Variscan Mines Limited · ASX:VAR
Variscan Mines — Investor Presentation (December 2024)
25 slides from Variscan Mines's investor presentation, Dec 19, 2024
Slide 1: Revised Investor Presentation
ASX Announcement | 19 December 2024 Variscan Mines Limited (ASX:VAR) Revised Investor Presentation Variscan Mines Limited (“Variscan” or “Company”)(ASX:VAR) refers to the Investor Presentation provided to the market on 12 December 2024 following an updated and increased Mineral Resource Estimate (MR
Slide 2: About Variscan Mines Limited
About Variscan Mines Limited (ASX:VAR) Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. Its primary focus is the development of its advanced zinc projects in Spain. Thi
Slide 3: Spain's next high-grade zinc mine
Spain’s next high-grade zinc mine Powering the energy transition Variscan Mines Limited (ASX:VAR) Mineral Resource Update Presentation December 2024
Slide 4: Disclaimer & Important Notice
Disclaimer & Important Notice 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 presentation is not a
Slide 5: Investment Highlights
Investment Highlights Zinc focused, de-risked development projects in Spain 3x growth in Mineral Resource Estimate (‘MRE’) at Novales- Udias Project 3.4Mt @ 7.6% Zn, 0.9 % Pb Defined Measured + Indicated confidence categories at San Jose Mine à basis for Mine Re-Start Study 2nd highest grade zinc de
Slide 6: Novales-Udias Zinc Project
Novales-Udias Zinc Project • Brownfield project in proven mining district • Basque-Cantabrian basin is one of Europe’s premier Zn-Pb regions • 8km NW of the world-class historic Reocin zinc deposit • 62 Mt @ 9.7% Zn, 1% Pb 62 Mt @ 9.7% Zn, 1% Pb • VAR is only active explorer / developer in Cantabria
Slide 7: JORC Mineral Resource Estimate: Novales-Udias Project
JORC Mineral Resource Estimate: Novales-Udias Project Grade Contained Metal Mineral Resource Tonnage Zinc Lead Zinc + Lead Zinc Lead Zinc + Lead Deposit Classification (t) (%) (%) (%) (t) (t) (t) Measured 480,254 9.18 1.80 10.98 44,064 8,654 52,718 Indicated 641,881 8.69 1.50 10.19 55,782 9,607 65,3
Slide 8: Mineral Resource Estimate: 3 constituent zones
Mineral Resource Estimate: 3 constituent zones; unchanged from Nov 2023 6 Source: Refer ASX announcement 9 December 2024 | ASX:VAR
Slide 9: Mineral Resource Estimate: one of the highest grade Zn projects on ASX
Zinc Grade (%) 1.0 6.0 9.0 7.0 2.0 5.0 3.0 0.0 4.0 8.0 Endeavor-Polymetals San Jose-Variscan Mines Gorno-Altamin Woodlawn-Develop Global Ltd Sulphur Springs-Develop Global Ltd Queen Grade-Tartana Minerals Li mited Tala Hamza-Terramin 7 West Desert-Ameri can West Metals Citronen-Ironbark Zinc Pinnacl
Slide 10: Mineral Resource Estimate: YoY comparison; Significant growth
Mineral Resource Estimate: YoY comparison; Significant growth 2.6x growth in total contained zinc Increase in Contained Zinc Tonnage 44,047 Measured 0 99,813 Measured & Indicated 2.0X 49,000 Measured, Indicated & 257,187 2.6X Inferred 97,380 0 50,000 100,000 150,000 200,000 250,000 300,000 Contained
Slide 11: Mineral Resource Estimate: YoY comparison; Significant growth
Mineral Resource Estimate: YoY comparison; Significant growth 3.1x growth in total tonnage Increase in Tonnage 479,798 Measured 0 1,121,268 Measured & Indicated 2.3X 490,000 Measured, Indicated & 3,378,580 3.1X Inferred 1,080,000 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000
Slide 12: Mineral Resource Estimate: YoY comparison; Resource zones unchanged
Mineral Resource Estimate: YoY comparison; Resource zones unchanged November 2023 December 2024 10 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR
Slide 13: Mineral Resource Estimate: YoY comparison; Confidence Increase at San Jose
Mineral Resource Estimate: YoY comparison; Confidence Increase at San Jose November 2023 December 2024 11 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR
Slide 14: San Jose Mine: Measured & Indicated Resources
San Jose Mine: Measured & Indicated Resources à basis for Mine Re-Start Study Plan View of MRE December 2024 Plan View of MRE + step-out mineralized zones outside MRE Note: Mineralized zones noted as outside the MRE shown in green, refer ASX announcement 6 April 2021 12 Source: Refer ASX announcemen
