GreenX Metals' acquisition of Tannenberg exploration licence

GreenX Metals Limited (ASX: $GRX) has entered into an Earn-in Agreement to acquire a 90% interest in Group 11 Exploration GmbH, a private German company holding the Tannenberg exploration licence in central Germany. The Tannenberg exploration licence covers 272 km² in the State of Hesse and is highly prospective for sediment-hosted copper deposits, particularly the Kupferschiefer type.

Executive Commentary on Tannenberg Project

We are very excited to be adding the Tannenberg project to our exploration portfolio. Kupferschiefen style deposits are widely acknowledged as the most prolific source of modern-day copper production, with copper mining from the Polish Kupferschiefer deposits (KGHM) presently being Europe's largest domestic source of strategic copper supply. We believe that Tanneberg has the potential to host large scale and high-grade copper deposits located in the heartland of German industry in the vicinity of major OEM's such as Volkswagen's Battery and Electric Drive production facilities and Tesla's Berlin Gigafactory.

Summary of GreenX Metals' Acquisition and Outlook

GreenX Metals' acquisition of the Tannenberg exploration licence in central Germany marks a significant move towards exploring highly prospective sediment-hosted copper deposits. The project covers 272 km² in the State of Hesse and is historically known for its rich copper-silver mines. With the potential for new discoveries of shallow, large scale, and high-grade copper and silver mineralization, GreenX Metals aims to leverage modern understanding of Kupferschiefer mineralization to explore the untested areas of the license. The acquisition aligns with the EU's Critical Raw Material Act, designating copper as a strategic raw material, and Germany's recent policy initiatives to enhance security of supply of strategic raw materials. GreenX Metals' outlook includes updating shareholders as they commence exploration activities in Germany and aims to provide enhanced exposure to strategic raw materials in line with EU and German policy priorities.