213800EHCGNYSCN9T108-2026-06-30-1-en.xhtml

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

The Directors of GreenX Metals Limited present their report on the Consolidated Entity consisting of GreenX Metals

Limited (Company or GreenX) and the entities it controlled at the end of, or during, the year ended 30 June 2026

(Consolidated Entity or Group).

OPERATING AND FINANCIAL REVIEW

GreenX intends to create long-term shareholder value by focusing on the exploration and development of critical

mineral resources across its projects. The Company is also strongly defending the set-aside motions filed by Poland

in relation to its successful Claim.

Operations

Tannenberg Copper Project (Germany)

The Tannenberg Copper Project (Tannenberg) is a large scale, relatively shallow and potential high-grade copper

brownfields exploration project that is strategically located in central Germany.

Copper is currently recognised as a strategic raw material by the European Union.

Prior to closure in the 1950’s, the Richelsdorf mines produced 416,500 tonnes of copper and 33.7 million ounces of

silver from Kupferschiefer type deposits. These historic mines consisted of shallow underground workings

originally accessed from surface outcrops.

Kupferschiefer style deposits are a well-known and prolific subtype of sediment-hosted copper deposit that are

the second most prevalent source of copper production and reserves in the world and have been historically mined

in Germany and are still mined in Poland.

Germany has been a significant mining jurisdiction in the past and continues its mining tradition, including the

K+S potash mines which operate 4 km away from the license area and are located in the State of Hesse.

Figure 1: Tannenberg is located in the industrial centre of Europe within the Basal Zechstein trend

(brown shading)

Tannenberg Copper Project Acquisition:

The Company announced the completion of the acquisition of 90% of Group 11 which holds the Tannenberg

exploration licences

Since signing the Joint Venture and Earn-in Agreement (JVA) in 2024, the Project area has expanded seven-fold

to cover approximately 1,900 km², comprising the Tannenberg 1 and Tannenberg 2 exploration licences

ANNUAL REPORT 2026

Exploration Target Highlights Potential for Large Scale Copper Silver Project

During the year, GreenX announced an Exploration Target at Tannenberg. The estimated range of potential

mineralisation in the Exploration Target is: 144 to 279 Mt at 0.9% to 1.4% Cu and 15 to 21 g/t Ag for 1.3 to 3.9 Mt Cu

and 69 to 188 Moz Ag.

Cautionary Statement: The Exploration Target has been reported in accordance with the 2012 edition of the JORC

Code (JORC Code). The potential quantity and grade of the Exploration Target is conceptual in nature. There has

been insufficient exploration to estimate a Mineral Resource for the reported target areas. It is uncertain if further

exploration will result in the estimation of a Mineral Resource.

Table 1: Exploration Target for Tannenberg

Prospect

Tonnes

Range

Cu Grade

Range

Ag Grade

Range

Contained Cu

Range

Contained Ag

Range

Zone 1

8 to 16 Mt

0.9 to 1.4% Cu

15 to 21 g/t Ag

0.1 to 0.2 Mt Cu

3.9 to 10.8 Moz Ag

Zone 2

40 to 78 Mt

0.4 to 1.1 Mt Cu

19.3 to 52.7 Moz Ag

Zone 3

96 to 186 Mt

0.9 to 2.6 Mt Cu

46.3 to 125.6 Moz Ag

Total

144 to 279 Mt

1.3 to 3.9 Mt Cu

69.4 to 188.4 Moz Ag

The Exploration Target provides a modern view of the copper potential at Tannenberg. Unlike the 1940 historical

estimate, which assessed only the thin Kupferschiefer shale horizon (refer to announcement dated 20 October

2025), the Exploration Target captures mineralisation in the hanging wall above and footwall below the shale. This

is consistent with the modern understanding of Kupferschiefer deposits as evidenced at KGHM Polska Miedź S.A's

(KGHM) mining operations in Poland.

From Historical Mining District to Exploration Target

The Tannenberg Project has a long-documented history of drilling, mining, and estimation work, providing well-

defined and historically validated copper-silver mineralisation that underpins the Exploration Target.

A 95-hole drilling campaign was completed by the National Socialist Government between 1935 and 1938 across

the Richelsdorf Mining District. This dataset formed the geological basis for the construction of three

Kupferschiefer copper mines within the Tannenberg licence area, Reichenberg, Wolfsberg and Schnepfenbusch.

These mines operated between the late 1930's and in some cases up to the mid 1950's. GreenX has digitised and

integrated this drillhole database into its geological models (refer to announcement dated 11 September 2025).

The 1940 historical estimate, produced by Mansfeldsche Kupferschieferbergbau AG (Mansfeld AG), is based on a

spatially relevant subset of 18 holes from the 95-hole database and established 728,000 tonnes of contained copper

at an average grade of 2.6% copper (in the narrow Kupferschiefer shale only) between the Wolfsberg and

Schnepfenbusch mines in the north and the Ronshausen area in the south. The historical estimate covers

mineralisation from a depth of 100 m in the north to 400 m in the southern end area near Ronshausen (refer to

announcement dated 20 October 2025).

A later historical estimate from 1984 was produced by St Joe Explorations GmbH (St Joe), based on limited drilling

between 1980 and 1984 (refer to announcements dated 2 August 2024 and 28 April 2025). The St Joe historical

work estimated 169,000 tonnes of contained copper and 6.5 million ounces of contained silver within the small

section of zone 3 (see Figure 2). St Joe assayed wider intersections and found that the mineralisation was up to

3.45 m thick. This is considerably thicker than the narrow Kupferschiefer shale assayed and estimated by Mansfeld

AG in 1940. St Joe provided the first modern indication that economic mineralisation extends beyond the

Kupferschiefer shale itself.

Cautionary statement: The historical estimates in this announcement are not reported in accordance with the

JORC Code. A competent person has not done sufficient work to classify the historical estimates 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 estimates will be able to be reported as a mineral resource or ore reserve in

accordance with the JORC Code.

Modern Thickness Model

The modern understanding of the Kupferschiefer deposit model, as evidenced at KGHM's Polish mining

operations on the same geological setting as Tannenberg, shows that up to 95% of mineable copper can be hosted

in the footwall sandstone and hanging wall limestone, with mineralisation often occurring up to 30 m above and

60 m below the Kupferschiefer shale horizon.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Applying the thick mineralisation concept to the historically defined Tannenberg footprint produces a statistically-

derived mineralised thickness of 1.7 m to 3.3 m, compared with the 20 cm to 60 cm (shale-only) thickness used in

the 1940 historical estimate. The 1.7 m to 3.3 m thickness is consistent with the wider intercepts confirmed by St

Joe in the 1980s and has now been independently validated by GreenX's resampling of available archived core.

Figure 2: Outline of the Exploration Target and its relationship to previous historical estimates and historical underground

mining operations at Tannenberg

Mineralogy Study Confirms Tannenberg Consistent with Polish Kupferschiefer Mines

During the year, GreenX completed an early-stage mineralogy and processing study for Tannenberg (refer to

announcement dated 17 June 2026). The 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. The review has

benchmarked Tannenberg against operating and development Kupferschiefer mines in Poland, confirming that

copper mineralisation at Tannenberg is consistent with copper-silver deposits in the region and is considered

amenable to conventional flotation-based processing methods.

Typical Processing Methods – Kupferschiefer Operations (KGHM and Lumina Metals Analogues)

The sediment-hosted (Kupferschiefer) copper-silver deposits in Poland provide a well-established processing

analogue for GreenX’s Tannenberg Project, with both long-running operations at KGHM and a recent Preliminary

Economic Assessment (PEA) for Lumina Metals’ Nowa Sól Project applying similar flotation-based processing

routes with selective regrinding.

At KGHM’s operations, approximately 30 Mtpa of ore is treated from the Kupferschiefer sequence at an average

feed grade of around 1.6% copper and 45 g/t silver. The plant processes a blended feed comprising Kupferschiefer

shale, sandstone and carbonate-hosted mineralisation. Processing is based on a conventional sulphide flotation

flowsheet, starting with crushing followed by two-stage grinding (rod-ball or ball-ball milling) to a primary grind

size of approximately 75 μm (Source: KGHM, Micon, 2013 (see Appendix 4)).

Following grinding, the slurry is treated through flotation circuits consisting of two stages of rougher flotation. The

rougher concentrate is then reground to a much finer size, typically less than 20 μm, before passing through multi-

stage cleaning circuits. This combination of initial grinding and subsequent fine regrinding is critical to liberate

the fine-grained copper sulphide minerals characteristic of Kupferschiefer deposits. The process produces a

copper concentrate grading approximately 23% Cu and containing significant silver, with typical metallurgical

performance of around 89% copper recovery and 86% silver recovery. The final concentrate is then transported to

smelting and refining facilities, where copper metal is produced and silver and other by-products are recovered.

ANNUAL REPORT 2026

The PEA stage Nowa Sól Cu-Ag Project, owned by Lumina Metals and located within the same Kupferschiefer belt

as both Tannenberg and the KGHM mines, provides a modern comparison and follows a similar processing

philosophy (Source: Lumina Metals, Micon, 2026 (see Appendix 4)). The proposed flowsheet incorporates semi-

autogenous grinding (SAG) with ball milling and pebble crushing, targeting a primary grind size of approximately

60 μm, followed by flotation processing. As with KGHM, the flotation circuit includes two stages of rougher

flotation, with the rougher concentrate subjected to fine regrinding (to approximately 11 μm) and multiple cleaning

stages to improve concentrate grade and recovery.

The Nowa Sól flowsheet is designed to produce a copper concentrate grading greater than 26% Cu, with strong

silver credits (in excess of 1,200 g/t Ag), and expected recoveries of more than 88% for copper and approximately

86% for silver. The final concentrate is planned to be thickened and filtered prior to sale.

Together, these operating and development analogues demonstrate that Kupferschiefer mineralisation can be

successfully processed using conventional flotation circuits that incorporate fine grinding, concentrate regrinding

and multi-stage cleaning. They also highlight the importance of achieving sufficient liberation of fine-grained

copper minerals, a key factor in maximising recovery and concentrate quality in this style of deposit. In the cases

of both KGHM and Lumina, there remains a strong opportunity to refine and optimise the flowsheets. In KGHM’s

case, the plant was built many decades ago, and the Lumina flowsheet used a limited amount of sample material.

Comparison of Tannenberg Copper-Silver Mineralisation with Polish Analogues

The new mineralogical work was completed by SGS Lakefield on ten selected historical drill core samples

distributed throughout the mineralised area. The analysis covered three types of mineralisation, including shale,

sandstone and carbonate, and provided confirmation of the deportment of the Tannenberg mineralisation,

allowing for an important comparison to the Polish deposits. The study utilised TESCAN Integrated Mineral

Analyzer (TIMA) and Scanning Electron Microscopy (SEM) techniques to characterise mineral composition, grain

size and liberation behaviour.

The results indicate that copper mineralisation is dominated by chalcocite, with additional contributions from

bornite, chalcopyrite and covellite, together with minor pyrite, galena and sphalerite. Copper occurs across

Kupferschiefer shale, sandstone and carbonate lithologies, with the shale generally hosting the highest grades.

Figure 3: Map showing location of drill holes, indicating those used in the mineralogy study.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

A key outcome of the study is the identification of a distinctly bi-modal grain size distribution of copper sulphides,

with both coarse particles (>25 to 30 µm) and very fine disseminated material (<5 to 10 µm) present within the host

rocks. This fine-grained component is pervasive, with all analysed sections containing copper mineralisation below

5 µm. The presence of this bi-modal distribution is considered a critical factor influencing comminution

requirements, flotation performance and overall metallurgical recovery.

When compared to Polish Kupferschiefer operations and development projects, the Tannenberg mineralisation

shows strong similarities in grain-size distribution. The presence of fine and disseminated sulphide mineralisation

is consistent with observations from these analogue deposits, where fine grinding and regrinding are required to

achieve adequate liberation.

Based on these similarities, conventional flotation processing is considered an appropriate baseline metallurgical

approach for Tannenberg. The Polish analogues demonstrate that crushing, primary grinding, flotation,

concentrate regrinding and multi-stage cleaning can achieve strong recoveries of copper and silver from

Kupferschiefer ores.

As with all such operations, the bi-modal grain size distribution identified at Tannenberg suggests that particular

attention will need to be given to comminution strategy, including the potential requirement for finer grinding

to effectively liberate ultra-fine copper minerals.

The mineralogical data also indicates the presence of organic carbon and minor deleterious elements, which may

report to concentrate and influence product quality. As a result, future metallurgical testwork will evaluate

additional processing steps, such as carbon pre-flotation or specialised reagent schemes, to optimise concentrate

grade and marketability.

Based on the mineralogy report, it has been concluded that the Tannenberg mineralisation is materially similar to

Polish analogue ores and that the Tannenberg mineralisation is potentially well suited to a flotation-based

processing flowsheet and that, subject to further test work, metallurgical recoveries are comparable to, or

potentially better than the ~89% Cu and ~86% Ag recoveries reported from Polish mines may be achievable at

Tannenberg. Further, the Tannenberg project may potentially produce a copper-silver concentrate of a type that

could have strong market acceptance.

Recent Developments in Copper Processing Technologies

While Kupferschiefer deposits in Poland have been processed for decades using conventional flotation circuits,

more recent technological developments offer opportunities to enhance metallurgical performance.

Advances in comminution technologies, such as high-pressure grinding rolls, can improve the liberation of fine-

grained copper minerals by breaking ore along natural grain boundaries. This is particularly important for

Kupferschiefer mineralisation, where a significant portion of copper occurs in very fine particles.

In addition, modern flotation technologies and specialised fine-particle recovery systems can improve recovery of

ultra-fine sulphide minerals, while advanced reagent schemes and pre-treatment steps, such as carbon pre-

flotation, may further enhance concentrate grade.

These developments indicate that modern flowsheets have the potential to achieve improved copper and silver

recoveries compared to historic operations, particularly for fine-grained Kupferschiefer ores.

This initial mineralogical assessment at Tannenberg also highlights the importance of detailed metallurgical

testwork to optimise grind size, concentrate quality and recovery for the Project. The shallow depth of the

Tannenberg project, with the existence of spoil heaps and potentially accessible old workings will facilitate

metallurgical test work being conducted during early project study phases.

Ongoing Exploration Work Programs at Tannenberg

GreenX continues to advance a coordinated suite of exploration activities at the Project, which test the validity of

the Exploration Target identified at Tannenberg and includes:

• Ongoing monitoring and risk assessment with specialist German consultancy for potential to access

historical underground mines for scoping study-level metallurgical test work, chip sampling, as well as

mapping and surveying for 3D modelling – 2H 2026;

• Collation and digitisation of historical geological, mine development, and production data – ongoing;

• Analysis of the use of seismic surveys to aid future drilling campaigns including collecting petrophysical

measurements for seismic forward modelling – Q2 2026;

• Seismic survey, if appropriate – commencement H2 2026; and

• Initial drill program – commencement in the coming months.

ANNUAL REPORT 2026

Eleonore North Project

Eleonore North is located in East Greenland on Ymer Island, where four licences covering have been granted that

are prospective for gold, antimony, copper and tungsten (Eleonore North or ELN). The project comprises licence

MEL 2023-39, which hosts the Noa Prospect targeting a potentially large-scale bulk tonnage gold/antimony

system with the potential to host a RIRGS; and MEL 2018-19, which hosts the Margeries Prospects, where high-

grade tungsten and antimony mineralisation has been identified as historical estimates.

Figure 3: GreenX’s Eleonore North Project now comprises a portfolio of four exploration licences in East Greenland.

2026 Fieldwork Complete

Subsequent to the year, GreenX announced that fieldwork had commenced at Eleonore North. The exploration

programme is targeting gold (Au), tungsten (W), and antimony (Sb).

Fieldwork at Eleonore North this year covers multiple objectives. At Noa Pluton, a Reduced Intrusion-related Gold

System (RIRGS) specialist will conduct mapping and sampling to evaluate the intrusion-related gold potential and

identify potential drill targets. At both North (Sb-W) and South Margeries (W), the team will collect 50 kg to 100 kg

bulk samples of mineralised material for scoping study level sighter test work. Recent hyperspectral analysis and

prospectivity mapping have also highlighted alteration anomalies along strike and adjacent to both deposits (refer

to announcement dated 14 May 2026). These untested hyperspectral anomalies have the potential to be satellite

discoveries.

The field team has also visited newly generated RIRGS targets in the broader region for reconnaissance style

prospecting.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Photo 1: Helicopter view of

southern Ymer Island en route to

Eleonore North.

Photo 2: Field team at South

Margeries (W).

New High Priority Tungsten and Antimony Targets Identified to be used in the field

During the year, GreenX announced that the reprocessing of a historical airborne hyperspectral survey has

identified multiple new high-priority tungsten, antimony, and gold targets at 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

ongoing field season.

ANNUAL REPORT 2026

Figure 4: Prospectivity analysis by TheiaX highlights new areas for investigation around Noa Pluton, and North and South

Margeries Prospects

Cautionary statement: The historical estimates in this announcement are not reported in accordance with the

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.

$Graphics$

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Figure 5: 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.

! !

ANNUAL REPORT 2026

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 6B), 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 6C), 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.

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.

Upcoming Work Programs

With the ground fieldwork at ELN currently complete, upcoming results and work includes the following:

• Collection of samples for multielement analysis;

• Collect bulk sample material for both tungsten and antimony metallurgical sighter test work;

• Field mapping and sampling to ground-truth RIRGS targets and identify drill targets;

• Reprocessing of historic geophysics/hyperspectral data and field mapping to identify drill targets; and

• RIRGS specialist to evaluate the prospect for future field season drill targets.

Arctic Rift Copper Project (ARC) And Joint Venture

Given the prospectivity and focus on Tannenberg in Germany and at Eleonore North, and following a review of its

portfolio of projects and the most efficient and effective use of the Company’s resources, GreenX has agreed to

wind up the ARC joint venture and as a result it has fully impaired the exploration and evaluation asset. The

Company is currently in the process of relinquishing the ARC exploration licence held in Greenland and winding

up the joint venture entity which is now expected to be completed in the second half of 2026.

Singapore Court Dismissed Poland’s Set Aside Application

During the period, the Singapore International Commercial Court of the Republic of Singapore (Singapore Court)

rejected, in its entirety, Poland’s application to set aside the Energy Charter Treaty (ECT) award, thereby upholding

GreenX’s previously announced right to compensation under the ECT.

In October 2024, GreenX was awarded approximately £252 million (A$480 million / PLN 1.3 billion) in compensation

and interest in the Australia-Poland Bilateral Investment Treaty (BIT) award after a Tribunal had unanimously held

that Poland breached its obligations under the BIT and ECT.

At the time of the award, approximately £183 million (A$350 million / PLN 930 million) was awarded pursuant to

the ECT (with payments under one award offset against the other).

Interest of approximately £12 million (A$26 million / PLN 71 million) per annum is currently continuing to accrue

and will continue to compound annually until full and final payment is made by Poland.

In 2025, Poland lodged a request to set-aside the ECT award in the Singapore Court (having also lodged a request

to set-aside the BIT award in the courts of England and Wales in late 2024). The hearing for the ECT set-aside was

held in the Singapore Court in July 2025.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Subsequently, the Singapore Court issued a judgment rejecting, in its entirety, Poland’s application to set aside

the ECT award.

A redacted judgment has been released by the Singapore Court and the Company has brought the judgment to

the attention of the English courts as part of the BIT set-aside proceedings which is being heard in October 2026.

Under the English Arbitration Act 1996, the threshold to succeed on a set-aside application in the courts of England

and Wales is exceptionally high, and courts typically reject these challenges unless there has been a serious

procedural irregularity.

