Greentech Metals Launches 8,300m Drill Campaign at Munni Munni and Whundo

GreenTech Metals Gears Up for Major 8,300m Drill Campaign Across West Pilbara Critical Minerals Hub

GreenTech Metals Limited (ASX: GRE) has outlined an 8,310-metre drilling program across its Munni Munni PGE-Cu-Ni Project and Whundo Cu-Zn-Au Project in Western Australia's West Pilbara, with a rig contracted for late July 2026 mobilisation and a second rig expected to follow once additional areas receive heritage clearance. According to the ASX announcement, the program combines 4,750m of Reverse Circulation (RC) drilling and 3,560m of Diamond Drilling (DD), while a government co-funded geophysical survey is set to begin in early July.

The update matters because it brings together several parallel workstreams that can influence project valuation: near-term drilling, geophysical targeting, heritage access, metallurgical testing, and Munni Munni resource re-estimation. It also indicates that GreenTech is placing greater emphasis on copper recovery and copper value at Munni Munni, which may affect how the project is assessed by investors and potential offtake counterparties.

A Coordinated Drilling and Targeting Campaign Across Two Projects

According to the announcement, GreenTech is not treating Munni Munni and Whundo as separate standalone activities for this field season. Instead, the company has structured the program to keep rigs working across both projects while site access expands at Munni Munni.

The approved drilling program is summarised below:

A key detail in the report is the use of wider-diameter diamond holes to collect metallurgical composite samples at Whundo. This suggests the drilling is not only aimed at extending mineralisation, but also at gathering processing data that could support future development studies.

For investors, that distinction matters. Exploration drilling can add mineralised intersections and refine geological models, while metallurgical drilling helps determine how that mineralisation may behave in a plant. Both are important, but the second tends to support the transition from pure exploration to early-stage project assessment.

"The commencement of the FLEM survey is a pivotal step in refining our drill targets at Munni Munni. The basal contact of the intrusion is largely untested and highly prospective for copper sulfide mineralisation," said James Rattenbury, Chief Executive Officer of GreenTech Metals.

Phased Mobilisation Aims to Reduce Downtime

The ASX update sets out a phased timeline designed to allow drilling to begin before all new Munni Munni areas are cleared through heritage work.

The expected sequence is:

1. Early July 2026: Fixed-Loop Electromagnetic (FLEM) survey begins at Munni Munni
2. Late July 2026: First rig mobilises to site
3. From 10 August 2026: Eight-day heritage survey starts at Munni Munni
4. August 2026: Metallurgical testwork results expected
5. Post-heritage clearance: Second rig to be added as new areas become available

Initially, drilling at Munni Munni will be limited to existing cleared drill pads, while Whundo drilling will focus on shallow extensions of known high-grade copper-gold mineralisation. Once the heritage survey is completed, GreenTech expects to open new drill locations and access routes across the Munni Munni mineralised footprint and high-priority basal targets.

This sequencing appears intended to maintain rig utilisation rather than waiting for all approvals and access work to finish before starting. In practical terms, that can help control mobilisation costs and maintain program momentum during a busy exploration period.

FLEM Survey Targets the Largely Untested Basal Contact at Munni Munni

One of the more technically important elements of the update is the FLEM geophysical survey at Munni Munni. GreenTech stated that the survey will cover about 8.2km² across 56.4 line kilometres, using four large transmitter loops at 75m station spacing.

The survey is targeting bedrock conductors that may be linked to copper sulfide mineralisation along the largely untested basal contact of the Munni Munni mafic-ultramafic intrusion.

Survey details from the announcement include:

The company reported that the survey has been supported under the Western Australian Government's Co-funded Geophysics Program, which will cover half of the estimated survey cost. Importantly, the ASX announcement does not state broader project-specific government support beyond this survey co-funding.

GreenTech also referenced the nearby Andover Complex, where an analogous electromagnetic survey is reported to have led to the discovery of a nickel-copper deposit. However, investors should view this comparison as an example of technical relevance rather than evidence that Munni Munni will produce a similar result.

What Is FLEM and Why Is It Relevant?

For readers less familiar with exploration geophysics, Fixed-Loop Electromagnetic surveying is a ground-based method used to identify conductive bodies below surface. A large wire loop is laid out on the ground and an electrical current is passed through it. Instruments then measure how the subsurface responds.

This is particularly useful for identifying sulfide mineralisation, because sulfides often conduct electricity better than surrounding rock. In copper systems, that means FLEM can help locate buried zones that may not be obvious from surface mapping or historical shallow drilling.

