Announcement PDF Spain’s next high-grade zinc mine Powering the energy transition Variscan Mines Limited (ASX:VAR) Investor Presentation November 2024 Disclaimer & Important Notice 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. The information in this document that relates to the Exploration Target, exploration results and technical information is based on, and fairly represents information and supporting documentation reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk 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). With over 10 years of full-time exploration experience in MVT-style zinc-lead systems in several of the world’s leading MVT provinces, Dr. Mlynarczyk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (‘JORC Code’). Dr. Mlynarczyk consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Where reference is made to previous releases of exploration results and mineral resource estimates in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates included in those announcements continue to apply and have not materially changed. 2 | ASX:VAR Investment Highlights • Variscan Mines (ASX:VAR) is focused on the evaluation and development of critical and strategic mineral projects in Spain • Zinc focused, de-risked development projects in former mining districts. • Key focus is high grade, Novales-Udias Project and recommencing mining operations • Significant in-country knowledge and expertise, having operated in Spain for 5 years. • 100% resident team has strong technical and commercial experience. • Value opportunity with significant EV/Resource upside to peers • Spanish projects have excellent infrastructure (roads, rail, ports), and a skilled workforce. • Close to major European markets, including Glencore San Juan smelter in Asturias • Next steps: 4x Near Term, Value Drivers: (1) UG Drilling at Udias; (2) Mineral Resource Update; (3) Mine Re Start (Scoping) Study; (4) Portfolio development 3 | ASX:VAR Investment Highlights: 4x Near Term, Value Drivers MINERAL RESOURCE UPDATE DRILLING IN UDIAS MINE • Current MRE is one of the highest grade Zinc projects on ASX: 1.1Mt @ 9% Zn, 1.2% Pb • :3x-6x growth potential based on JORC Exploration Target* • Successful infill drilling à significant potential for tonnage increases and confidence category upgrades • Updated structural geology highlights step-out trends • Asturmine in Spain mandated to conduct updated Mineral Resource Estimate; significant zinc experience; retained by Glencore /KazZinc -- grade resource * * Undervalued high • Maiden drilling by Variscan underway • Potential game changer; Udias Mine is an order of magnitude greater than San Jose Mine • No mining since 1930 • Historical drilling shows continuity & connectivity with San Jose • Drill testing underground Face Sampling +40%Zn • Priority drill targets outside of existing MRE * Game changer for scale * SAN JOSE MINE RE-START STUDY PORTFOLIO DEVELOPMENT • Enablers are in place for near-term Mine Re-Start • Piran Mining in Australia mandated to conduct Mine Re Start Study; JORC Scoping Level report delivering production targets, economics and execution plan • Updated Met test work being conducted by GSL in UK • Evaluation of new assets • Irish assets under DD • Apply for additional licences in northern Spain; 70% growth in last year * Blue sky potential * * Moving towards production * 4 Source: * Refer Slide 14 | ASX:VAR Novales-Udias Zinc Project • Brownfield project in proven mining district • Basque-Cantabrian basin is one of Europe’s premier Zn-Pb regions • 8km NW of the world-class historic Reocin zinc deposit • 62 Mt @ 9.7% Zn, 1% Pb • VAR is only active explorer / developer in Cantabria • Project centred on former producing San Jose Zn Mine • Maiden Mineral Resource Estimate 1.08Mt @ 9%Zn • JORC Exploration Target of 3-6Mt @ 7-11%Zn* • Proximity to Glencore’s San Juan de Nieva zinc smelter • 2nd largest zinc smelter globally • Defined and metallurgically simple MVT zinc sulfide deposit along ~12 km trend • Shallow mineralisation (170-240m depth) • Excellent infrastructure at project & regional levels • Santander has deep port, rail, air and road networks to markets • 100% owned project with no NSR • Project has long history with local communities – strong social licence Watch former mining operations at San Jose: https://www.youtube.com/watch?v=88riUxv0ZiE 5 Source: * Refer Slide 14. Cautionary Statement: 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 FY24/25: Key project developments 6 | ASX:VAR Zinc: Demand to benefit from