Anax Metals Limited · ASX:ANX
Anax Metals — Investor Presentation (October 2026)
37 slides from Anax Metals's investor presentation, Oct 13, 2026
Slide 1: Whim Creek Copper Production & Processing Hub
rsonal use only WHIM CREEK COPPER PRODUCTION & PROCESSING HUB PILBARA REGION WESTERN AUSTRALIA ASX:ANX October 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Anax Metals Limited (the Company) based on information from its own and FORWARD LOOKING INFORMATION third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the This presentation contains forward-
Slide 3: Disclaimer – No New Information
DISCLAIMER NO NEW INFORMATION – MINERAL RESOURCES ORE RESERVES, PRODUCTION TARGET AND FORECAST FINANCIAL INFORMATION The Whim Creek Project Mineral Resource estimates have been prepared by Competent Persons in The Ore Reserves, production target and forecast financial information for the Whim Creek
Slide 4: On a Path to Production
rsonal use only ON A PATH TO PRODUCTION
Slide 5: Anax Metals – The Platform for Pilbara Copper
ANAX METALS – THE PLATFORM FOR PILBARA COPPER Anax is working towards copper production from the Whim Creek base metals processing hub THE OPPORTUNITY rsonal use only Compelling opportunity to invest in a fully permitted copper mine, with existing infrastructure in a renowned safe mining jurisdictio
Slide 6: Capital Structure
CAPITAL STRUCTURE Capital Structure Summary Share Price History 6 Months ASX Code ANX rsonal use only Share Price at 09 October 2026 $0.031 Market Capitalisation at 09 October 2026 $54M Cash at 30 June 2026 $11.14M Borrowings at 31 July 20261 $3.1M Shares on Issue 1,743,585,308 ANXO Listed Options o
Slide 7: Investment Highlights
INVESTMENT HIGHLIGHTS A fully permitted copper project with a 14-month payback, currently valued at a fraction of its NPV rsonal use only A$501M 14 months A$91M Pre-tax NPV₇ Payback All-in development cost 98% IRR at base case prices; A$649M at At base case prices; 12 months at spot A$77M pre-produc
Slide 8: Valuation
VALUATION Anax currently trades at 0.13x its attributable share of the Whim Creek NPV Market capitalisation vs Anax’s 80% share of pre-tax NPV₇ rsonal use only A$519M A$401M market cap to attributable NPV at base case 0.13x prices (0.10x at spot) enterprise value after A$11.1M cash and A$3.1M A$46M
Slide 9: Market Update
MARKET UPDATE Demand outruns supply to 2040, and Whim Creek can produce from 2028 at a fraction of peer capital cost WHIMGlobal CREEK IN THE copper demand vs supply, Mt (S&P Global forecast)1 Capital intensity, US$ per annual tonne of copper2,3,4 COPPER MARKET rsonal use only 42Mt Whim Creek US$4.0k
Slide 10: Project Funding
PROJECT FUNDING Whim Creek’s high confidence production profile, (94% proven The Company considers there are reasonable and probable reserves). rsonal use only grounds to secure a financing package and Low-risk, stable jurisdiction. advance the Project to Final Investment Decision through convention
Slide 11: Growth – The Benefits of Consolidation
GROWTH - THE BENEFITS OF CONSOLIDATION Ideally positioned to become a copper processing hub for the Pilbara WHIM CREEK PROCESSING HUB Regional satellite underground or open pit mines rsonal use only could provide preconcentrates to the Whim Creek Processing Hub. FULLY PERMITTED Processing infrastruc
Slide 12: Environmental, Social and Governance
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ENVIRONMENTAL SOCIAL GOVERNANCE Anax is actively pursuing a development strategy Anax has a range of stakeholders, from The Board of Directors of ANX is responsible for rsonal use only for Whim Creek including the integration of Ore- traditional owner groups and