At Munni Munni, the relevance is straightforward:

• The target zone is the basal contact, which is a favourable geological boundary for sulfide accumulation
• The company describes this part of the intrusion as largely untested
• The survey is expected to help refine drill hole placement before rigs are fully active on site

For investors, geophysical surveys such as FLEM can improve drilling efficiency by helping companies prioritise targets with stronger technical support. They do not confirm mineralisation on their own, but they can reduce the amount of unstructured drilling required.

Copper Becomes More Central to the Munni Munni Investment Case

A notable point in the report is GreenTech's growing emphasis on copper as a value driver at Munni Munni. The company stated that the metallurgical testwork program on composited drill core from the Ferguson Reef mineralisation has been expanded to better characterise the flotation behaviour of the Cu-PGE dominant sulfide assemblage.

In simpler terms, the company is testing how well the copper-bearing and platinum group element-bearing minerals can be separated into a saleable concentrate using standard flotation methods.

According to the announcement, the program is intended to:

• Assess whether mineralisation is amenable to conventional flotation
• Better define a potential Cu-PGE concentrate
• Support Net Smelter Return (NSR) parameters
• Feed into a Mineral Resource update
• Provide inputs for an initial Scoping Study

This represents a meaningful shift from the historically considered high-grade PGE concentrate approach. Management linked the updated focus to both copper price strength and discussions with potential offtakers.

"The increasing importance of copper as a value driver for Munni Munni has prompted an expanded metallurgical testwork focus in support of our planned resource re-estimation," said James Rattenbury, CEO.

Results from this metallurgical work are expected in August 2026. Furthermore, if the testwork supports improved copper recovery into concentrate, it could influence assumptions used in resource modelling and early economic studies.

What Is NSR and Why Does It Matter?

Net Smelter Return (NSR) is an economic measure used in mining to estimate the value of ore after accounting for costs associated with smelting and refining. It is not simply the metal price multiplied by grade.

NSR usually considers:

• The metals contained in the ore
• Expected recovery during processing
• Payability from the smelter
• Penalties or treatment charges
• Refining costs

For GreenTech, generating NSR inputs may help convert geological information into a more economically relevant project framework. A project with the same grade can have very different economic characteristics depending on how recoverable the metals are and what type of concentrate it produces.

Whundo Remains an Active Part of the 2026 Field Season

Although Munni Munni attracts much of the attention, Whundo is also set to play a central role in the upcoming campaign. According to the operational update in the announcement, follow-up drilling at Whundo will focus on:

• Shallow extensions of known high-grade copper-gold mineralisation
• Metallurgical sample collection
• Testwork related to gold and silver recovery
• Support for a resource update

Whundo is described by the company as a Volcanogenic Massive Sulphide (VMS) copper-zinc-gold project. VMS deposits are formed by mineral-rich fluids on or near ancient seafloors and are often known for hosting copper, zinc, gold, and silver in relatively concentrated zones.

The inclusion of metallurgical sample collection is important because it broadens the focus beyond simple resource growth. If future testwork improves understanding of precious metal recovery, that information may contribute to how Whundo is valued in later study work.

Why the Update Matters for ASX Investors

For an ASX exploration company, an 8,310m approved drill program across two projects is a substantial operational commitment. The significance lies less in any single component and more in the number of catalysts now compressed into a short timeframe.

The key investor takeaways from the ASX announcement include:

• Board-approved scale: The combined drilling program is material relative to GreenTech's size
• Untested target area: The Munni Munni basal contact is described as largely untested and is about to receive dedicated geophysical coverage
• Copper emphasis: Metallurgical work is being directed toward a primary Cu-PGE concentrate, which may influence future resource and study assumptions
• Operational sequencing: Existing cleared pads and Whundo targets provide near-term drilling options before new heritage-cleared areas open
• District positioning: GreenTech controls more than 500km² of tenure in the West Pilbara, with Munni Munni and Whundo located about 10km apart

In addition, investors should note that several upcoming milestones are closely linked. FLEM results may refine basal contact drill targets. Metallurgical results may influence NSR assumptions. Heritage access may determine how quickly the second rig can be deployed, creating a flow of news points rather than a single binary event.

Near-Term Catalysts to Watch

The next two months appear set to be particularly active for GreenTech. Based on the company's timetable, the expected catalysts are:

Taken together, the report presents GreenTech as entering an active exploration and project assessment phase across both assets. The immediate focus is on efficient execution: begin drilling where access already exists, improve target definition with FLEM, expand access through heritage work, and incorporate new metallurgical data into the Munni Munni resource update and early study inputs.

For investors following ASX copper stocks, West Pilbara exploration, or critical minerals drilling programs, GreenTech's July to August 2026 schedule stands out for its concentration of operational milestones and its growing emphasis on copper recovery as a potential driver of project value.

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