Announcement PDF Spain’s next high-grade Zinc mine San Jose Mine | Maiden JORC Mineral Resource Investor Presentation | December 2023 DISCLAIMER & COMPETENT PERSON STATEMENT 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 an offer of securities for subscription or sale in Australia or any other jurisdiction in which such an offer or solicitation is not authorised or to any other person to whom it is unlawful to make such an offer or solicitation. The information in this presentation is an overview and does not contain all information necessary to make an investment decision. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation, any of which may change without notice and liability relating to those matters is excluded. Variscan Mines Limited, nor any related entity, nor any other person warrants the future performance of, or any return on any investment arranged by or in, Variscan Mines Limited or a related entity of Variscan Mines. Some of the information contained in this presentation constitutes forward-looking statements that are subject to various risks and uncertainties, not all of which may be disclosed. These statements discuss future objectives or expectations concerning results of operations or financial condition or provide other forward looking information. The actual results, performance or achievements could be significantly different from the results or objectives expressed in, or implied by, those forward-looking statements. Prospective investors should make their own independent evaluation of an investment in any securities. The material contained in this document does not take into account the investment objectives, financial situation or particular needs of any individual investor. Neither Variscan Mines nor any of its related entities makes any recommendation to investors regarding the suitability of any securities and the recipient must make its own assessment and/or seek independent advice on financial, legal, tax and other matters, including the merits and risk involved, before making any investments. This presentation and its contents may not be retransmitted or otherwise reproduced or disclosed to third parties or made public in any way, in whole or in part, for any purpose without the written permission of Variscan Mines. Where the Company refers to exploration results and production data it refers to the that information previously advised to the ASX and it confirms that it is not aware of any new information or data that materially affects the information included in that market announcement. The information in this presentation that relates to Mineral Resources, exploration results and exploration targets is based on, and fairly reflects, information compiled by Dr. Michael Mlynarczyk. Dr. Michael Mlynarczyk is a Principal consultant for Redstone Exploration Services, a geological consultancy acting as an external consultant to Variscan Mines and is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as Fellow of the Society of Economic Geologists (SEG). Dr. Michael Mlynarczyk has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Dr. Michael Mlynarczyk consents to the disclosure of the information in this presentation in the form and context in which it appears. | ASX:VAR 2 OVERVIEW – FOCUS ON ADVANCING THE NOVALES-UDIAS PROJECT Brownfields Project in proven Mining district • High-grade zinc deposit, with mineralisation demonstrating significant potential for expansion • Centred on former producing San Jose Mine (avg. ROM grade 6.9% Zn1) • Established high-grade