tannenberg supports the potential suitability of a conventional flotation-based processing route.

Evidence · text

“supports the potential suitability of a conventional flotation-based processing route.”

Multi-Domain Testedpositive

Variability across ore domains (oxide, transition, fresh) has been addressed.

Why it applies: The mineralogical analysis for Tannenberg covered three types of mineralisation: shale, sandstone, and carbonate.

Evidence · text

“The analysis covered three types of mineralisation, including shale, sandstone and carbonate”

Deleterious Elements Presentnegative · Story-specific tag

Penalty elements (arsenic, antimony, etc.) or refractory concerns noted in the release.

Why it applies: The mineralogical data for Tannenberg indicates the presence of organic carbon and minor deleterious elements.

Evidence · text

“The mineralogical data also indicates the presence of organic carbon and minor deleterious elements, which may report to concentrate and influence product quality.”

Bench Scale Onlynegative

Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The metallurgical work for Tannenberg is described as an 'early-stage mineralogy and processing study' completed on 'ten drill core samples'.

Evidence · text

“GreenX completed an early-stage mineralogy and processing study for Tannenberg.”

Legal Victorypositive · Story-specific tag

No canonical definition is currently available.

Why it applies: The Singapore Court rejected Poland's application to set aside GreenX's Energy Charter Treaty award, upholding the company's right to compensation.

Evidence · text

“the Singapore Court rejected, in its entirety, Poland's application to set aside GreenX's Energy Charter Treaty ( ECT ) award.”

Arbitration Awardpositive · Story-specific tag

No canonical definition is currently available.

Why it applies: GreenX was awarded approximately £252 million in compensation and interest under the Australia-Poland BIT.

Evidence · text

“GreenX was awarded approximately £252 million (A$519 million / PLN 1.2 billion) in compensation and interest under the Australia-Poland BIT”

Appeal Pendingnegative · Story-specific tag

No canonical definition is currently available.

Why it applies: Poland has appealed the Singapore Court's decision regarding the ECT set-aside application, with the appeal heard in September 2026.

Evidence · text

“Poland subsequently appealed the Singapore Court's decision. That appeal was heard by the Singapore Court of Appeal in September 2026”

Extracted facts

Stored fact records: 24. Some facts used in scoring do not have a stored record.

Resource Estimates (24)

inferredTannenberg Copper Project · copperTonnes: 8000000Grade: 0.9Grade Unit: %Contained Metal: 100000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:6934797ae214883fff73
Deposit or zone
Zone 1

Resource Data

Category
inferred
Tonnes
8000000
Grade
0.9
Grade Unit
%
Contained Metal
100000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the copper Exploration Target for Zone 1, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“8 to 16 Mt”

Context: Zone 1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 16000000Grade: 1.4Grade Unit: %Contained Metal: 200000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:245b612d6e135e8fad85
Deposit or zone
Zone 1

Resource Data

Category
inferred
Tonnes
16000000
Grade
1.4
Grade Unit
%
Contained Metal
200000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the copper Exploration Target for Zone 1, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a large resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“8 to 16 Mt”

Context: Zone 1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 8000000Grade: 15Grade Unit: g/tContained Metal: 3.9Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:6934797ae214883fff73
Deposit or zone
Zone 1

Resource Data

Category
inferred
Tonnes
8000000
Grade
15
Grade Unit
g/t
Contained Metal
3.9
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the silver Exploration Target for Zone 1, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“8 to 16 Mt”

Context: Zone 1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 16000000Grade: 21Grade Unit: g/tContained Metal: 10.8Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:245b612d6e135e8fad85
Deposit or zone
Zone 1

Resource Data

Category
inferred
Tonnes
16000000
Grade
21
Grade Unit
g/t
Contained Metal
10.8
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the silver Exploration Target for Zone 1, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“8 to 16 Mt”

Context: Zone 1

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 40000000Grade: 0.9Grade Unit: %Contained Metal: 400000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:ef2e1cd947c6162709d7
Deposit or zone
Zone 2

Resource Data

Category
inferred
Tonnes
40000000
Grade
0.9
Grade Unit
%
Contained Metal
400000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the copper Exploration Target for Zone 2, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“40 to 78 Mt”

Context: Zone 2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 78000000Grade: 1.4Grade Unit: %Contained Metal: 1100000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:e689b9569166083a32d7
Deposit or zone
Zone 2

Resource Data

Category
inferred
Tonnes
78000000
Grade
1.4
Grade Unit
%
Contained Metal
1100000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the copper Exploration Target for Zone 2, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a large resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“40 to 78 Mt”

Context: Zone 2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 40000000Grade: 15Grade Unit: g/tContained Metal: 19.3Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:ef2e1cd947c6162709d7
Deposit or zone
Zone 2

Resource Data

Category
inferred
Tonnes
40000000
Grade
15
Grade Unit
g/t
Contained Metal
19.3
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the silver Exploration Target for Zone 2, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“40 to 78 Mt”

Context: Zone 2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 78000000Grade: 21Grade Unit: g/tContained Metal: 52.7Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:e689b9569166083a32d7
Deposit or zone
Zone 2

