ASX Announcement | 23 August 2024 Variscan Mines Limited (ASX:VAR) FOLLOW-ON INVESTMENT FROM MAJOR SHAREHOLDER TO MAXIMISE PERMITTED HOLDING Highlights • Follow-on investment, extending the interim funding raising a further $90,000 through the issue of 15,000,000 new ordinary shares at $0.006 per share to continue advancing the Novales-Udias Zinc Project. • Direct placement made to Zinc GroupCo (the Company’s largest shareholder). • Investment maximizes permitted shareholding with Zinc GroupCo increasing its ownership to 22.57%. Variscan Mines Limited ("Variscan" or the "Company" or the “Group”) (ASX:VAR) is pleased to advise that it has completed an extension to the Interim Placement announced on 22 July 2024. The follow-on investment from Zinc GroupCo Pty has raised $90,000 via a direct subscription with the Company issuing 15,000,000 ordinary shares at $0.006 each. Variscan’s Managing Director & CEO, Stewart Dickson said, “The Board is grateful for the ongoing support from its major shareholder. Zinc GroupCo are sector specialist investors bringing value-add capital having invested over a number of rounds. They share our conviction in our Spanish zinc projects, our strategy to advance them, as well as the deep value opportunity currently presented. We are progressing one of the highest-grade, development stage zinc deposits in Europe towards restarting production. Proceeds from this capital raise will go into the ground, to continue progressing the exciting underground drilling programs and results coming from the Novales-Udias Project as well as associated studies to evaluate re-starting the San Jose Mine.“ Interim Funding & Notice of General Meeting The Company has completed an extension to the interim funding announced on 22 July 2024, on the same terms, through the placement of an additional 15,000,000 shares at $0.006 per share (the “Placement”) to Zinc GroupCo Pty raising $90,000. The Placement shares were issued pursuant to the Company’s capacity under Listing Rule 7.1, the Company has now used the majority of that available capacity. An Appendix 2A follows for immediate release. This brings the total amount raised from the interim funding to $384,000 from the issue of 64,000,000 shares (the “Interim Funding”). Zinc GroupCo has been the lead investor in the Interim Funding. The Interim Funding, which is now closed, incorporated an issue of unlisted options, subject to shareholder approval, on the basis of 1 option for every 2 shares taken up in the Placement. The unlisted options will be exercisable by payment of $0.01 each on or before the date two years from the date of issue. A Notice of Meeting for a General Meeting of Shareholders will be circulated in due course. About Zinc GroupCo Pty Ltd Zinc GroupCo is a special purpose investment vehicle established by mining industry professionals together with commodity traders. Its focus is to pursue the exploration of new highly qualified zinc exploration assets and support near-term production opportunities in zinc mining either through new discoveries or restart of historically low capex, high grade zinc operations. The principals of Zinc GroupCo have operated around the world in numerous geographies in both listed and unlisted environments. Zinc GroupCo principals have experience in building businesses and supporting projects from exploration to development including financing new projects through equity, debt, offtake or other hybrid or structured financing solutions with a focus on preserving and unlocking shareholder value. For further information, please contact: Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO E: stewart.dickson@variscan.com.au T: +44 (0) 7799 694195 Media & Investor Enquiries The Capital Network Julia Maguire E: julia@thecapitalnetwork.com.au P: +61 2 7257 7338 2 About Variscan Mines Limited (ASX:VAR) Variscan Mines Limited (ASX:VAR) is a growth oriented, natural resources company focused on the acquisition, exploration and development of high-quality strategic mineral projects. Its primary focus is the development of its advanced zinc projects in Spain. This ASX announcement has been authorised by the Board of Variscan Mines Limited To learn more about Variscan Mines Limited please click here: www.variscan.com.au For more information Follow us on LinkedIn Follow us on Twitter Visit our investor website: www.variscan.com.au 3