In February 2026, GreenX submitted a request to the Singapore Court to order Poland to reimburse it for its costs

claimed in defending its rights in the set-aside proceedings, which amounted to A$1.6 million.

Following this request, the Singapore Court issued an order requiring Poland to pay the A$1.6 million, which has

now been paid in full.

Poland has applied to the Court of Appeal of the Republic of Singapore (Court of Appeal) to challenge the rejection

of its ECT set-aside application. The appeal has now been heard by the Court of Appeal, with its decision pending.

The Court of Appeal represents Poland’s final level of appeal within the Singapore courts.

The threshold for successfully setting aside an arbitral award in either the Singapore or English courts is very high,

and set-aside applications are rejected in the substantial majority of cases.

The Company will continue to defend its awards and update the market in line with its continuous disclosure

requirements.

Results of Operations

The net loss of the Consolidated Entity for the year ended 30 June 2026 was $12,339,989 (2025: $6,022,365).

Significant items contributing to the current year loss and the substantial differences from the previous financial

year include:

(i) Arbitration related expenses of $3,288,577 (2025: $3,077,540) relating to the ongoing claim against the

Republic of Poland including set-aside defence costs (which are currently unfunded). This has been offset by

the arbitration funding income of nil (2025: $251,593). However, during the year $1,591,586 (2025:nil) of

arbitration costs incurred in relation to defending its rights in the ECT set-aside proceedings were recouped;

(ii) Exploration and Evaluation expenses of $2,243,082 (2025: $723,481), which is attributable to the Group’s

accounting policy of expensing exploration and evaluation expenditure incurred by the Group subsequent to

the acquisition of rights to explore and up to the commencement of a bankable feasibility study for each

separate area of interest;

(iii) Non-cash share-based payment expense of $1,373,037 (2025: $136,955) due to incentive securities issued to key

management personnel and other key employees and consultants of the Group as part of the long-term

incentive plan to reward key management personnel and other key employees and consultants for the long-

term performance of the Group;

(iv) Business development expenses of $583,232 (2025: $416,338) which includes expenses relating to the Group’s

review of new business and project opportunities; including business development costs for the Tannenberg

acquisition, plus also investor relations activities during the year including public relations, digital marketing,

and business development consultant costs;

(v) Exploration and evaluation asset impairment of $4,415,000 (2025: nil), relating to the impairment of the

exploration and evaluation asset previously recognised in relation to the ARC project as a result of the

Company agreeing to wind up the ARC joint venture and relinquish the exploration licence in Greenland; and

(vi) Interest income of $308,459 (2025: $244,867) earned on cash and cash equivalents held by the Group.

Financial Position

At 30 June 2026, the Company had cash reserves of $13,417,445 (2025: $6,826,337) placing it in a good financial

position to strongly defend the set-aside motions and continue with exploration activities at its projects.

At 30 June 2026, the Company had net assets of $18,076,853 (2025: $14,322,747) an increase of 21% compared with

the previous year. This is largely attributable to the increase in cash and cash equivalents following completion of

the A$13.6 million placement conducted during the year. This increase has been offset by the decrease in

exploration and evaluation assets following the impairment of ARC and the ongoing expenditure in relation to

operations.

ANNUAL REPORT 2026

Select Financial Data (AUD Converted into PLN and EUR)

For purposes of its listing on the Warsaw Stock Exchange, the Company provides select financial data in relation

to the year ended 30 June 2026.

Year Ended

30 June 2026

PLN

Year Ended

30 June 2025

PLN

Year Ended

30 June 2026

EUR

Year Ended

30 June 2025

EUR

Arbitration finance facility income

635,110

149,118

Recoupment of arbitration costs

3,949,241

928,600

Exploration and evaluation expenses

(5,447,509)

(1,826,319)

(1,280,893)

(428,803)

Arbitration related expenses

(8,160,029)

(7,768,790)

(1,918,698)

(1,824,041)

Net loss for the period

(30,283,919)

(15,183,675)

(7,120,769)

(3,564,989)

Net cash flows from operating activities

(15,498,335)

(7,633,903)

(3,644,180)

(1,792,371)

Net cash flows from investing activities

(1,746,441)

(6,422,286)

(410,647)

(1,507,894)

Net cash flows from financing activities

33,599,460

11,192,242

7,900,364

2,627,837

Net increase/(decrease) in cash and cash

equivalents

16,354,684

(2,863,9470

3,845,537

(672,429)

Basic and diluted loss per share (Grosz/EUR

cents per share)

(10.17)

(5.41)

(2.39)

(1.27)

30 June 2026

PLN

30 June 2025

PLN

30 June 2026

EUR

30 June 2025

EUR

Cash and cash equivalents

34,816,927

16,141,555

8,103,933

3,805,265

Total Assets

56,717,340

43,238,938

13,201,438

10,193,295

Total Liabilities

9,809,717

9,371,373

2,283,294

2,209,239

Net Assets

46,907,626

33,867,566

10,918,145

7,984,056

Contributed equity

295,720,132

225,081,124

68,831,351

53,061,393

In compliance with Polish reporting requirements, figures of the consolidated statement of profit or loss and other

comprehensive income and consolidated statement of cash flows have been converted into PLN and EUR (from

the Group’s presentation currency) by applying the arithmetic average for the final day of each month for the

reporting period, as published by the National Bank of Poland (NBP). These exchange rates were 2.4813 AUD:PLN

and 4.2529 PLN:EUR for the twelve months ended 30 June 2026, and 2.5244 AUD:PLN and 4.2591 PLN:EUR for the

twelve months ended 30 June 2025.

Assets and liabilities in the consolidated statement of financial position have been converted into PLN and EUR by

applying the exchange rate on the final day of each respective reporting period as published by the NBP. These

exchange rates were: 2.5949 AUD:PLN and 4.2963 PLN:EUR on 30 June 2026, and 2.3646 AUD:PLN and 4.2419

PLN:EUR on 30 June 2025.

Business Strategies and Prospects for Future Financial Years

GreenX’s strategy is to create long-term shareholder value through the discovery, exploration, development and

acquisition of technically and economically viable mineral deposits. This also includes defending the set-aside

motions relating to the Claim, and subsequently enforcing the Award against Poland in the short to medium term.

To date, the Group has not commenced production of any minerals, nor has it identified any Ore reserves in

accordance with the JORC Code. To achieve its objective, the Group currently has the following business strategies

and prospects over the medium to long term:

• Continue to strongly defend the set-aside motions and prepare to enforce the ECT Award against Poland;

• Continue ongoing exploration programs at Tannenberg including commencing an initial drill program to

verify historical estimates and underpin a Mineral Resource;

• Continue with exploration activities at Eleonore North in Greenland following the receipt of results from it

July field program; and

• Identify and assess other suitable business opportunities in the resources sector.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

All of these activities are inherently risky and the Board is unable to provide certainty of the expected results of

these activities, or that any or all of these likely activities will be achieved. Furthermore, GreenX will continue to

take all necessary actions to preserve the Company’s rights and defend its BIT and ECT awards made against

Poland. The material business risks faced by the Group that could have an effect on the Group’s future prospects,

and how the Group manages these risks, include the following:

• Litigation risk – All industries, including the mining industry, are subject to legal and arbitration claims.

Specifically, and as noted above, the Company was successful in its arbitration claim against Poland and has

been awarded £252 million in compensation (plus ongoing interest) for breach of Poland’s obligations under

the BIT and ECT treaties. Subsequently, in November 2024, Poland lodged a request to set-aside the BIT

award in the courts of England and Wales and in January 2025 Poland lodged it’s request to set-aside the

ECT award in the Singapore Courts. In January 2026, the Singapore Court issued a judgment whereby it

rejected, in its entirety, Poland’s application to set aside the ECT award. Poland has since applied to the Court

of Appeal of the Republic of Singapore to appeal the Singapore Courts dismissal of its ECT set-aside motion

(refer to announcement dated 12 January 2026). If Poland’s set-aside motions and appeals are not rejected,

and the original award is not upheld or the damages amount is altered compared to original amount

awarded, then this may have a material impact on the value of the Company’s securities.

• Operations in overseas jurisdictions risk – The Company’s exploration projects are located overseas, in

Germany and Greenland, and as such, the operations of the Company will be exposed to related risks and

uncertainties associated with overseas country, and with regional and local jurisdictions. Opposition to the

projects, or changes in local community support for the projects, along with any changes in mining or

investment policies or in political attitude in Germany or Greenland and, in particular to the mining,

processing or use of copper or gold, may adversely affect the operations, delay or impact the approval process

or conditions imposed, increase exploration and development costs, or reduce profitability of the Company.

Moreover, logistical difficulties may arise due to the assets being located overseas such as the incurring of

additional costs with respect to overseeing and managing the projects, including expenses associated with

taking advice in relation to the application of local laws as well as the cost of establishing a local presence in

Greenland. Fluctuations in the currency of Germany or Greenland may also affect the dealings and operations

of the Company.

Failure to comply strictly with applicable laws, regulations and local practices relating to mineral rights

applications and tenure, could result in loss, reduction or expropriation of entitlements, or the imposition of

additional local or foreign parties as joint venture partners with carried or other interests. Further, the

outcomes in courts in Germany or Greenland may be less predictable than in Australia, which could affect

the enforceability of contracts entered into by the Company.

Eleonore North is remotely located in an area that has an arctic climate and that is categorised as an arctic

desert, and as such, the operations of the Company will be exposed to related risks and uncertainties of arctic

exploration, including adverse weather or ice conditions which may and has prevented access to the project,

which can impact exploration and field activities or generate unexpected costs. It is not possible for the

Company to predict or protect the Company against all such risks.

The Company also had previous operations in Poland which may be subject to regulations concerning

protection of the environment, including at the Debiensko and Kaczyce projects which have both been

relinquished by the Company. As with all exploration projects and mining operations, activities will have an

impact on the environment including the possible requirement to make good any disturbed or damaged

land.

Existing and possible future environmental protection legislation, regulations and actions could cause

additional expense, capital expenditures and restrictions, the extent of which cannot be predicted which

could have a material adverse effect on the Company's business, financial condition and results of operations.

• Joint venture contractual risk – The Company's Tannenberg project is subject to a joint venture agreement

with Group 11. The Company’s ability to achieve its objectives may be dependent on it and the joint venture

party complying with their obligations under the joint venture agreement. Any failure to comply with these

obligations may result in the Company being unable to achieve its commercial objectives, which may have

a material adverse effect on the Company’s operations and the performance and value of its shares. There is

also the risk of disputes arising with the Company’s joint venture partner, the resolution of which could lead

to delays in the Company's proposed development activities or financial loss. The nature of the joint venture

may change in future, including the ownership structure and voting rights, which may have an effect on the

ability of the Company to influence decisions at Tannenberg. The operations of the Company require the

involvement of a number of third parties, in addition Group 11, including consultants, contractors and

suppliers. Financial failure, default or contractual non-compliance on the part of such third parties may have

a material impact on the Company’s operations and performance. It is not possible for the Company to

predict or protect the Company against all such risks.

ANNUAL REPORT 2026

• The Group’s exploration and development activities will require further capital – The exploration and any

development of the Company’s exploration properties will require substantial additional financing. Failure to

obtain sufficient financing may result in delaying or indefinite postponement of exploration and any

development of the Company’s properties or even a loss of property interest. There can be no assurance that

additional capital or other types of financing will be available if needed or that, if available, the terms of such

financing will be favourable to the Company.

• The Group’s exploration properties may never be brought into production – The exploration for, and

development of, mineral deposits involves a high degree of risk. Few properties which are explored are

ultimately developed into producing mines. To mitigate this risk, the Company will undertake systematic and

staged exploration and testing programs on its mineral properties and, subject to the results of these

exploration programs, the Company will then progressively undertake a number of technical and economic

studies with respect to its projects prior to making a decision to mine. However, there can be no guarantee

that the studies will confirm the technical and economic viability of the Company’s mineral properties or that

the properties will be successfully brought into production.

• The Group may be adversely affected by fluctuations in commodity prices – The price of commodities (in the

case of the Company - gold, copper, tungsten and antimony) fluctuates widely and is affected by numerous

factors beyond the control of the Group. Future production, if any, from the Group’s mineral properties will

be dependent upon commodity prices being adequate to make these properties economic. The Group

currently does not engage in any hedging or derivative transactions to manage commodity price risk. As the

Group’s operations change, this policy will be reviewed periodically going forward.

• The Group may be adversely affected by competition within the resources industry – The Group competes

with other domestic and international exploration and development companies, some of whom have larger

financial and operating resources. Increased competition could lead to higher supply or lower overall pricing.

There can be no assurance that the Company will not be materially impacted by increased competition. In

addition, the Group is continuing to secure additional surface and mineral rights, however there can be no

guarantee that the Group will secure additional surface and mineral rights, which could impact on the results

of the Group’s operations.

• The Company may be adversely affected by fluctuations in foreign exchange – Current and planned

activities are predominantly denominated in Sterling, Euros and/or Danish krone and the Company’s ability

to fund these activates may be adversely affected if the Australian dollar continues to fall against these

currencies. The Company currently does not engage in any hedging or derivative transactions to manage

foreign exchange risk. As the Company’s operations change, this policy will be reviewed periodically going

forward.

DIRECTORS

The names and details of the Group's Directors in office at any time during the financial year or since the end of

the financial year are:

Current Directors:

Mr Ian Middlemas Chairman

Mr Benjamin Stoikovich Director and CEO

Mr Garry Hemming Non-Executive Director

Mr Mark Pearce Non-Executive Director

Unless otherwise stated, Directors held their office from 1 July 2025 until the date of this report.

CURRENT DIRECTORS AND OFFICERS

Mr Ian Middlemas B.Com, CA

Chairman

Mr Middlemas is a Chartered Accountant who also holds a Bachelor of Commerce degree. He worked for a large

international Chartered Accounting firm before joining the Normandy Mining Group where he was a senior group

executive for approximately 10 years. He has had extensive corporate and management experience, and is

currently a Director with a number of publicly listed companies in the resources sector.

Mr Middlemas was appointed a Director of the Company on 25 August 2011. During the three year period to the

end of the financial year, Mr Middlemas has held directorships in GBM Resources Limited (June 2025 – present),

NGX Limited (April 2021 – present), Constellation Resources Limited (November 2017 – present), Apollo Minerals

Limited (July 2016 – present), Berkeley Energia Limited (April 2012 – present), Salt Lake Potash Limited (Receivers

Appointed) (January 2010 – present), Equatorial Resources Limited (November 2009 – present), Sovereign Metals

Limited (July 2006 – present), Odyssey Gold Limited (September 2005 – present) and Terra Metals Limited (October

2013 – June 2026).

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Mr Benjamin Stoikovich B.Eng, M.Eng, M.Sc, CEng, CEnv

Director and CEO

Mr Stoikovich is a mining engineer and professional corporate finance executive. He has extensive experience in

the resources sector gained initially as an underground Longwall Coal Mining Engineer with BHP Billiton where

he was responsible for underground longwall mine operations and permitting, and more recently as a senior

executive within the investment banking sector in London where he gained experience in mergers and

acquisitions, debt and off take financing.

He has a Bachelor of Mining Engineering degree from the University of NSW; a Master of Environmental

Engineering from the University of Wollongong; and a M.Sc in Mineral Economics from Curtin University. Mr

Stoikovich also holds a 1st Class Coal Mine Managers Ticket from the Coal Mine Qualifications Board (NSW,

Australia) and is a registered Chartered Engineer (CEng) and Chartered Environmentalist (CEnv) in the United

Kingdom. Mr Stoikovich was appointed a Director of the Company on 17 June 2013. During the three year period

to the end of the financial year, Mr Stoikovich held a directorship in Sovereign Metals Limited (October 2020 –

present).

Mr Garry Hemming BAppSc(AppGeol), MAusIMM, FGS

Non-Executive Director

Audit Committee (Member)

Mr Hemming has been involved in all aspects of discovering projects and taking them from detailed exploration

and through feasibility study. Mr Hemming has lead teams that have discovered, acquired and/or developed ore-

bodies including the Yilgarn Star Gold deposit in Western Australia, Hadleigh Castle/Rishton in Queensland and

the Acoje Nickel PGE deposit in the Philippines.

Mr Hemming was appointed a Director of the Company on 6 October 2021. Mr Hemming has not been a Director

of another listed company in the three years prior to the end of the financial year.

Mr Mark Pearce B.Bus, CA, FCIS, FFin

Non-Executive Director

Audit Committee (Chair)

Mr Pearce is a Chartered Accountant and is currently a Director of several listed companies that operate in the

resources sector. He has had considerable experience in the formation and development of listed resource

companies. Mr Pearce is also a Fellow of the Institute of Chartered Secretaries and Administrators and a Fellow of

the Financial Services Institute of Australasia.

Mr Pearce was appointed a Director of the Company on 25 August 2011. During the three year period to the end of

the financial year, Mr Pearce has held directorships in Zinc of Ireland Limited (April 2026 – present), NGX Limited

(April 2021 – present), Constellation Resources Limited (July 2016 – present), Equatorial Resources Limited

(November 2009 – present), Sovereign Metals Limited (July 2006 – present) and Terra Metals Limited ((Alternate

Director) (June 2022 – January 2026).

Mr Dylan Browne B.Com, CA, AGIA

Company Secretary

Mr Browne is a Chartered Accountant and Associate Member of the Governance Institute of Australia (Chartered

Secretary) who is currently Company Secretary for a number of ASX and European listed companies that operate

in the resources sector. He commenced his career at a large international accounting firm and has since been

involved with a number of exploration and development companies operating in the resources sector, based in

London and Perth, including Sovereign Metals Limited, Berkeley Energia Limited and Papillon Resources Limited.

Mr Browne successfully listed GreenX on the Main Board of the London Stock Exchange and the Warsaw Stock

Exchange in 2015 and also oversaw Berkeley’s listings on the Main Board LSE and the Spanish Stock Exchanges in

2018. Mr Browne was appointed Company Secretary of the Company on 25 October 2012.

PRINCIPAL ACTIVITIES

The principal activities of the Group during the financial year consisted of the exploration and evaluation of its

exploration projects and the defence of its Award made against Poland.

EARNINGS PER SHARE

2026

Cents

2025

Cents

Basic and diluted loss per share

(4.10)

(2.14)

ENVIRONMENTAL REGULATION AND PERFORMANCE

The Group's operations are subject to various environmental laws and regulations under the relevant

government's legislation. Full compliance with these laws and regulations is regarded as a minimum standard for

all operations to achieve.

ANNUAL REPORT 2026

Instances of environmental non-compliance by an operation are identified either by external compliance audits

or inspections by relevant government authorities.

There have been no significant known breaches by the Group during the financial year.

DIVIDENDS

No dividends were paid or declared since the start of the financial year. No recommendation for payment of

dividends has been made (2025: nil).

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There were no significant changes in the state of affairs of the Group during the year other than the following:

(i) On 20 October 2025, the Company announced an Historical Estimate at Tannenberg, which reinforced the

potential for a large-scale and high-grade brownfield copper project at Tannenberg;

(ii) On 12 December 2025, the Company announced, following the exercise of its option, to acquire 90% of Group

11, the holder of the Tannenberg Project;

(iii) On 12 January 2026, GreenX advised that the Singapore Court issued a judgment whereby it rejected, in its

entirety, Poland’s application to set aside the ECT award. Poland subsequently appealed the Singapore

Court’s decision. That appeal was heard by the Singapore Court of Appeal in September 2026, following

which Poland will have no further rights of appeal within the Singapore court system. The Company was

also awarded A$1.6 million by the Singapore Court that was paid by Poland to reimburse the Company for

legal costs associated defending Poland’s failed ECT set-aside motion;

(iv) On 30 January 2026, the Company issued deferred consideration of $1 million GreenX shares to retain its

100% interest in Eleonore North;

(v) In February 2026, the Company completed a placement to raise gross proceeds of approximately $13.6

million from new and existing investors; and

(vi) On 28 May 2026, the Company announced an Exploration Target at the Tannenberg Copper Project, in

Germany.

