Variscan Mines Limited · ASX:VAR

Variscan Mines — Investor Presentation (December 2023)

26 slides from Variscan Mines's investor presentation, Dec 18, 2023

1. Slide 1: Spain's next high-grade Zinc mine

   Spain’s next high-grade Zinc mine San Jose Mine | Maiden JORC Mineral Resource Investor Presentation | December 2023

2. Slide 2: Disclaimer & Competent Person Statement

   DISCLAIMER & COMPETENT PERSON STATEMENT This document is for information purposes only. It is not a prospectus, disclosure document or offering document under Australian law or under any other law and does not constitute an offer or invitation to apply for securities. In particular, this presentatio

3. Slide 3: Overview – Focus on Advancing the Novales-Udias Project

   OVERVIEW – FOCUS ON ADVANCING THE NOVALES-UDIAS PROJECT Brownfields Project in proven Mining district • High-grade zinc deposit, with mineralisation demonstrating significant potential for expansion • Centred on former producing San Jose Mine (avg. ROM grade 6.9% Zn1) • Established high-grade JORC M

4. Slide 4: Clear Strategy to Supply Critical Metals in Europe

   CLEAR STRATEGY TO SUPPLY CRITICAL METALS IN EUROPE Resourcing the energy transition revolution 1 2 3 Re-start San Jose Mine Exploration upside Growth and M&A • Assess bringing high-grade San Jose Mine • Continue exploration through drilling to • Target value accretive assets into production expand z

5. Slide 5: Novales-Udias Project – Situated in Proven Mining District

   NOVALES-UDIAS PROJECT – SITUATED IN PROVEN MINING DISTRICT  San Jose (12km2) Mining Licence hosting former producing San Jose zinc mine  Buenahora (41km2) Exploration Licence hosting +60 historical (mostly artisanal) workings 62Mt @ 9.7%Zn  Defined and metallurgically simple MVT zinc sulfide depo

6. Slide 6: San Jose Mine

   SAN JOSE MINE  Former high-grade zinc producing mine; ceased production in late 1990s due to prevailing metal prices  Excellent condition: underground development extends over a linear length of c. 2.5km  Links to much larger historical Udias zinc mine complex (> 3.5 km of linear length, within p

7. Slide 7: JORC Mineral Resource Estimate for San Jose by Deposit

   JORC MINERAL RESOURCE ESTIMATE FOR SAN JOSE BY DEPOSIT Deposit Classification Tonnage (Kt) Zinc (%) Lead (%) Zinc + Lead (%) Indicated 490 10.0 1.7 11.7 San Jose Inferred 250 12.3 1.6 14.0 Sub-total 740 10.8 1.7 12.5 San Jose (NE) Inferred 260 4.7 0.1 4.8 Udías (NE) Inferred 90 6.5 0.4 6.8 Indicated

8. Slide 8: JORC Mineral Resource Estimate for San Jose by Deposit

   JORC MINERAL RESOURCE ESTIMATE FOR SAN JOSE BY DEPOSIT | ASX:VAR Sources: Refer ASX announcement 28 November 2023 8

9. Slide 9: JORC Mineral Resource Estimate Categories – 3D Orientated View

   JORC MINERAL RESOURCE ESTIMATE CATEGORIES – 3D ORIENTATED VIEW  Resources in the Indicated category represent 45% of the Mineral Resource Estimate  Grades in the Indicated category are notably higher (10% Zn) than those in the Inferred category (8.2% Zn)  Significant potential for grade and tonna

10. Slide 10: JORC Mineral Resource Estimate Categories – Plan View

    JORC MINERAL RESOURCE ESTIMATE CATEGORIES – PLAN VIEW | ASX:VAR Sources: Refer ASX announcement 28 November 2023 10

11. Slide 11: Mineral Resource Estimate – Grade Tonnage, by Zn Cut-off Grade

    MINERAL RESOURCE ESTIMATE – GRADE TONNAGE, BY ZN CUT-OFF GRADE | ASX:VAR Sources: Refer ASX announcement 28 November 2023 11

12. Slide 12: Mineral Resource Estimate – Exploration Target Indicates Upside

    MINERAL RESOURCE ESTIMATE – EXPLORATION TARGET INDICATES UPSIDE Range Tonnage (Mt) Zinc (%) Lead (%) Lower 3 7 0.3 Estimate Upper 6 11 1.6 Estimate ).  Exploration Target indicates the potential scale and grade of mineralization  3x – 6x potential growth increase to size of MRE  Exploration Targe

13. Slide 13: EV/Resource Valuation – Peer Analysis Indicates Upside

    EV/RESOURCE VALUATION – PEER ANALYSIS INDICATES UPSIDE Market Cap Net Cash/ Project Exploration Contained EV per attributable Company Market EV Deposit Tonnes (t) Grade (AUD) (Debt) (AUD) Ownership Stage Metal tonne Zn (AUD/t) Zn (%) Zn Eq (%) Zn (t) LeadFX Private 0.0 0.0 0.0 100% Bongara Resource

14. Slide 14: Benchmarking: Zinc Grade of Peer Deposits

    • • • • • Notes: Zinc Grade (%) 10 12 14 16 18 20 0 2 4 6 8 Superior Lake-Waroona Energy Bongara-LeadFX Excludes producers Prairie Creek-Norzinc | ASX:VAR DEPOSITS Seal-Aston Bay/American West Metals Florida Canyon-Solitario Resources Molaoi-Rockfire Resources 1st Quartile San Jose-Variscan Mines St

