The Relationship Between Sogo Shosha and Mining

Sogo shosha (Japanese general trading companies) play a critical role in the global mining sector. Instead of just buying and selling commodities, they act as major global investors, project developers, and supply chain managers for raw materials. Their relationship with mining is driven by three main strategies:

Securing Resource Security: Japan lacks natural resources. Companies like Mitsubishi, Mitsui, and Itochu invest heavily in overseas mining projects (e.g., in Australia, South America, and Africa) to guarantee a stable supply of coal, iron ore, copper, and rare earths for Japanese industries.

Shift from Trading to Equity Ownership: Historically, sogo shosha were just middlemen. Today, they hold direct equity stakes in major mines worldwide, often partnering with mining giants like BHP or Rio Tinto. They earn massive profits from dividend income when commodity prices rise.

Green Energy Transition: Recently, sogo shosha have shifted their mining investments away from thermal coal. They are now aggressively investing in “critical minerals” like lithium, nickel, and copper, which are essential for electric vehicles (EVs) and renewable energy technologies.

22 July 2026. GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce that fieldwork has commenced at its Eleonore North project in East Greenland (Eleonore North or Project). The exploration program is targeting gold (Au), tungsten (W), and antimony (Sb).

GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “Greenland is an exciting frontier for GreenX, and this program advances a portfolio of gold, tungsten and antimony targets that has seen very little modern exploration.

Tungsten and antimony are critical raw materials for both the European Union and the United States, and Eleonore North gives us high-grade occurrences of both in a stable Western jurisdiction at a time when supply is heavily concentrated in China. Importantly, the tungsten and antimony mineralisation has a surface expression, which allows us to make rapid progress in expanding the known mineralisation and generating additional targets.

This year we are in the field to advance our existing prospects, including the Noa Pluton gold-antimony target and the North and South Margeries deposits. At the same time, our growing understanding of intrusion-related gold systems in the region has enabled us to identify a number of new targets.’’

22 July 2026. GreenX Metals Limited (ASX:GRX, LSE:GRX, GPW:GRX, Germany-FSE:A3C9JR) (GreenX or the Company) is pleased to announce that fieldwork has commenced at its Eleonore North project in East Greenland (Eleonore North or Project). The exploration program is targeting gold (Au), tungsten (W), and antimony (Sb).

GreenX’s Chief Executive Officer, Mr Ben Stoikovich, commented: “Greenland is an exciting frontier for GreenX, and this program advances a portfolio of gold, tungsten and antimony targets that has seen very little modern exploration.

Tungsten and antimony are critical raw materials for both the European Union and the United States, and Eleonore North gives us high-grade occurrences of both in a stable Western jurisdiction at a time when supply is heavily concentrated in China. Importantly, the tungsten and antimony mineralisation has a surface expression, which allows us to make rapid progress in expanding the known mineralisation and generating additional targets.

This year we are in the field to advance our existing prospects, including the Noa Pluton gold-antimony target and the North and South Margeries deposits. At the same time, our growing understanding of intrusion-related gold systems in the region has enabled us to identify a number of new targets.’’