Announcement PDF GREENVALE ENERGY LIMITED A.B.N. 54 000 743 555 ANNUAL FINANCIAL REPORT YEAR ENDED 30 JUNE 2024 TABLE OF CONTENTS Corporate Directory 2 Chairman’s Letter 3 Review of Operations 5 Directors’ Report 18 Auditor’s Independence Declaration 35 Consolidated Statement of Comprehensive Income 36 Consolidated Statement of Financial Position 37 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 39 Notes to the Consolidated Financial Statements 40 Directors’ Declaration 72 Independent Auditor’s Report 73 Additional Information 77 1 | GRV – Annual Financial Report 2024 CORPORATE DIRECTORY DIRECTORS Mr Neil Biddle (Non-Executive Chairman) Mr Elias (Leo) Khouri (Non-Executive Director) John Barr (Non-Executive Director) Mr Mark Turner (Executive Director and Chief Executive Officer) JOINT COMPANY SECRETARIES Vince Fayad Kurt Laney REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS Suite 6, Level 5 189 Kent Street Sydney NSW 2000 Tel: +61 2 8046 2799 SHARE REGISTRY Link Market Services Level 12, 680 George Street Sydney NSW 2000 Tel: +61 2 82807111 AUDITORS RSM Australia Partners Level 13, 60 Castlereagh Street Sydney NSW 2000 STOCK EXCHANGE Australian Securities Exchange 20 Bridge Street Sydney NSW 2000 ASX CODE GRV WEBSITE www.greenvaleeenergy.com.au 2| GRV – Annual Report 2024 CHAIRMAN’S LETTER maximise the asphaltene yield, and then use different catalysts to enhance the quality of the asphaltene for its viscosity and penetration. While development studies for the Alpha Project were significantly progressed during the year, these studies have now been placed on hold to await the outcomes of Test Program 5. On completion of Test Program 5, the Board will then assess the best path forward for the Alpha Project to maximise value for the Company’s shareholders. Dear Fellow Shareholders, The past year has been a period of mixed fortune for Greenvale Energy Limited (“Greenvale” or “the Company”), impacted by slower-than-expected progress across our existing asset portfolio while also delivering exciting new business development opportunities. During the year, the Company worked diligently to advance its Alpha Torbanite Project in central Queensland by progressing studies for the project development and completing a new Liquefaction Test Program (‘Test Program 4’). Liquefaction Test Program 4 comprised three separate assessments undertaken by Monash University, Licella Holdings Ltd and PROCOM/Technix. These three assessment streams were designed to determine the Alpha Project’s potential to produce a premium-grade C170 bitumen product. On completion of Test Program 4, analysis of bulk samples from Alpha indicated that, while the shale extract could be used for manufacturing standard or modified types of bitumen, it did not meet the stringent specifications required for the premium C170 bitumen product. Analysis by Technix, Greenvale’s bituminous product advisor, indicates that additional work is required to increase the viscosity and elasticity of the final product to meet the premium-grade standards. Based on these outcomes, the Company has reengaged the University of Jordan to commence Test Program 5. The University of Jordan is a world-class institution with significant expertise in geotechnical/chemical engineering, liquefaction studies and bituminous products and previously undertook the highly successful Test Program 3. The aim of Test Program 5 is to take the blended core samples from the Alpha Project, vary the reaction conditions of temperature and pressure to In parallel with the advancement of the Alpha Project, and in keeping with the Board’s agenda to diversify the Company’s asset portfolio, in October 2023 Greenvale entered into a Farm-in Agreement with Mosman Oil & Gas (AIM: MSMN, “Mosman”) to acquire a 75% interest in a potentially ultra-highgrade helium, hydrogen and hydrocarbon opportunity in the Amadeus Basin in Central Australia known as EP145. EP145 sits within a highly prospective area, with successful helium wells located along the margins of the Amadeus Basin at Mt Kitty-1 and Magee-1. Existing gas pipeline infrastructure links the area to Darwin and the Australian East Coast, providing an opportunity for rapid development and commercialisation. These features, together with the strong demand outlook for helium, hydrogen and hydrocarbons, meet the Board’s business development metrics of targeting well-located assets with highly sought-after commodities. Frustratingly, Greenvale’s work programs at EP145 have been significantly delayed by slower-thanexpected regulatory approvals for both the asset acquisition and the proposed work program, caused in part by the recent elections in the Northern Territory. The Company has recently secured a six-month permit extension to enable these regulatory approvals to be finalised. In addition, shortly after the end