Slide 15: Value Opportunity: EV / Resource
Value Opportunity: EV / Resource Enterprise Value Per Attributable tonne Contained Zinc (M, I & I): VAR vs. ASX Zinc Pre-Production Companies 450 EV/Attributable tonne contained Zinc (A$/t) 399.2 400 350 300 252.0 250 200 170.8 154.5 147.8 150 100 85.5 50 25.0 24.8 23.1 22.8 2.1 0 Global Ltd Altamin
Slide 16: Value Opportunity: EV / Resource
Value Opportunity: EV / Resource Enterprise Value Per Attributable tonne Contained Zinc (M, I & I): VAR vs. ASX Zinc Resource Stage Projects 450 399.2 EV/Attributable tonne contained Zinc (A$/t) 400 350 300 252.0 250 200 150 100 85.5 50 25.0 23.1 22.8 0 Variscan Mines Rumble Resources Tartana Minera
Slide 17: Upside potential: step-out mineralized zones outside MRE
Upside potential: step-out mineralized zones outside MRE Competent Person identified additional mineralization not currently included in the updated MRE; will form the basis of future targets for exploration drilling Targets located more than 50m from sample data in the MRE ore domains Highlights th
Slide 18: Upside potential: Current drilling at Udias Mine
Upside potential: Current drilling at Udias Mine Udias Mine is several times greater in size than San Jose Mine Same elevation and style of mineralization at San Jose Mine Drilling is outside of published Mineral Resource Estimate Further Mineral Resource Estimate update in 2025 16 Source: Refer ASX
Slide 19: Upside potential: wider licence areas
Upside potential: wider licence areas Only 4.5km of 12km Novales Trend in Mineral Resource Estimate Trend remains open on strike and laterally Licence areas increased +70% during 2024 to +100km2 Historical drilling, workings & exploration indicate prospectivity Note: Mineralized zones noted as outsi
Slide 20: Investment Highlights: 4x Near Term, Value Drivers
Investment Highlights: 4x Near Term, Value Drivers DRILLING IN UDIAS MINE MINERAL RESOURCE UPDATE • Maiden drilling by Variscan underway • Potential game changer; Udias Mine is an order of • MRE is one of the highest grade Zinc projects on ASX magnitude greater than San Jose Mine • 3x growth in MRE
Slide 21: Near Term plan & catalysts towards re-starting production
Near Term plan & catalysts towards re-starting production Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Udias UG Drilling Exploration / Resource Growth Met test work Engineering MRE Update Re-Start Study MRE Update Study Work Ireland DD Project Growth Licence expansion & new projects 19 | ASX:VAR
Slide 22: Investment Summary
Investment Summary • Proven zinc mining district LOCATION • Excellent access to infrastructure UNLOCKING • Resource upgrade highlights orebody quality POTENTIAL • Enables Mine Re-Start Study for San Jose Mine ENERGY • Zinc designated critical metal TRANSITION • Demand increase from climate technolog
Slide 23: Appendix 1 – Data sources for grades of ASX listed zinc projects
Appendix 1 – Data sources for grades of ASX listed zinc projects Resource Category Measured Indicated Inferred Total Exploratio Company Market Deposit Source n Stage Grade Grade Grade Grade Tonnes Tonnes Tonnes Tonnes (Zn%) (Zn%) (Zn%) (Zn%) Polymetals ASX Endeavor MRS 4,400,000 8.3 8,800,000 7.9 3,
Slide 24: Appendix 2 – Data sources Enterprise Value Per Attributable tonne
Appendix 2 – Data sources Enterprise Value Per Attributable tonne Contained Zinc: VAR vs. ASX Companies Contained Grade EV per Metal Market Net Cash/ EV Project attributable Company Market Deposit Exploration Stage Tonnes (t) Source Cap (AUD) (Debt) (AUD) (AUD) Ownership tonne Zn (AUD/t) Zn (%) Zn (
Slide 25: Spain's next high-grade zinc mine
Spain’s next high-grade zinc mine For more information, please contact: Stewart Dickson Investor Relations Managing Director & CEO The Capital Network +44 7799694195 Julia Maguire +61 8 93169100 +61 2 8999 3699 stewart.dickson@variscan.com.au julia@thecapitalnetwork.com.au www.variscan.com.au 23
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