JORC Mineral Resource Estimate + Exploration Target Low-Risk Jurisdiction • Located in Cantabria, northern Spain • Project has long history with local communities Experienced Board & Operational Leadership • Experienced management with exploration and production assets + successful exits • Significant technical experience in a compact and effective technical group Strong & Comprehensive Social Licence • Established relationships with key permitting governing bodies • Project’s longevity and relevance within the community Real Near-Term Potential • Moving to assess requirements for re-start • Mining Licence granted • Mine Re-Start study work underway | ASX:VAR Source: : 1 Historic production data from archives at the School of Mines in Torrelavega 3 CLEAR STRATEGY TO SUPPLY CRITICAL METALS IN EUROPE Resourcing the energy transition revolution 1 • • • • Re-start San Jose Mine Assess bringing high-grade San Jose Mine into production Objective to establish, profitable mining ‘starter’ operation Provide platform to sustainably finance exploration / replacement tonnes Generate consistent operating track record ✓ ✓ ✓ ✓ 2 • • • • 3 Exploration upside Continue exploration through drilling to expand zones of mineralisation along 9km Trend Increase Resource inventory in-mine and along strike Buenahora Exploration licence presents exploration upside in proven mining district Explore new opportunities within existing and new concessions • • • • • Growth and M&A Target value accretive assets Maintain focus on Zinc / Base Metals Strong Net Zero thematic De-risked jurisdictions esp. Europe Keep disciplined capital allocation 'Permittable’ & ‘Permissable’ Existing Mining Licence granted for San Jose Mine Existing mine-site & regional infrastructure  anticipated lower Capex. Leveraging the value of sunk capital Reduced timeframe to get going | ASX:VAR ✓ ✓ ✓ ✓ ✓ ✓ Only active explorer/developer in Cantabria, Spain Mining heritage - local communities have strong buy-in Initial small underground mining operation reflects what is ‘known’; open pits struggle with permits in EU Lower environmental impact (incl. no visual impact) from utilising existing mine Focused on ‘Value not Volume’ operation Proximity to markets inc. Glencore smelter 4 NOVALES-UDIAS PROJECT – SITUATED IN PROVEN MINING DISTRICT  San Jose (12km2) Mining Licence hosting former producing San Jose zinc mine  Buenahora (41km2) Exploration Licence hosting +60 historical (mostly artisanal) workings 62Mt @ 9.7%Zn  Defined and metallurgically simple MVT zinc sulfide deposit along a 9km trend  Shallow mineralisation (170-240m depth), hosted by dolostone, and consists of stacked flat-lying elongated ore lenses, with good continuity  High grades, with zinc strongly dominant over lead (c. 10% Zn+Pb).  Simple mineralogy (sphalerite), easy processing, high quality concentrate  No exploration for ~30yrs until project acquired by Variscan  8km NW of the world-class historic Reocin zinc deposit (62 Mt @ 9.7% Zn, 1% Pb).  Proximity to Glencore’s San Juan de Nieva zinc smelter (2nd largest globally) | ASX:VAR See ASX Announcement 29 July 2019 5 SAN JOSE MINE  Former high-grade zinc producing mine; ceased production in late 1990s due to prevailing metal prices  Excellent condition: underground development extends over a linear length of c. 2.5km  Links to much larger historical Udias zinc mine complex (> 3.5 km of linear length, within permit area) • Comprehensive 3D hi-resolution laser topographic survey of stopes and ore pasess & development • 3x underground drilling campaigns