of the financial year, the Company entered into an agreement to acquire an 80% interest in the Douglas River Uranium Project, located 200km south of Darwin in the Pine Creek Mineral Field. The Pine Creek region is one of the world’s largest and richest uranium provinces, containing worldclass deposits including Ranger, Jabiluka, Coronation Hill and El Sherana. Despite this, the region remains only lightly explored – particularly in 3| GRV – Annual Report 2024 CHAIRMAN’S LETTER the southern Daly Basin area, where the geology supports multiple ideal settings for sandstonehosted uranium deposits. Douglas River represents a compelling addition to Greenvale’s asset portfolio, providing shareholders with exposure to a commodity that offers an exceptional market outlook thanks to the growing use of nuclear energy as an essential source of baseload power for the global energy transition. I am confident that these new additions to our asset portfolio will bring considerable value to the Company and will help drive significant value for shareholders going forward. On the corporate front, in May this year the Company was pleased to appoint John W Barr as a Non-Executive Director. John has strong experience and contacts throughout the energy industry and has made a significant contribution to the Board since his appointment. In addition, the Company sold its 20% interest in the Georgina Basin IOCG Project in the Northern Territory to Astute Metals (ASX: ASE). Consideration for the sale was five million Astute Metals shares, with the potential for a further five million shares subject to Astute achieving further specified milestones. The asset sale streamlines Greenvale’s business and ensures we can focus our resources most effectively. Greenvale retains a 2% net smelter royalty (NSR) over the Georgina Basin Project, providing continued upside exposure. In July 2024, the Company sold down its shareholding in Astute Metals for $1.53 million. This has boosted our cash position and reduces the need for future shareholder dilution. During the year, Greenvale issued 25.9 million fully paid shares to Pioneer Resources LLC (Pioneer) under the subscription agreement announced on 1 February 2023, reducing the facility by $1.477 million. The average price of the shares issued was approximately 5.7 cents per share. The Board is conscious of this issue price being below the 7-cent “Floor Price” specified in the original agreement and is exploring alternative funding sources to repay the Pioneer facility. While the past year has clearly been a challenging period for Greenvale, I am confident that we have all the right ingredients to deliver strong growth for shareholders in the months and years ahead. I would like to take this opportunity to thank all our shareholders for their continued support, and also acknowledge the Greenvale team, including my fellow Board members, for their hard work and commitment over the past year. We look forward to a very busy and successful year ahead. Neil Biddle Chairman 4| GRV – Annual Report 2024 REVIEW OF OPERATIONS OVERVIEW Greenvale has a high-quality portfolio of future-focused assets, comprising:  The Alpha Torbanite Project, located in Alpha, Queensland;  The Geothermal Projects, located in the Millungera Basin and Longreach, Queensland;  The EP145 helium, hydrogen and hydrocarbon exploration permit in the Amadeus Basin in Central Australia (acquired during FY2024); and  The Douglas River Uranium Project in the Pine Creek region of the Northern Territory (acquired subsequent to the end of FY2024). During the year, Greenvale also held a 20% shareholding in Knox Resources Pty Ltd (Knox), which is the tenement holder of seven granted Exploration Licences in the highly prospective East Tennant province in the Northern Territory. This shareholding in Knox was disposed of during FY2024, with Greenvale retaining a 2% Net Smelter Return (NSR) over future production from the tenements. ALPHA TOBANITE PROJECT, QLD Background The Alpha Torbanite Project is located approximately 50km south of the town of Alpha in Central Queensland, Australia. The deposit consists of two seams, an upper seam of mostly lower-grade mineralisation with an average thickness of 1.12m and a lower seam containing lenses of torbanite up to 1.9m thick. The Project has been subject to extensive exploration and laboratory testing since its initial discovery in 1939. Figure 1: Location of the Alpha Torbanite Project During 2019, SRK Consulting Pty Ltd (“SRK”) was engaged to reassess the project’s commercialisation strategy. SRK’s report set out a potential new development strategy based on the production of a diversified suite of value-added products. SRK noted that, in contrast with typical oil shale deposits, the Alpha torbanite deposit is exceptionally high-grade, containing up to 650 litres of hydrocarbons