Anax Metals : Presentation - Developing a Sustainable Copper Project

Developing a Sustainable Copper Project in the Pilbara - with Gold and PGM Exploration Upside

80% interest in Whim Creek Copper-Zinc Project

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Whim Creek circa 1900

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DISCLAIMER

This presentation has been prepared by Anax Metals Limited (the Company) based on information from its own, and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents (Affiliates) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, currency or reliability. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company (Shares).

NOT INVESTMENT ADVICE

Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors and has been prepared without taking account of any person's individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide financial product advice in respect of its securities.

INVESTMENT RISK

There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to those set out in the Company's prospectus dated 18 September 2020 (Prospectus). An investment in new Shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in the Prospectus in respect of the acquisition of an interest in the Whim Creek Project when making their investment decision.

FORWARD LOOKING INFORMATION

This presentation contains forward-looking statements. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company's public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this presentation, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This presentation may contain certain forward-looking statements and projections regarding estimated resources and planned strategies and corporate objectives.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

COMPLIANCE STATEMENT

The Mineral Resource estimates for Mons Cupri and Salt Creek were first announced by Venturex in accordance with ASX Listing Rule 5.8 in its announcement of 23 March 2018 and reported by Anax in its recompliance prospectus released on 18 September 2020. The Mineral Resource estimates for Whim Creek and Evelyn were first reported by Anax in accordance with ASX Listing Rule 5.8 in its announcements of 25 May 2021 and 17 January 2022 respectively.. The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous announcements and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the previous announcement continue to apply and have not materially changed. Anax confirms that all the material assumptions underpinning the production target, or the forecast financial information derived from the production target, in the Updated Scoping Study announced to ASX on 17 January 2022 and the continue to apply and have not materially changed.

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SIGNIFICANT ADDITIONAL VALUE DEMONSTRATED IN UPDATED SCOPING STUDY 1,2

• • Inclusion of Evelyn Deposit (potential open pit)
• Reduction in power cost due to switch from diesel generator to gas-fired power
• • • Incorporating results from bio-leaching test work
  • Base case zinc price assumption revised from US$2300/t to US$2750/t

Scoping Study 26 August 2021		Updated Study 17 January 2022
33,200 Tonnes Copper; 62,400 Tonnes Zinc; 17,800 Tonnes		39,000 Tonnes Copper; 70,000 Tonnes Zinc; 18,000 Tonnes
Lead; 1.6 Moz Silver; 9,900 Oz Gold.		Lead; 1.8 Moz Silver; 14,300 Oz Gold.
Free Cashflow1 of $196Ma (Range: $189Mb and $296Mc).		Free Cashflow of $291 M (Range: $249Mb and $459Mc).**
Pre-production capital cost estimate of $52 million.		Pre-production capital cost estimate of $55 million.
Internal rate of return1 of 77%a (Range: 71%b to 111%c).		Internal rate of return of 83%a (Range: 72%b to 129%c).
NPV (6%) of $163Ma (Range: $151Mb to $247Mc).		NPV (6%) of $227Ma (Range: $192Mb to $363Mc).

1. Reported on a 100% Project Basis. Anax has an 80% interest in the project and will contribute 80% of costs and receive 80% of financial outcomes
2. Reported in the Updated scoping study lodged with ASX on 17 January 2022

a. Base Case (medium-term) price assumptions: $8,550/t Cu; $2,750/t Zn, $2,100/t Pb, $25/oz Ag, $1,750/oz Au, US$1.00 = AU$0.73
b. Long-term price assumptions: $7,700/t Cu; $2,500/t Zn, $2,000/t Pb, $25/oz Ag, $1,750/oz Au, US$1.00 = AU$0.73cxb	3
c. Spot price assumptions (at 12 Jan 2022): $10,080/t Cu; $3,570/t Zn, $2,345/t Pb, $23.15/oz Ag, $1,825/oz Au, US$1.00 = AU$0.715

SUSTAINABLE PILBARA COPPER - WHIM CREEK

Project Highlights1, 2

only	Free Cashflow of	SUSTAINABLE PILBARA	Pre-production capital
		COPPER		cost estimate of $55
	$291m	WITH EXPLORATION
			million
			UPSIDE
use	10,000-11,000tpa Cu	ANX 80% / Develop		US$20M Debt Funding
	Package from Anglo
Global Limited 20% -
	(eq) production		American subject to the
		Joint Venture
				DFS
	COPPER	000 Tonnes	Cu %		Zn %	Pb %	Ag ppm	Au ppm	ZINC	000	Cu %	Zn %	Pb %	Ag ppm	Au ppm
		Tonnes
	Measured	990	1.62		1.42	0.61	38	0.28	Measured​	70	0.16	4.56	1.79	53	0.23
	Indicated	6,170	1.10		0.85	0.20	14	0.14	Indicated​	630	0.12	6.34	1.77	46	0.19
	Inferred	1,630	0.78		0.93	0.24	12	0.07	Inferred​	575	0.11	7.22	2.23	48	0.18
	TOTAL Copper Resources	8,790	1.10		0.93	0.25	16	0.14	TOTAL Zinc Resources	1,275	0.12	6.63	1.98	47	0.19

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1	Repo ted on a 100% Project Basis. Anax has an 80% interest in the project and will contribute 80% of costs and receive 80% of financial outcomes	4
2	R port d in the Updated scoping study lodged with ASX on 17 January 2022

COPPER IN DEMAND - EXPLOITING UNDEVELOPED DEPOSITS

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Copper facts

Copper consumption

35

30

25

20

15

10

5

0

2002 2006 2010 2014

Information - Resources and Energy Quarterly

Major Australian copper deposits (Mt)

The average home contains 180kg of copper

80% of copper ever produced is still in use today

An electric car contains about 5x more copper than equivalent ICE car

China consumes half of the world's copper

Information - Commodity Demand Outlook 2030

2018 2022 2026 2030

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