SIGNIFICANT EVENTS AFTER BALANCE DATE

On 4 August 2026, the Company announced the grant of two additional exploration licences at Eleonore North.

The Company has secured exclusive rights to ~1,600 km

of tenure prospective for RIRGS. These new licences

complement the Company’s existing licences located 100 km to the north.

There are no other matters or circumstances, which have arisen since 30 June 2026 that have significantly affected

or may significantly affect:

• the operations, in financial years subsequent to 30 June 2026, of the Consolidated Entity;

• the results of those operations, in financial years subsequent to 30 June 2026, of the Consolidated Entity; or

• the state of affairs, in financial years subsequent to 30 June 2026, of the Consolidated Entity.

RELATED PARTY DISCLOSURE

Balances and transactions between the Company and its subsidiaries, which are related parties to the Company,

have been eliminated on consolidation. There have been no other transactions with related parties during the

period, other than remuneration for Key Management Personnel (KMP).

SUBSTANTIAL SHAREHOLDERS (shareholder with voting power of at least 5%)

Substantial Shareholder notices have been received by the following:

Substantial Shareholder

Number of Shares/Votes

Voting Power

CD Capital Natural Resources Fund III LP

50,487,925

18.10%

ORDINARY SHARES HELD BY DIRECTORS'

At the Date of this Report

30 June 2026

30 June 2025

Mr Ian Middlemas

11,660,000

Mr Benjamin Stoikovich

2,047,995

819,406

Mr Garry Hemming

Mr Mark Pearce

2,943,113

2,700,000

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

DIRECTORS' INTERESTS

As at the date of this report, the Directors' interests in the securities of the Company are as follows:

Interest in securities at the date of this report

Ordinary Shares

Incentive Options

Mr Ian Middlemas

11,660,000

Mr Benjamin Stoikovich

2,047,995

5,400,000

Mr Garry Hemming

Mr Mark Pearce

2,943,113

1,800,000

Notes:

“Ordinary Shares” means fully paid Ordinary Shares in the capital of the Company.

“Incentive Options” means an unlisted option to subscribe for one Ordinary Share in the capital of the Company.

SHARE OPTIONS AND PERFORMANCE RIGHTS

At the date of this report the following unlisted securities have been issued over unissued Ordinary Shares of the

Company:

• 4,025,000 Incentive Options exercisable at $0.55 each on or before 30 November 2026;

• 7,600,000 Incentive Options exercisable at $1.05 each on or before 31 May 2029;

• 7,600,000 Incentive Options exercisable at $1.20 each on or before 31 May 2030;

• 7,700,000 Incentive Options exercisable at $1.20 each on or before 31 May 2031;

• 5,000,000 Class A Performance Rights that have an expiry date 8 October 2026; and

• 6,000,000 Class B Performance Rights that have an expiry date 8 October 2026.

During the year ended 30 June 2026, 3,442,671 Ordinary Shares (2025: nil) have been issued as a result of the

exercise of Incentive Options. Subsequent to year end and up until the date of this report, no Ordinary Shares have

been issued as a result of the exercise/conversion of Incentive Options or Performance Rights.

INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS

The Constitution of the Company requires the Company, to the extent permitted by law, to indemnify any person

who is or has been a Director or officer of the Company or Group for any liability caused as such a Director or officer

and any legal costs incurred by a Director or officer in defending an action for any liability caused as such a Director

or officer.

During or since the end of the financial year, no amounts have been paid by the Company or Group in relation to

the above indemnities.

During the financial year, an annualised insurance premium was paid to provide adequate insurance cover for

directors and officers against any potential liability and the associated legal costs of a proceeding.

To the extent permitted by law, the Company has agreed to indemnify its auditors, UHY Haines Norton, as part of

the terms of its audit engagement agreement against claims by third parties arising from the audit (for an

unspecified amount). No payment has been made to indemnify UHY Haines Norton during or since the financial

year.

REMUNERATION REPORT (AUDITED)

This Remuneration Report, which forms part of the Directors’ Report, sets out information about the remuneration

of KMP of the Group.

Details of KMP

Details of the KMP of the Group during or since the end of the financial year are set out below:

Current Directors

Mr Ian Middlemas Chairman

Mr Benjamin Stoikovich Director and CEO

Mr Garry Hemming Non-Executive Director

Mr Mark Pearce Non-Executive Director

Other KMP

Mr Simon Kersey Chief Financial Officer

Mr Dylan Browne Company Secretary

Unless otherwise disclosed, the KMP held their position from 1 July 2025 until the date of this report.

ANNUAL REPORT 2026

Remuneration Policy

The Group’s remuneration policy for its KMP has been developed by the Board taking into account the size of the

Group, the size of the management team for the Group, the nature and stage of development of the Group’s

current operations, and market conditions and comparable salary levels for companies of a similar size and

operating in similar sectors. In addition to considering the above general factors, the Board has also placed

emphasis on the following specific issues in determining the remuneration policy for KMP:

(a) the Group is currently focused on undertaking exploration, appraisal and development activities;

(b) risks associated with small cap resource companies whilst exploring and developing projects; and

profitable operations until sometime after the commencement of commercial production on any of its

projects.

Executive Remuneration

The Group’s remuneration policy is to provide a fixed remuneration component and a performance-based

component (short term incentive and long term incentive). The Board believes that this remuneration policy is

appropriate given the considerations discussed in the section above and is appropriate in aligning executives’

objectives with shareholder and business objectives.

Fixed Remuneration

Fixed remuneration consists of base salaries, as well as employer contributions to superannuation funds and other

non-cash benefits. Non-cash benefits may include provision of car parking and health care benefits.

Fixed remuneration is reviewed annually by the Board. The process consists of a review of company and individual

performance, relevant comparative remuneration externally and internally and, where appropriate, external

advice on policies and practices.

Performance Based Remuneration – Short Term Incentive (STI)

Some executives are entitled to an annual cash incentive payment upon achieving various key performance

indicators (KPI’s), as set by the Board. Having regard to the current size, nature and opportunities of the Company,

the Board has determined that these KPI’s may include measures such as successful commencement and/or

completion of exploration activities (e.g. commencement/completion of exploration programs within budgeted

timeframes and costs), establishment of government relationship (e.g. establish and maintain sound working

relationships with government and officialdom), development activities (e.g. completion of infrastructure studies

and commercial agreements), corporate activities (e.g. recruitment of key personnel and representation of the

company at international conferences) and business development activities (e.g. corporate transactions and

capital raisings). On an annual basis, and subsequent to year end, the Board assesses performance against each

individual executive’s KPI criteria. During the 2026 financial year, a total cash incentive sum of nil (2025: NIL) was

paid, or is payable, to KMP on achieving business development KPIs.

Performance Based Remuneration – Long Term Incentive

The Group has adopted a long-term equity incentive plan (LTIP) comprising the grant of Incentive Options and/or

Performance Rights to reward KMP and key employees and contractors for long-term performance of the

Company. Shareholders approved the LTIP on 22 November 2024.

To achieve its corporate objectives, the Group needs to attract, incentivise, and retain its key employees and

contractors. The Board believes that grants of Incentive Options and/or Performance Rights to KMP will provide a

useful tool to underpin the Group's employment and engagement strategy.

(i) Incentive Options

The Group’s LTIP provides for the issuance of Incentive Options as part of KMP and key employees and contractors

remuneration and incentive arrangements in order to attract and retain them and to provide an incentive linked

to the performance of the Company.

The LTIP enables the Group to: (a) recruit, incentivise and retain KMP and other key employees and contractors

needed to achieve the Group's business objectives; (b) link the reward of key staff with the achievement of strategic

goals and the long-term performance of the Group; (c) align the financial interests of participants of the Plan with

those of Shareholders; and (d) provide incentives to participants of the Plan to focus on superior performance that

creates Shareholder value.

The Board’s policy is to grant Incentive Options to KMP with exercise prices at or above market share price (at the

time of agreement). As such, any Incentive Options granted to KMP are generally only of benefit if the KMP

performed to the level whereby the value of the Group increased sufficiently to warrant exercising the Incentive

Options granted.

Other than service-based vesting conditions (if any) and the exercise price required to exercise the Incentive

Options, there are no additional performance criteria attached to any Incentive Options granted to KMP, as given

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

the speculative nature of the Group’s activities and the small management team responsible for its running, it is

considered that the performance of the KMP and the performance and value of the Group are closely related.

The Company prohibits executives entering into arrangements to limit their exposure to Incentive Options and

Performance Rights granted as part of their remuneration package.

During the financial year, 10,100,000 (2025: 13,600,000) Incentive Options were granted to KMP and key employees.

6,275,000 (2025: nil) Incentive Options were exercised by KMP and key employees during the financial year.

(ii) Performance Rights

The LTIP also enables the Group to issue unlisted Performance Rights which, upon satisfaction of the relevant

performance conditions attached to the Performance Rights, will result in the issue of an Ordinary Share for each

Performance Right. Performance Rights are issued for no consideration and no amount is payable upon

conversion thereof.

Performance Rights granted under the LTIP to eligible participants will be linked to the achievement by the

Company of certain performance conditions as determined by the Board from time to time. These performance

conditions must be satisfied in order for the Performance Rights to vest. Upon Performance Rights vesting,

Ordinary Shares are automatically issued for no consideration. If a performance condition of a Performance Right

is not achieved by the expiry date then the Performance Right will lapse.

(iii) Management Incentive Program

In 2021 and following the Litigation Funding Agreement (LFA) with LCM being executed, the Company established

a Management Incentive Program (MIP) which is a LTIP to retain key Company personnel who had important

historical information and knowledge to contribute towards the Claim. The MIP provides that if the Claim is

successful and the Company receives damages proceeds, 6% of these proceeds will be directed to the MIP for

distribution to its participants. The MIP required that each participant must satisfy specific Claim related duties

and if they do so, each participant may be entitled to a pre-defined percentage of the proceeds received by the

MIP. In this regard, of the 6% of any future Claim monetary proceeds, Mr Stoikovich (or his nominee personal

services entity) will be entitled to 30% of the MIP distribution (i.e. 30% of the 6% Claim proceeds), Mr Kersey (or his

nominee personal services entity) will be entitled to 20% of the MIP distribution (i.e. 20% of the 6% Claim proceeds),

Mr Pearce and Mr Browne will each be entitled to 7.5% of the MIP distribution (i.e. 7.5% of the 6% Claim proceeds).

The remaining 35% of the MIP distribution has been allocated to other key staff who contributed to the Claim.

Non-Executive Director Remuneration

The Board’s policy is for fees to Non-Executive Directors to be no greater than market rates for comparable

companies for time, commitment and responsibilities. Given the current size, nature and risks of the Company,

Incentive Options may also be used to attract and retain Non-Executive Directors. The Board determines

payments to the Non-Executive Directors and reviews their remuneration annually, based on market practice,

duties and accountability. Independent external advice is sought when required.

The maximum aggregate amount of fees that can be paid to Non-Executive Directors is subject to approval by

shareholders at a General Meeting. Director’s fees paid to Non-Executive Directors accrue on a daily basis. Fees for

Non-Executive Directors are not linked to the performance of the economic entity. However, to align Directors’

interests with shareholder interests, the Directors are encouraged to hold shares in the Company and given the

current size, nature and opportunities of the Company, Non-Executive Directors may receive Incentive Options in

order to secure and retain their services.

Fees for the Chairman were set at $36,000 per annum (2025: $36,000) (excluding post-employment benefits).

Fees for Non-Executive Directors’ were set at $20,000 per annum (2025: $20,000) (excluding post-employment

benefits). These fees cover main board activities only. Non-Executive Directors may receive additional

remuneration for other services provided to the Company, including but not limited to, membership of

committees.

During the 2026 financial year, no Incentive Options (2025: nil) were granted to Non-Executive Directors, other

than to Mr Pearce who was granted 600,000 Incentive Options (2025: 1,200,000) that were subject to shareholder

approval and issued on 14 July 2026.

The Company prohibits Non-Executive Directors entering into arrangements to limit their exposure to Incentive

Options granted as part of their remuneration package.

Relationship between Remuneration of KMP and Shareholder Wealth

During the Company’s exploration and development phases of its business, the Board anticipates that the

Company will retain earnings (if any) and other cash resources for the exploration and development of its resource

projects. Accordingly, the Company does not currently have a policy with respect to the payment of dividends and

returns of capital. Therefore, there was no relationship between the Board’s policy for determining, or in relation

to, the nature and amount of remuneration of KMP and dividends paid and returns of capital by the Company

during the current and previous four financial years.

ANNUAL REPORT 2026

The Board did not determine, and in relation to, the nature and amount of remuneration of the KMP by reference

to changes in the price at which shares in the Company traded between the beginning and end of the current

and the previous four financial years. Discretionary annual cash incentive payments are based upon achieving

various non-financial key performance indicators as detailed under “Performance Based Remuneration – Short

Term Incentive” and are not based on share price or earnings. However, as noted above, certain KMP may receive

Incentive Options in the future which generally will be of greater value to KMP if the value of the Company’s shares

increases sufficiently to warrant exercising the Incentive Options.

Relationship between Remuneration of KMP and Earnings

As discussed above, the Company is currently undertaking exploration and development activities, and does not

expect to be undertaking profitable operations (other than by way of material asset sales, none of which is

currently planned) until sometime after the successful commercialisation, production and sales of commodities

from one or more of its projects. Accordingly, the Board does not consider earnings during the current and

previous four financial years when determining, and in relation to, the nature and amount of remuneration of KMP.

Remuneration of Directors and other KMP

Details of the nature and amount of each element of the remuneration of each Director and other KMP of GreenX

Metals Limited are as follows:

Short-term benefits

Post-

employment

superann-

uation

Non-Cash

Share-based

payments

Total

Perfor-

mance

Salary &

fees

Cash

Incentive

Payments

Current Directors

Ian Middlemas

2026

36,000

4,320

40,320

2025

36,000

4,140

40,140

Benjamin Stoikovich

2026

493,109

218,460

711,569

30.7

2025

501,984

10,245

512,229

2.0

Garry Hemming

2026

60,080

2025

60,080

Mark Pearce

2026

20,000

2,400

108,159

130,559

82.8

2025

20,000

2,300

5,123

27,423

18.7

Other KMP

Simon Kersey

2026

315,225

102,412

417,637

24.5

2025

321,500

4,870

326,370

1.5

Dylan Browne

2026

103,204

100

2025

4,870

100

Total

2026

924,414

6,720

532,235

1,463,369

2025

939,564

6,440

25,108

971,112

Notes:

Mr Hemming also has a services agreement with the Company which provides for a consultancy fee for geological services provided by Mr Hemming.

Mr Browne provided services as the Company Secretary through a services agreement with Apollo Group Pty Ltd (Apollo Group) a company of which

Mr Mark Pearce is a Director and beneficial shareholder Mr Browne is an employee of Apollo Group. During the year, Apollo Group was paid or is

payable A$330,000 (2025: A$312,000) for the provision of administrative, secretarial and corporate services to the Group.

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

Incentive Options Granted to KMP

Details of the value of Incentive Options granted or lapsed for KMP of the Group during the year ended 30 June

2026 are as follows:

2026

No. of

options

granted

No. of

options

vested

No. of

options

lapsed

Value of

options

lapsed

No. of

options

exercised

Value of

options

exercised

Value of

options

granted

during

the year

Value of

options

included in

remuneration

for the year

Directors

Benjamin Stoikovich

1,500,000

568,390

560,202

218,460

Mark Pearce

600,000

1,000,000

396,131

224,081

108,159

Other KMP

Simon Kersey

600,000

375,000

142,109

246,428

102,412

Dylan Browne

600,000

1,250,000

511,395

232,353

103,204

Notes:

Determined at the time exercise at the intrinsic value, being the difference between the exercise and share price.

Values determined at the grant date per AASB 2. For details on the valuation of Incentive Options, including models and assumptions used, please

refer to Note 19 of the financial statements.

Incentive Options issued to Directors following shareholder approval on 14 July 2026, following agreement to issue Incentive Options on 27 May

2026.

Details of Incentive Options granted to each KMP of the Group during the 2026 financial year are as follows:

2025

Issue Date

Grant Date

Expiry Date

Exercise

Price

Grant Date

Fair Value

No. Granted

Directors

Benjamin Stoikovich

14 July 2026

31 May 2031

1.50

0.374

1,500,000

Mark Pearce

14 July 2026

31 May 2031

1.50

0.374

600,000

Other KMP

Simon Kersey

4 June 2026

31 May 2031

1.50

0.411

600,000

Dylan Browne

4 June 2026

27 May 2026

31 May 2031

1.50

0.387

600,000

Notes:

For details on the valuation of Unlisted Incentive Options, including models and assumptions used, please refer to Note 19 of the financial

statements.

Incentive Options issued to Directors following shareholder approval on 14 July 2026, following the agreement to issue Incentive Options on 27 May

2026.

Employment Contracts with Current Directors and KMP

Mr Stoikovich has an appointment letter dated 21 June 2018, under the terms of which he agrees to serve as a

Director of the Company. Mr Stoikovich’s appointment letter is terminable, pursuant to the Company’s

Constitution, by giving the Company notice in writing. Under the updated appointment letter, Mr Stoikovich

receives a fixed fee of £25,000 per annum.

Selwyn Capital Limited (Selwyn), a company of which Mr Stoikovich is a director and shareholder, has a consulting

agreement with the Company to provide project management and capital raising services. Under this agreement,

Selwyn is paid a fixed annual consultancy fee of £225,000 per annum and can earn an annual incentive payment

of up to £100,000 payable upon the successful completion of key milestones as determined by the Board. In

addition, Selwyn, is entitled to receive a payment incentive worth the aggregate fixed yearly director’s fees and

consultancy fee in the event of a change of control clause being triggered with the Company. The consulting

contract can be terminated by either Selwyn or the Company by giving twelve months’ notice. No amount is

payable to Selwyn in the event of termination of the contract arising from negligence or incompetence in regard

to the performance of services specified in the contract.

Mr Hemming, Non-Executive Director, has an appointment letter dated 5 October 2021 confirming the terms and

conditions of his appointment including a fee of $20,000 per annum. Roscoria Pty Ltd, a company of which Mr

Hemming is a director and shareholder, has a services agreement with the Company dated 6 October 2021, which

provides for a consultancy fee at the rate of $3,340 per month for geological services provided by Mr Hemming.

Either party may terminate the agreement without penalty or payment by giving one months’ notice.

Mr Simon Kersey, Chief Financial Officer, is engaged under a consultancy deed with Cheyney Resources Limited

(Cheyney). The agreement specifies the duties and obligations to be fulfilled by Mr Kersey as the Chief Financial

Officer. The Company may terminate the agreement with six months written notice. No amount is payable in the

event of termination for material breach of contract, gross misconduct or neglect. Cheyney receives an annual

consultancy fee of £160,000 and will be eligible for a cash incentive of up to £50,000 per annum to be paid upon

successful completion of KPIs. In addition, Cheyney, will be entitled to receive a payment incentive worth six

months of the annual consultancy fee in the event of a change of control clause being triggered with the Company.

ANNUAL REPORT 2026

Mr Browne, Company Secretary, has a services agreement with the Company to provide corporate and financial

services with the Company. Either party may terminate the agreement by giving one month written notice. Under

the services agreement, Mr Browne receive cash and/or incentive securities in the Company. Mr Browne is also

entitled to receive a fee worth $100,000 in the event of a change of control clause being triggered with the

Company.

