Pursuing Near Term Revenue Opportunity Producing Construction Materials from Whim Creek Waste Rock

Anax Metals Limited (ASX: ANX) (Anax or the Company) is pleased to advise on the waste rock repurposing initiative. The Whim Creek Copper-Zinc Project, located 100 km southwest of Port Hedland, is jointly held by ANX (80%) and DVP (20%). Anax is focussed on developing a copper mine and processing hub to produce copper concentrates and cathode along with valuable by-products. A definitive feasibility study¹ and subsequent leaching study² detailed an initial 8-year mining project that will deliver in excess of $400M in free cashflows.

• Anax is pursuing an opportunity to generate near term revenue through the production of road base / aggregates from existing waste rock
  
• Working with Castle Civil Pty Ltd, the team is looking to develop a business that will reclaim waste rock and turn it into valuable products
• A commercial scale trial is underway producing material for blending to road base products
• Whim Creek is fully permitted for mining and processing activities and the site is ideally located to supply road base and aggregate products to a rapidly developing Pilbara region
• Aggregate production at Whim Creek will be complementary to the planned regional copper and base metals hub while delivering environmental benefits through the repurposing of waste.
• The team continues with its primary focus on the growth of the copper business through the development of the processing hub at Whim Creek and consolidation and exploration

Anax’s Managing Director, Geoff Laing commented: “Anax is pleased to be pursuing an early-stage revenue opportunity for Whim Creek, while we advance growth initiatives to establish the project as a production hub for the sustainable development of copper and base metals projects in the Pilbara. This innovative approach to repurposing waste materials underlines our commitment to maximise shareholder value through diversified revenue streams from the project. Since acquiring Whim Creek, the Anax team has committed significant resources to improving the site, including key upgrade works, resulting in revoking the Environmental Protection Notice and securing operating permits for the planned mining operation. Repurposing the existing waste rock dumps is another positive initiative that can potentially deliver economic and environmental benefits for us and the region.”

Figure 1: Location of the Whim Creek Project3,4,5,6

While the Company remains 100% focussed on the Whim Creek Copper project, it is investigating the potential to efficiently produce road base, fill and aggregate materials utilising the readily available mined and stacked waste rock and existing site infrastructure. Whim Creek is an established site that is fully permitted for mining and producing copper concentrates and associated products. Site infrastructure includes process plant, water and power systems, offices, roads, and a camp. Applications have been submitted to the Department of Energy, Mines and Industrial Regulation and Safety (DMIRS) and the Department of Water and Environment Regulations (DWER) for relevant amendments to the existing permits to facilitate the repurposing of existing waste rock. The distribution of potential products will be via the northwest highway, which runs directly past the Whim Creek site. Anax intends to pursue producing repurposed waste products in parallel with its ongoing copper growth strategy and closing out financing for the planned copper project.

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