Variscan Mines Limited · ASX:VAR
Variscan Mines — Shareholder Meeting (November 2025)
40 slides from Variscan Mines's shareholder meeting presentation, Nov 28, 2025
Slide 1: Spain's Next High-Grade Zinc Mine
SPAIN’S NEXT HIGH-GRADE ZINC MINE Powering The Energy Transition I NVES T OR PRE SE NT AT IO N – AN NU AL GE NER AL MEE T ING NOVEMBER 2025 ASX:VAR
Slide 2: Disclaimer & Important Notice
DISCLAIMER & IMPORTANT NOTICE ASX:VAR 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
Slide 3: Purpose, Strategy & Delivery
Purpose, Strategy & Delivery Purpose To expand and develop our high-grade zinc assets to transition to a producing mining company Our Explorer-Producer Strategy is designed to deliver: early cashflow from production at the San Strategy Jose and Udías Mines, achieve attractive financial returns and s
Slide 4: Explorer-Producer Strategy
Explorer-Producer Strategy Opportunity to leverage brownfield assets + greenfield upside Saw-Tooth Growth Model: cashflow re-invested in phased scale-up → • VAR strategy to get best returns from its Production ramp-up and increase in Exploration activity / tonnage primary asset • Enter ‘starter oper
Slide 5: AGM – Year in Review
AGM – Year in Review Significant progress → growing and advancing Novales-Udías Project 3x Mineral Resource Upgrade Drilling results at San Jose Mine 3D laser 2nd highest Zn grade MRE on ASX • NDDT059: 15.3m @ 17.42% Zn, 4.40% Pb • • NDDT058: 14.30m @ 8.09% Zn, 1.28% Pb survey at • 3.4Mt @ 7.6% Zn,
Slide 6: Recent Developments
Recent Developments September 2025 September 2025 September 2025 WELL SUPPORTED CAPITAL 3D LASER SURVEY AT SURFACE DRILLING DATA RAISE COMPLETED UDÍAS MINE (2) OVER NEW LICENCES (3) • Second tranche placement (1) to raise $2.25 • 3D underground survey completed, • Acquisition of 146 historic drillho
Slide 7: Recent Developments
Recent Developments September 2025 October 2025 October 2025 SAN JOSE MINE RESTORATION POSITIVE POLITICAL POSITIVE ZINC MARKET PLAN APPROVED FOR MINING ENGAGEMENT DYNAMICS LICENCE AREAS (1) • Invitation from Government of Western • London Metal Exchange (LME) zinc price firmly • Clear and unambiguou
Slide 8: Recent Developments → Near-Term Deliverables
Recent Developments → Near-Term Deliverables November 2025 November 2025 Q4 2025 DRILLING RESULTS FROM EARN-IN TO IRISH ZINC ASSETS PRE-CONCENTRATION MET UDÍAS MINE (1) MDF TECHNICAL SERVICES & TEST WORK • >20%Zn intercept drilled; highest grade FIRST RIGHT OPPORTUNITY (2) • TOMRA engaged to conduct
Slide 9: Near-Term Deliverables – Results being Finalised
Near-Term Deliverables – Results being Finalised Q4 2025 Q4 2025 Q4 2025 FLOATATION MET TEST WORK GEOTECHNICAL TEST WORK MINE RE-START STUDY • Post Pre-Concentration, Characterisation and • Preliminary laboratory testing to derive the • San Jose ‘starter’ operation is a catalyst for Floatation testi
Slide 10: Corporate Snapshot
Corporate Snapshot Anthony Wehby Stewart Dickson Dr. Frank Bierlein Nicholas Farr-Jones Chairman Managing Director & CEO Non-Exec Director Non-Exec Director Proven track record Project development Financing Operational experience Successful financial exits Capital Structure ASX Code VAR Share Price(
Slide 11: Zinc
Zinc Future-facing metal critical for energy transition & infrastructure Global Zinc Exploration Budget 2005–2024 (USD, millions)(2) Zinc industry larger than Lithium + Cobalt + Uranium combined Value of commodity markets 2025e (3) Falling ore grades and limited exploration through declining explora
Slide 12: Zinc: Rising Prices + Depleted LME Inventories
Zinc Rising prices + Depleted LME Inventories Base Metals' price indices (12mth rolling) (1) Zinc inventories vs LME price (US$/t, kt) (2) LME Zinc Prices +$3,000 / tonne Stocks Less Than One Day of Global Demand Base metals upward price performance over LTM Refined zinc market most severe supply cr
Slide 13: Proven Assets: Right Location
Proven Assets: Right Location Spain: one of Europe’s most active mining jurisdictions 4th largest EU economy 2nd largest copper producer in Europe (2) Only producer of strontium in Europe(2) International mining companies established with multi- decade track record of operating in Spain Mine permitt
