GreenX Metals (GRX) H2 2024 earnings summary

Executive summary

• Acquired rights to the Tannenberg Copper Project in Germany (up to 90% interest) and revised agreement to acquire 100% of Eleonore North Gold Project in Greenland.

• Maintained 51% interest in Arctic Rift Copper Project (ARC) in Greenland, targeting large-scale copper.

• Ongoing international arbitration against the Republic of Poland, with claims up to £737 million for lost investments.

• Cash balance at 30 June 2024 was A$7.17 million, supporting continued exploration.

Financial highlights

• Net loss for the year ended 30 June 2024 was A$4.55 million, compared to A$3.52 million in 2023.

• Revenue increased to A$451,134 (2023: A$313,149), mainly from interest income.

• Exploration and evaluation expenses rose to A$1.09 million (2023: A$0.51 million).

• Cash and cash equivalents at year-end were A$7.17 million (2023: A$8.67 million).

• Net assets at 30 June 2024 were A$15.15 million (2023: A$15.72 million).

Outlook and guidance

• Focus on advancing exploration at Tannenberg and Eleonore North, and enforcing legal rights in Poland.

• Plans to complete Tannenberg work program for license extension and continue Greenland exploration.

• Ongoing assessment of new business opportunities in the resources sector.