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Anax Metals Limited (ASX: ANX) (Anax or the Company) and Artemis Resources Ltd (ASX:ARV, Artemis) are pleased to announce that they have signed a non-binding and non-exclusive Memorandum of Understanding (MoU) which sets out the terms on which Anax and Artemis agree to jointly assess the potential for processing the copper content of Artemis’open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub (Whim Creek). In addition, the parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- Artemis Resources Ltd (ARV) and Anax Metals Ltd (ANX) sign Memorandum of Understanding (MoU) to assess potential to treat Carlow Castle (64,000 T Cu Inferred Mineral Resource Estimate) and other suitable ARV copper assets at Whim Creek processing hub.
- The Parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Anax Project tenure.
- The Pilbara Alliance and Processing Hub continue to gather momentum with Carlow Castle to be assessed in addition to Develop Global’s (DVP), Sulphur Springs Oxide and GreenTech Metals (GRE), Whundo project as potential satellite ore sources.
- Fully-permitted Whim Creek processing assets could provide near-term processing option for Artemis’ open pittable Carlow Castle deposit.
Anax’s Managing Director, Geoff Laing, commented:“We are extremely pleased to be working with Artemis on potential copper/gold production via the planned Whim Creek hub and to advance gold exploration opportunities at the project. Our region is prolific with copper and gold potential, and we look forward to applying the key strengths of our respective teams to delivering positive outcomes via the production hub and an expanded gold exploration initiative at Whim Creek.”
Artemis Executive Director, George Ventouras, commented:"We are thrilled to collaborate with Anax Metals on the Pilbara copper alliance via this MoU and expand our own potential for gold exploration. The West Pilbara region of Western Australia is an exciting jurisdiction to be operating in and this initiative allows each company to focus on its strengths and to deliver results for all stakeholders.”
The proposed Whim Creek Project (80% owned by Anax and 20% owned by Develop Global Ltd) will consist of a new 400,000 tonnes per annum concentrator, and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore that is supported by robust project economics. 1, 2 & 3 By fully utilising its processing capacity, the Whim Creek hub could become a substantial Australian copper producer.
Whim Creek is located 115km southwest of Port Hedland in the West Pilbara region of Western Australia, and 80km east of the Artemis Carlow Castle deposit which is located 25 km east of Karratha (Figure 1).
Figure 1: Location of the Whim Creek and Carlow Castle Projects (Refer Appendix A)
Under the agreement, each party will contribute resources and information to the joint assessment that will focus on technical studies and regulatory approvals at Carlow Castle. The joint assessment will assist the Parties in developing terms for a legally binding agreement that allows for Artemis copper assets to be processed at Whim Creek. Transaction options being considered include (without limitation) an outright asset sale/purchase agreement, joint venture or joint mining and funding agreements.
The parties also agree to jointly assess the potential for Artemis to explore for gold mineralisation on the Whim Creek Project tenure. Artemis will continue to progress gold and lithium exploration at its 100%-owned and JV Pilbara tenements.
The MoU is for a term of 12-months and either party is permitted to terminate the MoU by providing 30-days’ written notice.
Click here for the full ASX Release
This article includes content from Anax Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Anax Metals Limited
Investor Insight
Anax Metals, an ASX-listed exploration company, is dedicated to advancing its copper assets in Western Australia’s Pilbara region. Through key joint ventures and strategic partnerships, the company is well-positioned to develop a central processing hub, enhancing operational efficiency and delivering strong investor value.
Overview
Anax Metals (ASX:ANX) is a project developer that is on track to begin producing copper and zinc concentrates from its flagship Whim Creek project in the Pilbara region of Western Australia. The project is 80 percent owned by Anax, with JV partner Develop Global (Develop) owning the remaining 20 percent. The Whim Creek DFS (and leaching study) have demonstrated the opportunity for an eight-year mining operation producing copper concentrates, cathodes and valuable byproducts. The operation will generate $410 million in cash flow and deliver an NPV of $270 million with a development capex of $71 million.
The company believes its growth potential lies both in expanding the mineral resources across the project’s four deposits and in a consolidation strategy that includes a processing hub with a concentrator and heap leach at Whim Creek. Benefits from the consolidation include delivering economies of scale with processing flexibility to treat ores from regional orebodies. The permitted infrastructure is ideally located and suited to becoming the Pilbara-processing hub.
Anax Metals and GreenTech Metals signed a non-binding and non-exclusive memorandum of understanding to assess the potential to treat mined material from GreenTech’s base metal assets, with a focus on the open-pittable Whundo deposit.