conducted to date totaling 177 holes for ~4,806m • Ongoing undergound drilling – flexible, efficient & cost-effective drilling using own portable rig • 3x step-out surface drill-holes from the San Jose Mine indicate growth potential; followup drilling planned for CY24 with permit applications submitted • Expanded our extensive & valuable database of 1,105 drillholes for 94,808 m. • Estimated replacement value of AUD$~22m1 | ASX:VAR Massive replacement zinc sulfide ore Source: 1 Management estimates based on current, actual drilling rates and costs incurred by the Company multiplied by number of metres 6 JORC MINERAL RESOURCE ESTIMATE FOR SAN JOSE BY DEPOSIT Deposit San Jose San Jose (NE) Udías (NE) Total Classification Tonnage (Kt) Zinc (%) Lead (%) Zinc + Lead (%) Indicated 490 10.0 1.7 11.7 Inferred 250 12.3 1.6 14.0 Sub-total 740 10.8 1.7 12.5 Inferred 260 4.7 0.1 4.8 Inferred 90 6.5 0.4 6.8 Indicated 490 10.0 1.7 11.7 Inferred 590 8.2 0.8 8.9 Total 1,080 9.0 1.2 10.2 Notes: • Due to effects of rounding, the total may not represent the sum of all components. • Mineral Resource is reported from all blocks, classified as either Indicated or Inferred, where interpolated block grade is ≥2.0% Zn • Block model is coded where blocks have been depleted by historical underground mining activities. • A density value of 3 t/m3 is applied to all blocks | ASX:VAR Sources: Refer ASX announcement 28 November 2023 7 JORC MINERAL RESOURCE ESTIMATE FOR SAN JOSE BY DEPOSIT | ASX:VAR Sources: Refer ASX announcement 28 November 2023 8 JORC MINERAL RESOURCE ESTIMATE CATEGORIES – 3D ORIENTATED VIEW  Resources in the Indicated category represent 45% of the Mineral Resource Estimate  Grades in the Indicated category are notably higher (10% Zn) than those in the Inferred category (8.2% Zn)  Significant potential for grade and tonnage increases with infill drilling | ASX:VAR Sources: Refer ASX announcement 28 November 2023 9 JORC MINERAL RESOURCE ESTIMATE CATEGORIES – PLAN VIEW | ASX:VAR Sources: Refer ASX announcement 28 November 2023 10 MINERAL RESOURCE ESTIMATE – GRADE TONNAGE, BY ZN CUT-OFF GRADE | ASX:VAR Sources: Refer ASX announcement 28 November 2023 11 MINERAL RESOURCE ESTIMATE – EXPLORATION TARGET INDICATES UPSIDE Range Tonnage (Mt) Zinc (%) Lead (%) 3 7 0.3 6 11 1.6 Lower Estimate Upper Estimate  Exploration Target indicates the potential scale and grade of mineralization  3x – 6x potential growth increase to size of MRE  Exploration Target is concentrated around the MRE deposits and over the same strike length.  These areas are well understood by Variscan  a de-risked opportunity  Variscan’s planned field work for CY 2024 will include drilling over the extent of the Exploration Target.  The new Exploration Target for the San Jose Mine is supplemental to the JORC compliant Exploration Target over the larger NovalesUdias Project published by Variscan in Q3 2022 which remains extant. ). The potential quantity and grade of this exploration target is conceptual in nature, there is currently insufficient exploration completed to support a mineral resource of this size and it is uncertain whether continued exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012) | ASX:VAR Sources: Refer ASX announcement 28 November 2023; refer ASX announcement 22 July 2022 12 EV/RESOURCE VALUATION – PEER ANALYSIS INDICATES UPSIDE Company Market Market Cap (AUD) Net Cash/ (Debt) (AUD) EV LeadFX Blue Moon Metals ZincX Resources Variscan Mines Rumble Resources Private TSX-V TSX-V ASX ASX 0.0 1.6 17.9 3.6 56.6 0.0 0.6 0.4 1.1 6.9 0.0 1.0 