energy transition OFFSHORE WIND currently one of the smallest renewable energy sources globally but rapidly growing and requiring zinc-intensive galvanisation. •less zinc-intensive than offshore wind, but a well-developed technology which can be installed on a massive scale and often SOLAR requires galvanised mountings. less zinc-intensive than offshore wind, but a well-developed technology which can be installed on a massive scale and often requires galvanised mountings. UTILITY-SCALE BATTERIES essential to ensure flexibility of variable renewable energy sources and a potential growth area for zinc oxide. Zinc designated as a strategic metal by US government in November 2021 Zinc designated as a strategic metal by Canadian government in February 2022 Zinc designated on Strategic Materials List by Australian government in December 2023 7 Zinc designated as a Critical Metal by International Energy Association in 2022 Variscan has been accepted as a member of the EBA250 Source: CRU; International Energy Agency ; Government Reports | ASX:VAR Zinc: Demand to benefit from energy transition Climate technologies require more metal Critical Mineral needs for clean energy technologies 8 Source: International Energy Agency; McKinsey Global Energy Perspective 2024 | ASX:VAR Zinc: Positive price performance Zinc Price (USD/T) (2024 YTD) Base Metals' price indices (12mth rolling) 9 Source: Trading Economics; Panmure Liberum Equity Research; Bloomberg | ASX:VAR San Jose Mine: High grade zinc former producing mine Massive replacement zinc sulfide ore Example: DDH NOV113: 33.0m @ 4.1% Zn + 0.1% Pb • 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 passes & development • 3x underground drilling campaigns conducted to date totalling 177 holes for ~4,806m • Ongoing underground drilling – flexible, efficient & cost-effective drilling using own portable rig • 3x step-out surface drill-holes from the San Jose Mine indicate growth potential; follow-up 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 10 Note: DDH NOV113 Hole Depth shown from 5.40m to 16.90m Source: 1 Management estimates based on current, actual drilling rates and costs incurred by the Company multiplied by number of metres | ASX:VAR JORC Mineral Resource Estimate: one of the highest grade Zn projects on ASX Deposit 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 San Jose (NE) Inferred 260 4.7 0.1 4.8 Udías (NE) 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 San Jose Total • 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 11 Source: Refer ASX announcement 28 November 2023 | ASX:VAR 12 Source: Company reports; refer Appendix 1 for data Earaheedy -Rumble Resources 6.0 Vares-Adriatic Metals Plc Sala-Al icanto Minerals Halls Peak-Critical Resources Limited Pinnacles-Coolabah Metals Citronen-Ironbark Zinc West Desert-Ameri can West Metals Tala Hamza-Terramin Queen Grade-Tartana Mineral s Limited Rasp-Coolabah Metals Sulphur Springs-Develop Global Ltd Woodlawn-Develop Global Ltd Gorno-Altamin Endeavor-Polymetals San Jose-Variscan Mines Zinc Grade (%) JORC Mineral Resource Estimate: one of the highest grade Zn projects on ASX Grades of ASX Zinc Sulphide Deposits 10.0 9.0 8.0 7.0 5.0 Average 5.2% Zn 4.0 3.0 2.0 1.0 0.0 | ASX:VAR JORC Mineral Resource Estimate: Shallow & accessible from mine development 3D View of Resources in Central Zone of San Jose Mineral Resource comprises 3 constituent zones 13 Source: Refer ASX announcement 28 November 2023 | ASX:VAR JORC Mineral Resource Estimate: Reasons for genuine growth potential (1) JORC Exploration Target: 3x-6x growth potential Range Lower Upper Tonnage (Mt) 3 6 Zinc (%) Lead (%) 7 0.3 11 1.6 Cautionary Statement: 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). (2) Updated structural geology highlights step-out trends “This is a truly massive zinc system that is strongly structurally controlled” Dr. Brett Davis. Structural Geology Expert 14 Source: Refer ASX announcement 28 November 2023; 18 Feb 2024 | ASX:VAR JORC Mineral Resource Estimate: Reasons for genuine growth potential (4) Updated JORC modelling well advanced (3) Successful Infill & Expansion Drilling Massive replacement zinc sulfide ore • Completed ~1502m underground drilling campaign at San Jose Mine • Asturmine mandated to conduct updated Mineral Resource Estimate • Highly successful with high-grade results featuring in MinerDeck ‘best of best’ drilling intercepts • Significant zinc experience; retained by Glencore / KazZinc for resource estimation • In-house drilling capability à cost