Anax Metals also signed a non-binding and non-exclusive memorandum of understanding (MoU) with Artemis Resources (ASX:ARV) to jointly assess the potential for processing the copper content of Artemis’ open-pittable Greater Carlow resource at the fully-permitted Whim Creek Processing hub. Anax and Artemis also agree to evaluate the potential for Artemis to explore for gold mineralisation on the Anax project tenure.
Company Highlights
- Anax Metals focuses on delivering copper production at the Whim Creek copper-zinc project within the next 18 to 24 months, targeting over $400 million in free cash flow across an eight-year mine life.
- The company aims to drive resource expansion and consolidate copper assets in the Pilbara region by developing a central processing hub.
- Since completing the DFS last year, Anax Metals has been evaluating opportunities to increase Whim Creek’s production capacity beyond 20 kt of copper equivalent per year.
- Capital requirements are expected to remain low, with plans to leverage existing infrastructure and deploy preconcentration technology to optimize processing capacity..
- Anax Metals actively collaborates with key partners, including Develop Global (ASX:DVP), Greentech Metals (ASX:GRE), and several metal trading groups.
Key Projects
Whim Creek Copper-Zinc Project
Whim Creek is strategically located along the NW Coastal Highway in Western Australia’s Pilbara region, approximately 120 km from both Port Hedland and Karratha. With a long history of copper production, the project benefits from existing infrastructure, including dams, haul roads, offices, workshops, and a dedicated gas spur line. Currently being developed as an 80/20 joint venture between Anax Metals and Develop Global, Whim Creek hosts four key deposits—Whim Creek, Mons Cupri, Salt Creek, and Evelyn. These deposits feature structurally controlled, volcanic-hosted massive sulphide copper-zinc-lead mineralization, presenting significant development potential.
On-going exploration work at Evelyn resulted in discovering exciting new targets for future drilling campaigns scheduled in early 2025. Exploration works conducted in 2024 indicated high copper grades and new soil anomalies. The company is assessing the regional potential of the granted Evelyn Mining Lease for further high-grade VMS-type, polymetallic base metal deposits.
Anax Metals announced its recent application for an exploration license (E47/5275) covering 65 sub-blocks spanning approximately 207 sq. km, which extends the company’s landholding to the south and west of the Whim Creek joint venture tenement package. Once granted, the new tenement will be 100 percent owned by Anax. The majority of E47/5275 lies within the Whim Creek Greenstone Belt, which is highly prospective for volcanogenic massive sulphide (VMS) mineralization, similar to the Whim Creek and Mons Cupri deposits.
Production – Concentrator and Heap Leach
Since completing the definitive feasibility study in 2023, Anax has promoted Whim Creek as a regional processing hub, with potential for an expanded production capacity over 20 kt copper equivalent. Highlights of the technical report include FCF generation of $410 million over an eight-year mine life. Processing would be predominantly through the planned concentrator. Heap leaching is anticipated to begin in the second year of production.
Anax has achieved significant success with bioleaching technology, reporting up to 80 percent copper and 90 percent zinc extraction rates. This innovative approach enhances metal recovery and supports the company’s commitment to sustainable practices.
A processing hub with sorting, concentrator and heap leach facilities
The company believes the project will also provide a processing solution for surrounding projects located within trucking distance of Anax’s processing facility. In the long term, Anax plans to establish a Pilbara Base Metal Alliance to facilitate collaboration with other base metal projects in the region.
Management Team
Phillip Jackson - Chairman
Phillip Jackson is a barrister and solicitor with significant legal and international corporate experience, Phillip Jackson specialises in commercial and contract law, mining and energy law and corporate governance. He has been a director and chairman of a number of ASX and AIM listed minerals companies.
Geoff Laing - Managing Director
Geoff Laing is a chemical engineer with 30 years in mining and project development. He has been involved in the exploration and junior mining sector for the last 15 years, taking on corporate and advisory roles. He was a key player in Exco Resources’ divestment of a substantial copper asset for $175 million to Xstrata Copper, and as managing director, he delivered the successful takeover of the company by WH Sol Pattinson.
Peter Cordin - Non-executive Director
Peter Cordin is a civil engineer with over 45 years' global experience in mining and exploration, both at operational and senior management levels. He has direct experience in the construction and management of diamond and gold operations in Australia, Fenno-Scandinavia and Indonesia.
Phil Warren - Non-executive Director
Phil Warren is a chartered accountant with over 25 years’ experience in board governance, corporate advisory and capital raising advice. Warren has spent a number of years working overseas for major international investment banks. He is currently a non-executive director of ASX listed companies, including Family Zone Cyber Safety, Narryer Metals, Killi Resource and Rent.com.au. He was a founding director of Cassini Resources, which was subsequently acquired by Oz Minerals.