17.5 2.4 49.7 Group Eleven Resources Corp. TSX-V 26.5 1.9 24.5 AIM TSX-V ASX ASX TSX-V TSX-V/ASX TSX-V ASX ASX Private TSX-V TSX-V TSX-V/CSE 10.7 4.8 51.6 22.2 106.5 14.1 35.4 7.9 35.6 0.0 6.5 43.8 1.7 0.8 0.3 3.5 4.6 16.0 -0.9 1.4 -1.9 7.3 0.0 -2.5 9.8 0.3 9.9 4.4 48.1 17.5 90.5 15.0 34.0 9.8 28.3 0.0 9.0 34.0 1.4 Solitario Resources TSX 66.4 0.0 66.4 Fireweed Metals Altamin Callinex Mines Inc. TSX-V ASX TSX-V 172.1 19.2 37.6 34.4 0.5 4.6 137.7 18.7 33.1 Blue Lake Minerals NGM Nordic 19.0 1.0 18.0 American Pacific Mining Corp. Europa Metals/Denarius Metals Corp EDM Resources. Bunker Hill Mining CSE AIM/TSX-V TSX-V TSX-V 62.8 3.4 6.7 37.9 2.1 2.4 1.2 15.2 60.6 1.0 5.5 22.7 Rockfire Resources Thunder Mountain Gold American West Metals Alicanto Minerals Emerita Resources Aston Bay/American West Metals Denarius Metals R3D Resources Critical Resources Limited Norzinc Rathdowney Resources Ltd Tinka Resources MetalQuest Mining/Canadian Copper Inc. Project Ownership Deposit 100% 100% 100% 100% 75% 60% 76% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 29% 39% 50% 100% 79% 100% 74% 0% 45% 100% 100% 100% Bongara Blue Moon Akie San Jose Earaheedy Ballinalack Stonepark Molaoi South Mountain West Desert Sala Iberian Belt West Seal Lomero-Poyatos Queen Grade Halls Peak Prairie Creek Olza Ayawilca Murray Brook Florida Canyon Lik Macmillan Pass Gorno Nash Creek & Superjack Joma Stekenjokk-Levi Palmer Toral Scotia Bunker Hill Market Cap and Net Cash as at 13.12.2023 10:15am GMT Notes: • • • • Exploration Stage Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource Resource PEA PEA PEA PEA PEA PEA PEA SS PEA PEA PEA PFS? PFS PFS Tonnes (t) 2,162,000 7,300,000 30,200,000 1,080,000 94,000,000 5,400,000 5,100,000 2,300,000 1,182,000 18,136,967 9,700,000 18,787,000 1,006,000 11,180,000 734,000 840,000 16,158,000 24,400,000 66,900,000 18,168,000 17,300,380 23,450,000 50,680,000 7,060,000 22,732,000 7,200,000 11,800,000 14,271,000 20,000,000 30,460,000 13,979,000 Grade Zn (%) 17.6 6.0 8.0 9.0 2.4 7.6 8.7 9.4 7.8 4.8 3.2 3.6 10.2 1.1 5.3 3.7 11.0 5.5 5.9 2.7 9.8 8.2 6.0 6.8 2.7 1.5 2.2 5.0 4.4 1.8 5.2 Zn Eq (%) 17.6 14.0 9.7 10.1 3.1 8.5 11.0 12.0 19.6 5.6 5.0 12.3 11.6 9.6 5.3 7.6 22.1 6.8 6.7 7.9 11.2 12.0 9.6 9.3 3.8 4.9 7.4 10.8 7.5 2.6 16.1 Contained Metal Zn (t) 380,478 440,620 2,416,640 97,380 2,256,000 407,462 445,518 210,000 92,615 869,841 311,300 684,503 103,000 120,329 38,900 31,080 1,772,222 1,349,320 3,922,213 492,096 1,690,199 1,929,354 3,043,787 484,000 619,272 108,600 258,000 720,446 889,000 556,155 1,454,256 EV per attributable tonne Zn (AUD/t) 0.0 2.2 7.2 25.0 29.4 42.2 47.4 47.8 55.3 56.4 132.2 145.3 282.7 252.3 910.0 0.0 6.6 8.7 9.8 40.9 45.2 48.9 53.4 66.1 187.0 1.2 9.9 15.6 Peer Group Multiple Category Av/EV (A$/t) Multiple (x) Resource Stage Projects (globally)*1 ASX listed projects (Resource to PFS)*2 Projects of Similar Scale (>400,000kt Zn)*3 154.7 225.4 250.2 6.2 9.0 10.0 Data sourced from MRE published in company reports Grades are Zinc only not Zinc Equivalent and does not consider other metals Only included sulphide resources, excluded oxides Only projects with published compliant MRE used. Does not include JORC Exploration Targets | ASX:VAR Source: Company reports – See Appendix 1& 2 13 Notes: • • • • • | ASX:VAR 0 Source: Company reports – See Appendix 1& 2 Data sourced from MRE published in company reports Grades are Zinc only not Zinc Equivalent and does not consider other metals Only included sulphide resources, excluded oxides Only projects with published compliant MRE used. Does not