Loans from KMP

No loans were provided to or received from KMP during the year ended 30 June 2026 (2025: Nil).

Other Transactions

Apollo Group, a company of which Mr Mark Pearce is a Director and beneficial shareholder, was paid or is payable

$330,000 (2025: $312,000) for the provision of administrative, secretarial and corporate services to the Group. This

item has been recognised as an expense in the Statement of Profit or Loss and other Comprehensive Income. The

amount is based on a current monthly retainer of $27,500 (2025: $26,000) due and payable in advance, with no

fixed term, and is able to be terminated by either party with one month’s notice.

Equity instruments held by KMP

Incentive Option holdings of KMP

2026

Held at

1 July 2025

Granted as

Remuner-

ation

Exercised

Expired/

Lapsed

Held at

30 June

2026

Vested and

exercise-

able at 30

June 2026

Current Directors

Ian Middlemas

Benjamin Stoikovich

5,400,000

1,500,000

(1,500,000)

5,400,000

1,500,000

Garry Hemming

Mark Pearce

2,200,000

600,000

(1,000,000)

1,800,000

Other KMP

Simon Kersey

1,950,000

600,000

(375,000)

2,175,000

375,000

Dylan Browne

2,450,000

600,000

(1,250,000)

1,800,000

Note:

Incentive Options issued to Directors following shareholder approval on 14 July 2026, following agreement to issue the Incentive Options on 27 May

2026.

Shareholdings of KMP

2026

Held at

1 July 2025

Granted as

Remuneration

Options Exercised

Net other

movement

Held at

30 June 2026

Directors

Ian Middlemas

11,660,000

Benjamin Stoikovich

819,406

1,228,589

2,047,995

Garry Hemming

Mark Pearce

2,700,000

443,113

(200,000)

2,943,113

Other KMP

Simon Kersey

171,441

Dylan Browne

65,000

564,208

629,208

End of Remuneration Report

DIRECTORS’ REPORT

(Continued)

GreenX Metals Limited

NON-AUDIT SERVICES

During the financial year, the Company’s current auditor, UHY Haines Norton and related entities, provided no

non-audit services (2025: nil).

DIVIDENDS

No dividends have been declared, provided for or paid in respect of the financial year ended 30 June 2026 (2025:

nil).

AUDITOR’S INDEPENDENCE DECLARATION

The lead auditor’s independence declaration for the year ended 30 June 2026 has been received and can be found

on page 27 of the Directors’ Report.

Signed in accordance with a resolution of the Directors.

Benjamin Stoikovich

Director

24 September 2026

Competent Persons Statement

The information in this report that relates to exploration results were extracted from the ASX announcements dated 15 July 2024,

2 August 2024, 27 November 2024, 28 April 2025, 9 September 2025, 20 November 2025, 14 May 2026, and 17 June 2026 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.

The information in this announcement that relates to the Exploration Target is based on information compiled by 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.

The information in this announcement that relates to historical estimates for Tannenberg were extracted from the ASX

announcement dated 20 October 2025 entitled ‘GreenX Uncovers Historical Estimate at Tannenberg Copper Project’ (Original

Announcement).

GreenX confirms that (a) it is not in possession of any new information or data relating to the historical estimates that materially

impacts on the reliability of the estimates or GreenX’s ability 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 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 Original Announcement.

The information in this announcement that relates to the historical estimate for Eleonore North were extracted from the ASX

announcement dated 24 November 2025, entitled ‘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. 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.

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.

AUDITOR’S INDEPENDENCE DECLARATION

ANNUAL REPORT 2026

Audit Ind dec

Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of GreenX Metals Limited

As auditor for the audit of GreenX Metals Limited for the year ended 30 June 2026,

I declare that, to the best of my knowledge and belief, there have been:

(i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001

in relation to the audit; and

(ii) no contraventions of any applicable code of professional conduct in relation to the audit.

This declaration is in respect of GreenX Metals Limited and the entities it controlled during the year.

Matthew Pope

UHY Haines Norton

Partner

Sydney

Chartered Accountants

Dated 24 September 2026

NOTES TO AND FORMING PART OF THE FINANCIAL

STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

GreenX Metals Limited

1. STATEMENT OF MATERIAL ACCOUNTING POLICIES

The material accounting policies adopted in preparing the financial report of GreenX Metals Limited (GreenX or

Company) and its consolidated entities (Consolidated Entity or Group) for the year ended 30 June 2026 are stated

to assist in a general understanding of the financial report.

GreenX Metals is a Company limited by shares incorporated and domiciled in Australia whose shares are publicly

traded on the Australian Securities Exchange (ASX), the London Stock Exchange (LSE) and the Warsaw Stock

Exchange (WSE).

The financial report of the Group for the year ended 30 June 2026 was authorised for issue in accordance with a

resolution of the Directors.

(a) Basis of Preparation

The financial report is a general purpose financial report, which has been prepared in accordance with Australian

Accounting Standards (AASBs) and other authoritative pronouncements of the Australian Accounting Standards

Board (AASB) and the Corporations Act 2001. The Group is a for-profit entity for the purposes of preparing the

consolidated financial statements.

The financial report has been prepared on a historical cost basis, except for certain financial liabilities which have

been measured at fair value. The financial report is presented in Australian dollars.

The consolidated financial statements have been prepared on a going concern basis which assumes the continuity

of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of

business.

(b) Statement of Compliance

The financial report complies with International Financial Reporting Standards (IFRS) as issued by the

International Accounting Standards Board.

In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the

AASB that are relevant to its operations and effective for the current annual reporting period. The adoption of these

new and revised Standards or Interpretations has had an immaterial impact (if any) on the Group. Any new or

amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet

effective have not been adopted by the Group for the annual reporting period ended 30 June 2026. Those which

may be relevant to the Group are set out in the table below, but these are not expected to have any significant

impact on the Group’s financial statements as detailed below.

Standard/Interpretation

Application

date of

standard

Application

date for Group

AASB 2024-2 Amendments to AASs – Classification and Measurement of Financial

Instruments

1 January 2026

1 July 2026

AASB 2024-3 Amendments to AASs – Annual Improvements Volume II. Amendments to

AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107

1 January 2026

1 July 2026

AASB 2025-2 Amendments to AASs – Classification and Measurement of Financial

Instruments: Tier 2 Disclosures

1 January 2026

1 July 2026

AASB 18 Presentation and Disclosure in Financial Statements

1 January 2027

1 July 2027

ANNUAL REPORT 2026

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of the Company as at

30 June 2026 and the results of all subsidiaries for the year then ended.

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an

entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has

the ability to affect those returns through its power to direct the activities of the entity.

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using

consistent accounting policies. Accounting policies of subsidiaries have been changed where necessary to ensure

consistency with the policies adopted by the Company.

Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-

consolidated from the date that control ceases. Intercompany transactions and balances, income and expenses

and profits and losses between Group companies, are eliminated.

(d) Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term highly

liquid investments with original maturities of three months or less.

(e) Trade and Other Receivables

Trade receivables are initially recognised at the transaction price and subsequently measured at amortised costs

amount less any expected credit loss (ECL).

Receivables from related parties are initially recognised at fair value and measured at amortised cost and are

interest free.

The Group’s trade and other receivables includes GST and other taxes receivables, interest receivable and security

deposits.

(f) Financial Assets

(i) Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through

other comprehensive income (OCI), and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow

characteristics and the Group’s business model for managing them. The Group initially measures a financial asset

at its fair value plus, in the case of a financial asset not at fair value through profit or loss, less transaction costs.

(ii) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

• Financial assets at amortised cost;

• Financial assets at fair value through OCI with recycling of cumulative gains and losses (not relevant to the

Group);

• Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon

derecognition (equity instruments – not relevant to the Group); and

• Financial assets at fair value through profit or loss (equity instruments – not relevant to the Group).

Financial assets at amortised cost (debt instruments)

The Group measures financial assets at amortised cost if both of the following conditions are met:

• The financial asset is held within a business model with the objective to hold financial assets in order to

collect contractual cash flows; and

• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely

payments of principal and interest on the principal amount outstanding.

Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and

are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,

modified or impaired.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

Impairment

The Group recognises an allowance for ECLs for all debt instruments not held at fair value through profit or loss.

ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all

the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. ECLs are

recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk

since initial recognition, ECLs are provided for credit losses that result from default events that are possible within

the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in

credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of

the exposure, irrespective of the timing of the default (a lifetime ECL).

For receivables due in less than 12 months, the Group recognises a loss allowance based on the financial asset’s

lifetime ECL at each reporting date.

Given the nature of financial assets held by the Group, it considers a financial asset to be in default when internal

or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full

before taking into account any credit enhancements held by the Group. A financial asset is written off when there

is no reasonable expectation of recovering the contractual cash flows.

At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired.

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated

future cash flows of the financial asset have occurred.

(g) Property, Plant and Equipment

(i) Recognition and measurement

Property, plant and equipment is stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Such cost includes the cost of replacing parts that are eligible for capitalisation when the cost

of replacing the parts is incurred. Similarly, when each major inspection is performed, its cost is recognised in the

carrying amount of the property, plant and equipment as a replacement only if it is eligible for capitalisation. All

other repairs and maintenance are recognised in the Statement of Profit or Loss and other Comprehensive Income

as incurred.

(ii) Depreciation

Depreciation is provided on a straight-line basis on all property, plant and equipment.

2026

2025

Major depreciation periods (per annum) are:

Plant and equipment:

22% - 40%

The assets’ residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at

each financial year end.

(iii) Derecognition

An item of property, plant and equipment is derecognised upon disposal or when no further future economic

benefits are expected from its use or disposal. Impairment of property, plant and equipment are discussed in note

1(s).

(h) Exploration and Evaluation Expenditure

Expenditure on exploration and evaluation is accounted for in accordance with the ‘area of interest’ method.

Exploration and evaluation expenditure encompasses expenditures incurred by the Group in connection with the

exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of

extracting a mineral resource are demonstrable.

For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as

tangible or intangible, and recognised as an exploration and evaluation asset. Exploration and evaluation assets

are measured at cost at recognition and are recorded as an asset if:

(i) the rights to tenure of the area of interest are current; and

(ii) at least one of the following conditions is also met:

• the exploration and evaluation expenditures are expected to be recouped through successful

development and exploitation of the area of interest, or alternatively, by its sale; and

• exploration and evaluation activities in the area of interest have not at the reporting date reached a stage

which permits a reasonable assessment of the existence or otherwise of economically recoverable

reserves, and active and significant operations in, or in relation to, the area of interest are continuing.

Exploration and evaluation expenditure incurred by the Group subsequent to acquisition of the rights to explore

is expensed as incurred, up to costs associated with the preparation of a feasibility study.

Impairment

Capitalised exploration costs are reviewed each reporting date to establish whether an indication of impairment

exists. If any such indication exists, the recoverable amount of the capitalised exploration costs is estimated to

determine the extent of the impairment loss (if any). Where an impairment loss subsequently reverses, the

carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent

that the increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset in previous years.

Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and

transferred to development properties, and then amortised over the life of the reserves associated with the area

of interest once mining operations have commenced. Recoverability of the carrying amount of the exploration

and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale

of the respective areas of interest.

Grant funding receivable

Where funds are received or receivable from partners regarding monetary contributions for project identification,

validation or exploration, the funds received are allocated in the financial statements against the corresponding

expense or exploration asset.

(i) Payables

Liabilities are recognised for amounts to be paid in the future for goods and services received. Trade accounts

payable are normally settled within 30 days. Payables are carried at amortised cost.

(j) Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past

event, it is probable that an outflow of resources embodying economic benefits will be required to settle the

obligation and a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle

the present obligation at the reporting date. If the effect of the time value of money is material, provisions are

discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When

discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

(k) Financial Liabilities

(i) Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans

and borrowings (amortised cost) or payables.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,

net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables and financial liabilities at fair value through profit

or loss.

(ii) Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Amortised cost liabilities

This is the category most relevant to the Group. After initial recognition, amortised cost liabilities are subsequently

measured at amortised cost using the EIR method. Gains and losses are then recognised in profit or loss when the

liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that

are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.

Financial liabilities at fair value through profit or loss

This is the category least relevant to the Group. Financial liabilities at fair value through profit or loss include

financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value

through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near

term.

Financial liabilities at fair value through profit or loss

Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the

initial date of recognition, and only if the criteria in AASB 9 Financial Instruments are satisfied.

ANNUAL REPORT 2026

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

(iii) Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

When an existing financial liability is replaced by another on substantially different terms, or the terms of an

existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the

original liability and the recognition of a new liability. The difference in the respective carrying amounts is

recognised in the statement of profit or loss.

(l) Revenue Recognition

Revenue is recognised when control of goods is transferred to the customer at an amount that reflects the

consideration to which the Group expects to be entitled to in exchange for those goods.

Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset.

(m) Income Tax

The income tax expense for the period is the tax payable on the current period’s taxable income based on the

national income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable

to temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial

statements, and to unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when

the assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively

enacted at balance date for each jurisdiction. The relevant tax rates are applied to the cumulative amounts of

deductible and taxable temporary differences to measure the deferred tax asset or liability. An exception is made

for certain temporary differences arising from the initial recognition of an asset or a liability. No deferred tax asset

or liability is recognised in relation to these temporary differences if they arose on goodwill or in a transaction,

other than a business combination, that at the time of the transaction did not affect either accounting profit or

taxable profit or loss.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and

tax bases of investments in controlled entities where the Company is able to control the timing of the reversal of

the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable

that future taxable amounts will be available to utilise those temporary differences and losses.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent

that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income

tax asset to be utilised.

Unrecognised deferred income tax assets are reassessed at each balance date and are recognised to the extent

that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised

directly in equity.

Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current

tax assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same

taxation authority.

(n) Tax consolidation

GreenX Metals Limited and its wholly-owned Australian subsidiaries have formed an income tax consolidated

group under the tax consolidation regime. Each entity in the tax consolidated group recognises its own current

and deferred tax liabilities, except for any deferred tax assets resulting from unused tax losses and tax credits,

which are immediately assumed by the Company (which is the head entity in the tax consolidated group). The

current tax liability of each group entity is then subsequently assumed by the Company. The tax consolidated

group has entered a tax sharing agreement whereby each company in the Group contributes to the income tax

payable in proportion to their contribution to the net profit before tax of the tax consolidated group.

(o) Employee Entitlements

Provision is made for the Group’s liability for employee benefits arising from services rendered by employees to

balance date. Employee benefits that are expected to be settled within 12 months have been measured at the

amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later

than 12 months have been measured using the projected unit credit valuation method.

(p) Earnings per Share

Basic earnings per share (EPS) is calculated by dividing the net profit attributable to members of the Company for

the reporting period, after excluding any costs of servicing equity, by the weighted average number of Ordinary

Shares of the Company, adjusted for any bonus issue.

Diluted EPS is calculated by dividing the basic EPS earnings, adjusted by the after tax effect of financing costs

associated with dilutive potential Ordinary Shares and the effect on revenues and expenses of conversion to

Ordinary Shares associated with dilutive potential Ordinary Shares, by the weighted average number of Ordinary

Shares and dilutive Ordinary Shares adjusted for any bonus issue.

(q) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred

is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost

of acquisition of the asset or as part of the expense. Receivables and payables in the statement of financial position

are shown inclusive of GST.

Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing

and financing activities, which are disclosed as operating cash flows.

(r) Acquisition of Assets

A group of assets may be acquired in a transaction which is not a business combination. In such cases the cost of

acquisition is allocated to the individual identifiable assets (including intangible assets that meet the definition of

and recognition criteria for intangible assets in AASB 138) acquired and liabilities assumed on the basis of their

relative fair values at the date of purchase.

(s) Impairment of non-current Assets

The Group assesses at each reporting date whether there is an indication that a non-current asset may be

impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group

makes an estimate of the asset's recoverable amount. An asset's recoverable amount is the higher of its fair value

less costs of disposal and its value in use and is determined for an individual asset, unless the asset does not

generate cash inflows that are largely independent of those from other assets or groups of assets and the asset's

value in use cannot be estimated to be close to its fair value. In such cases the asset is tested for impairment as

part of the cash-generating unit to which it belongs. When the carrying amount of an asset or cash-generating

unit exceeds its recoverable amount, the asset or cash-generating unit is considered impaired and is written down

to its recoverable amount.

In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the

asset.

An assessment is also made at each reporting date as to whether there is any indication that previously recognised

impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is

estimated. A previously recognised impairment loss is reversed only if there has been a change in the estimates

used to determine the asset's recoverable amount since the last impairment loss was recognised. If that is the case

the carrying amount of the asset is increased to its recoverable amount.

That increased amount cannot exceed the carrying amount that would have been determined, net of

depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in

profit or loss. After such a reversal the depreciation charge is adjusted in future periods to allocate the asset's

revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

(t) Fair Value Estimation

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for

disclosure purposes.

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting

date. The quoted market price used for financial assets held by the Group is the current bid price; the appropriate

quoted market price for financial liabilities is the current ask price.

The net carrying value of trade receivables and payables are short term in nature and approximate their fair values.

The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash

flows at the current market interest rate that is available to the Group for similar financial instruments.

(u) Issued and Unissued Capital

Ordinary Shares are classified as equity. Issued and paid up capital is recognised at the fair value of the

consideration received by the Company. Incremental costs directly attributable to the issue of new shares or

options are shown in equity as a deduction, net of tax, from the proceeds.

(v) Foreign Currencies

(i) Functional and presentation currency

The functional currency of each of the Group's entities is measured using the currency of the primary economic

environment in which that entity operates. The consolidated financial statements are presented in Australian

dollars which is the Company's functional and presentation currency.

ANNUAL REPORT 2026

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

Transactions and balances

Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the

date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-

monetary items measured at historical cost continue to be carried at the exchange rate at the date of the

transaction.

Exchange differences arising on the translation of monetary items are recognised in the Statement Profit or Loss

and other Comprehensive Income.

Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the

extent that the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the

other Comprehensive Income.

(ii) Group companies

The financial results and position of foreign operations whose functional currency is different from the Group's

presentation currency are translated as follows:

• assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;

• income and expenses are translated at average exchange rates for the period; and

• items of equity are translated at the historical exchange rates prevailing at the date of the transaction.

Exchange differences arising on translation of foreign operations are transferred to the group's foreign currency

translation reserve in the Statement of Financial Position. The accumulated difference is reclassified in the

Statement of Profit or Loss and other Comprehensive Income in the period in which the operation is disposed.

(w) Share-Based Payments

Equity-settled share-based payments are provided to officers, employees, consultants and other advisors. These

share-based payments are measured at the fair value of the equity instrument at the grant date. Fair value is

determined using the Binomial option pricing model. Further details on how the fair value of equity-settled share-

based payments has been determined can be found in Note 19.

The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on

the Company's estimate of equity instruments that will eventually vest. At each reporting date, the Company

revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original

estimates, if any, is recognised in profit or loss over the remaining vesting period, with a corresponding adjustment

to the option premium reserve.

Equity-settled share-based payments may also be provided as consideration for the acquisition of assets. Where

Ordinary Shares are issued, the transaction is recorded at fair value based on the quoted price of the Ordinary

Shares at the grant date. The acquisition is then recorded as an asset or expensed in accordance with accounting

standards. Unvested incentive securities that lapse when non-market conditions are not met are reversed from

the share-based payment reserve to the Statement of Profit or Loss.