Resource Data

Category
inferred
Tonnes
78000000
Grade
21
Grade Unit
g/t
Contained Metal
52.7
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the silver Exploration Target for Zone 2, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“40 to 78 Mt”

Context: Zone 2

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 96000000Grade: 0.9Grade Unit: %Contained Metal: 900000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:e74915fd7d43f24640bd
Deposit or zone
Zone 3

Resource Data

Category
inferred
Tonnes
96000000
Grade
0.9
Grade Unit
%
Contained Metal
900000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the copper Exploration Target for Zone 3, reported as JORC compliant and signed off by a Competent Person, indicating potential for a very large resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“96 to 186 Mt”

Context: Zone 3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 186000000Grade: 1.4Grade Unit: %Contained Metal: 2600000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:2e72b2c3093be0b0a11b
Deposit or zone
Zone 3

Resource Data

Category
inferred
Tonnes
186000000
Grade
1.4
Grade Unit
%
Contained Metal
2600000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the copper Exploration Target for Zone 3, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a very large resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“96 to 186 Mt”

Context: Zone 3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 96000000Grade: 15Grade Unit: g/tContained Metal: 46.3Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:e74915fd7d43f24640bd
Deposit or zone
Zone 3

Resource Data

Category
inferred
Tonnes
96000000
Grade
15
Grade Unit
g/t
Contained Metal
46.3
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the silver Exploration Target for Zone 3, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“96 to 186 Mt”

Context: Zone 3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 186000000Grade: 21Grade Unit: g/tContained Metal: 125.6Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:2e72b2c3093be0b0a11b
Deposit or zone
Zone 3

Resource Data

Category
inferred
Tonnes
186000000
Grade
21
Grade Unit
g/t
Contained Metal
125.6
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the silver Exploration Target for Zone 3, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“96 to 186 Mt”

Context: Zone 3

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 144000000Grade: 0.9Grade Unit: %Contained Metal: 1300000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:01c083abfa3f13bd374f
Deposit or zone
Total

Resource Data

Category
inferred
Tonnes
144000000
Grade
0.9
Grade Unit
%
Contained Metal
1300000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the total copper Exploration Target, reported as JORC compliant and signed off by a Competent Person, indicating potential for a globally significant resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“144 to 279 Mt”

Context: Total

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperTonnes: 279000000Grade: 1.4Grade Unit: %Contained Metal: 3900000Contained Unit: tView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:4a727750ac895c52dc21
Deposit or zone
Total

Resource Data

Category
inferred
Tonnes
279000000
Grade
1.4
Grade Unit
%
Contained Metal
3900000
Contained Unit
t

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the total copper Exploration Target, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a globally significant resource.

Positive factors

  • JORC compliant
  • QP signed
  • Large tonnage range
  • Good grade range

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“144 to 279 Mt”

Context: Total

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 144000000Grade: 15Grade Unit: g/tContained Metal: 69.4Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:01c083abfa3f13bd374f
Deposit or zone
Total

Resource Data

Category
inferred
Tonnes
144000000
Grade
15
Grade Unit
g/t
Contained Metal
69.4
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the lower bound of the total silver Exploration Target, reported as JORC compliant and signed off by a Competent Person, indicating potential for a significant silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“144 to 279 Mt”

Context: Total

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · silverTonnes: 279000000Grade: 21Grade Unit: g/tContained Metal: 188.4Contained Unit: mozView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
jorc
QP Signed
Yes
Qualified person names
Rui Goncalves
Resource group id
resource:4a727750ac895c52dc21
Deposit or zone
Total

Resource Data

Category
inferred
Tonnes
279000000
Grade
21
Grade Unit
g/t
Contained Metal
188.4
Contained Unit
moz

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is the upper bound of the total silver Exploration Target, reported as JORC compliant and signed off by a Competent Person, indicating significant potential for a silver byproduct.

Positive factors

  • JORC compliant
  • QP signed
  • Good grade range
  • Significant contained metal

Negative factors

  • Conceptual nature (Exploration Target)
  • Grade and tonnage are ranges

Evidence · table

“144 to 279 Mt”

Context: Total

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

QP/CP Signedpositive

Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.

Why it applies: qp_signed is true

JORC Compliantpositive

Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.

Why it applies: reporting_standards includes jorc

inferredTannenberg Copper Project · copperGrade: 2.6Grade Unit: %Contained Metal: 728000Contained Unit: tHistorical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:89770b701c3ecd36c4db

Resource Data

Category
inferred
Grade
2.6
Grade Unit
%
Contained Metal
728000
Contained Unit
t

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate from 1940 for the Tannenberg Copper Project, indicating high-grade copper, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • High grade
  • Significant contained metal

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Old data

Evidence · text

“historical estimate of 728,000 tonnes of contained copper (1,605 Mlbs) at an average grade of 2.6% copper”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

inferredTannenberg Copper Project · copperGrade: 2.1Grade Unit: %Contained Metal: 169000Contained Unit: tHistorical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:31011c988cfc088e2e79

Resource Data

Category
inferred
Grade
2.1
Grade Unit
%
Contained Metal
169000
Contained Unit
t

Prior Estimate

Resource Date
1984-XX-XX

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate from 1984 for the Tannenberg Copper Project, indicating good copper grades, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • Good grade
  • Significant contained metal

