HIGHLIGHTS
- New tungsten and antimony targets identified at the Margeries Prospects in East Greenland following the reprocessing of historical airborne hyperspectral data, which has revealed multiple zones of hydrothermal alteration across the licence area
- Multiple walk-up surface anomalies identified along strike and adjacent to the existing high-grade tungsten (W) and antimony (Sb) historical estimates previously identified at North Margeries (Sb-W) and South Margeries (W)
- 2km-long prospectivity anomaly at North Margeries sits adjacent to a major east-west fault structure, with multiple additional anomalies surrounding the South Margeries historical estimate
- Targets were generated by applying modern processing techniques to a heritage dataset acquired from an airborne hyperspectral survey flown in 2000 across the East Greenland Licences
- The 2026 fieldwork will test the new targets and collect bulk samples at North and South Margeries for tungsten and antimony metallurgical sighter test work
- Noa Pluton 2026 fieldwork and other gold (Au) targets across Eleonore North will include field mapping and sampling
- Aim of fieldwork in 2026 is to confirm drill ready targets at both North and South Margeries and Noa Pluton
14 May 2026. GreenX Metals Limited (ASX:GRX, LSE:GRX GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce that the reprocessing of a historical airborne hyperspectral survey has identified multiple new high-priority tungsten, antimony, and gold targets at the Eleonore North Project in the East Greenland (ELN or Eleonore North). The new targets sit along strike and adjacent to the existing high-grade tungsten and antimony historical estimates identified at North and South Margeries, providing the Company with potential walk-up surface targets to test during the planned field season, which is expected to commence in July 2026.
Tungsten and antimony are both listed as critical raw materials by the European Union and the United States, with global supply heavily concentrated in China. The Margeries Prospects host high-grade historical estimates of both metals in a stable Western jurisdiction.
GreenX CEO, Mr Ben Stoikovich, said, “The reprocessing of the historical hyperspectral data has delivered exactly what we hoped for: new walk-up tungsten and antimony targets, generated at minimal cost, sitting right alongside our existing high-grade historical estimates at North and South Margeries. With the 2026 field season only weeks away, our exploration team now has a clear pipeline of priority targets to advance on the ground, further defining and prioritising potential drill targets for future field programs.”
Figure 1: Prospectivity analysis by TheiaX highlights new areas for investigation around Noa Pluton, and North and South Margeries Prospects.
Cautionary statement: The historical estimate in this announcement is not reported in accordance with the JORC Code 2012 (JORC Code). A competent person has not done sufficient work to classify the historical estimate as a mineral resource or ore reserve in accordance with the JORC Code. It is uncertain that following evaluation and/or further exploration work that the historical estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
Figure 2: Location of the airborne hyperspectral survey with examples of spectral data products. A: False colour composite illustrating the dominant distribution of four mineral groups. B: Relative abundance of iron in carbonates and silicates.
Survey background and processing
Flown in 2000, the airborne hyperspectral survey was part of “Project HyperGreen”. The Geological Survey of Denmark and Greenland (GEUS) commissioned the project, which was financed by Greenland’s Bureau of Minerals and Petroleum. Data acquisition was contracted to HyVista Corporation (Australia), which used a HyMap system mounted in a Dornier 228 aircraft. Six flight lines covering 186 line-km produced a survey area with dimensions of approximately 12 km x 25 km. The survey produced a pixel size of 5 m, making it high resolution compared to typical satellite surveys, which range from 15 m to 30 m.
Raw data from the survey has been stored by GEUS and was recently made available to GreenX. Data processing was completed by TheiaX GmbH (TheiaX) in Germany. Processing involved converting the raw data from radiance to reflectance values, orthorectification, mosaicking, spectral index calculations and culminated in a prospectivity analysis.
Results and prospectivity analysis
The prospectivity analysis identified surface anomalies that share spectral patterns observed at the known historical estimate occurrences at North and South Margeries. These prospective areas represent surface anomalies that have the potential to be walk-up discoveries.
At North Margeries (Figure 1B), a 2 km-long prospectivity anomaly sits 3 km west of the historical estimate and adjacent to a large east-west fault structure.
At South Margeries (Figure 1C), multiple prospectivity anomalies surround the Historical Estimate and likely sit in faults that do not appear in the 1:500,000 scale geological maps.
The anomalies were identified by recognising patterns in spectral indexes proximal to the known mineral occurrences, then applying those patterns across the broader licence area. Various spectral index maps were produced during processing. False colour composites can illustrate the dominant distribution of mineral groups (Figure 2A). Two band indexes can separately illustrate the relative abundance of a mineral group or their compositional variation, e.g., abundance of iron ± magnesium silicates or compositional variation of those silicates from iron-rich to magnesium-rich end members. Various one band index maps were produced to show relative abundance, e.g., iron in carbonates and silicates (Figure 2B).
Upcoming Work Programs
On the ground fieldwork at ELN is currently being planned to commence in July 2026. The hyperspectral mineral mapping and prospectivity analysis have provided GreenX with surface targets with the potential for walk-up discoveries. At Noa Pluton, hyperspectral targets likely have structural controls that match the Reduced Intrusion-related Gold (Au) System (RIRGS).
At North and South Margeries, the plan is to collect bulk material for sighter metallurgical test work. The hyperspectral survey has also revealed potential extensions past areas of historical drilling, which are worthy of investigation, and will be used to identify potential drill targets.
The Noa Pluton Sb-Au-W prospect will be evaluated by a RIRGS specialist. Fieldwork to evaluate the RIRGS potential will likely involve mapping and sampling to identify future drill targets.
Licence reduction
Following a technical review and in accordance with Greenland’s mining law, the northern portion of MEL 2023-39 has been relinquished. This has reduced the licence area from 1,190 km2 to 494 km2 and, as a result, decreased the minimal annual exploration obligations for MEL 2023-39.
ENQUIRIES
Ben Stoikovich
Chief Executive Officer
+44 207 478 3900
Kazimierz Chojna
Investor Relations – Poland
Kim Eckhof
Investor Relations - UK / Germany
Competent Persons Statement – Exploration results
Information in this announcement that relates to Exploration Results for the hyperspectral survey is based on and fairly represents, information and supporting documentation compiled by Mr Joel Burkin, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Burkin is a consultant engaged by GreenX and is a holder of unlisted options in the Company. Mr Burkin 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 Burkin consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
The information in this report that relates to previous exploration results were extracted from the ASX announcements dated 15 July 2024 and 27 November 2024, which are available to view at www.greenxmetals.com. GreenX confirms that (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions and technical parameters underpinning the content in the relevant announcements continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.
Competent Persons Statement – historical estimates
The information in this announcement that relates to the historical estimate for Eleonore North was extracted from the ASX announcement dated 24 November 2025, titled ‘Greenx Targeting Gold, Tungsten & Antimony at Eleonore North Project in Greenland’ (ELN Original Announcement). GreenX confirms that (a) it is not in possession of any new information or data relating to the historical estimate that materially impacts on the reliability of the estimates or GreenX’s to verify the historical estimates as mineral resources or ore reserves in accordance with the JORC Code; (b) that the supporting information provided in the ELN Original Announcement referred to in ASX Listing Rule 5.12 continues to apply and has not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the ELN Original Announcement.
Forward Looking Statements
This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on GreenX’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of GreenX, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. GreenX makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
This announcement has been authorised for release by the Mr Ben Stoikovich, Chief Executive Officer.