(x) Arbitration facility income

Arbitration facility income is recognised when there is reasonable assurance that the Company will comply with

the LFA and the benefits will be received. Arbitration facility income is recognised in profit or loss on a systematic

basis over the periods in which the entity recognises as expenses the related arbitration costs for which the income

is intended to compensate.

(y) Use and Revision of Accounting Estimates, Judgements and Assumptions

The preparation of the financial report requires management to make judgements, estimates and assumptions

that affect the application of accounting policies and the reported amounts of assets, liabilities, income and

expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed

on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is

revised if the revision affects only that period, or in the period of the revision and future periods if the revision

affects both current and future periods.

In particular, information about significant areas of estimation uncertainty and critical judgements in applying

accounting policies that have the most significant effect on the amount recognised in the financial statements

are described in the following notes:

• Share-Based Payments (Note 19) - The Group initially measures the cost of equity-settled transactions with

employees by reference to the fair value of the equity instrument at the date at which they are granted.

Estimating fair value for share-based payment transactions requires the determination of the most

appropriate valuation model. This estimate also requires the determination of the most appropriate inputs

to the valuation model including the expected life of the share option, volatility and dividend yield. The

assumption and models used for estimating the fair value for share-based payment transactions are

disclosed in Note 19.

• Functional currency of foreign operations (Note 22 (g)) - determination of the functional currency of foreign

subsidiaries requires judgement regarding the primary currency of labour, material and exploration spend

in that subsidiary.

• Exploration and Evaluation Assets (Note 6) – the Group’s accounting policy for exploration and evaluation

assets is set out in Note 1(h). The application of this policy requires management to make certain

judgements and estimates as to future events and circumstances, in particular, the assessment of whether

economic quantities of reserves have been found and the point at which exploration and evaluation assets

should be transferred to mine development properties. The determination of an area of interest also

requires judgement.

(z) Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys

the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and

leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets

representing the right to use the underlying assets.

ANNUAL REPORT 2026

2. REVENUE AND OTHER INCOME

2026

2025

(a) Revenue

Interest income

308,459

244,867

308,459

244,867

(b) Other income

Arbitration finance facility income

251,593

Recoupment of arbitration costs

1,591,586

Other

27,483

1,591,586

279,076

3. EXPENSES

2026

2025

Note

(a) Employee benefits expense

Salaries and wages

(906,735)

(961,560)

Superannuation expense

(6,720)

(6,440)

Employment expenses

(913,455)

(968,000)

Share-based payment expense

19(a)

(1,373,037)

(136,955)

Employment expenses recorded in exploration and evaluation expenses

(443,589)

(452,077)

Total employment expenses included in profit or loss

(2,730,081)

(1,557,032)

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

4. INCOME TAX

2026

2025

(a) Recognised in the statement of comprehensive income

Current income tax

Current income tax benefit in respect of the current year

Deferred income tax

Relating to origination and reversal of temporary differences

Income tax expense/(benefit) reported in the statement of Profit or Loss and other

Comprehensive income

(b) Reconciliation between tax expense and accounting loss before income

tax

Accounting loss before income tax

(12,339,989)

(6,022,365)

At the domestic income tax rate of 30% (2025: 30%)

(3,701,997)

(1,806,709)

Expenditure not allowable for income tax purposes

3,568,250

1,464,151

Income not assessable for income tax purposes

(505,487)

(114,997)

Adjustments in respect of deferred income tax of previous years

(106,844)

(85,919)

Deferred tax assets not brought to account

746,078

543,474

Income tax expense/(benefit) reported in the statement of Profit or Loss and other

Comprehensive income

Deferred income tax at 30 June relates to the following:

Deferred Tax Liabilities

Receivables

15,002

6,521

Deferred tax assets used to offset deferred tax liabilities

(15,002)

(6,521)

Deferred Tax Assets

Accrued expenditure

77,698

74,232

Right-of-use assets

1,286

(3,520)

Capital allowances

123,200

122,013

Tax losses available to offset against future taxable income

7,309,148

6,624,407

Deferred tax assets used to offset deferred tax liabilities

(15,002)

(6,521)

Deferred tax assets not brought to account

(7,496,330)

(6,810,611)

The benefit of deferred tax assets not brought to account will only be brought to account if:

• future assessable income is derived of a nature and of an amount sufficient to enable the benefit to be

realised;

• the conditions for deductibility imposed by tax legislation continue to be complied with; and

• no changes in tax legislation adversely affect the Group in realising the benefit.

The Company has not recognised unused carry forward tax losses in Poland of $22,637,060 (2025: $26,228,783) as

the losses are unlikely to be utilised in the future. In Poland, a company's unused carry forward tax loss may

generally be carried forward for 5 consecutive tax years

(d) Tax Consolidation

The Company and its wholly-owned Australian resident entities have formed a tax consolidated group and are

therefore taxed as a single entity. The head entity within the tax consolidated group is GreenX Metals Limited.

5. TRADE AND OTHER RECEIVABLES

2026

2025

Trade receivables

215,161

184,794

Interest receivable

50,007

21,737

Deposits/prepayments

104,999

102,567

GST and other receivables

175,361

250,488

545,528

559,586

Note:

As at 30 June 2026 (2025: nil), no amounts are past due or impaired.

ANNUAL REPORT 2026

6. EXPLORATION AND EVALUATION ASSETS

Tannenberg

Project

Eleonore North

Gold Project

Arctic Rift

Copper Project

Total

Carrying amount at 1 July 2025

990,279

1,902,906

7,770,000

10,663,185

Tannenberg acquisition consideration: Issue

of 3,487,147 Ordinary Shares (Notes 7 and 12)

3,000,000

ELN deferred consideration: Issue of 1,141,409

Ordinary Shares

1,000,000

Tannenberg expenditure

685,716

Exploration costs funded by project BHP

Xplor program

(533,161)

Reversal of unvested Performance Rights

(Note 13)

(3,355,000)

Exploration and evaluation impairedf

(4,415,000)

Carrying amount at 30 June 2026

4,142,834

2,902,906

7,045,740

Carrying amount at 1 July 2024

1,602,906

7,770,000

9,372,906

ELN acquisition consideration: Issue of

382,636 Ordinary Shares to GEX (Note 12)

300,000

Tannenberg expenditure

862,053

Tannenberg acquisition consideration: Issue

of 500,000 Ordinary Shares (Note 12)

405,000

Exploration costs funded by project BHP

Xplor program

(276,774)

Carrying amount at 30 June 2025

990,279

1,902,906

7,770,000

10,663,185

Note:

In July 2024, GreenX entered into a revised agreement to acquire 100% of the Eleonore North project. As part of the revised agreement, a deferred

payment of A$1,000,000 in cash or GreenX shares was required to be made for GreenX to retain its 100% interest in ELN project. On 24 November

2025, GreenX announced that it would retain its interest in ELN and GreenX issued 1,141,409 ordinary shares (subject to 12 months escrow) to satisfy

the deferred payment.

Relates to amounts funded by the grant received from BHP in respect of the BHP Xplor program. The Company received a total of $809,935

(US$500,000)(which includes a foreign exchange adjustment of $19,864 recorded in the year (2025: nil), in funding pursuant to the Xplor program,

with $533,161 (2025: $276,774) of the grant spent during the period.

The ultimate recoupment of costs carried forward for exploration and evaluation is dependent on the successful development and commercial

exploitation or sale of the respective areas of interest. An impairment expense was recognised during the period $4,415,000 (2025: nil) in relation to

areas of interest where no future exploration and evaluation activities are expected.

During the year, it was determined that 11,000,000 performance rights that that relate to ARC and expire on 8 October 2026 will lapse unvested on

the relevant expiry date as the milestones have been determined to be unachievable prior to their expiry date (Notes 13 and 19(b)).

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

7. ASSET ACQUISITION

On 2 August 2024, GreenX entered into JVA with Group 11 through which GreenX could earn a 90% interest in

Tannenberg. As a result of the progress made on the Project during the period, GreenX elected to acquire 90% of

the fully diluted share capital of Group 11. On electing to acquire 90% of Group 11, GreenX was required to pay

A$3,000,000 to the vendors in GreenX shares which resulted in the issue of 3,487,147 Ordinary Shares (refer to

Notes 6 and 12).

In line with relevant accounting standards, the Company has treated the acquisition of Group 11 as an asset

acquisition and a share-based payment transaction under AASB 2 Share Based Payments. At the time of acquiring

90% of Group 11, Group 11 did not hold any material assets or liabilities, other than the Tannenberg exploration

licences.

8. PROPERTY, PLANT AND EQUIPMENT

Plant and

equipment

Right-of-use assets

Total

Carrying amount at 1 July 2025

6,212

11,733

17,945

Additions

18,118

904,897

923,015

Depreciation and amortisation

(8,706)

(290,163)

(298,869)

Carrying amount at 30 June 2026

15,624

626,467

642,091

- at cost

830,585

904,897

1,735,482

- accumulated depreciation, amortisation and impairment

(814,961)

(278,430)

(1,093,391)

Carrying amount at 1 July 2024

8,349

274,112

282,461

Additions

4,020

Depreciation and amortisation

(6,157)

(262,379)

(268,536)

Carrying amount at 30 June 2025

6,212

11,733

17,945

- at cost

812,467

1,487,519

2,302,032

- accumulated depreciation, amortisation and impairment

(806,255)

(1,475,786)

(2,284,087)

9. TRADE AND OTHER PAYABLES

2026

2025

Trade and other payables

1,090,093

745,236

Arbitration expenses payable

1,228,519

1,602,467

2,318,612

2,347,703

Notes:

Trade payables are non-interest bearing and are normally settled on 30-day terms.

Other payables are non-interest bearing and have an average term of six months.

10. OTHER FINANCIAL LIABILITIES

Note

2026

2025

(a) Current Liabilities:

Grant received, E&E expenditures not yet incurred

533,161

Lease Liability

263,608

533,161

(b) Non-Current Liabilities:

Lease Liability

367,148

Note:

Please refer to Note 6 for further discussion.

During the period, the Company entered into an office lease which commenced on 29 July 2025 with the principal rent amount of £164,540

($337,420) per annum commencing from the start date of the lease, expiring on 30 June 2028. Refer to Note 8 for the carrying amount of the

right-of-use asset. The following are amounts recognised in the Statement of Profit and Loss: (i) amortisation expense of right-of-use asset

$290,163 (2025: $262,380); (ii) interest expense on lease liabilities of $79,228 (2025: $13,285); and (iii) rent expense of $216,844 (2025: $95,950).

ANNUAL REPORT 2026

11. PROVISIONS

2026

2025

(a) Current Provisions:

Provisions for the protection against mining damage at Debiensko

536,221

772,727

Annual leave provision

11,594

5,029

547,815

777,756

(b) Non-Current Provisions:

Provisions for the protection against mining damage at Debiensko

283,200

304,576

283,200

304,576

Notes:

As Debiensko was previously an operating mine, the Group has provided for the pay out of mining land damages to surrounding land owners

who have made a legitimate legal claim under Polish law.

12. CONTRIBUTED EQUITY

2026

2025

Note

(a) Issued and Unissued Capital

311,972,551 (2025: 287,083,089) fully paid Ordinary Shares

12(b)

113,962,053

95,187,822

Total Contributed Equity

113,962,053

95,187,822

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

(b) Movements in Ordinary Shares During the Past Two Years Were as Follows:

Date

Details

Number of

Ordinary Shares

1 Jul 2025

Opening balance

287,083,089

95,187,822

28 Nov 25

Exercise of $0.45 incentive options

1,100,000

495,000

25 Nov 25

Exercise of $0.45 incentive options (cashless)

1,582,520

2 Dec 25

Exercise of $0.45 incentive options (cashless)

116,579

11 Dec 25

Issue of Tannenberg acquisition consideration shares (Notes 6

and7)

3,487,147

3,000,000

30 Jan 2026

Issue of ELN deferred consideration shares (Note 6)

1,141,409

1,000,000

30 Jan 2026

Issue of shares to a consultant

220,000

187,000

10 Feb 2026

Issue of placement shares

16,000,000

13,600,000

13 Mar 2026

Issue of shares to a consultant

598,235

508,500

26 Jun 2026

Exercise of $0.55 incentive options (cashless)

643,572

Jul 25 to Jun 26

Transfer from share-based payment reserve upon exercise of

options

689,186

Jul 25 to Jun 26

Share issue costs

(705,455)

30 Jun 2026

Closing balance

311,972,551

113,962,053

1 Jul 2024

Opening balance

278,901,032

89,918,183

2 Aug 24

Issue of Tannenberg consideration (Note 6)

500,000

405,000

2 Aug 24

Issue of shares to a consultant

100,000

81,000

18 Oct 24

Issue of ELN consideration (Note 6)

382,636

300,000

26 May 25

Issue of placement Shares

6,394,537

4,156,449

26 May 25

Issue of shares to a consultant

79,365

51,587

2 Jun 25

Issue of placement Shares

725,519

471,587

Jul 24 to Jun 25

Share issue costs

(195,984)

30 Jun 2025

Closing balance

287,083,089

95,187,822

The rights attaching to fully paid Ordinary Shares arise from a combination of the Company's Constitution, statute

and general law.

Ordinary Shares issued following the exercise of Incentive Options in accordance with Note 13(d) or the conversion

of Performance Rights in accordance with Note 13(c) will rank equally in all respects with the Company's existing

Ordinary Shares.

Copies of the Company's Constitution are available for inspection during business hours at the Company's

registered office. The clauses of the Constitution contain the internal rules of the Company and define matters

such as the rights, duties and powers of its shareholders and directors, including provisions to the following effect

(when read in conjunction with the Corporations Act 2001 or Listing Rules).

(i) Shares

The issue of shares in the capital of the Company and options over unissued shares by the Company is under the

control of the Directors, subject to the Corporations Act 2001, ASX Listing Rules and any rights attached to any

special class of shares.

(ii) Meetings of Members

Directors may call a meeting of members whenever they think fit. Members may call a meeting as provided by the

Corporations Act 2001. The Constitution contains provisions prescribing the content requirements of notices of

meetings of members and all members are entitled to a notice of meeting. A meeting may be held in two or more

places linked together by audio-visual communication devices. A quorum for a meeting of members is two

shareholders.

The Company holds annual general meetings in accordance with the Corporations Act 2001 and the Listing Rules.

ANNUAL REPORT 2026

(iii) Voting

Subject to any rights or restrictions at the time being attached to any shares or class of shares of the Company,

each member of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions

of members will be decided by a poll.

On a poll each eligible member has one vote for each fully paid share held and a fraction of a vote for each partly

paid share determined by the amount paid up on that share.

(iv) Changes to the Constitution

The Company's Constitution can only be amended by a special resolution passed by at least three quarters of the

members present and voting at a general meeting of the Company. At least 28 days' written notice specifying the

intention to propose the resolution as a special resolution must be given.

(v) Listing Rules

Provided the Company remains admitted to the Official List, then despite anything in its Constitution, no act may

be done that is prohibited by the Listing Rules, and authority is given for acts required to be done by the Listing

Rules. The Company's Constitution will be deemed to comply with the Listing Rules as amended from time to

time.

13. RESERVES

2026

2025

Note

Share-based-payments reserve

13(b)

1,758,598

4,616,748

Foreign currency translation reserve

226,738

55,806

Other equity reserve

6,128,860

6,211,258

8,114,196

10,883,812

(a) Nature and Purpose of Reserves

(i) Share-based payments reserve

The share-based payments reserve is used to record the fair value of Incentive Options and Performance Rights

issued by the Group.

(ii) Foreign currency translation reserve

Exchange differences arising on translation of foreign controlled entities are taken to the foreign currency

translation reserve. The reserve is recognised in the Statement of Profit or Loss and other Comprehensive Income

when the net investment is disposed of.

(iii) Other equity reserve

Equity transactions are recorded in the other equity reserve (e.g. movements of non-controlling interests).

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

(b) Movements in share-based payments reserve during the past two years were as follows:

Date

Details

Number of

Incentive

Options

Number of

Performance

Rights

1 Jul 2025

Opening Balance

23,900,000

11,000,000

4,616,748

30 Nov 2025

Exercise of $0.45 incentive options

(4,775,000)

(515,220)

1 Sep 2025

Issue of Incentive Options

600,000

31 Dec 2025

Lapse of unvested Performance Rights

(Note 6)

(3,355,000)

19 Jun 2026

Lapse incentive options

(800,000)

(36,438)

26 Jun 2026

Exercise of $0.55 incentive options

(1,500,000)

(173,966)

Jul 25 to Jun 26!

Issue of Incentive Options

9,500,000

Jul 25 to Jun 26

Share-based payments expense

1,222,474

30 Jun 2026

Closing balance

26,925,000

11,000,000

1,758,598

1 Jul 2024

Opening Balance

10,300,000

11,000,000

4,560,793

13 Jun 25

Issue of Incentive Options

13,600,000

Jul 24 to Jun 25

Share-based payments expense

55,955

30 Jun 2025

Closing balance

23,900,000

11,000,000

4,616,748

The unlisted incentive options (Incentive Options) were granted based upon the following terms and conditions:

• Each Incentive Option entitles the holder to the right to subscribe for one Share upon the exercise of each

Incentive Option;

• The Incentive Options granted as share-based payments during the financial year have the following

exercise prices and expiry dates:

o 4,025,000 Incentive Options exercisable at $0.55 on or before 30 November 2026;

o 7,600,000 Incentive Options exercisable at $1.05 on or before 31 May 2029;

o 7,600,000 Incentive Options exercisable at $1.20 on or before 31 May 2030; and

o 7,700,000 Incentive Options exercisable at $1.50 on or before 31 May 2031.

• The Incentive Options are exercisable at any time prior to the Expiry Date, subject to vesting conditions

being satisfied (if applicable);

• Shares issued on exercise of the Incentive Options rank equally with the then Shares of the Company;

• Application will be made by the Company to ASX for official quotation of the Shares issued upon the

exercise of the Incentive Options;

• If there is any reconstruction of the issued share capital of the Company, the rights of the Incentive Option

holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the time

of the reconstruction; and

• No application for quotation of the Incentive Options will be made by the Company.

(d) Terms and Conditions of Performance Rights

The unlisted performance rights (Performance Rights) were granted in prior years based upon the following

terms and conditions:

• Each Performance Right automatically converts into one Ordinary Share upon vesting of the Performance

Right;

• Each Performance Right is subject to performance conditions (as determined by the Board from time to

time) which must be satisfied in order for the Performance Right to vest;

• The Performance Rights outstanding at the end of the financial year have the following performance

conditions and expiry dates:

o 5,000,000 Class A performance rights which vest and convert into ordinary shares upon the

announcement of an independently assessed JORC Code inferred resource of at least 250,000

tonnes of copper equivalent at a minimum resource grade of 1% Cu Equivalent (with a cut-off grade

of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026; and

ANNUAL REPORT 2026

o 6,000,000 Class B performance rights which vest and convert into ordinary shares upon the

announcement of an independently assessed JORC Code inferred resource of at least 500,000

tonnes of copper equivalent at a minimum resource grade of 1% Cu Equivalent (with a cut-off grade

of 0.5% Cu equivalent) at ARC and an expiry date 8 October 2026.

• During the year, it was determined that the performance conditions for the Class A and B performance

rights will not be achieved and that performance rights will lapse on their expiry date;

• Ordinary Shares issued on conversion of the Performance Rights rank equally with the then Ordinary

Shares of the Company;

• Application will be made by the Company to ASX for official quotation of the Ordinary Shares issued upon

conversion of the Performance Rights;

• If there is any reconstruction of the issued share capital of the Company, the rights of the Performance

Right holders may be varied to comply with the ASX Listing Rules which apply to the reconstruction at the

time of the reconstruction;

• No application for quotation of the Performance Rights will be made by the Company; and

• Without approval of the Board, Performance Rights may not be transferred, assigned or novated, except,

upon death, a participant's legal personal representative may elect to be registered as the new holder of

such Performance Rights and exercise any rights in respect of them.