include JORC Exploration Targets Excludes producers 14 Lomero-Poyatos-Denarius Metals Joma-Blue Lake Minerals Lagoa Salgada -Ascendant Resources Inc. Scotia-EDM Resources. Stekenjokk-Levi-Blue Lake Minerals Earaheedy -Rumble Resources 3rd Quartile Murray Brook-MetalQuest… Nash Creek & Superjack-Callinex Mines Inc. Vares-Adriatic Metals Plc Sala-Alicanto Minerals Iberian Belt West -Emerita Resources Halls Peak-Critical Resources Limited Toral-Europa Metals/Denarius Metals Corp Citronen-Ironbark Zinc West Desert-American West Metals 2nd Quartile Palmer-American Pacific Mining Corp. Bunker Hill-Bunker Hill Mining Tala Hamza-Terramin Queen Grade-R3D Resources Olza-Rathdowney Resources Ltd Sulphur Springs -Develop Global Ltd Ayawilca-Tinka Resources Macmillan Pass-Fireweed Metals Blue Moon-Blue Moon Metals Woodlawn-Develop Global Ltd 1st Quartile Namib-Ubique Minerals Gorno-Altamin Ballinalack-Group Eleven Resources Corp. South Mountain-Thunder Mountain Gold Akie-ZincX Resources Lik-Solitario Resources Stonepark-Group Eleven Resources Corp. San Jose-Variscan Mines Molaoi-Rockfire Resources 20 Florida Canyon-Solitario Resources Seal-Aston Bay/American West Metals Prairie Creek-Norzinc Bongara-LeadFX Superior Lake-Waroona Energy Zinc Grade (%) GRADE CURVE OF REPORTED MINERAL RESOURCES FOR GLOBAL ZINC SULPHIDE DEPOSITS 4th Quartile 18 16 14 12 10 8 6 4 2 GRADE CURVE OF REPORTED MINERAL RESOURCES FOR ZINC SULPHIDE DEPOSITS OWNED BY ASX LISTED COMPANIES Grade Curve of ASX Zinc Sulphide Deposits 10 9 8 6 Average 5.% Zn 5 4 3 2 1 | ASX:VAR Notes: • • • • • • Data sourced from MRE published in ASX listed company reports Grades are Zinc only not Zinc Equivalent and does not consider other metals Only included sulphide resources, excluded oxides Only projects with published JORC compliant MRE used. Does not include JORC Exploration Targets Only projects which an ASX listed entity has working interest / ownership are included. Projects under option are excluded Excludes producers Source: Company reports – See Appendix 1& 2 Earaheedy -Rumble Resources Vares-Adriatic Metals Plc Sala-Alicanto Minerals Halls Peak-Critical Resources Limited Citronen-Ironbark Zinc West Desert-American West Metals Tala Hamza-Terramin Queen Grade-R3D Resources Sulphur Springs -Develop Global Ltd Woodlawn-Develop Global Ltd Gorno-Altamin 0 San Jose-Variscan Mines Zinc Grade (%) 7 15 GRADE CURVE OF MINERAL RESOURCES FOR SPANISH ZINC DEPOSITS PROJECTS & MINES 25.00 1st Quartile 20.00 2nd Quartile 3rd Quartile 4th Quartile Zn Grade (%) 15.00 10.00 5.00 Closed Mine Exploration / Development | ASX:VAR Notes: • Data sourced from MRE and Luleå University Of Technology Publication • Grades are Zinc only not Zinc Equivalent and does not consider other metals • Excludes producers Source: Company reports – See Appendix 3 16 Peña del Hierro Herrerias Concepción Cueva Mora Lomero-Poyatos Cantareras Almagrera Masa Valverde Lagunazo Ntra.Sra.Carmen Mazarron La Zarza Aznalcollar Tharsis Sotiel-Migollas Carpio Castillo Buitrón Iberian Belt West La Union Los Frailes Malagón Toral Antonina San Platónn Rubiales San Jose Reocin Puebla de la Reina Troya San Telmo Sierrecilla Aliva Vuelta Falsa 0.00 MINERAL RESOURCE ESTIMATE – BENCHMARKING TONNAGE / GRADE 20.0 Superior Lake 18.0 Bongara 16.0 14.0 Florida Canyon Zn Grade (%) 12.0 Seal 10.0 Lik San Jose Molaoi Ballinalack Gorno 8.0 South Mountain 6.0 4.0 Olza Blue Moon Sala Halls Peak 2.0 - Sulphur Springs Woodlawn Bunker Hill Iberian Belt West West Desert Toral Namib Queen Grade 5,000,000 | ASX:VAR Notes: • • • • • Nash