Variscan Mines Limited reported another set of positive assay results from the completed Phase 2 underground diamond drilling programme at the San Jose Mine, located in Cantabria, northern Spain. Phase 2 Drill Programme Expands and Infills San Jose's Mineralisation Key Findings: The Phase 2 diamond drilling programme, which has been completed, has achieved its primary objective of expanding the footprint of Zn-Pb mineralisation at the San Jose Mine and surrounding areas; the results of which will greatly contribute to the evaluation of the mineral resource potential of the mine; Expansion and infill zones of high-grade zinc mineralisation in the La Caseta Trend confirm the significance of the discovery of the lower-lens made last year; New richly mineralised areas intersected are in between known areas of workings (Stopes 200, 191 and 193) indicating continuity within and beyond the La Caseta Trend; Underground drilling to date has focussed around the San Jose Mine which only represents approximately 15% of the entire strike length of the mineralised structure of the 9km Novales Trend; Variscan has already commenced the application process with local authorities to commence surface drilling in the vicinity of San Jose and surrounding areas; Drilling results confirm the San Jose Mine's continued exploration potential; new assay information provides important data that will be included in the estimation of a mineral resource that can potentially be exploited by a future resumption of underground operations. Looking Ahead: Variscan's immediate focus is progressing with the following activities; all of which are expected to be completed by the end of calendar year 2022: Returning assay results from the current Buenahora surface drilling campaign together with supplementary exploration results.

Reporting results of underground drilling at the Pepita target within the Buenahora Exploration Licence. Publishing a focused JORC compliant Mineral Resource estimate for the San Jose Mine. Reporting a Mine Re-Start Concept Study for the San Jose Mine.

Delivery of approvals to undertake further surface drilling in and around the San Jose Mine to test step-out targets. Phase 3 underground infill and resource definition drilling at the San Jose Mine. In support of the above activities, the delivery of associated environmental, social and governance ("ESG") initiatives.

Recent activities have included supporting the Novales Lemon Fiesta and employing local staff in geological and administrative roles.