Anax Metals Limited announced a JORC 2012 Mineral Resource Estimate for the high-grade Evelyn Deposit (Evelyn) and the results of the updated Scoping Study (the Study) for the Whim Creek Project (Project). The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global Limited (Develop), formerly Venturex Resources Limited (Venturex). The Scoping Study results are reported on a 100% Project basis pre-tax with all
currency quoted in AUD, unless otherwise specified. The initial Study, released in August 2021,1 investigated mining of defined Mineral Resources at the Mons Cupri, Whim Creek and Salt Creek deposits, located 115km southwest of Port Hedland in the West Pilbara Region of Western Australia and 3 km south of the historic Whim Creek Hotel. The company announced an updated Study for the Project, which incorporates: An increased production target based on a new JORC 2012 Mineral Resource completed for the high-grade Evelyn Deposit, located approximately 25 km south of Whim Creek. A switch to gas-fired power from diesel generated power, delivering both cost and environmental benefits Results from bacterial sulphide leaching test work Updated base case Zinc Price assumptions. Key considerations and assumptions that underpin the revised Study, together with the results of updated financial modelling are presented in this announcement. Additional information can be found in the original Study released to the market on 30 August 2021.