olivLaw · European equity research
GreenX Metals Limited GRX.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
GreenX Metals is an exploration-stage mining company focused on the Tannenberg copper-silver project in Germany, a Kupferschiefer-type deposit, and the Eleonore North project in East Greenland. For fiscal 2026 the company reported a net loss of 12,339,989 USD, while an arbitration award against Poland of about £252 million remains central to investors' attention.
At the close of 05 Nov 2026, GreenX Metals Limited (GRX.L) stock was 0.47 GBP (+0.00% on the day), with beta 0.20, 52-week range 0.39–0.57 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 40.9
- weak (30–45)
- Bollinger (20, 2)
- 0.46 – 0.56
- in the lower half of the band · %B 0.13 · band width 21.1%
- SMA 50 / 200
- 0.52 / 0.48
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.6% | −0.6% | −9.0 pp | — |
| 3 months | −1.1% | −4.2% | +3.1 pp | — |
| 6 months | −1.1% | +4.3% | −5.4 pp | — |
| Year to date | +13.3% | +7.5% | +5.7 pp | — |
| 1 year | +19.0% | +9.9% | +9.1 pp | +5.8% |
| 3 years | −7.8% | +49.8% | −57.7 pp | +26.3% |
| 5 years | +248.1% | +42.8% | +205.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 451.1 k | 244.9 k | 308.5 k |
| Revenue YoY | unavailable | −45.7% | +26.0% |
| Net income | -4.6 m | -6.0 m | -12.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.02 | -0.02 | -0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -1,009.1% | -2,456.4% | -3,956.7% |
| Free cash flow | -3.5 m | -4.8 m | -6.3 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 13.4 m AUD
- Financial debt
- unavailable AUD
- Net debt
- unavailable AUD
- Equity
- 18.1 m AUD
- Total assets
- 21.9 m AUD
- Debt / equity
- unavailable
- Current ratio
- 4.46x
- ROE
- -75.3%
- ROA
- -60.8%
- FCF margin
- -2,030.8%
Financial statements (source on every figure)
Revenue and net income (AUD)
Margins
Income statement · AUD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 451.1 k | 244.9 k | 308.5 k | esef· 06 Oct 2026verified |
| Pre-tax income | -4.6 m | -6.0 m | -12.3 m | esef· 06 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 06 Oct 2026verified |
| Net income | -4.6 m | -6.0 m | -12.2 m | esef· 06 Oct 2026verified |
| Diluted EPS | -0.02 | -0.02 | -0.04 | esef· 06 Oct 2026verified |
Balance sheet · AUD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 7.2 m | 6.8 m | 13.4 m | esef· 06 Oct 2026verified |
| Receivables | 186.6 k | 559.6 k | 545.5 k | esef· 06 Oct 2026verified |
| Current assets | 7.4 m | 7.4 m | 14.0 m | esef· 06 Oct 2026verified |
| Property, plant & equipment, net | 282.5 k | 17.9 k | 642.1 k | esef· 06 Oct 2026verified |
| Total assets | 17.2 m | 18.3 m | 21.9 m | esef· 06 Oct 2026verified |
| Accounts payable | 719.4 k | 2.3 m | 2.3 m | esef· 06 Oct 2026verified |
| Current liabilities | 1.8 m | 3.7 m | 3.1 m | esef· 06 Oct 2026verified |
| Total liabilities | 2.1 m | 4.0 m | 3.8 m | esef· 06 Oct 2026verified |
| Equity | 15.1 m | 14.3 m | 18.1 m | esef· 06 Oct 2026verified |
| Shares outstanding at year end | 274.2 m | 281.1 m | 297.7 m | esef· 06 Oct 2026derived |
Cash flow · AUD
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.5 m | -4.8 m | -6.2 m | esef· 06 Oct 2026verified |
| Capex | 4.4 k | 4.0 k | 18.1 k | esef· 06 Oct 2026verified |
| Free cash flow | -3.5 m ≈ | -4.8 m ≈ | -6.3 m ≈ | esef· 06 Oct 2026derived |
| Investing cash flow | -1.6 m | 2.6 k | -703.8 k | esef· 06 Oct 2026verified |
| Financing cash flow | 3.6 m | 4.4 m | 13.5 m | esef· 06 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3,956.7% | 3 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GREENX METALS LIMITED (GRX.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 308.5 k AUD in 2026; YoY growth 26.0%; net margin -3,956.7%; ROE -75.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.5x
What contradicts it
- Net margin: -3,956.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for GRX.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
GreenX Metals is an exploration-stage mining company focused on the Tannenberg copper-silver project in Germany, a Kupferschiefer-type deposit, and the Eleonore North project in East Greenland. For fiscal 2026 the company reported a net loss of 12,339,989 USD, while an arbitration award against Poland of about £252 million remains central to investors' attention.
SWOT
Strengths
- A significant arbitration award against a state, whose validity was upheld by the Singapore court at first instance.
- Benchmark mineralogy showing similarities with Polish deposits already in operation, supporting the choice of flotation.
- A portfolio focused on two projects, Tannenberg and Eleonore North, after winding up the ARC joint venture.
Weaknesses
- No production revenue, with a net loss reported for fiscal 2026.
- Rising exploration and evaluation costs, which are expensed.
- Dependence on the outcome of international legal proceedings to support the balance sheet value.
Opportunities
- Metallurgical studies that could show recoveries above historic levels through modern grinding technologies.
- Discovery of additional targets at Eleonore North, based in particular on hyperspectral reprocessing.
