High-Grade Copper-Zinc Confirmed at Evelyn

Anax Metals Limited (ASX: ANX, Anax, or the Company) is pleased to provide an update on drilling at the Evelyn deposit (Evelyn), part of the Whim Creek Project, located 115km southwest of Port Hedland (Figure 1).

• Preliminary continuous XRF scanning results confirm high-grade copper-zinc intersections
• Diamond drilling now completed with visually-observed sulphide mineralisation intersected in all holes
• Samples submitted for laboratory analysis with results expected in September
• Evelyn regional exploration programme commenced aimed at identifying Evelyn- type high-grade VMS base metal deposits
• Auger sampling and geophysics planned ahead of RC-drilling of high priority targets

Anax’s Managing Director, Geoff Laing commented: “These results again demonstrate the high-grade nature of this VMS deposit, and we are pleased with the outcomes of this drilling campaign. The team will continue to focus on leveraged growth outcomes at Whim Creek and we look forward to providing ongoing updates on the near mine exploration along with our regional consolidation strategy”

The Company has received results from continuous XRF-scanning of the first two holes, and these have confirmed the high-grade nature of the visual intersections. ¹

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. Further information about Minalyzer is provided at the end of this announcement.

Figure 1: Location of the Whim Creek Project and Evelyn Deposit

The best visual intersection from the drilling programme previously reported¹ is from Hole 24AED002A which encountered a strongly mineralised zone between 176.45 and 189.9m (Figure 2).¹ Preliminary results from Minalyzer continuous XRF-scanner have confirmed the high-grade nature of the intersection (Table 1).

In addition, Evelyn mineralisation typically contains significant gold and silver enrichment. However, the continuous XRF-scanner is unable to accurately quantify gold and silver grades, and these are therefore not reported. Laboratory analyses will include gold and silver assays, and results for precious metals will be reported once received.

Table 1: Significant continuous XRF-scanning results for 24AED002A

Figure 2: Massive sulphide mineralisation in 24AED002A

Hole 24AED001 was designed to intersect the high-grade shoot below previous drill hole, JER074, which intersected 13m @ 2.56% Cu, 4.98% Zn, 1.92 g/t Au and 41 g/t Ag.² The hole deviated in a southerly direction from its planned intersection position and clipped the base of the shoot. Preliminary results from continuous XRF scanning are shown below in Table 2. Laboratory analyses will include gold and silver assays, and results will be reported once received.

Table 2: Significant continuous XRF-scanning results for 24AED001

The final two holes of the diamond drilling programme at Evelyn have now been completed. Both 22AED003 and 222AED004 encountered sulphide mineralisation in the anticipated positions, including localised sections of strong copper and/or zinc mineralisation (Figure 3).

Figure 3: Sphalerite, galena and minor chalcopyrite in 24AED003

Cautionary Statement: Certain information in this announcement may contain references to visual results. The Company draws attention to the inherent uncertainty in reporting visual results. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Both 24AED003 and 24AED004 encountered sulphide mineralisation, but they did not intersect the mineralised horizon at the planned target zones due to excessive swing to the south. The possibility for down-plunge resource extensions remains (Figure 4), and the Company anticipates that areas of potential resource growth will be tested in future with Reverse Circulation (RC) drilling. Summary logs for 24AED003 and 004 are provided below in Table 3 and Table 4.

Geotechnical logging of the first two diamond holes have completed. Encouragingly, the hanging wall mafic unit in which the decline at Evelyn will be developed, appears very competent containing minimal fractures or foliation.

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