Highlights

  • Greenvale has completed initial product characterisation work under Alpha Project Test Program 7 (TP7).
  • Technix successfully removed volatile light-end fractions from product samples through atmospheric and vacuum distillation.
  • Flash point testing subsequently met the C-170 specification requirements under AS/NZS 2341.14.
  • Penetration testing returned results within the required C-170 range, although viscosity specifications remain to be achieved.
  • The next stage will involve Technix’s Multistage Bitumen Process (TMBP) ahead of potential independent certification testing.

Greenvale Energy Ltd (ASX:GRV) has provided an update on ongoing work under Test Program 7 (TP7) at its Alpha Project, with product characterisation studies completed by New Zealand-based engineering group Technix. The latest phase of testing focused on assessing samples previously produced by Monash University and evaluating their suitability for conversion into a bitumen product capable of meeting Australian Class 170 (C-170) specifications.

The update comes as Greenvale shares closed unchanged at AUD 0.033 on 9 June 2026. While the stock finished the session flat, it remains down approximately 17.5% over the past 12 months as investors continue to monitor progress across the company’s strategic energy and resource projects.

Alpha Project Remains Central to Greenvale’s Long-Term Strategy

The Alpha Project represents one of Greenvale’s key development Assets and hosts an Inferred Mineral Resource Estimate of 28 million tonnes of combined Torbanite and Cannelite. According to the company, the resource contains an estimated 27.7 million barrels of synthetic oil equivalent.

Management views the project as strategically important given Australia's continued reliance on imported petroleum products and oil-derived materials, including bitumen. The current TP7 program has been designed with a single objective: to produce a bituminous product from Alpha Project material that can achieve independent certification to the Australian C-170 bitumen specification.

Greenvale believes that successful certification could provide further insights into potential commercial applications for material derived from the Alpha resource.

Technix Completes Initial Product Assessment

The latest update marks the completion of the first stage of assessment undertaken by Technix, which was engaged to evaluate the toluene-soluble fraction generated through Monash University's pressure liquefaction process.

The testing program examined a range of product characteristics, including boiling point distribution, flash point performance, viscosity, penetration, density and other key properties commonly used to assess bitumen quality.

Over a five-week period, Technix worked alongside a third-party laboratory to conduct a series of analytical studies aimed at understanding the behaviour of the Alpha-derived material and determining what additional processing may be required.

According to Greenvale, the testing confirmed that significant progress has been made in refining the product and identifying pathways toward meeting industry specifications.

Early Testing Reveals High Volatile Content

The material supplied to Technix was initially produced using raw Alpha Project feedstock processed by Monash University through a pressure liquefaction system that utilised toluene as a carrier oil.

When the samples arrived for assessment, Technix observed that the material remained highly fluid at room temperature. This behaviour differed from conventional bitumen products and prompted additional investigation.

Initial flash point testing returned a result of 15°C, substantially below the level typically associated with commercial bitumen products and indicating the presence of a significant volatile hydrocarbon component.

To better understand the composition of the material, samples were submitted to Independent Petroleum Laboratory (IPL) in New Zealand for simulated distillation analysis.

The laboratory determined that approximately 35% to 40% of the sample consisted of volatile Hydrocarbons, highlighting the need for further processing before the material could be considered for bitumen applications.

Distillation Process Delivers Key Milestone

Following identification of the volatile content, Technix undertook a series of separation processes designed to remove lighter hydrocarbon fractions from the sample.

The first stage involved atmospheric distillation, with temperatures ranging from 87°C to 220°C. Following this process, the extracted material was assessed and found to be substantially softer than the requirements associated with C-170 bitumen.

As a result, a second processing stage involving vacuum distillation was conducted.

Vacuum distillation was completed under reduced pressure conditions of negative 0.8 bar and temperatures reaching 236°C.

Following removal of volatile components through atmospheric and vacuum distillation, the remaining material was subjected to additional testing.

Greenvale reported that the resulting product successfully achieved compliance with the flash point requirements associated with the C-170 specification, representing a notable milestone in the development process.

The company noted that removal of light-end fractions proved effective in addressing one of the key technical hurdles identified during initial testing.

Penetration Results Meet Specification Range

The vacuum-distilled product was subsequently assessed for penetration characteristics, one of the key performance measures used in bitumen classification.

According to Greenvale, testing returned a penetration value of 76 dmm.

This result falls within the acceptable range for C-170 bitumen, indicating that the processed material is demonstrating some of the physical characteristics required under the specification.

The company said the outcome provides encouragement that the product can continue progressing toward compliance through further refinement and modification.

Viscosity Remains the Final Technical Challenge

While penetration testing delivered a favourable outcome, the company acknowledged that viscosity performance remains below the level required for full compliance with the C-170 standard.

Testing conducted at both 60°C and 135°C showed viscosity values lower than those typically associated with commercial C-170 bitumen products.

Because viscosity specifications were not yet achieved, Greenvale confirmed that durability and density assessments were not undertaken during this phase of testing.

Management indicated that improving viscosity characteristics now represents the primary focus of the next stage of development work.

Next Phase to Utilise Technix Processing Technology

Based on the results obtained from both atmospheric and vacuum distillation programs, Technix has recommended application of its proprietary Multistage Bitumen Process (TMBP).

The process is designed to modify bitumen feedstocks through the addition of reagents and additives within a pressurised environment. According to Greenvale, the objective is to enhance both viscosity and penetration performance so the product can satisfy prescribed specification requirements.

The company is currently awaiting a detailed Quotation and project plan from Technix before commencing this next stage of testing.

Management stated that it remains committed to progressing the assessment and completing the TMBP program.

Independent Certification Planned

Should the TMBP program successfully deliver a product that satisfies internal performance requirements, Greenvale intends to move to the next stage of validation.

The company plans to submit samples to Intertek Laboratories for independent testing and verification.

Independent certification would determine whether the Alpha-derived product fully complies with Australian C-170 bitumen specifications.

This certification process is expected to represent the final stage of TP7 before conclusions can be drawn regarding the product's suitability against the targeted specification.

Broader Significance of the Alpha Project

The Alpha Project continues to be one of Greenvale's most distinctive assets within its broader energy portfolio.

Unlike the company's uranium and critical minerals activities, Alpha is focused on unlocking value from a substantial synthetic oil resource through the production of Downstream products.

The project's resource base of 28 million tonnes containing an estimated 27.7 million barrels of synthetic oil equivalent provides a foundation for ongoing development studies and product testing initiatives.

Management has repeatedly highlighted the strategic relevance of domestic sources of oil-derived products, particularly as Australia continues to rely heavily on imported Supply chains for materials such as bitumen.

The current testing program forms part of Greenvale's broader effort to assess whether Alpha Project material can be upgraded into commercially relevant products capable of meeting industry standards.

What This Means for Investors?

Greenvale's latest update reflects continued progress under Test Program 7 at the Alpha Project, with several technical milestones achieved during the initial product assessment phase.

The company reported successful removal of volatile hydrocarbons, achievement of flash point compliance and penetration test results that fall within the required C-170 range. While viscosity specifications have yet to be met, management has outlined a clear pathway forward through the application of Technix's Multistage Bitumen Process.

Investors are likely to focus on the next phase of testing and any future independent certification outcomes as Greenvale continues evaluating the commercial potential of products derived from its Alpha Project resource.