GreenX Metals has secured an earn-in agreement to acquire a 90% stake in Group 11 Exploration GmbH, a private German company holding the Tannenberg exploration license. The Tannenberg project, spanning 272 km², is regarded as highly prospective for sediment-hosted copper deposits.
Under the terms of the agreement, GreenX Metals, which has a market capitalization of $227.3 million, will issue 500,000 shares to the vendor and fund a work program up to €500,000 ($830,338) by the end of 2025. This work program will meet the requirements for extending the license.
Following completion of the work program, GreenX has the option to acquire 90% of Group 11’s fully diluted share capital by paying $3 million in shares to the vendor by December 31, 2025. Additionally, if GreenX publishes a Scoping Study within five years of the agreement, it will issue 5 million shares to the vendor.
CEO Ben Stoikovich expressed confidence in Tannenberg’s potential to host “large-scale and high-grade” copper deposits, citing its location in a key German industrial area. He highlighted the strategic importance of copper, as recognized by the EU, and noted recent German and EU policy initiatives aimed at improving the security of supply for strategic raw materials through expedited permitting and project funding.
Stoikovich emphasized that Tannenberg complements GreenX’s Arctic Rift Copper Project in Greenland and enhances shareholder exposure to strategic raw materials aligned with Germany’s and the EU’s critical raw material policies.
Future work at Tannenberg will focus on drill targeting, beginning with an in-country search for historical drilling and mining records. Geophysical methods such as seismic and magnetic surveys will be evaluated, and historical assay results will be analyzed to identify metal zonation patterns for exploration. A European-based technical team will oversee the exploration activities.