Slide 13: Catalysts
CATALYSTS Funding, FID and reserve updates set up a steady flow of news through to first production rsonal use only Q4 2026 2027 2028 Financing and FID Construction and growth Production • Pyrite Study • Construction of the Whim Creek • First concentrate, targeted 18 • Exploration update processing
Slide 14: Whim Creek Base Metals Processing Hub
rsonal use only WHIM CREEK Base Metals Processing Hub
Slide 15: 2026 DFS Update Highlights
2026 DFS UPDATE HIGHLIGHTS NPV7 IRR Free Cashflow Development Cost Payback (Pre-Prod + Working Capital) (100%) DFS Update Base Case* $501 M 98% $723 M $77M + $14 M 14 months rsonal use only NPV7 IRR Free Cashflow Development Cost Payback Spot* (Pre-Prod + Working Capital) (100%) $649 M 118% $928 M $
Slide 16: Whim Creek Copper Project Summary
WHIM CREEK COPPER PROJECT SUMMARY Near Term Copper Production – Fully Permitted with Existing Infrastructure FULLY PERMITTED DEVELOPMENT STUDIES rsonal use only Mining leases in good standing Planned production of metal over Environmental approvals in an initial 10-year life. NPV $501M place Constru
Slide 17: Whim Creek Overview
WHIM CREEK PROJECT Whim Creek Overview Proposed Processing Hub With Sorting, Concentrator And Heap Leach Facilities Location 120 km from Port Hedland and Karratha rsonal use only Mineralisation VMS Site Infrastructure Haul Roads, Workshops, Offices, Bore field, Crushing Plant, Heap and Ponds, SX and
Slide 18: Whim Creek Project Capex and Opex
WHIM CREEK PROJECT CAPEX AND OPEX WHIM CREEK PROJECT PRE-PRODUCTION AND DEFERRED CAPITAL COST ESTIMATE1 Main Area 2026 (A$M) Non-process infrastructure 6.0 rsonal use only Crushing, screening, sorting, jigging 11.4 Concentrator 38.2 Earthworks, civils, and installation 9.9 Owner’s costs 5.9 Continge
Slide 19: Financial Metrics and Sensitivities
WHIM CREEK PROJECT FINANCIAL METRICS AND SENSITIVITIES Summary of outputs from financial modelling (pre-tax, pre-financing) on 100% project basis Metric Unit Base Case Spot rsonal use only Gross Revenue $M (LOM) 1,744 1,918 Net Revenue (net of TCs and royalties) $M (LOM) 1,599 1,800 Operational Cash
Slide 20: Path to Production
PATH TO PRODUCTION Whim Creek Development Program – FID to First Production Commenced FID Target July 2026 Q4 2026 rsonal use only FEED 4 months Investment Approval 2 months Detailed Design 6 months Procurement 14 months Construction 14 months Commissioning 3 months First Production – Target ~mid-20
Slide 21: Exploration Overview
rsonal use only EXPLORATION OVERVIEW
Slide 22: Whim Creek Project – Belt-Scale VHMS Land Position
WHIM CREEK PROJECT A belt-scale VHMS land position PROJECT LOCATION rsonal use only Covers the full width of the Whim Creek Greenstone Belt MONS CUPRI New geological interpretation points to fault offsets and possible repeat lenses WHIM CREEK Lateral extensions untested; IP targets next in line EVEL
Slide 23: VHMS Camp Potential
VHMS CAMP POTENTIAL Upside around the processing hub rsonal use only • Two VHMS deposits within a few km of the plant • Horizon barely tested along strike or at depth 1 , 2 • Limited and ineffective DHEM conducted historically • IP anomalies ready to drill • Granted MLs and infrastructure already in
Slide 24: Mons Cupri – Bonanza Grades from Near Surface
MONS CUPRI Bonanza grades from near surface1 rsonal use only • 85.9m @ 2.89% CuEq2 from 35m, incl. 17.5m @ 8.37% • 62.5m @ 2.95% CuEq, incl. 19m @ 6.01% • High grade from surface in the early mining schedule • Very high-grade silver and gold in addition to base metals • Results closely resemble the
Slide 25: Mons Cupri – DHEM to Test the Western Corridor
