HIGHLIGHTS

• Multiple intrusion-related gold targets identified in two new licences covering ~1,600 km². The Company has been exploring the Eleonore North Project for reduced intrusion-related gold systems (RIRGS) since 2024. These new licences build on a growing understanding of this deposit style in this region and secures prospective Caledonian intrusions untested by the RIRGS model.
• Gold assays up to 50 g/t previously reported. Gold-mineralised boulders and quartz veins hosted in granitic intrusions were found in 1975. After a brief site visit in 1983, detailed gold‑scheelite exploration was recommended, but none took place.
• Anomalous gold, silver, tungsten, and arsenic in regional sediment sampling corresponds to target intrusions. Caledonian intrusions and adjacent strata are shedding mineralised material into local streams. Despite strong results from the historic stream sediment sampling program, follow-up gold exploration never took place.
• Extensive evidence of tungsten mineralisation in the form of scheelite from stream sediment sampling. Tungsten is one of the foremost defence materials, widely used in high-strength applications and in armour-piercing ammunition. Tungsten is designated as a strategic raw material by the EU and a critical mineral by the US.
• Fieldwork is now complete, with first results expected this quarter. Reconnaissance sampling and mapping have tested the RIRGS model over the Caledonian intrusions within the new licences. This fieldwork was run in conjunction with exploration at the existing Eleonore North licences (refer to announcement dated 24 July 2026).
• 160 km-long mineralised structural corridor. 60 km to the southeast of the licenced Caledonian intrusions, the Malmbjerg Climax-type molybdenum porphyry deposit straddles the same fault system. 100 km to the north, the structural system passes through the Company’s other licences which host the North Margeries Sb-W and South Margeries W historical deposits and the Noa Pluton Sb-Au-W prospect.

August 4, 2026 - GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce the granting of two new exploration licences at the Eleonore North Project (Figure 1) (Eleonore North or Project). The Company has secured exclusive rights to ~1,600 km2 of tenure prospective for reduced intrusion-related gold systems (RIRGS). These new licences complement the Company’s existing licences located 100 km to the north.

Figure 1: Location map of new Eleonore North licences in East Greenland with prospective Caledonian intrusions.

GreenX CEO, Mr Ben Stoikovich, commented: “Securing 1,600 km² of new gold and critical minerals tenure takes our Eleonore North portfolio to approximately 2,100 km² across four licences and gives us exclusive rights to a suite of Caledonian intrusions that have never been tested against the reduced intrusion-related gold model. Documented gold and scheelite anomalism have sat in the public record here since the 1980s without follow-up. We have teams on the ground testing these intrusions this season, with a clear and disciplined program of work through 2026."

HISTORICAL GOLD RESULTS

In 1975, Nordisk Mineselskab A/S (Nordmine) collected gold-mineralised boulders and veins from the area now covered by the new licences (Table 1). Follow-up exploration involved stream sediment sampling throughout the region in 1979 and 1980. Heavy mineral concentrates from the earlier surveys were analysed in 1983. Gold, scheelite, and other indicator elements were detected within the licence areas. In 1983, geologists visited the site and recommended detailed follow-up exploration for gold and scheelite; however, no further exploration was conducted. Nordmine held an exclusive mineral licence covering 100,000 km2 in East Greenland until its liquidation in 1992.

Table 1: Selected historical grab sample results sourced from a publicly available Greenland government database.

Figure 2: Simplified geological map with historical Nordmine grab sample gold results. The inset map shows the location of selected historical high-grade grab samples from Table 1. All results are available in Appendix 1.

Geology - GOLD AND CRITICAL MINERALS POTENTIAL

The geological setting of the area is characterised by gneissic basement rocks and Proterozoic metasediments (Figure 2), separated by a major north-south thrust fault extending for 400 km (Figure 4). Thrusting and folding during the Caledonian orogeny juxtaposed the different rock packages. This major structure likely provided conduits for magma and later mineralised fluids. Caledonian intrusions are today found adjacent to fault zones in Eleonore Bay Supergroup sediments.

RIRGS deposits feature a geochemical zonation that changes with distance from the causative intrusion. Metal enrichments proximal to gold mineralisation typically include tungsten (W) and antimony (Sb). Geochemical signatures distal to gold mineralisation include enrichments in silver (Ag), copper (Cu), lead (Pb), and zinc (Zn). At the regional scale, arsenic (As) is a useful indicator for vectoring towards RIRGS-mineralised intrusions.

Regional stream sediment sampling included panning for heavy mineral concentrates. Analysis of the concentrate included counting grains of the tungsten-bearing mineral, scheelite. Figure 3 below shows the scheelite grain count in panned heavy mineral concentrates. There is a strong association between the Caledonian granites and high scheelite grain counts. The spatial association also applies to Au, Ag, Cu, Pb, Zn, and As in panned heavy mineral concentrates.

Figure 3: Scheelite grain count in historical panned heavy mineral concentrate samples.

CRITICAL MINERALS

Tungsten is designated as a Strategic Raw Material by the EU and a critical raw mineral by the US. Tungsten is one of the foremost defence materials, widely used in high-strength applications and ammunition. It is also suitable for high-temperature applications, such as supersonic and hypersonic vehicles. Tungsten’s density makes it ideal for armour-piercing ammunition and counterweights in spacecraft. Commercially, it is mainly used when high strength is required, such as for cutting and construction tools. Global strategic interest in tungsten increased significantly in February 2025, when China announced sweeping export controls targeting tungsten and four other metals used across defence, clean energy and other industries. China’s export controls were announced minutes after an additional 10% tariff on Chinese goods imposed by the U.S. President came into effect.

About 90% of global tungsten comes from Russia, China and North Korea, with China alone accounting for about 80% of the world’s tungsten output. The US has not had domestic tungsten production since 2015.

Work Programs

GreenX’s land tenure at Eleonore North now includes four licences (Figure 4). Prior to the summer fieldwork, the Company re-logged and re-assayed archive drill core from the historical North Margeries Sb-W and South Margeries W deposits. Additionally, historical airborne hyperspectral survey data covering the Margeries deposits was reprocessed (refer to announcement dated 14 May 2026). That data provided new targets which were visited during the field season. Results from the July 2026 fieldwork are expected in the coming months.

Table 2: Summary of work at each Eleonore North licence.

Figure 4: GreenX’s Eleonore North Project now comprises a portfolio of four exploration licences in East Greenland.

ISSUE OF SHARES

In accordance with the revised commercial terms of the option agreement under which GreenX acquired the Eleonore North Project (refer to announcement dated 15 July 2024), the grant of exploration licence MEL 2026-124 requires GreenX to issue the original vendor of Eleonore North GreenX shares with a value of A$250,000, calculated using the five-trading-day VWAP prior to the date of this announcement.

ENQUIRIES

Ben Stoikovich

Chief Executive Officer

+44 207 478 3900

ir@greenxmetals.com

Kazimierz Chojna

Investor Relations – Poland

Kim Eckhof

Investor Relations - UK / Germany

Competent Persons Statement

Information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Joel Burkin, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Burkin is a consultant engaged by GreenX and is a holder of unlisted options in GreenX. Mr Burkin 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 Burkin consents to the inclusion in this announcement of the matters based on his information, in the form and context in which they appear.

Forward Looking Statements

This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. 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. There can be no assurance that forward-looking statements will prove to be correct. 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.

This announcement has been authorised for release by Mr Ben Stoikovich, Chief Executive Officer.

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