Necessary to open up one workbook in order to copy information to another workbook?

A variable approach:

With GetObject("\\server\shared\Project Zeus\Report X.xls")
  With .sheets(1).cells(9,1).currentregion
     Workbooks("Reporting model - GM").Sheets(5).cells(7,3).resize(.rows.count,.columns.count) = .Value
  End With
  .Close True
End With

NB. Do not use values, but Value