Slide 14: Proven Assets: Past Production + Exploration
Proven Assets: Past Production + Exploration One of Europe’s highest-grade, development stage zinc deposits • Premier Zinc-Lead District: Basque- Cantabrian basin is well-understood & hosts world-class former Reocín Mine, produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb(1). • Near-Ter
Slide 15: JORC Mineral Resource Estimate
JORC Mineral Resource Estimate Novales-Udías 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 65,38
Slide 16: San Jose Mine
San Jose Mine Measured & Indicated Resources → Basis For Mine Re-start Study 3D View of JORC Mineral Resource Estimate Sources: ASX:VAR (1) Refer ASX announcement 9 December 2024 16
Slide 17: Proven Assets: High-Grade Zinc Project
Proven Assets: High-Grade Zinc Project Past Production → Realistic Re-Start San Jose ‘starter’ operation a catalyst for larger operation Linking San Jose Mine & Udías Mine • Drilling upside with mineralisation at San Jose and Udías open in all directions • Initial, high-grade resource: 1.7Mt @ 8.6%
Slide 18: San Jose Mine Re-Start Study
San Jose Mine Re-Start Study Scoping Level with delivery scheduled for Dec 2025 Study Objectives • Mine Re-Start Study is well advanced and will provide basis to move to FID • Near term production opportunity, targeting production by 2027-28 • Objective to establish, profitable mining ‘starter’ oper
Slide 19: San Jose Mine Re-Start Study
San Jose Mine Re-Start Study Ultra Low Capex Expected Brownfield advantages to decrease capital requirement & execution Leveraging existing infrastructure with site lease agreed risk • Valid Mining Licence & Restoration Plan approval enables mining to commence • Existing mine-site & regional infrast
Slide 20: Near-term Producer Enablers
Near-term Producer Enablers Strategically located with world-class infrastructure World’s largest Zinc smelter (1) within trucking distance (San Juan de Neiva Zinc smelter owned by Glencore) Met test underway to confirm concentrate specification & suitability Onsite sealed road access already connec
Slide 21: Exploration drilling planned at San Jose Mine
Exploration drilling planned at San Jose Mine Permitted for +13,000m high-impact surface drilling campaign Future Priority Drilling designed & permitted (1) → MRE Uplift 1 Step Out drilling on trend Extending on-trend in NNE direction to link up with mineralized zones outside of the MRE and small mi
Slide 22: Udías Mine
Udías Mine Untapped upside at interlinked deposit • San Jose Mine links to much larger historical Udías zinc mine complex that closed in 1930s • Interlinked underground mining operation with much of the tenement covered by San Jose mining licence • > 3.5 km of linear length, within permit area but o
Slide 23: Udías Mine
Udías Mine Excellent maiden underground drilling results Drilling to continue along mine development to link up with existing Top 20 best-ever intercepts drilled by Variscan at the Mineral Resource Estimate and beyond to San Jose Mine Udías Mine in 2025 ASX Date Drillhole ID Length (m) Zn (%) m x Zn
Slide 24: Drilling-led Exploration
Drilling-led Exploration Highly successful drilling indicates scope to grow… Drilling success evidences quality of deposits across Underground access → efficient & cost- the Novales-Udías project on global basis effective drilling Results in 2025 include 5 of the best-ever 20 drill holes VAR owned &
Slide 25: Exploration Upside for Future Growth
Exploration Upside for Future Growth Significantly expanded tenements (111 km2) → Zinc District Scale Opportunity Significant historical drilling activity over the licences → Substantially reassembled Asturiana de Zinc (Xstrata) MRE upside / de-risked exploration land & licence package • Hipolita Li
Slide 26: Exploration Upside for Future Growth
Exploration Upside for Future Growth Acquisition of 146 historic drillholes for 52,034 metres → multiple high-grade Zn & Pb intercepts across newly granted licences. Drillholes are outside the current MRE supporting a larger, longer-term, 90 drillholes over possible unmined extensions of mineralizat
Slide 27: Near-term Producer Enablers
