Variscan Mines Limited (ASX:VAR) ('Variscan' or 'the Company') is pleased to report the findings of a comprehensively updated structural geological assessment at the San Jose Mine and surrounding Novales Trend, located in Cantabria, northern Spain.

In December of 2023, Variscan commissioned Dr. Brett Davis, a highly respected independent consultant, who is widely regarded in the exploration and mining industry for his application of applied structural geology, to work alongside the Company's in-country technical team as well as Dr. Frank Bierlein, a Variscan Non-Executive Director.

Geological and structural controls point to new targets within the San Jose Mine

The fieldwork identified four principal elementsthat are critical in controlling fluid ingress and mineralization at San Jose, in addition to the favorable composition of the ore-hosting dolostone sequence.

Bedding orientation S1 - the axial plane of conspicuous macroscale folds (products of the D1 stress regime) D2 faults, in particular E-W trending transfer-style structures S2 (typically a fracture cleavage

The extrapolation of structural trends highlights priority exploration targets, in particular where D1 and D2 structures intersect. These zones of increased permeability favoured the deposition of Zn-Pb mineralization and as such are considered a high priority target for in-mine drill-testing .

Regional structural trends identified from the structural geological assessment have generated new targets and indicate significant upside to the current JORC-compliant Exploration Target. Variscan's proposed regional drill program aligns well with the structural trends interpreted to control Zn-Pb mineralization and will test the regional prospectivity along strike from the San Jose Mine. Variscan's planning and permitting is well advanced to conduct a surface drilling campaign over the 9km Udias - San Jose - Novales Trend in Q2 of 2024

The structural study consisted of a very detailed underground mapping of overprinting and geological relationships along the full strike of the San Jose mine development (c. 2600m), as well as in a number of mine drifts and stopes. This exercise has constrained the structural and geological history of the San Jose zinc deposit, resulting in a significantly improved understanding of the complex sequence of structural events and the discrete populations of structures associated with them.

The work materially advanced previous understanding by including geological overprinting relationships and structural evolution, thereby enabling consideration of the orientation, location, geometry and relative timing of mineralization relative to one or more of the structural elements. Having a working geological history has identified the principal controls on Zn-Pb mineralization at San Jose. In turn, this has allowed for recognition of structures important for localizing mineralization and that can be used as important criteria for targeting

Variscan's Managing Director & CEO, Stewart Dickson said, 'It has been a pleasure to work with the world renowned Dr. Brett Davis on this valuable piece of work. The findings provide a more complete understanding of the influences giving rise to the ore bodies within the San Jose and Udias mine systems. The outputs from this work are valuable exploration vectoring tools for the discovery of additional mineralized lenses along and across strike. We are already applying the findings and have commenced drill-testing the new targets identified within the San Jose Mine. We have assay results pending from underground drilling conducted in Q4 2023 and look forward to releasing them as soon as practicable with further drilling results to follow thereafter'.

Contact:

Stewart Dickson

Managing Director & CEO

Tel: +44 (0) 7799 694195

Email: stewart.dickson@variscan.com.au

Julia Maguire

Tel: +61 2 8999 3699

Email: julia@thecapitalnetwork.com.au

About Variscan Mines Limited (ASX:VAR)

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 highimpact base-metal interests in Spain, Chile and Australia. Its primary focus is the development of its advanced zinc projects in Spain. 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. To learn more, please visit: www.variscan.com.au

Competent Person Statement

The information in this document that relates to technical information about the Novales-Udias project is based on, and fairly represents information and supporting documentation compiled and reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). With over 10 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world's leading MVT provinces, Dr. Mlynarczyk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ('JORC Code'). Dr. Mlynarczyk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Where Company refers to exploration results and historical data previously advised to the ASX it confirms that it is not aware of any new information or data that materially affects the information included in previous announcements and all material assumptions and technical parameters disclosed in those announcements continue to apply and have not materially changed.

Forward Looking Statements

Forward-looking statements are only predictions and are not guaranteed. They are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ from those referred to in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated

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