14. EARNINGS PER SHARE

The following reflects the income and share data used in the calculations of basic and diluted earnings per share:

2026

2025

Net loss attributable to members of the Parent used in calculating basic and

diluted earnings per share

(12,204,736)

(6,014,885)

Number of

Ordinary Shares

2026

Number of

Ordinary Shares

2025

Weighted average number of Ordinary Shares used in calculating basic and diluted

loss per share

297,771,393

280,527,231

2026

Cents

2025

Cents

Basic and diluted loss per share

(4.10)

(2.14)

(a) Non-Dilutive Securities

As at 30 June 2026, there were 26,925,000 (2025: 23,900,000) Incentive Options and 11,000,000 (2025: 11,000,000)

unlisted Performance Rights on issue (which together represent 37,925,000 (2025: 34,900,000) potential Ordinary

Shares) which were not considered dilutive as they would decrease the loss per share.

(b) Conversions, Calls, Subscriptions or Issues after 30 June 2026

There have been no other conversions to, calls of, or subscriptions for Ordinary Shares or issues of potential

Ordinary Shares since the reporting date and before the completion of this financial report.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

15. STATEMENT OF CASH FLOWS

(a) Reconciliation of the Profit after Tax to the Net Cash Flows from Operations

2026

2025

Net loss for the year

(12,339,989)

(6,022,365)

Adjustments

Depreciation and amortisation

298,783

268,536

Share-based payment expense

1,373,037

136,955

Unrealised foreign exchange movement

(42,223)

(27,483)

Payment for lease liability (financing activity)

331,477

49,927

Non-cash income

(251,593)

Non-cash expenditure

1,519,171

Impairment loss

4,415,000

Change in operating assets and liabilities

Increase in trade and other receivables

(30,635)

(354,954)

Decrease in trade and other payables

(251,442)

(98,941)

Net cash outflow from operating activities

(6,245,992)

(4,780,747)

(b) Reconciliation of Cash

Cash at bank and on hand

7,417,445

6,826,337

Bank short term deposits

6,000,000

13,417,445

6,826,337

During the period, no amount (2025: $251,593) was recognised as arbitration related income. These amounts relate

to the reimbursement of legal, tribunal and external expert costs relating to the claim. None (2025: $251,593) of

these reimbursed amounts were paid directly by the Claim funder to the relevant supplier.

During the period, 598,235 Ordinary Shares (2025: nil) were issued as share-based payments consideration for

assistance provided in completing the placement undertaken during the year. The value of these shares was

recognised as a share issue cost.

16. RELATED PARTIES

(a) Subsidiaries

% Equity Interest

Name

Country of

Incorporation

2026

2025

Mineral Investments Pty Ltd

Australia

100

PDZ Holdings Pty Ltd

Australia

100

GreenX Holdings Pty Ltd

Australia

100

GreenX Investments Pty Ltd

Australia

100

PDZ (UK) Limited

100

PD CO Holdings (UK) Limited

100

GreenX Holdings (UK) Limited

100

GreenX Investments (UK) Limited

100

PD Co Sp. z o.o.

Poland

100

Karbonia S.A.

Poland

100

Group 11 Exploration GmbH

Germany

ARC Joint Venture Company ApS

Greenland

100

(b) Ultimate Parent

GreenX Metals Limited is the ultimate parent of the Group.

ANNUAL REPORT 2026

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company,

have been eliminated on consolidation and are not disclosed in this note. Transactions with KMP, including

remuneration, are included at Note 17 below.

17. KEY MANAGEMENT PERSONNEL

(a) Details of KMP

The KMP of the Group during or since the end of the financial year were as follows:

Current Directors

Mr Ian Middlemas Chairman

Mr Benjamin Stoikovich Director and CEO

Mr Garry Hemming Non-Executive Director

Mr Mark Pearce Non-Executive Director

Other KMP

Mr Simon Kersey Chief Financial Officer

Mr Dylan Browne Company Secretary

Unless otherwise disclosed, the KMP held their position from 1 July 2025 until the date of this report.

2026

2025

Short-term employee benefits

924,414

939,564

Post-employment benefits

6,720

6,440

Share-based payments

532,235

25,108

Total compensation

1,463,369

971,112

(b) Loans from KMP

No loans were provided to or received from KMP during the year ended 30 June 2026 (2025: Nil).

Apollo Group, a company of which Mr Mark Pearce is a Director and beneficial shareholder, was paid or is payable

$330,000 (2025: $312,000) for the provision of administrative, secretarial and corporate services to the Group. This

item has been recognised as an expense in the Statement of Profit or Loss and other Comprehensive Income. The

amount is based on a current monthly retainer of $27,500 (2025: $26,000) due and payable in advance, with no

fixed term, and is able to be terminated by either party with one month’s notice.

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

18. PARENT ENTITY DISCLOSURES

2026

2025

(a) Financial Position

Assets

Current assets

13,643,740

7,066,219

Non-current assets

5,570,200

5,233,390

Total assets

19,213,940

12,299,609

Liabilities

Current liabilities

897,560

536,212

Non-current liabilities

367,148

Total liabilities

1,264,708

536,212

Equity

Contributed equity

113,989,366

95,215,134

Reserves

7,966,092

10,824,241

Accumulated losses

(104,006,225)

(94,275,979)

Total equity

17,949,233

11,763,396

(b) Financial Performance

Loss for the year

(9,730,246)

(4,607,519)

Other comprehensive loss

Total comprehensive loss

(9,730,246)

(4,607,519)

The Company has not entered into any guarantees in relation to its subsidiaries. Refer to Note 23 for details of

contingent assets and liabilities.

19. SHARE-BASED PAYMENTS

(a) Recognised Share-based Payments

From time to time, the Group provides Incentive Options and Performance Rights to officers, employees,

consultants and other key advisors as part of remuneration and incentive arrangements. The number of options

or rights granted, and the terms of the options or rights granted are determined by the Board. Shareholder

approval is sought where required. During the past two years, the following equity-settled share-based payments

have been recognised:

2026

2025

Expense arising from equity-settled share-based payment transactions

(1,373,037)

(136,955)

Total share-based payments recognised during the year

(1,373,037)

(136,955)

In addition to share-based payment expenses recognised as an expense through profit or loss:

• $3,000,000 recognised as an asset (exploration and evaluation assets) for issue of 3,487,147 ordinary shares

relating to Tannenberg. Refer to notes 6 and 12 for further details; and

• $1,000,000 recognised as an asset (exploration and evaluation assets) for issue of 1,141,409 ordinary shares

relating to ELN. Refer to notes 6 and 12 for further details.

ANNUAL REPORT 2026

(b) Summary of Incentive Options Granted as Share-based Payments

The following Incentive Options were granted as share-based payments during the current year and 2025.

2026

Number

Grant Date

Issue Date

Expiry Date

Exercise Price

Fair Value

Series 1

300,000

1 Sep 2025

31 May 2029

1.05

0.303

Series 2

300,000

1 Sep 2025

31 May 2030

1.20

0.328

Series 3

600,000

16 Apr 2026

31 May 2029

1.05

0.381

Series 4

600,000

16 Apr 2026

31 May 2030

1.20

0.412

Series 5

1,000,000

27 May 2026

4 June 2026

31 May 2031

1.50

0.387

Series 6

300,000

4 June 2026

31 May 2029

1.05

0.380

Series 7

300,000

4 June 2026

31 May 2030

1.20

0.408

Series 8

4,600,000

4 June 2026

31 May 2031

1.50

0.411

Series 9

2,100,000

14 July 2026

27 May 2026

31 May 2031

1.50

0.374

Note:

Incentive Options issued to Directors following shareholder approval on 14 July 2026, following agreement to issue Incentive Options on 27

May 2026.

2025

Number

Grant Date

Start Date

Expiry Date

Exercise Price

Fair Value

Series 1

5,000,000

13 June 2025

31 May 2029

1.05

0.372

Series 2

5,000,000

13 June 2025

31 May 2030

1.20

0.378

Series 1

1,800,000

29 July 2025

13 June 2025

31 May 2029

1.05

0.371

Series 2

1,800,000

29 July 2025

13 June 2025

31 May 2030

1.20

0.397

Note:

Incentive Options issued to Directors following shareholder approval on 29 July 2025, following agreement to issue Incentive Options on 13

June 2025.

The following table illustrates the number and weighted average exercise prices (WAEP) of Incentive Options

granted as share-based payments during the past two years:

Incentive Options

2026

Number

2026

WAEP

2025

Number

2025

WAEP

Outstanding at beginning of year

23,900,000

0.86

10,300,000

0.50

Granted by the Company during the year

10,100,000

1.412

13,600,000

0.94

Exercised

(6,275,000)

0.474

Cancelled

(800,000)

1.125

Outstanding at end of year

26,925,000

1.146

23,900,000

0.86

No Performance Rights were granted as share-based payments during the current year (2024: nil).

The following table illustrates the number and WAEP of Performance Rights granted as share-based payments at

during the past two years:

Performance Rights

2026

Number

2026

WAEP

2025

Number

2025

WAEP

Outstanding at beginning of year

11,000,000

Granted by the Company during the year

Converted/cancelled/expired

Outstanding at end of year (Note 6)

11,000,000

The fair value of the equity-settled share Incentive Options granted is estimated as at the date of grant using the

Black Scholes option pricing valuation model taking into account the terms and conditions upon which the

Incentive Options were granted.

During the year 10,100,000 (2025: 13,600,000) Incentive Options were granted as share-based payments in the

financial year ended 30 June 2026.

The following table lists the inputs to the valuation models used for Incentive Options granted by the Group during

the last two years:

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

Incentive Options

2026 Inputs

Series 1

Series 2

Series 3

Series 4

Series 5

Series 6

Exercise price (A$)

1.05

1.20

1.05

1.20

1.50

1.05

Grant date share price (A$)

0.70

0.89

0.91

0.94

Dividend yield

Volatility

70%

65%

60%

Risk-free interest rate

3.40%

4.62%

4.50%

4.56%

Grant date

1 Sep 25

16 Apr 26

27 May 26

4 Jun 26

Expiry date

31 May 29

31 May 30

31 May 29

31 May 30

31 May 31

31 May 29

Expected life of rights

(years)

3.75

4.75

3.13

4.13

5.01

2.99

Fair value at grant date (A$)

0.303

0.328

0.381

0.412

0.387

0.380

Series 7

Series 8

Series 9

Exercise price (A$)

1.20

1.50

Grant date share price (A$)

0.94

0.90

Dividend yield

Volatility

60%

Risk-free interest rate

4.56%

4.50%

Grant date

4 Jun 26

14 Jul 26

Expiry date

31 May 30

31 May 31

Expected life of rights

(years)

3.99

4.99

4.88

Fair value at grant date (A$)

0.408

0.411

0.374

Incentive Options

2025 Inputs

Series 1

Series 2

Series 3

Series 4

Exercise price (A$)

1.05

1.20

1.05

1.20

Grant date share price (A$)

0.72

0.79

Dividend yield

Volatility

75%

70%

Risk-free interest rate

3.29%

3.38%

Grant date

13 Jun 25

29 Jul 25

Expiry date

31 May 29

31 May 30

31 May 29

31 May 30

Expected life of rights

(years)

3.97

4.97

3.38

4.84

Fair value at grant date (A$)

0.352

0.378

0.371

0.397

Notes:

The dividend yield reflects the assumption that the current dividend payout will remain unchanged.

The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may not necessarily be the actual

outcome.

The expected life of the Incentive Options is based on the exercise date.

(d) Weighted Average Remaining Contractual Life

At 30 June 2026, the weighted average remaining contractual life for Incentive Options on issue that had been

granted as share-based payments was 3.40 years (2025: 2.93 years).

(e) Range of Exercise Prices

At 30 June 2026, the range of exercise prices for Incentive Options on issue that had been granted as share-based

payments was $0.55 and $1.50 (2025: $0.45 and $1.20)

(f) Weighted Average Fair Value

During the year 10,100,000 Incentive Options granted as share-based payments during the year ended 30 June

2026 (2025: 13,600,000). The weighted average fair value of Incentive Options granted as share-based payments

during the year ended 30 June 2026 was $0.392 (2025: 0.261).

ANNUAL REPORT 2026

20. AUDITORS’ REMUNERATION

The auditor of GreenX Metals Limited is UHY Haines Norton.

2026

2025

Current Auditor – UHY

Amounts received or due and receivable by UHY Haines Norton for:

• UHY Haines Norton – Australia: an audit or review of the financial report of the

Company and any other entity in the consolidated group

136,887

135,961

• UHY Poland: an audit or review of the financial report of the Company and any other

entity in the consolidated group for WSE purposes

66,028

71,672

• Other entities: an audit or review of the financial report of any other entity in the

consolidated group

3,841

4,223

206,756

211,856

21. SEGMENT INFORMATION

The Consolidated Entity operates in one segment, being mineral exploration. This is the basis on which internal

reports are provided to the Directors for assessing performance and determining the allocation of resources within

the Consolidated Entity.

2026

2025

(a) Reconciliation of Non-Current Assets by Geographical Location

Greenland

2,902,906

9,672,906

Germany

4,147,712

990,279

United Kingdom

637,213

236,835

7,687,831

10,900,020

(b) Revenue by Geographical Location

Poland

Greenland

435

Australia

1,852,366

523,508

1,852,366

523,943

22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

(a) Overview

The Group's principal financial instruments comprise receivables, payables, cash and short-term deposits. The

main risks arising from the Group's financial instruments are credit risk, liquidity risk, interest rate risk and foreign

currency risk.

This note presents information about the Group's exposure to each of the above risks, its objectives, policies and

processes for measuring and managing risk, and the management of capital. Other than as disclosed, there have

been no significant changes since the previous financial year to the exposure or management of these risks.

The Group manages its exposure to key financial risks in accordance with the Group's financial risk management

policy. Key risks are monitored and reviewed as circumstances change (e.g. acquisition of a new project) and

policies are revised as required. The overall objective of the Group's financial risk management policy is to support

the delivery of the Group's financial targets whilst protecting future financial security.

Given the nature and size of the business and uncertainty as to the timing and amount of cash inflows and

outflows, the Group does not enter into derivative transactions to mitigate the financial risks. In addition, the

Group's policy is that no trading in financial instruments shall be undertaken for the purposes of making

speculative gains. As the Group's operations change, the Directors will review this policy periodically going forward.

The Board of Directors has overall responsibility for the establishment and oversight of the risk management

framework. The Board reviews and agrees policies for managing the Group's financial risks as summarised below.

(b) Credit Risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to

meet its contractual obligations. This arises principally from cash and cash equivalents and trade and other

receivables. There are no significant concentrations of credit risk within the Group. The carrying amount of the

Group's financial assets represents the maximum credit risk exposure, as represented below:

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

2026

2025

Cash and cash equivalents

13,417,445

6,826,337

Trade and other receivables

545,528

559,586

13,962,973

7,385,923

With respect to credit risk arising from cash and cash equivalents, the Group's exposure to credit risk arises from

default of the counter party, with a maximum exposure equal to the carrying amount of these instruments. Where

possible, the Group invests its cash and cash equivalents with banks that are rated the equivalent of investment

grade and above. The Group’s exposure and the credit ratings of its counterparties are continuously monitored

and the aggregate value of transactions concluded is spread amongst approved counterparties.

The Group does not have any significant customers and accordingly does not have significant exposure to bad or

doubtful debts.

Trade and other receivables comprise trade and other receivables, interest accrued and GST refunds due.

Receivable balances are monitored on an ongoing basis with the result that the Group’s exposure to impairment

is not significant. At 30 June 2026, none (2025: none) of the Group’s receivables are impaired.

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Board's

approach to managing liquidity is to ensure, as far as possible, that the Group will always have sufficient liquidity

to meet its liabilities when due. At 30 June 2026 and 2025, the Group had sufficient liquid assets to meet its financial

obligations.

The contractual maturities of financial liabilities, including estimated interest payments, are provided below. There

are no netting arrangements in respect of financial liabilities.!

≤6 Months

6-12 Months

1-5 Years

≥5 Years

Total

2026

Financial Liabilities

Trade and other payables

2,318,612

Other financial liabilities

128,643

134,965

367,148

630,756

2,447,255

134,965

367,148

2,949,368

2025

Financial Liabilities

Trade and other payables

2,347,703

Other financial liabilities

2,347,703

(d) Interest Rate Risk

The Group's exposure to the risk of changes in market interest rates relates primarily to the cash and short-term

deposits with a variable interest rate.

These financial assets with variable rates expose the Group to cash flow interest rate risk. All other financial assets

and liabilities, in the form of receivables and payables are non-interest bearing.

At the reporting date, the Group's exposure to variable interest rates was:

2026

2025

Interest-bearing financial instruments

Cash at bank and on hand

7,417,445

6,826,337

Bank short term deposits

6,000,000

13,417,445

6,826,337

The Group's cash at bank and on hand and short term deposits had a weighted average floating interest rate at

year end of 2.22 % (2025: 3.99%).

The Group currently does not engage in any hedging or derivative transactions to manage interest rate risk.

ANNUAL REPORT 2026

Interest rate sensitivity

A sensitivity of 3% (300 basis points) has been selected as this is considered reasonable given the current level of

both short term and long term interest rates. A 3% (300 basis points) movement in interest rates at the reporting

date would have increased/(decreased) Profit or Loss and Other Comprehensive Income by the amounts shown

below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The

analysis is performed on a sensitivity of 3% (300 basis points) basis for 2026.

(e) Commodity Price Risk

The Group has no exposure to commodity price risk on its financial instruments at 30 June 2026. No hedging or

derivative transactions have been used to manage commodity price risk.

Profit or loss

Other Comprehensive Income

+ 300 basis

points

- 300 basis

points

+ 300 basis

points

- 300 basis

points

2026

Group

Cash and cash equivalents

691,592

(113,455)

2025

Group

Cash and cash equivalents

204,852

(204,727)

(f) Capital Management

The Group defines its Capital as total equity of the Group, being $18,076,853 as at 30 June 2026 (2025: $14,322,747).

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern

while financing the development of its projects through primarily equity based financing. The Board's policy is to

maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future

development of the business. Given the stage of development of the Group, the Board's objective is to minimise

debt and to raise funds as required through the issue of new shares.

The Group is not subject to externally imposed capital requirements.

There were no changes in the Group's approach to capital management during the year. During the next 12

months, the Group will continue to explore project financing opportunities, primarily consisting of additional issues

of equity.

(g) Foreign Currency Risk

The Group has transactional currency exposures. Such exposure arises from transactions denominated in

currencies other than the functional currency of the entity.

The Group’s exposure to foreign currency risk throughout the current and prior year primarily arose from

controlled entities of the Company whose functional currency is in Euros (EUR) and the Polish Zloty (PLN) and

contractual obligations in Great British Pound (GBP).

It is the Group’s policy not to enter into any hedging or derivative transactions to manage foreign currency risk.

However, the Group does hold some PLN cash and cash equivalents to fund its planned Polish operations over the

next 12 months, given the majority of the Group’s expenditure over this period is expected to be in PLN.

At the reporting date, the Group’s exposure to financial instruments denominated in foreign currencies was:

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2026

(Continued)!