Near-term Producer Enablers Full Government Support and Excellent Social Licence Government of Cantabria fully support the Company’s plans to recommence mining. A dedicated working group has been established by the Minister to streamline coordination across departments Existing approvals, community
Slide 28: Near-term Producer Enablers
Near-term Producer Enablers Strong Backing with Equity Alignment and Offtake Potential • Strategic shareholder support with significant mining sector expertise Strategic Shareholders • Long-term holders with credibility and funding capability • Top 20 account for 75% of VAR ownership • Directors hol
Slide 29: Proposed Acquisition: BMex Exploration
Proposed Acquisition: BMex Exploration Low risk Earn-In to prospective Zinc opportunities BMEx Projects Midlands Project Mines / zinc Deposits . • Located in the Irish Midland Zinc Belt, County of Longford, consists of two licences over 58 km2 in aggregate. Abbeytown • The licences are valid to Octo
Slide 30: Proposed Acquisition: BMex Exploration
Proposed Acquisition: BMex Exploration Transaction Rationale & Conditions Precedent Transaction Rationale Conditions Precedent Deepen our zinc focus which is complementary to existing Variscan shareholders approving the Proposed Transaction 1 asset base pursuant to Listing Rule 10.1 Expand our busin
Slide 31: Proposed Acquisition: BMex Exploration
Proposed Acquisition: BMex Exploration More than Zn Assets → Technical Services & First Right Opportunity with MDF Transaction confers strategic growth opportunities to Variscan with MDF (1) 1 Technical Services • MDF may provide to VAR technical services and subject matter expertise to assist with
Slide 32: Future Newsflow & Catalysts
Future Newsflow & Catalysts Advancing to Near-Term Production & Growth through Exploration Udías Mine Drilling + Results Step-Out on Strike Surface Drilling + Results (1) Updated MRE Updated MRE FID Study / Decision Pre-Conc Test Work San Jose Preliminary Project Filing with local government Re-Star
Slide 33: Value Opportunity: EV/Attributable tonne contained Zinc
Value Opportunity EV / Resource comparable analysis indicates value upside 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) 400 385.8 350 300 250 225.7 199.8 200 150 131.2 112.0 100 65.8 50 20
Slide 34: One of the Highest-grade Zn Projects on ASX
Zinc Grade (%) 0.0 4.0 2.0 8.0 10.0 6.0 12.0 Seal-American West Metals San Jose-Variscan Mines Gorno-Altamin Source: Company reports; refer Appendix 1 for source data Sulphur Springs-Develop Global Ltd Mineral Resource Estimate Queen Grade-Tartana Minerals Limited Tala Hamza-Terramin One of the High
Slide 35: Investment Summary
Investment Summary • One of the highest-grade zinc MREs on ASX: 3.4Mt @ 7.6% Zn, 0.9% Pb (1) Advancing a Tier-1 Zinc • Brownfield project with sunk capital enables low-cost restart Asset Towards • San Jose mine previously operated for 20 years; zinc price now 2x higher Production • Mining Licence gr
Slide 36: Outlook
Outlook Unlocking the value opportunity Selected milestone achievements since Q4 2024 raise Delivering capital efficient results (1) 3x 2x #1 Growth in Mineral Growth in exploration Best-ever drill result Resource Estimate licence areas to 111km2 15.3m @ 17.4% Zn, 4.4% Pb Future catalysts Geotechnic
Slide 37: Appendices
APPENDICES
Slide 38: 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 Source Exploration Company Market Deposit Stage Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) American W est Metals ASX Seal Resource - - - - 1,006,000 1
Slide 39: Appendix 2 – Data sources Enterprise Value Per Attributable tonne Contained Zinc
Appendix 2 – Data sources Enterprise Value Per Attributable tonne Contained Zinc: VAR vs ASX Listed Peers Contained EV per Net Cash/ Grade Market Cap Project Exploration Metal attributable Company Market (Debt) EV (AUD) Deposit Tonnes (t) Source (AUD) Ownership Stage tonne Zn (AUD) (AUD/t) Zn (%) Zn
Slide 40: Spain's Next High-Grade Zinc Mine
SPAIN’S NEXT HIGH-GRADE ZINC MINE For more information, please contact: Stewart Dickson Chloe Hayes Managing Director & CEO Investor & Media Relations +44 7799 694 195 +61 458 619 317 +61 8 9316 9100 chloe@janemorganmanagement.com.au stewart.dickson@variscan.com.au ASX:VAR variscan.com.au 40