Anax Metals Limited completed 3,010m of reverse circulation (RC) exploration drilling during the 2022 field season at the Whim Creek Project (the Project) in the central Pilbara Region of Western Australia. Copper and zinc extend down dip of Mons Cupri Northwest Pit: RC drilling at Mons Cupri NW intersected multiple zones of copper and zinc sulphides. Holes 22MCRC003A and 22MCRC004A were drilled from the same pad and designed to test the down- dip extensions of the mineralisation historically mined in the Mons Cupri Northwest pit.

The best intercepts received to date are from holes 22MCRC003A, which intersected 12m @ 2.76% Zn from 116m, and 22MCRC004A, which intersected 7m @ 2.52% Zn and 51g/t Ag from 114m, as well as 5m @ 1.11% Cu and 34g/t Ag from 195m. These intercepts are outside the current modelled resource envelopes and confirm down-dip extensions to known mineralisation below the pit at Mons Cupri Northwest, which remains open at depth. All RC chip trays were transported to Perth and scanned using the Minalyzer CS XRF system.

The XRF results helped guide the selection of mineralised intervals submitted for assay, with geochemical analysis undertaken at LabWest in Perth. The XRF scan for 22MCRC004A indicates another mineralised intercept immediately above the zinc zone reported here (7m @ 2.52% Zn and 51 g/t Ag from 114 m). Further results will be released once they have been received.

Two RC drillholes 22MCRC001 and 22MCRC002 targeted a gap in historical drilling between Mons Cupri and Mons Cupri NW deposits but intersected only narrow mineralised intervals. Mineralisation was disrupted by faulting. However, VMS style deposits are typically deep rooted and potential for new near-mine extensions remains, discovery of which will be aided by downhole geophysical surveys and deeper drilling.

Near-Mine Targets at Whim Creek Open Pit: At Whim Creek East, two shallow RC holes were drilled from the haul road targeting extensions along strike to the east of defined resources. Hole 22WCRC005A intersected 3m at 1.2% Zn and 1.3% Pb from 20m, extending mineralisation defined in historical drilling. Near the entrance to the open pit, 22WCRC007 intersected 4m at 0.5% Cu from 79m and 2m at 0.7% Cu from 96m, clipping potential new zones of mineralisation below known resources.

Fairly continuous sulphides from 148m downhole represent a sulphide alteration halo common to hydrothermal mineralised systems. Hole 22WCRC004 was drilled near outcropping malachite mineralisation but only patchy sulphides were recorded in drill logs and XRF results. Assay results are pending. HLF Gold Prospect: Ten RC holes were drilled in a NW and SE direction along three lines spaced 100m apart, designed to intersect north-east trending, altered felsic volcanic units associated with gold-in- soil anomalies over 200m strike.

High-grade gold in rock chip samples (up to 4g/t Au), fault structures, magnetic anomalies and an historical drill intercept of 1m @ 0.94g/t Au) determined the placement of the drill holes. 22HRC006 was drilled directly beneath the high-grade 4g/t Au rock chip sample and intersected multiple anomalous gold zones, up to 1.67g/t Au. 22HRC007 was drilled parallel to 22HRC006, collared 53m to the SE, intersecting 4m at 0.41g/t Au from 9m.

Similarly, hole 22HRC008, located 123m to the SW, intersected 3m at 0.42g/t Au from 22m. Infill geochemical analysis is ongoing. All assay results received to date are included in the tables at the end of this announcement.

Next Steps: Near-mine, drill-ready targets at Evelyn have been prioritised for drilling in 2023, which will be scheduled after the Definitive Feasibility Studies currently underway and nearing completion. The Whim Creek tenement package encompasses a 16.5km stretch of the Archean Whim Creek Greenstone Belt, which is highly prospective and underexplored due to the historical focus on the known VMS copper deposits. Anax's systematic exploration, using innovative methods, such as UltraFine+ soil sampling, has generated multiple gold targets across the project which await exploration drilling, including the historically mined Comstock Hill, south of Mons Cupri, and Whim Maar, north of Whim Creek.

These prospects have been prioritised for future exploration drilling in parallel with ongoing near-mine resource growth drilling. In addition, new prospects for platinum and base metals await heritage surveys to extend the exploration drilling pipeline.