- Growing interest in critical metals, which could attract partners or financing for new projects.
Threats
- Rejection of the appeal or of the set-aside application could materially change the company's financial position.
- Fluctuations in copper and silver prices could affect the economic viability of the project.
- Geopolitical and logistical risks for projects in Greenland.
Risks
- Outcome of the Poland litigationhigh
The value of the arbitration award depends on set-aside proceedings still under way, and an adverse result could significantly reduce the company's assets.
- Liquidity and financinghigh
The company has no production revenue, and exploration spending could require additional capital before any development decision.
- Resource uncertaintymedium
Historical estimates for Eleonore North are not reported under the JORC Code and no resource has been formally classified, which could limit project valuation.
- Uncertain metallurgical recoveriesmedium
The bi-modal grain size of copper sulphides could require finer grinding and added costs, and recoveries at Tannenberg could turn out lower than estimated.
- Asset impairment risklow
The impairment of the ARC asset shows that exploration assets can be written down quickly if strategy changes, which could affect the balance sheet.
Investment thesis
What would need to be true (bull case)
- If the courts uphold the arbitration award, the company could hold significant financial assets that could support project development.
- Mineralogical similarities with Polish deposits could allow Tannenberg to reach recoveries comparable to or above historic levels.
- Eleonore North could offer further tungsten and antimony discoveries if the field work confirms the identified targets.
What would break the thesis
- With no production revenue, the company depends on external financing, and weaker capital availability could limit project progress.
- If the Singapore appeal or the English proceedings reject the award, the value of the assets could fall considerably.
- Eleonore North resources are not yet classified, and exploration could fail to confirm economic targets.
What to watch
- Decision of the Singapore Court of Appeal on Poland's challenge to the rejection of the ECT set-aside applicationnext period
- Hearing of the BIT award set-aside proceedings in the courts of England and WalesOctober 2026
- Results of the first Tannenberg drill program and progress of metallurgical studies2H 2026
- Results of multielement analyses and tungsten and antimony metallurgical sighter tests at Eleonore Northnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
GreenX Metals Limited is an exploration mining company working on copper, silver, tungsten and antimony projects. According to its annual report for the year ended 30 June 2026 1, the company has no production revenue yet, and its result is a net loss of 12,339,989 USD. The main potential source of value is an arbitration award of about £252 million against the Republic of Poland, whose outcome depends on set-aside proceedings in the courts of Singapore and England.
The core activity is the development of the Tannenberg project, for which the company commissioned mineralogy studies showing that its mineralisation is comparable to Polish Kupferschiefer deposits 1. The company is still spending on exploration, with exploration and evaluation expenses of 2,243,082 USD in fiscal 2026 1, which shows the project is still at the study stage before any feasibility study.
In parallel, the company agreed to wind up the Arctic Rift Copper joint venture, and the related exploration asset was fully impaired, producing an impairment charge of 4,415,000 USD in fiscal 2026 1. Resources are therefore concentrated on Tannenberg and Eleonore North.
Segments
Tannenberg project (Germany)
The Tannenberg copper-silver project is at the exploration stage and preparing an initial drill program. Mineralogical analysis indicates copper mineralisation dominated by chalcocite with a bi-modal grain size, and the company considers that conventional flotation could achieve recoveries comparable to Polish mines, around 89% for copper and 86% for silver 1.
Eleonore North project (Greenland)
Eleonore North, located on Ymer Island in East Greenland, comprises four licences prospective for gold, antimony, copper and tungsten. The 2026 fieldwork targets gold, tungsten and antimony, and the company identified new targets by reprocessing a historical hyperspectral survey 1.
Market context
For tungsten and antimony the market is narrower and more sensitive to trade policy and supply chains, so the potential of Eleonore North remains, for now, within the realm of exploration hypotheses.
Trends
- Rising copper demand in the energy transitiontailwind
Electrification and grid infrastructure could support long-term copper demand, which could sustain interest in new copper-silver projects if their development is confirmed.
- Exploration and development costsheadwind
Exploration and evaluation expenses, which rose to 2,243,082 USD in fiscal 2026 1, could pressure liquidity before any investment decision.
- International litigation with Polandmixed
The outcome of the set-aside proceedings and the appeal before the Singapore Court of Appeal could materially change the value of the company's assets.
- Modern grinding and flotation technologiestailwind
High-pressure grinding and modern fine-particle recovery systems could improve copper recovery compared with historic operations, if metallurgical tests confirm this.
Competitive position
The Tannenberg project competes, in terms of resources and financing, with other companies developing copper and silver deposits in Central Europe. The company compares itself with KGHM operations and the Nowa Sól project of Lumina Metals, which apply similar flotation routes 1.
In the tungsten and antimony market, Eleonore North is at an early exploration stage, and competition includes companies with more advanced projects, which could affect GreenX's ability to attract partners and financing.
- KGHM Polska Miedź
Operator of Kupferschiefer copper-silver mines in Poland, used as the metallurgical benchmark for the Tannenberg project 1.
- Lumina Metals
Developer of the Nowa Sól project in the same Kupferschiefer belt, with a recent PEA applying a similar processing route 1.
- Tungsten and antimony exploration companies
Competing projects in the tungsten and antimony market, where Eleonore North is still at an early exploration stage.
- Central European copper companies
Other copper projects in the region that could compete for financing and specialised skilled labour.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202606 Oct 2026
- Annual report 202530 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / GreenX Metals Limited · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.