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Greenvale Energy Locks in $5M Farm-in with Sunrise Energy Metals to Unlock Millungera Geothermal Monster

Greenvale Energy (ASX:GRV) Unlocks Geothermal Potential with $5M Farm-in Deal from Sunrise Energy Metals

26 November 2025

In a move that could prove highly strategic for both companies and the north-west Queensland region, Greenvale Energy Limited (ASX:GRV) has announced a binding Farm-in and future Joint Venture agreement with SRL Hot Rocks Pty Ltd, a 100%-owned subsidiary of ASX-listed Sunrise Energy Metals (ASX:SRL).

The deal centres on Greenvale’s 100%-owned Millungera Basin Geothermal Project, located ~120 km east of Mount Isa in one of Australia’s hottest and most prospective geothermal provinces.

Key Deal Terms

SRL Hot Rocks will sole fund up to A$5 million in exploration and development expenditure.

- Upon completing the $5M spend, SRL-HR will earn a 51% majority interest in the Millungera geothermal tenements, with a pathway to a full Joint Venture.

Greenvale retains a meaningful free-carried interest through the earn-in phase, allowing it to preserve capital for its high-priority uranium assets while still capturing upside from the geothermal play.


Why This Matters – The Energy Crunch in North-West Queensland

The Mount Isa–Cloncurry region is experiencing a modern-day resources boom:

Multiple world-class copper, zinc, lead and critical minerals projects are advancing toward production.

Grid power is expensive, transmission infrastructure is constrained, and new high-voltage lines are years away.

Many developers are actively seeking firm, 24/7, zero-carbon baseload alternatives.


Geothermal energy fits that requirement perfectly. Unlike solar and wind, it runs around the clock, has a tiny land footprint, and can be located close to the point of consumption.

The Prize Beneath the Millungera Basin

Independent studies previously commissioned by Greenvale highlighted extraordinary stored heat potential:

611,000 petajoules of thermal energy at P90 confidence (that’s equivalent to ~100 years of Australia’s entire natural gas production or ~57 years of current black coal production at today’s rates).

Heat source: High heat-producing granites (possible equivalents of the Williams Supersuite) buried beneath the basin – exactly the geological setting that has produced commercial geothermal power in other parts of the world.

Tenements Locked In and Ready to Drill

Greenvale has now secured the full geothermal exploration package:

EPG 2023 (Julia Creek) granted 19 Sep 2025, expires 2030

EPG 2024 (Lara Downs)– granted 10 Sep 2025, expires 2030

EPG 2025 (Ouchy) – granted 6 Nov 2025, expires 2030

Crucially, a Native Title access agreement is already in place with the Mitakoodi and Mayi People, clearing the path for immediate on-ground work.

Win-Win Structure

For Greenvale shareholders:

Zero dilution and zero cash outlay for geothermal advancement.

Exposure to a potentially transformational clean-energy asset.

Ability to concentrate exploration dollars on its flagship uranium portfolio (Alpha and Georgina Basin projects) at a time when uranium sentiment is extremely strong.


For Sunrise Energy Metals:

Gains exposure to one of Queensland’s highest-ranked geothermal provinces at relatively low entry cost.

Leverages its existing technical and project development expertise in the north-west minerals province (Sunrise already owns the advanced Sunrise Battery Materials Complex near Cloncurry).

Market Reaction & Valuation Context

GRV closed unchanged at $0.041 yesterday (25 Nov) with a market cap of ~A$23 million before today’s announcement. The stock has traded as low as 3.3 cents over the past 12 months and as high as 12 cents, reflecting the typical volatility of a junior with multiple early-stage assets.

Even a modest attribution of value to the geothermal portfolio (post farm-in) could represent material upside from current levels, especially if early drilling confirms temperature and flow rates capable of commercial power generation or direct-use industrial heat.

The Bigger Picture

Australia’s east-coast gas crisis dominates headlines, but the less-discussed power shortage in the north-west minerals province is equally acute. Projects that can deliver firm, green, local power at competitive prices will be highly sought after by miners, processors, and — longer term — green hydrogen and data-centre developers.

Today’s transaction positions the Millungera Basin to potentially become a cornerstone of that future energy supply.

Related: CTR’s American Critical Resources Listing: Transforming U.S. Geothermal Energy and Lithium Supply

Greenvale CEO Alex Cheeseman summed it up neatly:

“This value-accretive farm-in allows Greenvale to focus exploration resources on its uranium portfolio, while also unlocking the latent value within our geothermal assets.”

Investors will now watch for the first exploration update under the SRL-HR operatorship – likely temperature gradient drilling and geophysical programs in 2026.

For a junior trading at just $23 million,retaining a free-carried exposure to a geothermal province with nation-scale energy potential looks like a compelling asymmetrical bet.


Source: List corp

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