# 2026 Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e Original source: https://www.londonstockexchange.com/news-article/GRX/2026-annual-report/17811512 Publisher: lse Original announcement: 2026-09-30T05:00:07.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:06:37.744Z Atlas analysis updated: 2026-09-30T07:06:37.744Z - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Arbitration award upheld - Positive factor: Large Exploration Target defined - Positive factor: Metallurgical study confirms processing suitability - Positive factor: Increased cash reserves - Negative factor: Significant net loss - Negative factor: Project impairment - Negative factor: Historical estimates not JORC compliant - Negative factor: Arbitration appeal pending - Negative factor: Exploration Target is conceptual Facts used in scoring: 24 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Resource** Polarity: neutral Definition: 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 Only** Polarity: negative Definition: 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 Disclosure** Polarity: negative Definition: 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 Only** Polarity: negative Definition: 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 Disclosure** Polarity: negative Definition: 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 Route** Polarity: neutral Definition: 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 Tested** Polarity: positive Definition: 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 Present** Polarity: negative Story-specific tag Definition: 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 Only** Polarity: negative Definition: 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 Victory** Polarity: positive Story-specific tag Definition: 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 Award** Polarity: positive Story-specific tag Definition: 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 Pending** Polarity: negative Story-specific tag Definition: 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) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-0) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 8 to 16 Mt Context: Zone 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-1) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 8 to 16 Mt Context: Zone 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-2) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 8 to 16 Mt Context: Zone 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-3) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 8 to 16 Mt Context: Zone 1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-4) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 40 to 78 Mt Context: Zone 2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-5) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 40 to 78 Mt Context: Zone 2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-6) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 40 to 78 Mt Context: Zone 2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-7) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 40 to 78 Mt Context: Zone 2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-8) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 96 to 186 Mt Context: Zone 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-9) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 96 to 186 Mt Context: Zone 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-10) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 96 to 186 Mt Context: Zone 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-11) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 96 to 186 Mt Context: Zone 3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-12) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 144 to 279 Mt Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-13) Tannenberg Copper Project · copper #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Large tonnage range - Positive factor: Good grade range - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 144 to 279 Mt Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-14) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 144 to 279 Mt Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-15) Tannenberg Copper Project · silver #### 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 factor: JORC compliant - Positive factor: QP signed - Positive factor: Good grade range - Positive factor: Significant contained metal - Negative factor: Conceptual nature \(Exploration Target\) - Negative factor: Grade and tonnage are ranges Evidence · table > 144 to 279 Mt Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-16) Tannenberg Copper Project · copper Historical result Needs review: historical\_restatement #### 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 factor: High grade - Positive factor: Significant contained metal - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-17) Tannenberg Copper Project · copper Historical result Needs review: historical\_restatement #### 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 factor: Good grade - Positive factor: Significant contained metal - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-18) Tannenberg Copper Project · silver Historical result Needs review: historical\_restatement #### 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 factor: Good grade - Positive factor: Significant contained metal - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-19) Eleonore North Project · antimony Historical result Needs review: historical\_restatement #### 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 factor: High grade - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: Small tonnage Evidence · text > 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-20) Eleonore North Project · tungsten Historical result Needs review: historical\_restatement #### 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 factor: High grade - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: Small tonnage Evidence · text > 58kt of mineralised rock grading at 3.2% W at South Margeries #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-21) Eleonore North Project · tungsten Historical result Needs review: historical\_restatement #### 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 factor: Good grade - Negative factor: Historical estimate only - Negative factor: Not JORC compliant - Negative factor: No QP/CP disclosure - Negative factor: Small tonnage Evidence · text > 32kt of mineralised rock grading at 1% W at North Margeries #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 23 [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-22) Tannenberg Copper Project · copper #### 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 factor: Laboratory and consultant disclosed - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### Fact 24 [Link to this fact](https://atlas-staging.minestarters.com/news/2026-annual-report--606136e8-4b45-4681-8c92-decb4be95b8e#fact-resource-facts-23) Tannenberg Copper Project · silver #### 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 factor: Laboratory and consultant disclosed - Negative factor: 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: 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.