Anax Metals Limited - COMMENCEMENT OF FRONT-END ENGINEERING DESIGN (FEED) TO ADVANCE WHIM CREEK TO FINAL INVESTMENT DECISION (FID)

About this update from Anax Metals Limited

Anax Metals Limited (ASX: ANX) ('Anax' or the 'Company') is pleased to announce the com mencement of Front-End Engineering Design (FEED) for its 80%-owned Whim Creek Copper Project ('Whim Creek' or the 'Project') in Western Australia's Pilbara region. The commencement of FEED represents a significant milestone in advancing Whim Creek to wards development and follows the highly successful Definitive Feasibility Study (DFS) Update announced on 24 February 2026 . The DFS confirmed robust project economics, including (100% Project basis), a pre-tax NPV7 of A$501 million , an internal rate of return (IRR) of 98%, free cash flow of A$723 million an estimated capital cost of approximately A$91 million and a rapid capital payback period of approximately 14 months. The FEED programme will increase the level of engineering definition across the Project's key infrastructure, including the 400 ktpa concentrator, ore sorting and pre-concentration circuits, mining fleet and supporting non-process infrastructure. The programme will culminate in refined capital and operating cost estimates, an updated project execution plan and an en hanced financial model to support project financing and a Final Investment Decision (FID). Anax Metals Managing Director, Mr Geoff Laing , commented: 'The commencement of FEED represents another important milestone in the development of Whim Creek and demonstrates our continued focus on advancing the Project towards construction. By adopting an Integrated Project Team delivery model with globally recognised engineering and technical partners, we are positioning the Project to achieve a disciplined and efficient transition from study into execution. FEED will provide the engineering maturity, cost certainty and execution planning required to support project financing and our targeted Final Investment Decision in the fourth quarter of 2026.' Integrated Project Team Model The FEED programme will be delivered through an Integrated Project Team (IPT) model, bringing together Anax's project team with leading engineering, technical and commercial specialists within a single integrated delivery framework. Global engineering consultancy WSP has been engaged to provide embedded project management services, including project controls, cost estimating, planning and contract management. Working as an integrated extension of the Anax project team, WSP will support delivery of FEED through a collaborative owner-team approach rather than a conventional client-consultant arrangement. Specialist partners Orelogy, CPC Engineering and Gekko Systems will provide expertise across mining engineering, process and metallurgy, and modular process plant design respectively. The IPT model aligns engineering, commercial and execution planning within a unified decision making framework, enabling engineering development, cost estimating and schedule optimisation to progress concurrently. This approach reduces interface risk, strengthens project governance and progressively improves cost certainty throughout FEED, providing a robust foundation for project financing and execution. The IPT framework also facilitates Early Contractor Involvement (ECI), allowing key contractors, equipment manufacturers and strategic suppliers to participate during FEED. Early engagement will improve constructability, validate market pricing, optimise procurement strategies for long lead equipment and strengthen execution planning. Collectively, these initiatives will enhance project readiness, reduce execution risk and improve confidence in both capital cost and delivery schedule ahead of FID. The IPT will be led by recently appointed Chief Operating Officer, Danny George , a mining executive and project director with more than two decades of experience successfully delivering resource projects from study phases through construction, commissioning and commercial operations. About WSP WSP is a global professional services firm providing engineering, environmental, cost estimating and advisory services to the resources sector, including decades of project delivery experience in the Northwest Pilbara region of Western Australia . About CPC Engineering CPC Engineering is a Western Australian engineering and construction company specialising in the design, procurement, fabrication, and construction of mineral processing plants and mining infrastructure and has significant copper processing experience. About Gekko Systems Gekko Systems is an Australian minerals processing technology company specialising in the design and supply of innovative, energy-efficient gravity separation, flotation, and intensive leaching solutions for the global mining industry. The company delivers modular process plants and engineering services that support projects from test work and process design through to plant commissioning and operational optimisation. About Orelogy Orelogy is an Australian mining consultancy with global multi-commodity expertise across both Open Pit and Underground mining. Orelogy provide services and expertise from Studies to Operational Readiness, Support and Governance. About the Whim Creek Copper Project The Whim Creek Copper Project is located on the Northwest Coastal Highway in Western Australia's Pilbara region, approximately 120km from both Port Hedland and Karratha. Anax holds an 80% interest in the Project. The February 2026 DFS update confirmed a ten-year mine life, average annual production of 13kt CuEq over the first eight years from a proposed 400ktpa concentrator, and a fully permitted site with substantial existing infrastructure. Contact: Mr Geoff Laing Managing Director Anax Metals Limited Email: [email protected] Tel: +61 8 6143 1840 Forward Looking Statements This report contains certain forward-looking statements. These forward-looking statements are not historical facts but rather are based on Anax Metals Ltd's current expectations, estimates and pro jections about the industry in which Anax Metals Ltd operates, and beliefs and assumptions regarding Anax Metals Ltd's future performance. Words such as 'anticipates', 'expects', 'intends', 'plans', 'be lieves', 'seeks', 'estimates', 'potential' and similar expressions are intended to identify forward-look ing statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Anax Metals Ltd, are difficult to predict and could cause actual results to differ materially from those ex pressed or forecasted in the forward-looking statements. Anax Metals Ltd cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of Anax Metals Ltd only as of the date of this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. Anax Metals Ltd does not undertake any obligation to report publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this report except as required by law or by any appropriate regulatory authority. (C) 2026 Electronic News Publishing, source ENP Newswire

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