per tonne 5| GRV – Annual Report 2024 REVIEW OF OPERATIONS of torbanite, and can produce high-value bitumen products. The upper and lower bituminous shales also produce similar products, albeit at lower yields of 110-140 litres per tonne. Additionally, the torbanite and bituminous shales can deliver high-quality value-added products through appropriate investment in processing infrastructure. SRK was engaged to undertake a staged work program to assist in evaluating the project's commercial viability. Work Undertaken Background Greenvale has undertaken a staged approach to the project based on the development of two trains, with the design of Train 1 underpinned by the results from the completed Liquefaction Test Programs to date (Programs 1, 2 & 3) and preliminary indications from Test Program 4. This information has been used to form the conceptual design basis of the plant, initially aimed at producing 100,000 tonnes of bitumen and blended products annually from 500,000 tonnes of mined resource. Train 2 would commence on completion of Train 1 construction and would increase annual production to 200,000 tonnes of bitumen by expanding the process plant and increasing mining by a further 500,000 tonnes, resulting an estimated mine life of 20 years. The projected mine life of 20 years was based on preliminary assessments only and this could be further extended via an additional Train 3, which would be contemplated if justified by further exploration of the known 10km strike length and further metallurgical test work. It is important to note that the mine life estimate, while useful for initial planning, does not fully reflect the mine's operational potential and resource base. Mineral Resource Estimate Update On 13th November 2023, the Company announced a 51% increase in the size of the Alpha deposit (ASX Announcement: Substantial Increase to Alpha Resource). The updated Mineral Resource Estimate (MRE) saw a 9.4Mt increase in total dry tonnes within the deposit, increasing from 18.6Mt in the maiden 2022 Resource to 28Mt of combined cannelite and torbanite. Table 1: MDL 330 Inferred Mineral Resource Estimate by seam and ply unit (plus % +/- from maiden MRE) This significant increase in the size of the Alpha deposit meant that, in order for the additional 9.4Mt of cannelite and torbanite to be included in final modelling for the Pre-Feasibility Study (PFS), a supplementary sampling and liquefaction testing campaign would be required on selected samples from the 20 additional HQ core holes completed in early October 2023 (see ASX announcement, 2 October 2023). The Company had initially envisaged that Liquefaction Test Program 4 would be sufficient to extrapolate the yield calculations across the additional 9.4Mt of Resource. However, after consulting with the Company’s technical advisors, the Greenvale management team believed it was prudent to extend Test Program 4 to include samples from the core holes acquired in October 2023, which embraced both seams. 6| GRV – Annual Report 2024 REVIEW OF OPERATIONS Test Program 4 Liquefaction Test Program 4 (‘Test Program 4’) focused on core samples taken from across the project area and built on previous work conducted on outcrop samples. Testing was conducted across two sites, Monash University and Licella, with four well samples (Wells 9, 14, 21 and 28). Licella’s test work focused on the use of supercritical water as a carrier in a setting that utilised larger reactor vessels. Unfortunately, most trials did not achieve the optimal supercritical fluid density of around 0.35g/ml for converting torbanite, cannelite, and blend samples, despite holding reagents at about 400°C for 30 minutes. Conversions ranged from 28 wt% to 35 wt%, with the potential for improved yields under optimal conditions. Catalysts were not investigated as part of this program. The supercritical water program by Licella, which was completed under the direction of Greenvale’s external consultant, PROCOM, contributed valuable insights to Monash University's broader test work program. Test Program 4 was extended to include an additional four well samples (Wells 19, 127, 137 and 138). This test work was undertaken by PROCOM, with the sample analysis split between the HRL and Petrolab laboratories. A bulk sample produced by Monash University was sent to Technix, Greenvale’s bituminous product advisor, for product identification and certification. The test work completed by Technix was designed to determine the potential of the Alpha Project to produce a premium-grade C170 bitumen product. Analysis of bulk samples from Alpha indicated that, while the shale extract could be used for manufacturing standard or modified types of bitumen, it did not meet the stringent specifications required for the premium C170 bitumen product. Late in the reporting period, the Company re-engaged