Creek & Superjack Palmer Joma - Akie 10,000,000 Stekenjokk-Levi Lomero-Poyatos Murray Brook Scotia Vares 15,000,000 20,000,000 Tonnage (t) Lagoa Salgada 25,000,000 Data sourced from MRE published in company reports Grades are Zinc only not Zinc Equivalent and does not consider other metals Only included sulphide resources, excluded oxides Only projects with published compliant MRE used. Does not include JORC Exploration Targets Excludes deposits greater than 40MT and operating mines 30,000,000 Source: Company reports – See Appendix 1& 2 35,000,000 17 1400 | ASX:VAR Vares-Adriatic Metals Plc Sala-Alicanto Minerals Iberian Belt West -Emerita Resources Halls Peak-Critical Resources Limited Citronen-Ironbark Zinc West Desert-American West Metals Palmer-American Pacific Mining Corp. Bunker Hill-Bunker Hill Mining Queen Grade-R3D Resources Macmillan Pass-Fireweed Metals Data sourced from MRE published in company reports Grades are Zinc only not Zinc Equivalent and does not consider other metals Only included sulphide resources, excluded oxides Only projects with published compliant MRE used. Does not include JORC Exploration Targets Data sorted left to right using proximity of ore deposit to surface, shown as bars, scale on LHS. Zinc grade shown as dots with scale on RHS Source: Company reports – See Appendix 1& 2 Ayawilca-Tinka Resources Toral-Europa Metals/Denarius Metals Corp Superior Lake-Waroona Energy Stonepark-Group Eleven Resources Corp. Lagoa Salgada -Ascendant Resources Inc. Tala Hamza-Terramin Florida Canyon-Solitario Resources Prairie Creek-Norzinc Sulphur Springs -Develop Global Ltd Olza-Rathdowney Resources Ltd Lomero-Poyatos-Denarius Metals Earaheedy -Rumble Resources Molaoi-Rockfire Resources Seal-Aston Bay/American West Metals Blue Moon-Blue Moon Metals Scotia-EDM Resources. Murray Brook-MetalQuest Mining/Canadian Copper… Gorno-Altamin Lik-Solitario Resources Joma-Blue Lake Minerals Stekenjokk-Levi-Blue Lake Minerals Nash Creek & Superjack-Callinex Mines Inc. Notes: • • • • • Woodlawn-Develop Global Ltd Namib-Ubique Minerals Ballinalack-Group Eleven Resources Corp. Akie-ZincX Resources South Mountain-Thunder Mountain Gold San Jose-Variscan Mines Bongara-LeadFX Resource Depth below surface (m) 0 200 400 600 10 800 8 1000 6 4 1200 2 18 0 Zn Grade (%) SHALLOW DEPOSIT – GRADE & DEPTH OF ZINC SULPHIDE MINERALIZATION 18 16 14 12 SAN JOSE MINE – PROVEN HIGH-GRADE WITH SIMPLE METALLURGY San Jose Mine ROM Grades 1970-1988 10 9 8 7 6 5 4 3 2 1 0 Simplified Historical Processing Flow Sheet Grade Zn (%) Avg. Zn Grade 6.3% Avg. Pb Grade 1.7% Zn Pb Avg Zn Avg Pb Current ‘weak’ zinc price offers 2x-3x premium Zinc Price (US$/T) 5000.00 4000.00 3000.00 SAN JOSE CLOSED 2000.00 1000.00 0.00 | ASX:VAR 1960 - Oct 2023 REOCÍN CLOSED Potential to enhance using modern technology i.e. DMS Sources: Historic production data from archives at the School of Mines in Torrelavega; World Bank metal prices 19 SAN JOSE MINE – INFRASTRUCTURE & FACILITIES CORE SHACK FORMER FLOATATION PLANT ELECTRIC GRID CONNECTION MUNICIPAL WATER TREATMENT PLANT SAN JOSE MINE ENTRANCE ROAD ACCESS WORKSHOP ROAD ACCESS CORE SHACK OFFICE CORE LOGGING | ASX:VAR 20 SAN JOSE MINE – INFRASTRUCTURE & FACILITIES | ASX:VAR 21 INDICATIVE TIMELINE OF KEY DELIVERABLES FY YR END AGM AUG ‘23 SEP ‘23 YOUR TITLE OCT’23 NOV ‘23 DEC ‘23 JAN ‘24 Assay 1 FEB ‘24 MAR ‘24 APR ‘24 MAY ‘24 JUN ‘24 Assay 2 Phase 3 Underground Drilling at San Jose Phase 4 Underground Drilling at San Jose YOUR TITLE Surface drilling at San Jose along strike? YOUR TITLE San Jose Mineral