NEWS RELEASE 22 JANUARY
2025
Update on
Arbitration Award against Poland
GreenX Metals Limited (GreenX, Claimant or Company) provides the following update
on the international arbitration claims (Claim) against the Republic of Poland
(Poland or Respondent) under both the
Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty
(ECT) (together the
Treaties).
·
In October 2024, GreenX was awarded
£252 million
(A$495 million / PLN 1.3 billion) in compensation and
interest in the BIT award after the
Tribunal unanimously held that Poland breached its obligations
under the Treaties (£183 million (A$360 million / PLN 924 million)
awarded in the ECT award)
· Additional
interest of approximately £3.2
million (A$6.3 million / PLN 16 million) has already accrued
since the award was made
· Upon satisfaction of the award, it is GreenX's intention to
return the majority of the available cash to
shareholders
· In
November 2024, Poland lodged a request to set-aside the BIT award
in the courts of England and Wales and as predicted in the
Company's announcement on 11 November 2024, Poland has now lodged a
request to set-aside the ECT award in the courts of
Singapore
GreenX advises that further to
Poland's set-aside motion in relation to the BIT award, it has now
lodged a request to set-aside the ECT award with the
courts of Singapore. Poland has challenged
jurisdictional aspects of the ECT award and alleged procedural
unfairness in the Tribunal's decision on damages.
The threshold to succeed on a set
aside motion in either the Singapore or
English courts is very high, with the
courts rejecting set-aside applications in the vast majority of
cases.
It is important to note that a
"set-aside" motion is different from a general "appeal" since a
set-aside motion can in general only relate to a lack of
jurisdiction on the part of the Tribunal or procedural unfairness.
Under both set-aside motions, the actual merits of the Claim cannot
be revisited by the courts.
The Company is strongly defending
the set-aside motions and will update the market, if required, in
line with its continuous disclosure requirements.
Further information on the Claim can
be found in the Company's announcements dated 8 October 2024 and 11
November 2024.
ENQUIRIES
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Ben Stoikovich
Chief Executive Officer
+44 207 478 3900
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Forward Looking
Statements
This release may include forward-looking statements. 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. 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.