GreenX Metals Limited

2026

PLN

GBP

EUR

Equivalent

AUD

Total

Equivalent

AUD

Financial assets

Cash and cash equivalents

126,137

24,343

88,630

13,328,815

13,417,445

Trade and other receivables

88,543

9,674

34,007

511,521

545,528

Other

107,675

206,432

214,680

107,675

34,017

329,069

13,840,336

14,169,405

Financial liabilities

Trade and other payables

(185,503)

(84,490)

(210,671)

(2,763,387)

(2,974,058)

(185,503)

(84,490)

(210,671)

(2,763,387)

(2,974,058)

Net exposure

29,177

107,675

(50,473)

118,398

11,076,949

11,195,347

Foreign exchange rate sensitivity

At the reporting date, had the Australian Dollar appreciated or depreciated against the PLN and GBP, as illustrated

in the table below, Profit or Loss and other Comprehensive Income would have been affected by the amounts

shown below. This analysis assumes that all other variables remain constant.

Profit or loss

Other Comprehensive Income

10% Increase

10% Decrease

10% Increase

10% Decrease

2026

Group

AUD to PLN

1,121

(1,121)

AUD to GBP

20,643

(20,643)

AUD to EUR

(8,327)

8,327

23. CONTINGENT ASSETS AND LIABILITIES

Arbitration Award

In October 2024, an independent Tribunal unanimously held that Poland had breached its obligations under the

BIT and ECT treaties in relation to the Jan Karski project, entitling GreenX to compensation. The Company has

been awarded a total of up to £252m (A$495m / PLN1.3bn) in compensation by the Tribunal, plus interest of

approximately six per cent per annum based on today’s rates (SONIA plus one per cent) until full and final

satisfaction of the award by Poland. Interest of approximately £12 million (A$28 million / PLN 70 million) per annum

is currently continuing to accrue.

All of GreenX’s costs associated with the arbitration claim were funded on a limited basis from Litigation Capital

Management (LCM). To date, GreenX has drawn down US$11.3 million from LCM. Once the award compensation is

received from Poland, LCM will be entitled to be paid back the US$11.3 million of funding, a multiple of five times

of the US$11.3 million and, from 1 January 2025, interest on the US$11.3 million at a rate of 30% per annum,

compounding monthly (which equates to interest of approximately US$3.4 million (£2.7 million / A$5.5 million /

PLN 13.5 million) per annum). Net of the payments to LCM, GreenX will pay six per cent of the balance of the award

compensation to key management directly involved in the case (as previously approved by shareholders on 20

January 2021) and three per cent to key legal advisers who assisted with the case on a reduced and fixed fee.

In November 2024, Poland lodged a request to set-aside the BIT award in the courts of England and Wales and in

January 2025 Poland has lodged a request to set-aside the ECT award in the Singapore Courts. The Company is

currently strongly defending the set-aside motions. In January 2026, the Singapore Court issued a judgment

whereby it rejected, in its entirety, Poland’s application to set aside the ECT award. Poland has since applied to the

Court of Appeal of the Republic of Singapore to appeal the Singapore Courts dismissal of its ECT set-aside motion.

The appeal has now been heard by the Court of Appeal, with its decision pending. The Court of Appeal represents

Poland’s final level of appeal within the Singapore courts for the ECT set-aside motion.

Whilst the Company is confident in the strength of the award, as reflected in the unanimous tribunal decision and

the Singapore Courts initial dismissal of Poland’s ECT set-aside motion, the Company has not recognised an asset

or any corresponding liabilities in relation to the award at 30 June 2026 while the set-aside motions and appeals

are ongoing and the outcome is not yet known. Accordingly, the final outcome and payment of the award is not

virtually certain which does not meet the recognition requirements for AASB 137, Provisions, Contingent Liabilities

and Contingent Assets. The Award has therefore been classified as a contingent asset with the related liabilities

recognised as a contingent liability.

ANNUAL REPORT 2026

Tannenberg

On 2 August 2024, GreenX entered into the JVA with Group 11 through which GreenX could earn a 90% interest in

Tannenberg. As a result of the progress made on the Project to date, GreenX has elected to acquire 90% of the fully

diluted share capital of Group 11. Under the terms of the JVA, if a scoping study is published by GreenX on the ASX

regarding the Tannenberg license area (or area of influence) on or before 1 August 2029, GreenX must issue the

vendor 5 million shares on the completion of the first such scoping study. As there is a possible obligation that will

only be confirmed by uncertain future events, which is within the control of the Company, the deferred share

payment for Tannenberg has been classified as a contingent liability.

24. EVENTS SUBSEQUENT TO BALANCE DATE

On 4 August 2026, the Company announced the grant of two additional exploration licences at Eleonore North.

The Company has secured exclusive rights to ~1,600 km

of tenure prospective for RIRGS. These new licences

complement the Company’s existing licences located 100 km to the north.

There are no other matters or circumstances, which have arisen since 30 June 2026 that have significantly affected

or may significantly affect:

• the operations, in financial years subsequent to 30 June 2026 of the Consolidated Entity;

• the results of those operations, in financial years subsequent to 30 June 2026, of the Consolidated Entity; or

• the state of affairs, in financial years subsequent to 30 June 2026, of the Consolidated Entity.

CONSOLIDATED ENTITY DISCLOSURE STATEMENT

AS AT 30 JUNE 2026!

GreenX Metals Limited

The consolidated entity disclosure statement has been prepared in accordance with subsection 295(3A)(a) of the

Corporations Act 2001. The entities listed in the statement are GreenX Metals Limited and all the entities it controls

in accordance with AASB 10 Consolidated Financial Statements.

The percentage of share capital disclosed for bodies corporate included in the statement represents the economic

interest controlled and consolidated by GreenX Metals Limited.

In relation to the tax residency information included in the statement, judgement may be required in the

determination of the residency of the entities listed. In developing the disclosures in the statement, the directors

have utilised internal documentation and the use of independent tax advisors to support the determination of tax

residency.

Name of Controlled Entity

Entity type

Place of

Incorporation

% of share

capital held

Country of tax

residence

GreenX Metals Limited

Body corporate

Australia

N/A

Australia

Mineral Investments Pty Ltd

Body corporate

Australia

100

Australia

PDZ Holdings Pty Ltd

Body corporate

Australia

100

Australia

GreenX Holdings Pty Ltd

Body corporate

Australia

100

Australia

GreenX Investments Pty Ltd

Body corporate

Australia

100

Australia

PDZ (UK) Limited

Body corporate

100

PD CO Holdings (UK) Limited

Body corporate

100

GreenX Holdings (UK) Limited

Body corporate

100

GreenX Investments (UK) Limited

Body corporate

100

PD Co Sp. z o.o.

Body corporate

Poland

100

Poland

Karbonia S.A.

Body corporate

Poland

100

Poland

Group 11 Exploration GmbH

Body corporate

Germany

ARC Joint Venture Company ApS

Body corporate

Greenland

100

Greenland

DIRECTORS’ DECLARATION

ANNUAL REPORT 2026

In accordance with a resolution of the Directors of GreenX Metals Limited:

1. In the opinion of the Directors and to the best of their knowledge:

(a) the attached financial statements, notes and the additional disclosures included in the Directors'

report designated as audited, are in accordance with the Corporations Act 2001, including:

(i) Complying with the applicable Accounting Standards; and

(ii) Giving a true and fair view of the Consolidated Entity’s financial position as at 30 June 2026

and of its performance for the year ended in that date;

(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when

they become due and payable; and

2001 is true and correct.

2. The attached financial statements are in compliance with International Financial Reporting Standards, as

stated in note 1(b) to the financial statements; and

3. To the best of the Directors’ knowledge, the Directors’ report includes a fair review of the development and

performance of the business and the financial position of the Group, together with a description of the

principal risks and uncertainties that the Group faces.

4. The Directors have been given a declaration required by section 295A of the Corporations Act 2001 for the

financial year ended 30 June 2026.

On behalf of the Board

Benjamin Stoikovich

Director

24 September 2026

INDEPENDENT AUDITOR’S REPORT

GreenX Metals Limited

fdhfjdhf

Independent Auditor’s Report

To the Members of GreenX Metals Limited

Report on the Audit of the Financial Report

Opinion

We have audited the ﬁnancial report of GreenX Metals Limited (“the Company”) and its subsidiaries

(“the Group”), which comprises the consolidated statement of ﬁnancial position as at

30 June 2026, the consolidated statement of proﬁt or loss and other comprehensive income, the

consolidated statement of changes in equity and the consolidated statement of cash ﬂows for the year

then ended, notes to the ﬁnancial statements, including a summary of material accounting policies,

the consolidated entity disclosure statement and the directors’ declaration.

In our opinion, the accompanying ﬁnancial report of the Group is in accordance with the Corporations

Act 2001, including:

i. giving a true and fair view of the Group’s ﬁnancial position as at 30 June 2026 and of its ﬁnancial

performance for the year ended on that date;

ii. complying with Australian Accounting Standards and the Corporations Regulations 2001; and

iii. the consolidated entity disclosure statement required by section 295(3A) of the Corporations

Act 2001 being true and correct.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under

those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial

Report section of our report. We are independent of the Group in accordance with the auditor

independence requirements of the Corporations Act 2001 and the ethical requirements of the

Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional

Accountants (the Code) that are relevant to our audit of the ﬁnancial report in Australia. We have also

fulﬁlled our other ethical responsibilities in accordance with the Code.

We conﬁrm that the independence declaration required by the Corporations Act 2001, which has been

given to the directors of the Company, would be in the same terms if given to the directors as at the

time of this auditor’s report.

We believe that the audit evidence we have obtained is suﬃcient and appropriate to provide a basis

for our opinion.

ANNUAL REPORT 2026

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most signiﬁcance in

our audit of the ﬁnancial report of the current year. These matters were addressed in the context of

our audit of the ﬁnancial report as a whole, and in forming our opinion thereon, and we do not provide

a separate opinion on these matters.

We have determined the matters described below to be the key audit matters to be communicated in

our report.

Poland arbitration awards – contingent asset and related disclosures

Why a key audit matter How our audit addressed the risk

As disclosed in note 23 of the ﬁnancial

statements, in October 2024 an arbitral

tribunal awarded the Group

compensation of up to £252 million

(A$495 million), plus interest, against the

Republic of Poland. Poland’s set-aside

and appeal proceedings remain ongoing

in the courts of England and Wales and

of Singapore.

The Group has not recognised the

awards as an asset as their realisation is

not considered virtually certain under

AASB 137 Provisions, Contingent

Liabilities and Contingent Assets. The

awards are disclosed as a contingent

asset, and the litigation funder’s

entitlement as a contingent liability.

We considered this to be a key audit

matter due to the signiﬁcance of the

awards, the judgement involved in

assessing whether their realisation is

virtually certain, and the importance of

the related disclosures.

Our procedures included, amongst others:

• Read the arbitral awards and court

judgments, and obtained conﬁrmations from

the Group’s external legal advisers on the

status and prospects of the set-aside, appeal

and enforcement proceedings.

• Evaluated management’s assessment that

realisation of the awards is not virtually

certain at 30 June 2026.

• Assessed the terms of the litigation funding

arrangement and the disclosure of the

funder’s entitlement as a contingent liability.

• Reviewed events subsequent to year-end

for developments relevant to the

assessment and disclosure of the awards.

• Assessed the adequacy of the contingent

asset and contingent liability disclosures in

note 23 of the ﬁnancial statements.

INDEPENDENT AUDITOR’S REPORT

(Continued)

GreenX Metals Limited

Carrying value of capitalised exploration and evaluation assets

Why a key audit matter How our audit addressed the risk

As disclosed in note 6 of the ﬁnancial

statements, the Group’s exploration and

evaluation assets were $7.0 million at 30

June 2026. During the year, the Group

acquired the Tannenberg project,

accounted for as an asset acquisition

(note 7), and recognised an impairment

of $4.4 million in respect of the Arctic Rift

Copper project, where no future

exploration and evaluation activities are

expected.

Assessing the carrying value of these

assets under AASB 6 Exploration for and

Evaluation of Mineral Resources involves

judgement, including in respect of rights

of tenure, planned expenditure and the

results of exploration activity.

We considered this to be a key audit

matter due to the signiﬁcance of these

assets to the Group’s total assets and the

judgement involved in accounting for the

Tannenberg acquisition and assessing

impairment.

Our procedures included, amongst others:

• Assessed management’s determination that

the Tannenberg acquisition was an asset

acquisition rather than a business

combination under AASB 3 Business

Combinations.

• Tested a sample of capitalised expenditure to

supporting documentation and assessed

whether it met the capitalisation criteria of

AASB 6.

• Conﬁrmed that the Group holds current

rights to tenure for each area of interest.

• Evaluated management’s assessment of

impairment indicators for each area of

interest, and whether the Arctic Rift Copper

impairment was appropriate and

reasonable.

• Assessed the adequacy of the related

disclosures in notes 6 and 7 of the ﬁnancial

statements.

Other Information

The directors are responsible for the other information. The other information comprises the

information included in the Group’s annual report for the year ended 30 June 2026 but does not

include the ﬁnancial report and our auditor’s report thereon.

Our opinion on the ﬁnancial report does not cover the other information and accordingly we do not

express any form of assurance conclusion thereon, except for the Remuneration Report and our

related assurance opinion.

In connection with our audit of the ﬁnancial report, our responsibility is to read the other information

and, in doing so, consider whether the other information is materially inconsistent with the ﬁnancial

report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact. We have nothing to report in this regard.

ANNUAL REPORT 2026

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of:

a) the ﬁnancial report (other than the consolidated entity disclosure statement) that gives a true

and fair view in accordance with Australian Accounting Standards and the Corporations Act

2001;

b) the consolidated entity disclosure statement that is true and correct in accordance with the

Corporations Act 2001; and

c) such internal control as the directors determine is necessary to enable the preparation of:

i) the ﬁnancial report (other than the consolidated entity disclosure statement) that gives

a true and fair view and is free from material misstatement, whether due to fraud or

error; and

ii) the consolidated entity disclosure statement that is true and correct and is free of

misstatement, whether due to fraud or error.

In preparing the ﬁnancial report, the directors are responsible for assessing the ability of the Group to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the

going concern basis of accounting unless the directors either intend to liquidate the Group or to cease

operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the ﬁnancial report as a whole is free

from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in accordance with the Australian Auditing Standards will always detect a material

misstatement when it exists. Misstatements can arise from fraud or error and are considered material

if, individually or in the aggregate, they could reasonably be expected to inﬂuence the economic

decisions of users taken on the basis of this ﬁnancial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional

judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the ﬁnancial report, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is suﬃcient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the

override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the eﬀectiveness of the Group’s internal control.

INDEPENDENT AUDITOR’S REPORT

(Continued)

GreenX Metals Limited

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast signiﬁcant doubt on the Group’s ability to continue as a going

concern. If we conclude that a material uncertainty exists, we are required to draw attention in

our auditor’s report to the related disclosures in the ﬁnancial report or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or conditions may cause the Group

to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the ﬁnancial report, including the

disclosures, and whether the ﬁnancial report represents the underlying transactions and events

in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain suﬃcient appropriate audit evidence regarding the

ﬁnancial information of the entities or business units within the group as a basis for forming an

opinion on the group ﬁnancial report. We are responsible for the direction, supervision and

review of the audit work performed for purposes of the group audit. We remain solely

responsible for the audit opinion.

We communicate with the directors regarding, among other matters, the planned scope and timing

of the audit and signiﬁcant audit ﬁndings, including any signiﬁcant deﬁciencies in internal control that

we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other

matters that may reasonably be thought to bear on our independence, and where applicable, actions

taken to eliminate threats or safeguards applied.

From the matters communicated with the directors, we determine those matters that were of most

signiﬁcance in the audit of the ﬁnancial report of the current year and are therefore the key audit

matters. We describe these matters in our auditor’s report unless law or regulation precludes public

disclosure about the matter or when, in extremely rare circumstances, we determine that a matter

should not be communicated in our report because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest beneﬁts of such communication.

ANNUAL REPORT 2026

Report on the Remuneration Report

Opinion on the Remuneration Report

We have audited the Remuneration Report included in pages 20 to 25 of the directors’ report for the

year ended 30 June 2026.

In our opinion, the Remuneration Report of GreenX Metals Limited for the year ended 30 June 2026,

complies with section 300A of the Corporations Act 2001.

Responsibilities

The directors of the Company are responsible for the preparation and presentation of the

Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our

responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in

accordance with Australian Auditing Standards.

Matthew Pope UHY Haines Norton

Partner Chartered Accountants

Sydney

Dated 24 September 2026

CORPORATE GOVERNANCE

GreenX Metals Limited

GreenX Metals Limited and the entities it controls believe corporate governance is important for the Company in

conducting its business activities.

The Board of GreenX has adopted a suite of charters and key corporate governance documents which articulate

the policies and procedures followed by the Company. These documents are available in the Corporate

Governance section of the Company’s website, www.greenxmetals.com. These documents are reviewed annually

to address any changes in governance practices and the law.

The Company’s Corporate Governance Statement 2026, which explains how GreenX complies with the ASX

Corporate Governance Council’s ‘Corporate Governance Principles and Recommendations – 4th Edition’ in

relation to the year ended 30 June 2026, is available in the Corporate Governance section of the Company’s

website, www.greenxmetals.com and will be lodged with ASX together with an Appendix 4G at the same time

that this Annual Report is lodged with ASX.

In addition to the ASX Corporate Governance Council’s ‘Corporate Governance Principles and Recommendations

– 4th Edition’ the Board has taken into account a number of important factors in determining its corporate

governance policies and procedures, including the:

• relatively simple operations of the Company, which is focused on developing its two coal properties;

• cost verses benefit of additional corporate governance requirements or processes;

• size of the Board;

• Board’s experience in the relevant sector;

• organisational reporting structure and number of reporting functions, operational divisions and

employees;

• relatively simple financial affairs with limited complexity and quantum;

• relatively moderate market capitalisation and economic value of the entity; and

• direct shareholder feedback.

Whilst the Company recognises climate change as a relevant business risk, as at 30 June 2026, the Company is not

in compliance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Due

to the Company’s nature, size and current development phase, the Company has limited climate-related risks.

Information on the Company’s material business risks can be found and are discussed in detail on pages 8-10.

Should there be a significant change in the size and nature of the Company’s activities in the future, the Company

will review its business risks against the recommendations of the TCFD. Additional disclosure in relation to the

recommendations of the TCFD can be found in the Company’s 2026 Corporate Governance Statement, which is

available to view on GreenX’s website at https://www.greenxmetals.com/about/corporate-governance/.

The Company remains committed to diversity and inclusion throughout all levels of the business. The Company

recognizes that an inclusive and diverse workforce leads to increased productivity and better relationships with

the communities in which we operate. The Company recognises that a diverse and talented workforce is a

competitive advantage and encourages a culture that embraces diversity. However, the Board considers that the

Company is not currently of a size to warrant the time and cost of adopting a Diversity Policy and setting

measurable objectives for achieving gender diversity. The Board will review its position and may adopt a Diversity

Policy and develop measurable objectives when the Company’s operations increase substantially. The Company

does not comply with the targets set out in Financial Conduct Authority (FCA) Listing Rule 14.3.30.

ASX ADDITIONAL INFORMATION

ANNUAL REPORT 2026

The shareholder information set out below was applicable as at 31 August 2026.