the University of Jordan (UofJ) to undertake Liquefaction Test Program 5. Test Program 5 is designed to examine the issues raised in Test Program 4 by Technix. The aim is to take the blended core samples from the Alpha Project, vary the reaction conditions of temperature and pressure to maximise the asphaltene yield, and then use different catalysts to enhance the quality of the asphaltene for its viscosity and penetration. Development Studies Most of the key activities required to finalise a Pre-Feasibility Study (PFS) for the Alpha Project were either completed or significantly progressed during the reporting period. However, due to uncertainties in the process design ramp-up timetable presented in the draft PFS, the Company elected to downgrade the PFS to a Scoping Study. This provided an opportunity to demonstrate the financial viability of the project, whilst commencing pilot scale work to increase process design confidence. This Scoping Study was subsequently placed on hold to await the results from Test Program 5. On completion of Test Program 5, the Board will then re-assess the best path forward for the Alpha Project. COMPETENT PERSONS STATEMENTS – ALPHA PROJECT The information in this report that relates to Exploration Results is based on information compiled by Mr Carl D’Silva, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (Member number 333432). Mr D’Silva is a full-time employee of SRK Consulting (Australasia) Pty Ltd, a group engaged by the Company in a consulting capacity. Mr D’Silva 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 D’Silva consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 7| GRV – Annual Report 2024 REVIEW OF OPERATIONS The information in this report that relates to Metallurgical Results is based on information compiled by David Cavanagh, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy AusIMM Member number 112318 David Cavanagh is a full- time employee of Core Resources. David Cavanagh 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’. David Cavanagh consents to the inclusion in the report of the matters based on his informationin the form and context in which it appears MINERAL RESOURCES AND ORE ESTIMATES – CORPORATE GOVERNANCE STATEMENT The Company confirms that it is not aware of any new information or data that materially affects the information included in the updated Mineral Resource Estimate dated 13 November 2023 as announced to the ASX on that date and which is available at www.greenvalemining.com. The Company confirms that in relation to the Alpha Torbanite Project Mineral Resource Estimate, all material assumptions and technical parameters underpinning the estimate continue to apply and have not materially changed when referring to its resource announcement made on 13 November 2023. GEOTHERMAL PROJECTS Background The Company’s geothermal portfolio comprises applications for four Exploration Permits for Geothermal (EPG) located within central and north-western Queensland, Australia. Of the Company’s geothermal licences, three licences are located within the highly prospective Millungera Basin (EPG 2023 (Julia Creek), EPG 2024 (Lara Downs) and EPG2025 (Ouchy). The Millungera applications are located approximately 120km east of Mount Isa within the North-West Minerals Province (see Figure 5). They lie in the catchment of the $1.7 billion CopperString 2.0 project, which will connect remote parts of north-western Queensland to existing power infrastructure in Townsville. An independent study conducted by the Geological Survey Queensland (GSQ) in June 2018 has highlighted the Millungera Basin to be the most prospective geothermal site in Australia, believed to have stored thermal energy likely to exceed 611,000 petajoules. Additionally, the Company’s geothermal projects will enable the Company to develop a carbon offsetting strategy, thereby providing sufficient carbon credits to offset future production at the Alpha Torbanite Project. Work Undertaken As announced on 11 May 2023, Greenvale launched a desktop Feasibility Study of the Company’s Longreach (QLD) EPM, assessing the suitability of the area as a potential pilot plant location for a small-scale geothermal power station. During the year, the Geothermal Feasibility Study was completed, with the Company reporting the findings to the market on 4 October 2023. The study was conducted by CeraPhi Energy ("CeraPhi"), who were engaged to assess the area’s geothermal potential and evaluate the likely effectiveness of their CeraPhiWellTM down-hole heat exchanger technology. The study's outcomes were encouraging, revealing the capacity of the CeraPhiWell™ technology to provide the requisite heat for powering a 4.95MW plant in the Longreach region and validated the viability of utilising the down-well closed-loop technology for supporting a power station. However, due to