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Old data

Evidence · text

“1984 historical estimate reported consistent grades of approximately 2.1% copper ... containing approximately 169,000 tonnes of copper”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

inferredTannenberg Copper Project · silverGrade: 25Grade Unit: g/tContained Metal: 6.5Contained Unit: mozHistorical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:31011c988cfc088e2e79

Resource Data

Category
inferred
Grade
25
Grade Unit
g/t
Contained Metal
6.5
Contained Unit
moz

Prior Estimate

Resource Date
1984-XX-XX

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate from 1984 for the Tannenberg Copper Project, indicating good silver grades, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • Good grade
  • Significant contained metal

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Old data

Evidence · text

“1984 historical estimate reported consistent grades of approximately ... 25 g/t silver, containing approximately ... 6.5 million ounces of silver”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

inferredEleonore North Project · antimonyTonnes: 83000Grade: 4.6Grade Unit: %Historical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Eleonore North Project
Commodity
antimony
Region
east greenland
Reported Region
East Greenland
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:b3c6153d901b50ed4a25
Deposit or zone
North Margeries

Resource Data

Category
inferred
Tonnes
83000
Grade
4.6
Grade Unit
%

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2025-11-24T00:00:00.000Z

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate for antimony at North Margeries, indicating high grades, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • High grade

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Small tonnage

Evidence · text

“83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

inferredEleonore North Project · tungstenTonnes: 58000Grade: 3.2Grade Unit: %Historical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Eleonore North Project
Commodity
tungsten
Region
east greenland
Reported Region
East Greenland
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:225abda83244560da8b4
Deposit or zone
South Margeries

Resource Data

Category
inferred
Tonnes
58000
Grade
3.2
Grade Unit
%

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2025-11-24T00:00:00.000Z

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate for tungsten at South Margeries, indicating high grades, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • High grade

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Small tonnage

Evidence · text

“58kt of mineralised rock grading at 3.2% W at South Margeries”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

inferredEleonore North Project · tungstenTonnes: 32000Grade: 1Grade Unit: %Historical resultNeeds review: historical_restatementView all details
Link to this fact

Identity

Project
Eleonore North Project
Commodity
tungsten
Region
east greenland
Reported Region
East Greenland
Ticker
GRX

Resource scope

Estimate type
resource
Reporting standards
other
QP Signed
No
Resource group id
resource:8660b17c3227d1702e69
Deposit or zone
North Margeries

Resource Data

Category
inferred
Tonnes
32000
Grade
1
Grade Unit
%

Review

Needs Review
Yes
Review Reason
historical_restatement
Historical
Yes
Historical Source Date
2025-11-24T00:00:00.000Z

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: This is a historical estimate for tungsten at North Margeries, indicating good grades, but it is not JORC compliant and lacks modern QP sign-off, limiting its reliability.

Positive factors

  • Good grade

Negative factors

  • Historical estimate only
  • Not JORC compliant
  • No QP/CP disclosure
  • Small tonnage

Evidence · text

“32kt of mineralised rock grading at 1% W at North Margeries”

Tags used in scoring

Inferred Resourcenegative

Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Fact 23Tannenberg Copper Project · copperView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
copper
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Resource group id
resource:b7dfc60e022219f0fca3

Lab

Laboratory
SGS Lakefield

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: The document discloses the laboratory and consultant for the early-stage mineralogy study, but no specific recovery percentages or concentrate grades for Tannenberg are reported.

Positive factors

  • Laboratory and consultant disclosed

Negative factors

  • No specific recovery results reported

Evidence · text

“mineralogy study was completed by SGS Canada Inc. at its Lakefield Ontario facility (SGS Lakefield). It was followed by an independent metallurgical review undertaken by MSA Mining Consulting UK Ltd (MSA-UK) through Principal Associate Metallurgist, Mr Gordon Cunningham.”

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

Fact 24Tannenberg Copper Project · silverView all details
Link to this fact

Identity

Project
Tannenberg Copper Project
Commodity
silver
Region
germany
Reported Region
Germany
Ticker
GRX

Resource scope

Resource group id
resource:b7dfc60e022219f0fca3

Lab

Laboratory
SGS Lakefield

Review

Needs Review
No
Historical
No

Dates

Event date
2026-09-30T00:00:00.000Z

Reasoning: The document discloses the laboratory and consultant for the early-stage mineralogy study, but no specific recovery percentages or concentrate grades for Tannenberg are reported.

Positive factors

  • Laboratory and consultant disclosed

Negative factors

  • No specific recovery results reported

Evidence · text

“mineralogy study was completed by SGS Canada Inc. at its Lakefield Ontario facility (SGS Lakefield). It was followed by an independent metallurgical review undertaken by MSA Mining Consulting UK Ltd (MSA-UK) through Principal Associate Metallurgist, Mr Gordon Cunningham.”

Tags used in scoring

Cut-off Undisclosednegative

High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff_grade was stated

No Contained Metalnegative

Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained_metal was not reported

How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.