Variscan Mines Limited ('Variscan' or the 'Company' or the 'Group') (ASX:VAR) is pleased to advise that it has issued 15,277,778 shares at $0.018 each under the second tranche of the placement announced on 9 March 2023, which were approved by shareholders on 18 May 2023.

The Company has also issued 15,277,779 unlisted options which were free-attaching on a 1 for 2 basis for the placement shares. These options are exercisable at 2.75 cents each ($0.0275) on or before 15 March 2025.

In addition to the placement shares noted above, the Company has also issued 1,527,778 Commission Shares at $0.018 each to certain participants of the placement in lieu of fees totalling $27,500. Finally, the Company has issued 3,077,161 in lieu of outstanding fees to Directors totalling $32,545.55 as approved by shareholders at the general meeting held on 18 May 2023.

A Cleansing Notice is attached to this announcement and an Appendix 2A and Appendix 3G will follow for immediate release

Contact:

Tel: +61 8 9316 9100

Email: info@variscan.com.au

Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high quality strategic mineral projects. The Company has compiled a portfolio of high-impact base-metal interests in Spain, Chile and Australia. The Company's name is derived from the Variscan orogeny which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea

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