Resource Estimate Mineral Resource Estimate Upgrade? YOUR TITLE Implementation of key recommendations? Mine Restart Study YOUR TITLE Structural Geology Site Visit & Report YOUR TITLE Metallurgical test work Guarajaz Geochem Fieldwork | ASX:VAR JUL ‘24 APPENDIX 1 – DATA SOURCES FOR COMPARABLE COMPANY ANALYSIS Company Project Aston Bay/American West Metals Rockfire Resources Thunder Mountain Gold Group Eleven Resources Corp. Altamin Ubique Minerals Blue Moon Metals Rumble Resources Norzinc Solitario Resources American West Metals Tinka Resources Europa Metals/Denarius Metals Corp Critical Resources Limited Terramin Ironbark Zinc R3D Resources Ascendant Resources Inc. EDM Resources. Develop Global Ltd Alicanto Minerals Blue Lake Minerals LeadFX Adriatic Metals Plc Bunker Hill Mining Emerita Resources Waroona Energy MetalQuest Mining/Canadian Copper Inc. Fireweed Metals Callinex Mines Inc. ZincX Resources American Pacific Mining Corp. Rathdowney Resources Ltd Denarius Metals Variscan Mines Seal Molaoi South Mountain Ballinalack Stonepark Gorno Namib Blue Moon Earaheedy Prairie Creek Florida Canyon Lik West Desert Ayawilca Toral Halls Peak Tala Hamza Citronen Queen Grade Lagoa Salgada Scotia Sulphur Springs Woodlawn Sala Joma Stekenjokk-Levi Bongara Vares Bunker Hill Iberian Belt West Superior Lake Murray Brook Macmillan Pass Nash Creek & Superjack Akie Palmer Olza Lomero-Poyatos San Jose Measured and Indicated Grade Contained Zn Metal Zn 223,000 9.0 20,115 5,000,000 6.7 335,000 710,300 7.0 49,863 3,500,000 6.1 214,900 9,755,000 9.7 946,235 2,441,647 10.6 259,303 18,110,000 8.1 1,466,910 13,136,112 4.9 644,096 19,000,000 7.2 1,356,241 7,000,000 5.0 349,000 44,200,000 5.5 2,440,000 62,654,387 4.8 2,998,391 19,300,000 1.8 347,600 25,450,000 1.9 481,005 7,247,000 5.6 405,832 7,229,000 5.0 359,465 6,000,000 1.7 99,600 822,000 18.9 155,358 14,800,000 3.7 548,000 7,036,000 5.4 765,774 14,077,000 3.3 463,133 2,070,000 17.9 370,530 17,884,000 2.7 488,233 11,210,000 6.6 738,739 13,592,000 2.7 364,266 22,700,000 8.3 1,888,640 4,677,000 5.3 245,543 7,730,000 1.0 79,619 490,000 10.0 49,000 Tonnes (t) Inferred Grade Contained Zn Metal Zn 1,006,000 10.2 103,000 2,300,000 9.4 210,000 959,000 7.6 72,500 5,400,000 7.6 407,462 5,100,000 8.7 445,518 2,060,000 7.2 149,000 408,700 6.0 24,359 3,800,000 5.9 225,720 94,000,000 2.4 2,256,000 6,403,000 12.9 825,987 14,858,733 9.6 1,430,896 5,340,000 8.7 462,444 5,000,855 4.5 225,745 47,900,000 5.4 2,565,972 13,000,000 4.1 540,000 840,000 3.7 31,080 8,900,000 4.0 350,000 22,047,974 4.6 1,003,183 734,000 5.3 38,900 8,179,000 0.8 67,300 5,010,000 1.5 75,150 1,401,000 6.4 89,664 3,045,000 8.7 264,915 9,700,000 3.2 311,300 1,200,000 0.7 9,000 11,800,000 2.2 258,000 1,340,000 16.8 225,120 4,600,000 1.0 46,000 6,943,000 5.0 688,482 4,710,000 4.7 221,370 270,000 16.2 43,740 284,000 1.4 3,862 39,470,000 5.8 2,305,048 9,140,000 2.8 255,006 7,500,000 7.0 528,000 9,594,000 5.0 474,903 24,400,000 5.5 1,349,320 3,450,000 1.2 40,710 590,000 8.2 48,380 Tonnes (t) Total Grade Contained Source Zn Metal Zn 1,006,000 10.2 103,000 Technical Report for the Seal Deposit, 17 January 2018 2,300,000 9.4 210,000 Rockfire Resources plc, LSE announcement, 23 May 2023 1,182,000 7.8 92,615 Thunder Mountain Gold, Inc., TSX-V announcement, 13 November 2023 5,400,000 7.6 407,462 Technical Report for the Ballinalac Deposit, 11 January 2019 5,100,000 8.7 445,518 Technical Report for the Stone Park Deposit, 26 April 2018 7,060,000 6.8 484,000 Alta Zinc Limited, ASX announcement, 15 November 2021 1,119,000 6.6 74,222 North