1. TWENTY LARGEST HOLDERS OF LISTED SECURITIES

The names of the twenty largest holders of listed securities are listed below:

Ordinary Shares

Name

Number of

Ordinary Shares

Percentage of

Ordinary Shares

BNP Paribas Nominees Pty Ltd <Clearstream>

176,885,655

56.65

CD Capital Natural Resources Fund III LP

50,487,925

16.17

Arredo Pty Ltd

11,660,000

3.73

Computershare Clearing Pty Ltd <CCNL Di A/C>

11,068,453

3.54

Citicorp Nominees Pty Limited

10,614,374

3.40

BNP Paribas Nominees Pty Ltd <IB Au Noms Retailclient>

9,610,140

3.08

BNP Paribas Noms Pty Ltd

3,334,642

1.07

Mr Mark Pearce + Mrs Natasha Pearce <NMLP Family A/C>

2,000,000

0.64

HSBC Custody Nominees (Australia) Limited

1,919,879

0.61

Mr Daljinder Mahil

1,809,075

0.58

Greenfields Exploration Limited

1,425,363

0.46

Mr Ross Langdon Divett + Mrs Linda Alison Divett

1,311,300

0.42

Cabbdeg Investments Pty Ltd

1,165,000

0.37

Bouchi Pty Ltd

1,108,050

0.35

Mr Jacek Jozef Duch

1,060,633

0.34

Dr Subhash Kumar Vij

899,950

0.29

Brearley Holdings Pty Ltd <Brearley Super Fund A/C>

852,100

0.27

Carolyn Anne Baker

750,000

0.24

Robert Ian Kendall

750,000

0.24

Mr Robert Arthur Behets + Mrs Kristina Jane Behets <Behets Family A/C>

738,525

0.24

Total Top 20

289,451,064

92.70

Others

22,805,441

7.30

Total Ordinary Shares on Issue

312,256,505

100

2. DISTRIBUTION OF EQUITY SECURITIES

Analysis of numbers of holders by size of holding:

Ordinary Shares

Distribution

Number of Shareholders

Number of Ordinary Shares

Percentage (%)

1 – 1,000

598

132,010

0.04

1,001 – 5,000

211

601,243

0.19

5,001 – 10,000

725,123

0.23

10,001 – 100,000

184

6,915,789

2.21

More than 100,000

303,882,340

97.32

Totals

1,156

312,256,505

100.00

There were 501 holders of less than a marketable parcel of Ordinary Shares.

ASX ADDITIONAL INFORMATION

(Continued)

GreenX Metals Limited

3. VOTING RIGHTS

See Note 12(c) of the Notes to the Financial Statements.

4. SUBSTANTIAL SHAREHOLDERS (shareholder with voting power of at least 5%)

Substantial Shareholder notices have been received by the following:

Substantial Shareholder

Number of Shares/Votes

CD Capital Natural Resources Fund III LP

50,487,925

The number of shares and voting power is calculated on the basis of the most recent notices received by the

Company up to the date of this report.

5. ON-MARKET BUY BACK

There is currently no on-market buy back program for any of GreenX Metals Limited's listed securities.

6. EXPLORATION INTERESTS

As at 31 August 2026, the Company has an interest in the following tenements:

Location

Tenement

Percentage

Interest

Status

Tenement Type

Germany

Tannenberg 1

90!

Granted

Exploration Licence

Germany

Tannenberg 2

Granted

Exploration Licence

Greenland

Eleonore North gold project

(Licence No’s 2018-19, 2023-

39, 2026-124 and 2026-120)

100

Granted

Exploration Licence

Greenland

Arctic Rift Copper project

(ARC) (Licence No. 2025-168)

Withdrawn

Exploration Licence

Notes:

Given the prospectivity and focus on Tannenberg in Germany and at Eleonore North, and following a review of its portfolio of projects, the most

efficient and effective use of the Company’s resources, GreenX has agreed to wind up the ARC joint venture. The Company is currently in the process

of relinquishing the ARC exploration licence held in Greenland and winding up the joint venture entity which is expected to be completed in the

second half of 2026.

7. ASX LISTING RULE 5.14

During the year, the Company reported historical estimates for Tannenberg and Eleonore North, as described

below. The following summaries are provided in accordance with ASX Listing Rule 5.14 and outline the progress

made by the Company in evaluating those historical estimates, together with the status of the further evaluation

and/or exploration work required to verify the estimates and report them as Mineral Resources in accordance with

the JORC Code.

TANNENBERG

Summary of historical estimate information from the original 1940 Mansfeld report

Zone

Surface Area

)

Thickness

(cm)

Grade Cu

(%)

Contained Copper

(t)

Ronshausen

10,000,000

67.4

2.85

463,000

Hönebach

8,088,000

34.2

1.92

130,055

Wolfsberg

6,468,000

23.5

2.35

92,945

Schnepfenbusch

5,528,000

19.3

2.38

65,673

SUB-TOTAL

2.59

751,673

Less historical production

(23,793)

TOTAL

727,880

A further 1984 historical estimate includes grades of 2.1% copper plus 25 g/t silver with 169,000 tonnes of contained

copper and 6.5 million ounces of silver.

Cautionary statement: The historical estimates in this report are not reported in accordance with the 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.

ANNUAL REPORT 2026

The Company has undertaken, and/or plans to undertake, the following work programs to further evaluate and

verify the historical estimates reported for Tannenberg:

• Identification of an Exploration Target at Tannenberg (refer to announcement dated 28 May 2026)

• Mineralogical and desktop metallurgical analysis of material collected from archive core (refer to

announcement dated 17 June 2026);

• Accessing historical underground mines for scoping study-level metallurgical test work, chip sampling, as

well as mapping and surveying for 3D modelling – 2H 2026;

• Collation and digitisation of historical geological, mine development, and production data – ongoing;

• Analysis of the use of seismic surveys to aid future drilling campaigns including collecting petrophysical

measurements for seismic forward modelling – ongoing;

• Seismic survey, if appropriate – commencement H2 2026; and

• Initial drill program – commencement in the coming months.

ELEONORE NORTH

High-grade tungsten and antimony mineralisation also identified in historical estimate at the Margeries Prospects

within the Eleonore North Project:

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

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

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

Cautionary statement: The historical estimates in this report are not reported in accordance with the 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.

The Company has undertaken, and/or plans to undertake, the following work programs to further evaluate and

verify the historical estimates reported for Eleonore North:

Noa Prospect:

• Process the historical hyperspectral survey (refer to announcement dated 14 May 2026); and

• Field mapping and sampling to ground-truth RIRGS targets and identify drill targets (July 2026).

Margeries Prospects:

• Collect bulk sample material for both tungsten and antimony metallurgical sighter test work (July 2026);

• Inspect the archive core with a view to obtaining samples for re-analysis and metallurgical sighter test work

(May 2026);

• Reprocessing of historic hyperspectral data (refer to announcement dated 14 May 2026); and

• Field mapping to identify drill targets (July 2026).

Competent Persons Statement

The information in this report that relates to historical estimates for Tannenberg were extracted from the ASX

announcement dated 20 October 2025 entitled ‘GreenX Uncovers Historical Estimate at Tannenberg Copper

Project’ (Original Announcement).

GreenX confirms that (a) it is not in possession of any new information or data relating to the historical estimates

that materially impacts on the reliability of the estimates or GreenX’s ability 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 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 Original Announcement.

GreenX confirms that (a) it is not aware of any new information or data that materially affects the information

included in the original announcement; (b) all material assumptions and technical parameters underpinning the

content in the relevant announcement 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.

ASX ADDITIONAL INFORMATION

(Continued)

GreenX Metals Limited

The information in this report that relates to the historical estimate for Eleonore North were extracted from the

ASX announcement dated 24 November 2025, entitled ‘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.

7. TANNENBERG EXPLORATION TARGET

Archive Core Logging And Sampling

GreenX logged, sampled, and assayed a total of 4,389 m of archived core (Archive) and took 2,368 new samples.

This program was initiated after the discovery that drill core had been retained in the archives of the Hessisches

Landesamt für Naturschutz, Umwelt und Geologie (HLNUG) for over 40 years since drilling. This new logging and

sampling has been conducted in accordance with industry standard practices and has facilitated the estimation

of the Exploration Target ranges. In addition to the validation of the historical copper and silver grades around the

historical mining areas (see announcement date 20 November 2025), the data has demonstrated that the copper

and silver mineralisation persists many kilometres away from the historical copper mines (Wolfsberg,

Schnepfenbusch, and Reichenberg).

The Archive work was completed by Palsatech in a specialist logging facility in Sweden. MSA Mining Consulting

UK Ltd’s (MSA-UK) independent competent person visited the facility while Archive core was being processed. All

intercepts with significant Cu-Ag mineralisation were drilled by St Joe’s during their 1980s exploration drilling.

The 1930s National Socialist drillhole database was compiled by GreenX geologists, transcribed from hard copy,

historical records. An independent audit and verification of the data against these records was not undertaken by

MSA-UK. Given that the intention is to declare an Exploration Target, this is not considered a material risk by MSA-

UK.

Data validation was undertaken during the import routine in the form of correcting issues such as from/to errors

and preparing the data in a format that can readily be imported into three-dimensional modelling software.

Geological Modelling

A geological model was constructed in Leapfrog Geo. Although a number of mapped faults cross the area, only

five, relevant fault structures were considered in the model (Figure 1). Four stratigraphic units, namely the

Basement, Rotliegend, Zechstein and Buntsandstein were modelled. Due its narrowness and the lateral scale of

the model, which spans several kilometres, the Kupferschiefer layer was modelled only as the contact between

the Rotliegend and Zechstein. Displacement by faulting is data driven, where the relative position of the

stratigraphic units on either side of the fault determines the vertical displacement.

A conceptual mineralisation model was constructed from the drillhole data using a threshold value of 0.30 % Cu.

This value was based on the log-probability plot for the combined dataset (Figure 5), which shows a break in the

grade population around this threshold. This is a reasonable value, as it incorporates mineralisation in the footwall

Rotliegend, the Kupferschiefer and the hanging wall Zechstein.

In addition to the grade threshold, a minimum thickness of 1.5 m was applied during the modelling process, based

on regulation and practise at copper mines in Poland Where necessary, low-grade samples falling below the

threshold were incorporated into the mineralised zone to achieve the minimum thickness, provided the full

composite grade satisfied the threshold value. Due to the sampling bias in the National Socialist dataset, only data

generated from 1980s era drilling was used to constrain the thickness of the mineralisation model.

However, the National Socialist data was used to infer lateral continuity of the mineralisation. In order to not

overstate tonnages, the mineralisation was truncated against the modelled faults, extrapolated no more than 500

metres beyond the data and limited within the Tannenberg license boundary. Furthermore, mined out areas

where discounted from the mineralisation model.

Three areas were considered, a larger area to the southwest, Zone 3, where the model is informed by a combination

of Archive and National Socialist data and two smaller areas across fault boundaries towards the northeast, Zone 1

and Zone 2, as shown in Figure 1 above.

Zone 3 has an area extent of approximately 6 km by 3.5 km. The mineralisation thins out towards the southwest

and northwest where drillholes tend to have low-grade copper intercepts that do not meet the minimum

thickness criteria, therefore being excluded from the model. Towards the northeast, the mineralisation terminates

against a northwest-southeast running fault. Zone 2 is located adjacent to Zone 3 on the northeast side of the

bounding fault, with an extent of 3.1 km in the northwest to southeast direction and 2.8 km in the northeast

direction. Zone 1 is narrow, bound by two parallel faults and has an area extent of 1.8 km by 900 m. Both Zones 1

and 2 have been restricted in extent from known mined out areas to the north.

ANNUAL REPORT 2026

Exploration Target: Grade and Thickness Estimation

A geological model was constructed in Leapfrog Geo. Although a number of mapped faults cross the area, only

five, relevant fault structures were considered in the model (Figure 1). Four stratigraphic units, namely the

Basement, Rotliegend, Zechstein and Buntsandstein were modelled. Due its narrowness and the lateral scale of

the model, which spans several kilometres, the Kupferschiefer layer was modelled only as the contact between

the Rotliegend and Zechstein. Displacement by faulting is data driven, where the relative position of the

stratigraphic units on either side of the fault determines the vertical displacement (Figure 4).

The lateral extent of the mineralised zones is restricted by structural features and the license boundary, with little

room for extrapolation. Therefore, tonnage ranges are given by assuming a variable thickness of the mineralised

zones, which is supported by the dataset. Only the Archive data was used to derive grade and thickness ranges as

it provides a complete vertical profile through the mineralised zone. Samples captured within the Zone 3

mineralised area were selected and composited to full thickness, resulting in ten composite samples. Full

thickness composites were used to derive both grade and thickness ranges for the Exploration Target because

this approach minimises the variability of the smaller sample intervals, thus reducing sampling bias and avoiding

artificially inflated grades when estimating grade ranges. An additional drillhole, Ro 45, located to the north outside

of the area of interest was also used to supplement the data. This hole was included as it is the only Archive drillhole

outside of the modelled area that meets the minimum criteria and was incorporated to support the statistical

analysis given the limited number of available data points. The remaining Archive holes were not considered as

they fall outside the modelled extents of the mineralisation.

The list of drillholes, copper and silver grades and accumulated grades are shown in Table 2 below.

Table 2: List of full thickness composites for grade and thickness estimation

Hole ID

From

Thickness

(m)

(%)

(g/t)

Accumulated

Copper Grade

Cu % per metre

Accumulated Silver

Grade

Ag g/t per metre

Ro 15

285.6

289.3

3.7

1.19

16.6

4.41

61.5

Ro 17

481.25

483

1.75

0.89

18.2

1.56

31.9

Ro 18

209

210.76

1.76

3.00

28.7

5.28

50.6

Ro 19

339

342

1.38

16.2

4.13

48.5

Ro 20

377

378.68

1.68

1.33

14.6

2.24

24.5

Ro 22

435.76

439.4

3.64

0.94

16.0

3.43

58.1

Ro 23

366

367.5

1.5

2.69

55.3

4.04

83.0

Ro 25

533.38

534.89

1.51

1.32

27.9

2.00

42.2

Ro 35

379.15

381

1.85

0.35

10.5

0.65

19.5

Ro 38

536.25

539.5

3.25

0.56

11.4

1.83

37.2

Ro 45

268.34

270.37

2.03

1.62

20.5

3.29

41.7

Source: MSA-UK

Statistics were derived for the length-weighted copper and silver grades and composite sample lengths as shown

in Table 3.

Table 3: Summary statistics of mineralised drillhole composites

Variable

Minimum

Maximum

Mean

Median

Lower

Quartile

Upper

Quartile

Coefficient of

Variation

Thickness (m)

1.50

3.70

2.33

3.00

1.68

3.25

0.37

Cu grade (%)

0.35

3.00

1.28

1.19

0.89

1.38

0.63

Ag grade (g/t)

10.5

55.3

19.4

16.2

14.6

20.5

0.65

Source: MSA-UK

An attempt was made to derive grade and thickness ranges using a two-sided confidence interval method on the

dataset however this statistical approach resulted in very narrow ranges which are not representative of the

inherent variability of the data. Therefore, the interquartile range (IQR) was used instead to define the lower and

ASX ADDITIONAL INFORMATION

(Continued)

GreenX Metals Limited

upper grade and thickness ranges. In this case, the IQR is considered appropriate for this small dataset, as it

provides a measure of dispersion around the median, thus reducing the influence of grade and thickness outliers.

The resultant ranges are therefore a more realistic representation of the dataset (Table 4).

Table 4: Exploration Target lower and upper ranges for grade and thickness

Variable

Lower Range

Upper Range

Thickness (m)

1.7

3.3

Cu (%)

0.9

1.4

Ag (g/t)

Source: MSA-UK

Note: Grade and thickness ranges rounded to one decimal place to reflect this is an estimate

Density data is not currently available for the project, therefore average densities were sourced from available

literature (Taylor, R.D and Anderson, E.D., 2010). An assumption was made for a three metre thick mineable width

with the Kupferschiefer shale representing 0.40 m of the total thickness, while the Zechstein and Rotliegend have

assumed thicknesses of 1.30 m. Average densities were assigned as shown in Table 5.

Table 5: Assumed average densities per stratigraphic unit

Stratigraphic Unit

Rock Type

Thickness (m)

Density (t/m

)

Zechstein

Limestone

1.30

2.75

Kupferschiefer

Shale

0.40

2.40

Rotliegend

Sandstone

1.30

2.55

Source: Taylor, R.D and Anderson, E.D., 2010

A weighted, average relative density for the three-metre-thick mineralised zone is calculated as 2.62 t/m

Exploration Target Estimation

The base case for the mineralisation is based on the areal extent of copper mineralisation, above a threshold of

0.30 % Cu, that meets a minimum thickness criteria of 1.50 m. Surfaces created in Leapfrog Geo were used to model

lateral continuity of the mineralised zones and derive areas for three zones. Thickness ranges were derived from

the Archive data and using an assumed average density of 2.62 t/m3, lower and upper ranges of tonnages were

calculated as shown in Table 6.

Table 6: Tonnage ranges for each zone

Zone

Area (m

)

Thickness (m)

Density

(t/m

)

Tonnage (Mt)

Lower

Upper

Lower

Upper

Zone 1

1,800,000

1.7

3.3

2.62

Zone 2

9,000,000

Zone 3

21,500,000

186

Total

43,000,000

144

279

Source: MSA-UK.

Note: m

= square metres; m = metres; t/m

= tonnes per cubed metre; Mt = Million Tonnes

Areas are rounded to the nearest 100,000 m

to reflect this is an estimate

Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate

Grade and thickness ranges rounded to one decimal place to reflect this is an estimate

Full thickness composite grade data was used to derive grade ranges for copper, with the estimated contained

copper ranges shown in Table 7.

ANNUAL REPORT 2026

Table 7: Copper grade and contained metal ranges for each Zone

Zone

Tonnage (Mt)

Cu Grade (%)

Contained Cu (Mt)

Lower

Upper

Lower

Upper

Lower

Upper

Zone 1

0.9

1.4

0.1

0.2

Zone 2

0.4

1.1

Zone 3

186

0.9

2.6

Total

144

279

1.3

3.9

Source: MSA-UK

Note: Mt = Million Tonnes.

Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate

Grade and thickness ranges rounded to one decimal place to reflect this is an estimate

Similarly, silver grade ranges were used to derive contained silver lower and upper scenarios for each zone as

shown in Table 8.

Table 8: Silver grade and contained metal ranges for each Zone

Zone

Tonnage (Mt)

Ag Grade (g/t)

Contained Ag (Moz)

Lower

Upper

Lower

Upper

Lower

Upper

Zone 1

3.9

10.8

Zone 2

19.3

52.7

Zone 3

186

46.3

125.6

Total

144

279

69.4

188.4

Source: MSA-UK

Note: Mt = Million Tonnes; Moz – million troy ounces g/t – gram per metric tonne;

Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate

Ounces are rounded to the nearest 100,000 troy ounce to reflect this is an estimate

Grade and thickness ranges rounded to one decimal place to reflect this is an estimate

1 troy ounce (oz) = 31.1034768 grams

The Exploration Target for the combined Tannenberg mineralisation is shown in Table 9. As per the JORC Code, it

must be stated that the potential quantity and grade of the Exploration Targets are conceptual in nature, that

there has been insufficient exploration to estimate Mineral Resources and that it is uncertain if further exploration

will result in the estimation of Mineral Resources.

Table 9: Tannenberg Combined Exploration Target

Tonnages (Mt)

Cu (%)

Ag (g/t)

Contained Cu (Mt)

Contained Ag (Moz)

Lower

Upper

Lower

Upper

Lower

Upper

Lower

Upper

Lower

Upper

144

279

0.9

1.4

1.3

3.9

69.4

188.4

Source: MSA-UK.

Note: Mt = Million Tonnes; Moz – million troy ounces; g/t – gram per metric tonne;

Tonnages are rounded to the nearest 1,000,000 tonne to reflect this is an estimate

Contained copper and silver ounces are rounded to the nearest 100,000 troy ounce to reflect this is an estimate

Grade and thickness ranges rounded to one decimal place to reflect this is an estimate

1 troy ounce (oz) = 31.1034768 grams

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