MONS CUPRI DHEM to test the western corridor rsonal use only • 10 DDH holes for 2,736m of a 5,000m programme completed (15 Sep 2026) • To date, all holes intersected the host sequence, with alteration and faulting noted in core • Historic DHEM gave a real but faint response on underpowered surveys •
Slide 26: Evelyn – VHMS Targets Under Cover
EVELYN VHMS targets under cover 1,2 rsonal use only • Evelyn Copper deposit is small but very high-grade with strong gold credits • Outcropping gossans sampled but not drilled • More than half the tenement under shallow cover and untested • Multiple VTEM targets in prospective stratigraphy remain un
Slide 27: Salt Creek Long Section
SALT CREEK Long section1 The copper equivalent (CuEq) calculation adjusts individual grades for all metals included in the metal equivalent calculation applying the following modifying factors: metallurgical recoveries, payability, TC/RC and metal prices. rsonal use only Commodity prices (US$) used
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Slide 29: Highly Experienced Board of Directors
HIGHLY EXPERIENCED BOARD OF DIRECTORS PHILLIP JACKSON Barrister and solicitor with significant legal and international corporate experience, specialising in the Chairman areas of commercial and contract law, mining and energy law and corporate governance. He has been rsonal use only a Director and C
Slide 30: Management Team
MANAGEMENT TEAM JENINE OWEN Jenine 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 Chief Financial Officer commercial experience, including several CFO roles in ASX lis
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Slide 32: Appendix 1: Resources and Reserves – Ore Reserve Summary
APPENDIX 1: RESOURCES AND RESERVES Ore Reserve Summary (100% Project basis) Ore Cu Zn Pb Ag Au Classification Deposit Mine Type Mt % % % ppm ppm rsonal use only Proven Mons Cupri Open Pit 1.06 1.46 1.58 0.68 38 0.28 Sub-total 1.06 1.46 1.58 0.68 38 0.28 Probable Mons Cupri Open Pit 1.49 0.83 1.08 0.
Slide 33: Appendix 1: Resources and Reserves – Global Mineral Resources
APPENDIX 1: RESOURCES AND RESERVES Whim Creek Project Global Mineral Resources (100% Project basis) Deposit Classification Mt CuEq% Cu % Zn % Pb % Ag ppm Au ppm Mons Cupri1 Measured 1.5 2.03 1.22 1.41 0.57 31 0.28 rsonal use only Indicated 3.5 1.27 0.75 0.92 0.40 21 0.14 Inferred 1.4 0.94 0.45 1.01
Slide 34: Appendix 2: Source Documents (Whim Creek Processing Hub)
APPENDIX 2: SOURCE DOCUMENTS (WHIM CREEK PROCESSING HUB) COMPANY NAME SOURCE DOCUMENTS rsonal use only Sabre Resources https://www.asx.com.au/markets/company/SBR Artemis Resources: https://artemisresources.com.au/ ▪ Carlo Castle https://www.asx.com.au/markets/company/ARV ▪ Munni Munni Develop: https
Slide 35: Appendix 3: Forecast Production Copper Equivalent
APPENDIX 3: FORECAST PRODUCTION COPPER EQUIVALENT Forecast Copper Equivalent production contained in this presentation are based on the forecast recovered and saleable metal contained in copper, zinc and lead concentrates. Average LOM recoveries of saleable metals fed to each flotation circuit are s
Slide 36: Appendix 4: Copper Equivalent Calculation
APPENDIX 4: COPPER EQUIVALENT CALCULATION USED TO REPORT RESOURCES AND DRILLING The copper equivalent (CuEq) calculation adjusts individual grades for all metals included in the metal equivalent calculation applying the following modifying factors: metallurgical recoveries, payability, TC/RC and met
Slide 37: Contact
rsonal use only Geoff Laing | Managing Director info@anaxmetals.com.au +61 8 6143 1840 Ground Floor West, 20 Kings Park Road, West Perth anaxmetals.com.au