GreenX Metals (GRX) Q4 2024 TU earnings summary

Executive summary

• Entered revised agreement to acquire 100% of Eleonore North Gold Project in Greenland, with decision to continue by 31 Dec 2025.

• Eleonore North is prospective for reduced intrusion-related gold systems, similar to large Canadian deposits.

• Completed passive seismic survey at Eleonore North, reducing exploration search space and identifying new targets.

• Ongoing collaboration with GEUS for updated geological mapping and analysis of regional samples.

• ARC copper project in Greenland progressing, with GreenX awaiting final registration of its initial 51% interest.

• Arbitration hearing against Republic of Poland concluded; damages claim up to £737 million for lost projects.

Financial highlights

• Cash balance at 30 June 2024 was A$7.1 million, with no debt.

• Net cash used in operating activities for the quarter was A$704,000; year-to-date A$3.8 million.

• Net cash used in investing activities for the quarter was A$203,000; year-to-date A$1.6 million.

• Raised A$4.16 million from equity issuance during the quarter.

• Payments to related parties during the quarter totaled A$256,000.

Outlook and guidance

• Well-funded to progress exploration in Greenland and pursue new business development opportunities.

• No further material drawdowns expected from litigation funding for Poland arbitration.

• Estimated available funding covers more than 10 quarters of operations at current expenditure rates.