insufficient opportunities for commercial off-take and the lack of any heavy industry in the area, building a pilot plant in Longreach was deemed sub-economic. In light of this, Greenvale will now focus on the Millungera Basin geothermal potential, which has target depths of 2.5-3km and large-scale regional power requirements. CeraPhi remains steadfast in its optimism about the 8| GRV – Annual Report 2024 REVIEW OF OPERATIONS potential of the CeraPhiWell technology within the Australian landscape, underscoring its adaptability and applicability. Next Steps The focus of Greenvale’s geothermal program will now shift to the Millungera Basin, with the Company also exploring avenues for reducing well costs, including the potential acquisition of a rig tailored to the project's needs. The Company is also undertaking a thorough sub-surface assessment to identify drilling risks and define subterranean stratigraphy more accurately. COMPETENT PERSONS STATEMENTS – GEOTHERMAL PROJECTS The geological information presented in this document for the Geothermal Projects has been based on information compiled by Dr Mark Lisk. Dr Mark Lisk is Chief Geologist for Ascendience Group and holds a PhD in petroleum systems analysis from Curtin University and an MSc. Honours degree in geothermal systems from the University of Auckland. Dr Lisk has more than 30 years’ experience in the oil and gas sector, with a specialty in assessing the thermal history of sedimentary basins. He has previously worked as a Principal Geologist for Woodside Energy Ltd and a Senior Research Scientist with the Commonwealth Scientific and Industrial Research Organisation (CSIRO). 75% INTEREST IN HELIUM, HYDROGEN AND HYDROCARBON PROJECT (EP145) Background In October 2023, the Company executed a Farm-in Agreement with Mosman Oil & Gas Ltd (AIM: MSMN, “Mosman”) to acquire a potentially ultra-high-grade helium, hydrogen and hydrocarbon opportunity in the Amadeus Basin in Central Australia. Under the terms of the agreement, the Company’s wholly-owned subsidiary, Greenvale Gas Pty Ltd (Greenvale Gas), acquired a 75% interest in the EP145 permit in the Northern Territory which was 100%-owned by Trident Energy Pty Ltd, a wholly-owned subsidiary of Mosman Oil & Gas. The agreement was subject to Ministerial Consent from the Northern Territory Government, which was awarded on 30 April 2024. Mosman reported a Prospective Resource Estimate for EP145 on 24 October 2022 which included a “Best Estimate” (applying the SPE PRMS standard) of 440 Billion cubic feet (“Bcf”) Total Gas, including 26.4Bcf of helium and 26.4Bcf of hydrogen. The Amadeus Basin has a long history of hydrocarbon production in the Palaeozoic and late Proterozoic succession. Helium and hydrogen production has been proven through exploration drilling, with some of the highest concentrations of helium globally – highlighting its potential to become a world-class province for helium and hydrogen. 9| GRV – Annual Report 2024 REVIEW OF OPERATIONS Mosman’s Permits Figure 3 – Location of Mosman Permits in the Amadeus Basin The EP145 permit sits within recognised play fairways for helium and hydrogen and contains proven hydrocarbon discoveries. The permit lies on-trend with the producing Mereenie oil & gas field and is optimally located for helium, hydrogen and hydrocarbons. Successful helium wells are located along the margins of the Amadeus Basin at Mt Kitty-1 and Magee-1, with existing gas pipeline infrastructure to Darwin and the Australian East Coast, providing an opportunity for rapid development and commercialisation. A preliminary technical evaluation commissioned by Mosman in 2022 and undertaken by Geognostics Australia Pty Ltd identified favourable scenarios for all three essential play elements related to viable helium and hydrogen plays. These components are also present in the Mount Kitty-1 and Magee-1 wells. The key findings of the Technical Report included2: 1. identified favourable scenarios for all three essential play elements related to viable helium and hydrogen plays including: (a) basement composition as a source of helium; (b) basement structure and connectivity via faults systems to support entrapment and / or migration of deeply-sourced gases (hydrogen and helium); and (c) possible seal facies above basement 2. EP145 is underlain by felsic-intermediate granites, a known source of helium in the basin. 3. EP145 contains the West Walker anticline with traps at multiple levels and migration pathways. 4. The Gillen Formation evaporites interlayered with thin salt could be present and could act as viable seals. 