Jenine Owen - Chief Financial Officer
Jenine Owen joined Anax in 2020, where she is responsible for corporate risk management, financial management and financial reporting. She is a chartered accountant with extensive finance and commercial experience, including several CFO roles in ASX listed entities. Having started her career with Deloitte (Zimbabwe) in the external assurance division, she moved to London in 1999 where she held various finance and governance roles before settling in Australia in 2008. Prior to joining Anax, Owen was CFO at Predictive Discovery (ASX:PDI).
Andrew Mcdonald - General Manager
Andrew McDonald is a seasoned geologist with over 20 years of experience in project management, development, resource geology, and exploration across a wide range of commodities. He has held roles with several ASX-listed mining companies, where he has led project development and managed regulatory approvals for mining projects in both Australia and the United States.
Dan O’Hara – Environmental Manager
Dan O’Hara is an experienced environmental professional with over 15 years in environmental management across the mining, oil and gas, construction, and government sectors. In recent years, he has played a key role in securing environmental permits for mining projects in Western Australia.
Near-term copper producer targeting resource growth and a regional consolidation strategy
Empire Metals
Investor Insight
Empire Metals (OTCQB:EPMLF, AIM:EEE) is unlocking one of the world’s largest and purest titanium deposits at its flagship Pitfield project in Western Australia. With growing global demand, a looming supply deficit, and near-term development milestones, Empire offers a compelling investment opportunity in the critical minerals space.
Overview
Empire Metals (OTCQB:EPMLF, AIM:EEE) is an Australian focused exploration and resource development company rapidly gaining international attention for its discovery and rapid development of what is believed to be the world’s largest titanium deposit.
The company is focused on advancing its flagship asset, the Pitfield project, located in Western Australia, a tier 1 mining jurisdiction. With a dominant landholding of more than 1,000 sq km, and a titanium mineral system that spans 40 km in strike length, Pitfield is emerging as a district-scale “giant” discovery with the potential to reshape the global titanium supply landscape.
Empire’s strategic focus on titanium comes at a pivotal time. Titanium is officially recognized as a critical mineral by both the European Union and the United States, owing to its essential role in aerospace, defense, medical technologies, clean energy and high-performance industrial applications. Global demand for titanium dioxide — the most widely used form of titanium — is surging due to its unmatched properties as a pigment and as a feedstock for titanium metal. Titanium supply chains are also increasingly being constrained by geopolitical risks, mine depletion and environmental challenges associated with traditional production. More than 60 percent of the global supply chain is currently concentrated in a handful of countries, notably China and Russia, creating significant vulnerabilities for Western markets.
Titanium has been designated as a critical mineral in both the EU and the US.
Against this backdrop, Empire Metals offers investors a compelling opportunity to gain exposure to a strategically vital metal through a large-scale, high-grade and clean titanium discovery. Unlike many traditional titanium sources, Pitfield's mineralization is exceptionally pure — free from detrimental amounts of uranium, thorium, chromium and other contaminants — making it ideally suited for premium, high-purity end markets. Furthermore, the mineralized zone is near-surface and laterally extensive, allowing for low-strip and scalable bulk mining with conventional processing technologies.
With more than 22,000 meters of drilling already completed and only a fraction of the mineral system tested, Empire is aggressively advancing Pitfield towards a maiden JORC-compliant mineral resource estimate, targeted for H2-2025. Alongside this work, the company is also undertaking bulk sampling and metallurgical processing to advance flowsheet design and optimize product specifications. It is also engaging with industry players to assess product suitability for premium pigment and titanium sponge markets. Empire is planning to finalize, during the current calendar year, a mining study to evaluate the potential for a low-cost strip mining approach, utilizing continuous mining techniques.
The company is supported by a seasoned leadership team with deep expertise in exploration, resource development, mining, metallurgy and capital markets — ensuring that strategic decisions are guided by both technical excellence and a strong track record of value creation.
Company Highlights
- The flagship Pitfield project is the world’s largest known titanium discovery. It’s a district-scale “giant” titanium mineral system, characterised by high-grade, high-purity titanium mineralisation exhibiting exceptional continuity.
- Titanium is in a global supply deficit and recognized as a critical mineral by the EU and US.
- Drill intercepts at Pitfield include up to 202 meters at 6.32 percent titanium dioxide (TiO2) from surface, confirming vast scale and grade.
