Anax Metals Limited · ASX:ANX
Anax Metals — Investor Presentation (February 2026)
38 slides from Anax Metals's investor presentation, February 2026
Slide 1: Whim Creek Copper Production & Processing Hub
WHIM CREEK COPPER PRODUCTION & PROCESSING HUB PILBARA REGION WESTERN AUSTRALIA ASX:ANX February 2026
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Anax Metals Limited (the Company) based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this pre
Slide 3: Disclaimer
DISCLAIMER NO NEW INFORMATION – EXPLORATION RESULTS AND MINERAL RESOURCE The Whim Creek Project Mineral Resource estimates have been prepared by Competent Persons in accordance with the 2012 edition of the JORC Code, and were first published by the Company in the following ASX releases: Mons Cupri:
Slide 4: Revised Definitive Feasibility Study
REVISED DEFINITIVE FEASIBILITY STUDY 4
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 THE VISION Compelling opportunity to invest in a To establish a copper business in fully permitted copper mine, with the Pilbara with greater than ex
Slide 6: 2026 DFS Update Highlights
2026 DFS UPDATE HIGHLIGHTS Development Cost Payback NPV7 IRR Free Cashflow DFS Update Base Case* (Pre-Prod + Working Capital) (100%) $501 M 98% $723 M $77M + $14 M 14 months Development Cost Payback NPV7 IRR Free Cashflow Spot* (Pre-Prod + Working Capital) (100%) $649 M 118% $928 M $88 M 12 months S
Slide 7: 2026 DFS Update Highlights
2026 DFS UPDATE HIGHLIGHTS 01. Significant increase in the Project valuation: 113% increase in free cash flow, 123% in NPV (Pre-tax NPV of A$501M) and IRR up from 54% to 86%. 02. Fully-permitted site with substantial existing process and non- process infrastructure allows for a rapid development tim
Slide 8: 2026 DFS Update Highlights
2026 DFS UPDATE HIGHLIGHTS Best in class capital intensity of ~US$4,000/Annual tonne (Cueq) due to: Substantial existing infrastructure. High grade reserves (resulting in high metal unit production from the 400ktpa processing facility. The application of preconcentration including ore sorting
Slide 9: 2026 DFS Future Upside Drivers
2026 DFS FUTURE UPSIDE DRIVERS Re-estimation of Project reserves based on current costs and metal pricing planned for H1 2026. Investigate feasibility of increasing concentrator capacity to 500Ktpa. Reduction of planned open pit mining fleet from dual fleet (bulk waste and smaller ore mining f
Slide 10: Project Funding
PROJECT FUNDING The Company considers there are reasonable grounds to secure a financing Whim Creek’s high confidence The excellent financial metrics production profile, (94% of the DFS including a payback package and advance the Project to Final proven and probable reserves). period of 14 months. I
Slide 11: Growth - The Benefits of Consolidation
GROWTH - THE BENEFITS OF CONSOLIDATION Ideally positioned to become a copper processing hub for the Pilbara 01. FULLY PERMITTED Is ideally suited for a regional processing hub. 02. WHIM CREEK FACILITIES Treat oxide, transitional and primary sulphides ores from surrounding orebodies (mitigating metal
Slide 12: Whim Creek
WHIM CREEK Base Metals Processing Hub
Slide 13: Whim Creek Copper Project Summary
WHIM CREEK COPPER PROJECT SUMMARY Near Term Copper Production – Fully Permitted with Existing Infrastructure FULLY PERMITTED DEVELOPMENT STUDIES An established mine site with ANX confirms production of metal approval for in-pit tailings over an initial 10-year life. NPV disposal. $501M / IRR 98%1,2,
Slide 14: Whim Creek Project
WHIM CREEK PROJECT A Processing Hub With Sorting, Concentrator And Heap Leach Facilities Whim Creek Overview Location 120 km from Port Hedland and Karratha Mineralisation VMS Site Infrastructure Haul Roads, Workshops, Offices, Bore field, Crushing Plant, Heap and Ponds, SX and EW plants, Power-house
Slide 15: Whim Creek Project Production Outcomes
WHIM CREEK PROJECT PRODUCTION OUTCOMES Contained Metal Copper Zinc Lead Silver Gold (Reserve + Production Target) 66 Kt 120 Kt 35 Kt 4.7 Moz 43 Koz Whim Creek Project LOM Quarterly Production Schedule Forecast annual production of saleable metal in concentrate (Copper Equivalent) 1. Refer to ASX ann
Slide 16: Whim Creek Project Financial Metrics and Sensitivities
WHIM CREEK PROJECT FINANCIAL METRICS AND SENSITIVITIES WHIM CREEK PROJECT PRE-PRODUCTION AND DEFERRED CAPITAL COST ESTIMATE Main Area 2026 (A$M) Non-process infrastructure 06.0 Crushing, screening, sorting, jigging 11.4 Concentrator 38.2 Earthworks, civils, and installation 09.9 Contingency (Average
Slide 17: Whim Creek Project Financial Metrics and Sensitivities
WHIM CREEK PROJECT FINANCIAL METRICS AND SENSITIVITIES Summary of outputs from financial modelling (pre-tax, pre-financing) Metric Unit Base Case Spot Gross Revenue $M (LOM) 1,744 1,918 Net Revenue (not of TCs and royalties) $M (LOM) 1,599 1,800 Operational Cashflow $M (LOM) 845 1,050 Free cashflow
Slide 18: Upcoming Planned Works
UPCOMING PLANNED WORKS Progressing the Whim Creek project into production and beyond 1 2 3 4 Whim Creek optimisation Debt Funding Equity Funding Development 2026 2027 ANAX SCHEDULE Q2 Q3 Q4 Q1 Whim Creek Optimisation Debt / Equity Funding FID - Development Regional Consolidation Exploration Salt Cre
