September 2024 Quarterly Activities Report

Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide its Activities Report and Appendix 5B for the quarter ended 30 September 2024 (Quarter).

Highlights:

• Massive sulphide mineralisation intersected in drilling at Evelyn
• Multiple exciting high-potential VMS targets identified
• Memorandum of Understanding (MOU) executed with Artemis Resources Ltd
• Commercial-scale trial of aggregate production from previously mined waste rock paves the way for possible near-term revenue through the production of road base and aggregates
• Advancement of the project growth processing hub studies
• Strategic capital raise of $2.54 million completed post Quarter-end

Project Growth (Exploration)

Diamond Drilling

In July 2024, Anax announced commencement of a diamond drilling programme at the Evelyn deposit (Figure 1).¹² The programme was designed to increase drill density and test for down- plunge extensions below a 2022 RC hole, 22AER005B, which intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204 m (Figure 2).²

Figure 1: Whim Creek Project Location in the Pilbara Region of Western Australia

Figure 2: Evelyn Long Section (local grid) showing CuEq grade x thickness contours and current drilling pierce points. The view direction is to northwest.2

The drilling programme was successfully completed in late August 2024 with all holes intersecting visual sulphide mineralisation.¹³

The best observed intersection from the drilling programme was from 24AED002A, which encountered a strongly mineralised zone between 176.45m and 189.9m. Preliminary results from Minalyzer continuous XRF-scanning have confirmed the high-grade nature of the intersection (Table 1 and Figure 3).¹³

Table 1: Significant continuous XRF-scanning results for 24AED002A1

CAUTIONARY STATEMENT ON CONTINUOUS XRF SCANNING RESULTS:

Core was processed through the Minalyzer CS (Minalyzer) continuous XRF scanning unit in Perth. Six trays of calibration core samples were submitted with the new drilling, but no high-grade mineralisation was available. The results presented in this announcement are therefore considered partially calibrated as the upper limit of likely assays are not represented in the calibration core. The XRF results that are subject of this report will be submitted for laboratory assay and some variation from the results presented herein should be expected. For further information about the XRF scanning results and Minalyzer refer to the ASX Announcement dated 27 August 2024.

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