- Empire Metals operates in one of the world’s most secure, mining-friendly jurisdictions: Western Australia.
- The company is led by an experienced, agile team, with proven expertise in exploration, mine development, and value creation across multiple commodities.
- With a number of key development catalysts planned for 2025, including a maiden resource estimate, bulk sampling for scale-up of metallurgical testwork, and product optimisation, Empire remains significantly undervalued relative to its peers.
Key Projects
Pitfield Project – A World-Class Titanium Discovery
Located in Western Australia, the Pitfield project is Empire Metals’ flagship asset and represents one of the most exciting titanium discoveries globally. Spanning an area of approximately 1,042 sq km, the project has revealed a colossal mineral system measuring 40 km in length and up to 8 km in width, with geophysical indications of mineralization extending to at least a depth of 5 km.
Pitfield’s prime location in Western Australia
Extensive drilling across the project has intercepted thick, laterally continuous zones of high-grade titanium dioxide mineralization, highlighting the system’s enormous scale and consistency.
The titanium at Pitfield occurs predominantly in the minerals anatase and rutile within a weathered, in-situ cap that begins at surface. These minerals are exceptionally pure, often exceeding 90 percent titanium dioxide. They are free from harmful amounts of contaminants like uranium, thorium, chromium and phosphorus — qualities that are likely to make the deposit uniquely suitable for premium, high-purity titanium applications in aerospace, defense and clean technologies.
Pitfield is strategically located near the town of Three Springs, approximately 150 km southeast of the port city of Geraldton. The project benefits from direct access to essential infrastructure, including sealed highways, rail lines and an available water supply. This connectivity significantly enhances development potential by reducing logistics costs and simplifying future project build-out. Moreover, the Western Australian government actively supports critical mineral development, and Empire is operating within a stable, mining-friendly jurisdiction known for streamlined permitting and investment security.
Empire has completed more than 22,000 meters of drilling, confirming standout titanium dioxide (TiO2) results such as 154 meters at 6.76 percent TiO2, 148 meters at 6.49 percent TiO2, and 150 meters at 6.44 percent TiO2. Notably, mineralization remains open at depth in all tested zones, and to date, only around 5 percent of the interpreted system has been drilled. This underscores the immense upside potential for resource expansion.
The project’s development advantages are equally compelling: the mineralization is near-surface and amenable to simple, bulk mining methods with conventional processing. Its location in a tier-one mining jurisdiction offers access to infrastructure, a skilled workforce and strong regulatory support.
The Pitfield project presents a scalable processing pathway. Photo shows a gravity flotation test in process (left) and a close-up of a flotation test (right)
Pitfield is advancing toward a maiden JORC-compliant mineral resource estimate, expected by H2-2025. The project is already being recognized as a potential cornerstone asset in the global titanium supply chain.
Other Projects
In addition to Pitfield, Empire Metals maintains a portfolio of early-stage exploration assets offering optionality and exposure to other strategic and precious metals. Empire holds interests in two Western Australian projects — the Walton and Eclipse gold projects — both situated in historically productive mineral belts. While these assets are not the current focus, they contribute exploration upside and optionality within the company’s broader strategy.
Board and Management Team
Neil O’Brien - Non-executive Chairman
Neil O’Brien is the former SVP exploration and new business development at Lundin
Mining, until he retired in 2018. He has an extensive global mining career as a PhD economic geologist, exploration leader and board executive.
Shaun Bunn - Managing Director
Shaun Bunn is a metallurgist based in Perth, Western Australia, with expertise in international exploration, mining, processing and development. He has a successful track record managing mining projects through all stages of development.
Greg Kuenzel - Finance Director
Based in London, Greg Kuenzel is a chartered accountant, and corporate finance and financial management expert. He has extensive experience working with resources-focused AIM listed companies.
Peter Damouni - Non-executive Director
With more than 20 years of corporate and finance experience focused in the natural resources sector, Peter Damouni holds executive and director roles in TSXV and LSE listed companies where he has played key roles in significantly enhancing shareholder value.
Phil Brumit - Non-executive Director
Phil Brumit is a veteran mining engineer and operations expert, delivering major global operations. His previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining and Newmont Corporation.
Narelle Marriott - Process Development Manager
Narelle Marriott is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.
Andrew Faragher - Exploration Manager
Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.
Arabella Burwell - Corporate Development
Arabella Burwell is a former Senior Director Corporate Development at NASDAQ-listed GoDaddy and a Partner, Capital Raising and Strategic Partnerships, at Hannam & Partners in London and South Africa.