Slide 19: Exploration Overview
METALS LIMITED EXPLORATION OVERVIEW
Slide 20: Whim Creek Exploration – Immediate Organic Growth
WHIM CREEK EXPLORATION – IMMEDIATE ORGANIC GROWTH New application 01. LOCATION Located in the highly prospective Archaean granite- greenstones of the Pilbara region, encompassing the width of the Whim Creek Greenstone Belt. 02. MINE EXTENSIONS Near mine extensions to known copper-zinc-lead VMS resou
Slide 21: Whim Creek Exploration
WHIM CREEK EXPLORATION ACL/Salt Creek Salt Creek underground design and location of previous resource drilling SALT CREEK1,2 High-grade Indicated and Inferred Resource of 2.75 Mt containing: 95,000 Tonnes Zn and 35,700 Tonnes Cu Last extensional drilling campaign at Western lens intersected: U
Slide 22: Salt Creek
SALT CREEK Long section1 The copper equivalent (CuEq) calculation adjusts individual grades for all metals included in the metal equivalent calculation applying the following modifying factors: metallurgical recoveries, payability, TC/RC and metal prices. Commodity prices (US$) used to calculate CuE
Slide 23: Whim Creek Exploration
WHIM CREEK EXPLORATION1 EVELYN EVELYN WEST TREND Multiple untested VMS targets Series of untested strong, late- in prospective stratigraphy. time VTEM anomalies all under >50% of the tenement under cover. shallow cover. Fixed Loop EM over northern Late 2024 field reconnaissance half of con
Slide 24: Whim Creek Exploration
WHIM CREEK EXPLORATION Untested MONS CUPRI SOUTH1,2 Key lithological contact well- defined, but it remains poorly tested. Previous drilling intersected Zn and chlorite / sericite alteration at contact in down-dip positions, suggesting a broad active system. Mons Cupri area simplified geology A
Slide 25: Technology Overview
METALS LIMITED TECHNOLOGY OVERVIEW
Slide 26: Preconcentration - Ore Sorting
PRECONCENTRATION - ORE SORTING 01. Preconcentration including ore sorting and gravity separation is widely used throughout the mining business. 02. The technology is well established, reliable, with an extensive track record over the last 20 years. 03. Successful commercial applications in all major
Slide 27: Whim Creek Bioleaching, Solvent Extraction and Electrowinning
WHIM CREEK BIOLEACHING, SOLVENT EXTRACTION AND ELECTROWINNING Update of the Heap Leach Study planned for H2 2026. 01. The 2023 study indicated that leaching of low-grade sulphides will generate additional free cashflows of ~$70M at a copper price of US$9223/t.1 02. Bacterial leaching, combined with
Slide 28: Corporate and the Team
METALS LIMITED CORPORATE AND THE TEAM
Slide 29: Capital Structure
CAPITAL STRUCTURE Capital Structure Summary Volume ASX Code ANX (A$) Share Price History 6 Months (‘000) Share Price at 24 February 2026 $0.035 0.04 25,000 Market Capitalisation at 24 February 2026 $38.57M 0.04 Cash at 31 December 2025 $2.39M 20,000 0.03 Borrowings at 24 February 2026 1 & 2 $6.60M 0
Slide 30: 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 traditional The Board of Directors of ANX is responsible for for Whim Creek including the integration of Ore- owner groups and pastoralists to
Slide 31: Highly Experienced Board of Directors
HIGHLY EXPERIENCED BOARD OF DIRECTORS PHILLIP JACKSON Barrister and solicitor with significant legal and international corporate experience, (Barrister and Solicitor) specialising in the areas of commercial and contract law, mining and energy law and Chairman corporate governance. He has been a Dire
Slide 32: Management Team
MANAGEMENT TEAM JENINE OWEN Jenine joined Anax in 2020, where she is responsible for corporate risk (BCompt, CAANZ, GAICD) management, financial management and financial reporting. She is a Chartered Chief Financial Officer Accountant with extensive finance and commercial experience, including sever
Slide 33: Appendices
ANAK APPENDICES
Slide 34: Appendix 1: Resources and Reserves
APPENDIX 1: RESOURCES AND RESERVES Ore Reserve Summary 1. The Company announced the Ore Eeserves and mineral resources on 03 April 2023. The Company confirms that it is not aware of any new information or data which materially affects the announcement and that the material assumptions and technical
Slide 35: Appendix 1: Resources and Reserves
APPENDIX 1: RESOURCES AND RESERVES Whim Creek Project Global Copper Dominant Mineral Resources Whim Creek Project Global Zinc Dominant Mineral Resource Deposit Classification kTonnes Cu % Zn % Pb % Ag ppm Au ppm Mons Cupri Measured 70 0.16 4.56 1.79 53 0.23 (Zn ≥ 2.0% & Indicated 340 0.09 3.56 1.01
Slide 36: Appendix 2: Source Documents (Whim Creek Processing Hub)
APPENDIX 2: SOURCE DOCUMENTS (WHIM CREEK PROCESSING HUB) COMPANY NAME SOURCE DOCUMENTS Sabre Resources https://www.asx.com.au Artemis Resources: https://www.alienmetals.uk Carlo Castle https://www.asx.com.au Munni Munni Develop: https://www.develop.com.au Kangaroo Caves Sulphur Springs Azure
Slide 37: Appendix 3: Copper Equivalent
APPENDIX 3: 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 shown in the table be
Slide 38: Anax Metals Contact
Geoff Laing | Managing Director info@anaxmetals.com.au +61 8 6143 1840 Ground Floor West, 20 Kings Park Road, West Perth anaxmetals.com.au