SYDNEY — GreenX Metals Limited (ASX:GRX, LSE:GRX) announced Monday it has completed the acquisition of a 90% stake in Group 11 Exploration GmbH, securing full control of the expanded Tannenberg Copper Project in central Germany.
The completion follows GreenX’s exercise of an option under a Joint Venture and Earn-in Agreement signed in August 2024. Since the initial agreement, the project area has grown seven-fold to approximately 1,900 square kilometers, covering the Tannenberg 1 and Tannenberg 2 exploration licenses.
CEO Ben Stoikovich said the project represents a strategically timed opportunity aligned with European Union and German policies aimed at securing domestic supplies of critical raw materials. Copper was recently designated a Strategic Raw Material under the EU Critical Raw Materials Act.
“The potential upside of the Tannenberg Project is enormous,” Stoikovich said. “Our progress comes at a time when Europe is placing unprecedented emphasis on securing domestic sources of strategic raw materials.”
The company cited a supportive policy environment, including Germany’s new Raw Materials Fund, which recently committed 150 million euros to a domestic lithium project. GreenX intends to position Tannenberg as a future contributor to Europe’s critical mineral resilience.
Project Highlights and Historical Data
GreenX reported significant technical progress since 2024, forming the basis for exercising the acquisition option:
- Historical Estimates: The project area contains historical estimates from 1940 and 1984, indicating significant scale. A 1940 historical estimate identified 728,000 tonnes of contained copper. Limited drilling in 1984 validated parts of the earlier data, also reporting silver by-products.
- Modern Validation: Recent assay results from a relogging program of archived core samples confirm high-grade copper and silver, with mineralized widths exceeding historical assumptions. One result showed 1.5 meters at 2.7% copper and 55 grams per tonne silver.
- Caution on Historical Data: The company notes the historical estimates are not JORC Code-compliant resources. A qualified person has not done sufficient work to classify them, and it is uncertain if further exploration will allow them to be reported as mineral resources.
Ongoing and Future Work
With the acquisition finalized, GreenX will continue a coordinated exploration program, including further analysis of historical core samples, reprocessing of geophysical data and twin drilling aimed at verifying historical data and establishing a JORC-compliant mineral resource estimate.
Completion occurred via the issuance of A$3 million in GreenX shares to the vendors. The vendors retain a 10% free-carried interest in Group 11 until the completion of a feasibility study, after which they may exchange it for a 0.5% Net Smelter Royalty.
GreenX Metals Limited is a mineral exploration company focused on projects in Europe.