Carrie Pritchard – Environmental Manager
Carrie brings over 20 years of international experience in environmental management, project development, regulatory approvals, and impact assessment. Her expertise spans mine closure and reclamation, stakeholder engagement, and the remediation of contaminated sites. She has led projects across Australia (Western Australia and Victoria) and New Zealand and has also contributed to initiatives in Malawi and Greenland.
David Parker – Commercial Manager
David Parker brings over 20 years of experience in equity capital markets, with a strong focus on the mining, industrial, and technology sectors. He has held senior roles as director and company secretary for several ASX-listed companies, providing strategic leadership and commercial oversight across diverse corporate environments.
175m @ 2.5% Copper from 7.6m, Hole Ends in 4.46% Copper & Open at Depth Danvers Drilling Delivers a Globally Significant Copper Intersection
- Further assay results confirm and validate the strategy to explore previously untested high-grade zones and vertical depth extension of mineralisation at Danvers
- Highlights from DAN25008:
- 175m @ 2.5% Cu & 8.66g/t silver (Ag) from 7.6m, including 14m @ 7.55% Cu & 25.8g/t Ag from 138m
- the last 60m of the hole averaged 3.9% Cu & 14.96g/t Ag to final depth of 182.88m
- hole ended in mineralisation with the last 1.5m sample recording 4.46% Cu & 11.58g/t Ag, open at depth
- DAN25001 returned 52m @ 1.16% Cu & 3.43g/t Ag from surface, including 7.6m at 3% Cu & 9.5g/t Ag from 18.28m
- Drilling demonstrates potential for significant expansion to historic non-compliant resource. With the initial objectives of Danvers drilling achieved, to begin to understand the significance of this discovery, new drilling data will feed into a maiden JORC compliant mineral resource
- Mineralisation remains open in all directions. Follow up diamond drilling now being planned to drill out the mineralisation boundaries at Danvers and begin testing of the massive sedimentary structure at Hulk
- The next five (5) assays along strike from DAN25008 are due in the coming weeks
“DAN25008 was prioritised for assay due to the abundance of visual sulphides observed during drilling, and these results have underpinned our confidence in those visuals prevalent in the Company’s prior work. We believe this drill hole ranks among the most significant copper intersections globally within the last 50 years and comfortably sits within the top 10 globally reported “grade-metre” copper results.
This discovery and outstanding results from Danvers is a clear testament to our technical team’s expertise and geological understanding, in particular the professionalism and persistence of Olga Solovieva and Sam Vaughan.
Our improved geological understanding of the Danvers area indicates a mineralised system that extends from surface over more than 175m vertically and potentially 7km in strike length - both to the northeast and southwest, providing scope for further high-impact intercepts from upcoming drilling. With our work updating the geological understanding at Danvers, we adapted our drill targets and DAN25008 resulted in mineralisation at least 30 metres below historical limits, with the hole terminating in high-grade copper mineralisation - suggesting considerable additional potential at depth. The increase in grade toward the bottom of the hole is encouraging and is validation of our methodology.
To illustrate the magnitude of this result, the DAN25001 intercept of 52m at 1.2% Cu - a strong result in its own right - now appears modest when viewed alongside the 175m @ 2.5% Cu from DAN25008. In the context of global copper supply constraints, the Company is well positioned to leverage these results with mineralisation from surface, supporting potential open pit mining activities and an open water port less than 80km from the deposit.
Troy Whittaker - Managing Director
FURTHER INFORMATION
Figure 1 - White Cliff’s Rae Copper Project Area.
Figure 2 - Danvers Project. High grade historic copper occurrences present along a regional NE/SW trending fault zone for 7.5km’s. Inset map shows drillhole collars, covering only a fraction of the wider prospective corridor. See ASX announcement dated 23 April 2025 “Extensive sulphides observed in step out drilling at Rae Copper Project” for observations relating to the field samples/rock chips.
Table 1 - Table of rock sample locations in Figure 2 for pending rock chip assay results. See ASX announcement dated 23 April 2025 “Extensive sulphides observed in step out drilling at Rae Copper Project” for observations relating to the field samples/rock chips.
Figure 3 - Drill section of DAN25008. Reported intervals are considered drilled thicknesses until true thickness can be proved.
Drillhole DAN25008 is an important step in the development of the Danvers copper deposit. An intercept of 175.26m at 2.5% copper is an outstanding result illustrating the continuous mineralisation which commences just below surface at 7.62m downhole. The final 30m of DAN25008 which averages 2.37% Cu and 10.51g/t Ag exists below the trace of historic drilling, effectively extending the known high-grade mineralisation.
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This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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