River Resources plc, LSE announcement, 20 October 2017 7,300,000 6.0 440,620 Blue Moon Metals Inc, TSX-V announcement, 28 November 2023 94,000,000 2.4 2,256,000 Zenith Minerals Limited, ASX announcement, 19 April 2023 16,158,000 11.0 1,772,222 Technical Report for the Prairie Creek Deposit, 15 October 2021 17,300,380 9.8 1,690,199 Technical Report for the Florida Canyon Deposit, 27 May 2021 23,450,000 8.2 1,929,354 Technical Report for the Link Deposit, 23 April 2014 18,136,967 4.8 869,841 American West Metals Limited, ASX announcement, 9 February 2023 66,900,000 5.9 3,922,213 Technical Report for the Ayawilca Deposit, 10 November 2021 20,000,000 4.4 889,000 Europa Metals, AIM announcement, 30 November 2022 840,000 3.7 31,080 Critical Resources Limited, ASX announcement, 30 June 2023 53,100,000 5.3 2,790,000 Terramin Australia Ltd, ASX announcement, 29 August 2018 84,702,361 4.7 4,001,574 Ironbark Zinc Limited, ASX announcement, 19 July 2021 734,000 5.3 38,900 R3D Resources Limited, ASX announcement, 14 February 2023 27,479,000 1.5 414,900 Technical Report for the Lagoa Salgada Deposit, 28 July 2023 30,460,000 1.8 556,155 Technical Report for the Scotia Deposit, 31 January 2020 8,648,000 5.7 495,496 Develop Global Limited, ASX announcement, 30 June 2023 10,274,000 6.1 624,380 Develop Global Limited, ASX announcement, 11 October 2023 9,700,000 3.2 311,300 Alicanto Minerals Ltd, ASX announcement, 13 July 2022 7,200,000 1.5 108,600 Technical Report for the Joma Deposit, 9 December 2021 11,800,000 2.2 258,000 Technical Report for the Stekenjokk Deposit, November 2021 2,162,000 17.6 380,478 Technical Report for the Bongará Deposit, 11 March 2019 19,400,000 3.1 594,000 Adriatic Metals Plc, ASX announcement, 19 August 2021 13,979,000 5.2 1,454,256 Technical Report for the Bunker Hill Deposit, 21 November 2022 18,787,000 3.6 684,503 Technical Report for the La Romanera and La Infanta Deposits, 5 July 2023 2,340,000 17.7 414,270 Technical Report for the Superior Deposit, 15 October 2021 18,168,000 2.7 492,096 Technical Report for the Murray Brook Deposit, 19 July 2013 50,680,000 6.0 3,043,787 Technical Report for the Macillan Pass Deposit, 6 July 2018 22,732,000 2.7 619,272 Technical Report for the Nash Creek Deposit, 28 June 2018 30,200,000 8.0 2,416,640 Technical Report for the Akie Deposit, 1 August 2018 14,271,000 5.0 720,446 Technical Report for the Palmer Deposit, 7 March 2022 24,400,000 5.5 1,349,320 Technical Report for the Olza Deposit, 31 December 2014 11,180,000 1.1 120,329 Technical Report for the Lomero Poyatos Deposit, 2 November 2023 1,080,000 9.0 97,380 Variscan Mines Limited, ASX announcement, 28 November 2023 Tonnes (t) From Slide 13: *1 Includes: Blue Moon Metals, ZincX Resources, Rumble Resources, Group Eleven Resources Corp., Rockfire Resources, Thunder Mountain Gold, American West Metals, Alicanto Minerals, Emerita Resources, Aston Bay, Denarius Metals, R3D Resources, Critical Resource *2 Includes: Rumble Resources, American West Metals, Alicanto Minerals, R3D Resources, Critical Resources, Altamin *3 Includes: Rockfire Resources, Thunder Mountain Gold, Aston Bay/American West Metals, Denarius Metals, R3D Resources, Critical Resource, Blue Lake Mineerals | ASX:VAR 23 APPENDIX 2 – LINKS TO DATA SOURCES FOR COMPARABLE COMPANY ANALYSIS Market Cap (AUD) TSX-V/ASX 14.1 AIM 10.7 Market Company Aston Bay/American West Metals Rockfire Resources Thunder Mountain Gold TSX-V 4.8 Group Eleven Resources Corp. TSX-V 26.5 Altamin Ubique Minerals Blue Moon Metals Rumble Resources Norzinc ASX CSE TSX-V AS