15. Slide 15: Grade Curve of Reported Mineral Resources for Zinc Sulphide Deposits Owned by ASX Listed Companies

    GRADE CURVE OF REPORTED MINERAL RESOURCES FOR ZINC SULPHIDE DEPOSITS OWNED BY ASX LISTED COMPANIES Grade Curve of ASX Zinc Sulphide Deposits 10 9 8 7 Zinc Grade (%) 6 5 Average 5.% Zn 4 3 2 1 0 San Jose-Variscan Mines Gorno-Altamin Sulphur Springs -Develop Global Ltd Queen Grade-R3D Resources Tala H

16. Slide 16: Grade Curve of Mineral Resources for Spanish Zinc Deposits

    GRADE CURVE OF MINERAL RESOURCES FOR SPANISH ZINC DEPOSITS PROJECTS & MINES 25.00 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 20.00 15.00 Zn Grade (%) 10.00 5.00 0.00 San Platónn Antonina Lagunazo Almagrera San Telmo Masa Valverde Peña del Hierro Aliva Sierrecilla Reocin Sotiel-Migollas Thar

17. Slide 17: Mineral Resource Estimate – Benchmarking Tonnage / Grade

    MINERAL RESOURCE ESTIMATE – BENCHMARKING TONNAGE / GRADE 20.0 Superior Lake 18.0 16.0 Bongara 14.0 Florida Canyon 12.0 Seal Lik Zn Grade (%) San Jose Akie Molaoi 10.0 Ballinalack Gorno Sulphur Springs 8.0 Woodlawn Bunker Hill Iberian Belt West South Mountain West Desert Toral 6.0 Namib Olza Queen Gr

18. Slide 18: Resource Depth Below Surface Benchmarking

    Resource Depth below surface (m) 1400 1200 1000 0 800 600 400 200 Bongara-LeadFX San Jose-Variscan Mines South Mountain-Thunder Mountain Gold | ASX:VAR Akie-ZincX Resources • • • • • Ballinalack-Group Eleven Resources Corp. Notes: Namib-Ubique Minerals Woodlawn-Develop Global Ltd Macmillan Pass-Fire

19. Slide 19: San Jose Mine – Proven High-Grade with Simple Metallurgy

    SAN JOSE MINE – PROVEN HIGH-GRADE WITH SIMPLE METALLURGY San Jose Mine ROM Grades 1970-1988 Simplified Historical Processing Flow Sheet 10 9 Avg. Zn 8 Grade 6.3% 7 Grade Zn (%) 6 5 4 Avg. Pb 3 Grade 1.7% 2 1 0 Zn Pb Avg Zn Avg Pb Current ‘weak’ zinc price offers 2x-3x premium 5000.00 4000.00 Zinc Pr

20. Slide 20: San Jose Mine – Infrastructure & Facilities

    SAN JOSE MINE – INFRASTRUCTURE & FACILITIES MUNICIPAL WATER ELECTRIC GRID TREATMENT PLANT CONNECTION CORE SHACK SAN JOSE FORMER MINE ENTRANCE FLOATATION PLANT ROAD ACCESS WORKSHOP ROAD ACCESS CORE SHACK OFFICE CORE LOGGING | ASX:VAR 20

21. Slide 21: San Jose Mine – Infrastructure & Facilities

    SAN JOSE MINE – INFRASTRUCTURE & FACILITIES | ASX:VAR 21

22. Slide 22: Indicative Timeline of Key Deliverables

    INDICATIVE TIMELINE OF KEY DELIVERABLES AGM FY YR END AUG ‘23 SEP ‘23 OCT’23 NOV ‘23 DEC ‘23 JAN ‘24 FEB ‘24 MAR ‘24 APR ‘24 MAY ‘24 JUN ‘24 JUL ‘24 Assay 1 Assay 2 YOUR TITLE Phase 3 Underground Drilling at San Jose Phase 4 Underground Drilling at San Jose YOUR TITLE Surface drilling at San Jose al

23. Slide 23: Appendix 1 – Data Sources for Comparable Company Analysis

    APPENDIX 1 – DATA SOURCES FOR COMPARABLE COMPANY ANALYSIS Measured and Indicated Inferred Total Company Project Grade Contained Grade Contained Grade Contained Source Tonnes (t) Tonnes (t) Tonnes (t) Zn Metal Zn Zn Metal Zn Zn Metal Zn Aston Bay/American West Metals Seal - - - 1,006,000 10.2 103,000

24. Slide 24: Appendix 2 – Links to Data Sources for Comparable Company Analysis

    APPENDIX 2 – LINKS TO DATA SOURCES FOR COMPARABLE COMPANY ANALYSIS Market Company Market Deposit Link Cap (AUD) Aston Bay/American West Metals TSX-V/ASX 14.1 Seal https://astonbayholdings.com/site/assets/files/1399/seal-report-jan-16.pdf Rockfire Resources AIM 10.7 Molaoi https://polaris.brighterir.

25. Slide 25: Appendix 3 – Data Sources for Comparable Company Analysis

    APPENDIX 3 – DATA SOURCES FOR COMPARABLE COMPANY ANALYSIS Deposit Status Zn Grade (%) Source Reocin Closed down 9.7 Wardell Armstrong website post, 1 August 2019 Troya Closed down 11.2 Environmental Geology (2001) 40:1125±1137, 31 July 2001 Aliva Closed down 13.0 Miner Deposita (2015) 50:953–966, 8

26. Slide 26: Variscan Mines Limited (ASX:VAR) Contact Details

    Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO +44 7799694195 +61 8 93169100 stewart.dickson@variscan.com.au Investor Relations The Capital Network Julia Maguire +61 2 8999 3699 julia@thecapitalnetwork.com.au | ASX:VAR 26 www.variscan.com.au

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