10| GRV – Annual Report 2024 REVIEW OF OPERATIONS Figure 1: Helium play fairway map, Amadeus Basin. Since 2006, the helium market has experienced periods of severe supply shortages, with strong forecast demand growth and very few new sources of supply in the pipeline. The EP145 acquisition provides an exciting opportunity for Greenvale to target the rapidly expanding helium market, with global helium demand currently estimated to be around 6Bcf per annum and expected to increase to 8.5Bcf by 2030. Agreement Terms Under the terms of the farm-in agreement, Greenvale Gas will earn a 75% working interest in EP145 by: • • • Paying an upfront cash payment of $160,000 to Trident Energy within five business days of the Completion date; On completion, funding the Permit Year 3 Work Program including acquisition of seismic data (originally required to be completed by August 2024, subsequently extended to 21 February 2025); and Funding the drilling of one well (originally required to be completed by August 2025, subsequently extended to 21 February 2026). Completion was subject to various Northern Territory Government approvals, which were obtained on the 29th April 2024. The cost of seismic data acquisition was estimated to be circa $2 million. In the second operation and based on the results from the seismic work, Greenvale is to undertake to drill the well at an expected cost of $5.5 million. Any costs over $5.5 million are to be split between Greenvale and Mosman on a 75:25 basis. Under the terms of the transaction, Greenvale assumed Operatorship of the EP145 permit under a Joint Operating Agreement (JOA). All decisions under the JOA are to be made by the Operating Committee. A majority for decisions made under the Operating Committee requires a majority of one or more persons who has a 70% ownership interest. 11| GRV – Annual Report 2024 REVIEW OF OPERATIONS Work Undertaken Following the receipt of Ministerial Consent on 29 April 2024, which satisfied the final condition of the agreement with Mosman Oil & Gas, Greenvale assumed full operational control of EP145 to initiate plans for the Year 3 Work Program. The Company was awarded a $100,000 co-funding grant from the Northern Territory Government as part of Round 17 of the NTGS Geophysics and Drilling Collaborations program. This funding is earmarked for an initial seismic line in EP145, which forms a key part of the proposed 2D seismic survey. This survey, named the Wild Horse 2D seismic program, aims to gather vital data to help map the geological structures and de-risk future exploration activities targeting helium, hydrogen, and hydrocarbon resources. The seismic survey is designed to image basement reflectors thought to be as deep as 5km below sea level, which is essential for identifying prospective targets and guiding drilling efforts. This data acquisition is expected to provide a high-quality dataset that will significantly enhance Greenvale’s ability to explore the ultra-highgrade helium potential of the EP145 permit. Due to the Northern Territory elections, the NT Government went into caretaker mode from 1 August 2024 until completion of the election. As a result, major decisions which could potentially impact approvals for Environmental Management Plans under assessment were placed on hold. Greenvale applied to the NT Government to extend the current permit year commitments by six months to allow for the completion of the planned 2D seismic survey and to keep the permit in good standing. The Company’s application to extend the permit was approved by the Northern Territory Department of Industry, Tourism & Trade on 6th August 2024. The approval for the permit extension means that Greenvale will now have until 21 February 2025 to complete the Year 3 Work Program, which includes: • • • • Acquisition of 100km 2D seismic survey Seismic data processing and interpretation Identification of well locations Detailed well planning and preparation The Year 4 Work Program must be completed by 21 February 2026 and includes: • Drill first exploration well • Assess drilling results and plan for next well The Year 5 Work Program must be completed by 21 February 2027 and includes: • Drill second exploration well • Analysis and interpretation of data • Reservoir and geological studies • Prepare to apply for Retention Lease, Production License, Permit Renewal and Relinquishment of permit area 12| GRV – Annual Report 2024 REVIEW OF OPERATIONS Figure 2: West Walker Helium Project Proposed 2D Seismic Survey lines GEORGINA BASIN IOCG PROJECT, EAST TENANT CREEK, NORTHERN TERRITORY Background Located in the highly prospective East Tennant province in the Northern Territory, the Georgina Project comprises seven granted Exploration Licences, with three under application, for a combined total area of approximately 4,500km2. During the year, Greenvale divested its remaining 20% interest in Knox Resources Pty Ltd (Knox) – the 100% owner of the Georgina Project – to Astute Metals NL (ASX: ASE, “Astute”), providing Astute with 100% ownership of Knox. Consideration for the sale of Greenvale’s stake in Knox comprise