saving, flexibility & efficiency • Reporting of updated JORC Mineral Resource imminent 15 Source: Refer ASX announcement 4 Mar 2024; 10 Jul 2024 | ASX:VAR Successful Infill & Expansion Drilling campaign at San Jose Mine 16 Source: Refer ASX announcement 4 March 2024; MinerDeck July 2024 | ASX:VAR 70% Increase to project licence area Positive historical drilling over new licences § 5 new licences awarded, with an area of 36.66 km 2, are immediately adjacent to the existing tenements § New areas extend the Novales Trend to NE to approximately 12 km in strike length § De-risked exploration opportunity over very prospective areas to increase scale § Historical drill intercepts over the licence areas include: § DDH S-21: 6.0m @ 9.62% Zn / DDH S-163: 7.3m @ 6.50% Zn / DDH S-162: 3.2m @ 9.57% Zn § DDH S-162: 3.3m @ 6.33% Zn / DDH S-162: 2.0m @ 6.73% Zn / DDH S-100: 1.0m @ 6.28% Zn § Collation of additional archive information underway with further historical drilling results expected to be reported § Future workplan submitted § Additional licence areas being actively sought includes drilling with applications Massive replacement zinc sulfide ore already 17 Source: Refer ASX announcement 7 Apr 2024 | ASX:VAR Current drilling campaign: Maiden Drilling at Udias = Potential Game Changer Priority drill targets outside of existing MRE Massive replacement zinc sulfide ore 18 Source: Refer ASX announcement 14 Nov 2024 | ASX:VAR Current drilling campaign: Maiden Drilling at Udias = Potential Game Changer Udias Mine is an order of magnitude greater than San Jose Mine § Recent granting of “Estela” exploration permit in the centre of the Udias Mine footprint has enabled access § Extensive mine development along the SW part of the NovalesUdias Trend. § Same elevation and style of mineralization as San Jose; high-grades Zn-Pb, mostly sulfide, stacked ore lenses § No mining since 1930 § Historic mining only exploited calamine ore, (lack of zinc sulfide processing facilities ) à zinc sulfides remain in-situ § No drilling at all along the southernmost 2km of the mineral trend Massive replacement zinc sulfide ore 19 Source: Refer ASX announcements 7 August 2023; 10 Sept 2024; 14 Nov 2024 | ASX:VAR Priority drill targets informed by high-grade sampling & drilling results Historical Drilling: Continuity & connectivity with San Jose Underground Face Sampling: +40%Zn • 337 samples • 131 historical drillholes • 7,398 metres • Selected results: • Selected results: • 10.90m @ 12.01% Zn, 0.62% Pb • 4.50m @ 26.47% Zn, 19.46% Pb • 14.85m @ 8.17% Zn, 0.64% Pb • 2.80m @ 35.87% Zn, 0.17% Pb • 10.70m @ 8.64% Zn, 0.57% Pb • 4.00m @ 21.50% Zn, 0.32% Pb • 4.80m @ 14.36% Zn, 2.17%Pb • 3.00m @ 28.20% Zn, 5.90% Pb • 6.20m @ 10.23% Zn, 3.00% Pb Massive replacement zinc sulfide ore @ 36.95% Zn, 0.41% Pb • 2.00m • 6.10m @ 5.54% Zn, 0.57% Pb • 2.00m @ 35.39% Zn, 0.07 % Pb • 4.00m @ 16.39% Zn, 2.18% Pb • 1.55m @ 41.00% Zn, 0.22% Pb 20 Source: Refer ASX announcements 7 August 2023; 10 Sept 2024 | ASX:VAR Minesite Facilities & Infrastructure: Ready for Mine Re-Start ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 31,199m 2 site Permitted for use for mineral exploration, development and mining activities Access to the main portal of the underground San Jose Mine Total area of constructed buildings is 1,157m 2 Ability add more warehouse area if required Existing water supply Single-phase power although site previously supplied with overhead 3phase power Excellent core logging and storage facilities established Direct access via sealed roads Site is within trucking distance (~145km) from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (100% owned by Glencore). Site is ~30km southwest from the regional capital, Santander FORMER FLOATATION PLANT (UNSERVICEABLE) CORE SHACK MUNICIPAL WATER TREATMENT PLANT ELECTRIC GRID CONNECTION SAN JOSE MINE ENTRANCE ROAD ACCESS WORKSHOP ROAD ACCESS CORE SHACK OFFICE CORE LOGGING 21 | ASX:VAR Minesite Facilities & Infrastructure: Ready for Mine Re-Start 22 | ASX:VAR Mine Re-Start: Enablers in place Location • 40km west of Santander, Cantabria, Spain Tenements • 1 mining leases (~12km2), 6 exploration licences (~77km2) Historical Production • Operated to 1999. Producing ~1,000t/month with 1 shift system at ~6%Zn ROM grade. • Ran profitably for over 20yrs at much lower Zn prices M ining Per m its • Mining is permitted to commence immediately • Plan de Labores approved for mining 15,000Mt à 30,000Mt • Supplementary permits required (e.g. Blasting) estimated 3-6 months lead time but won’t be difficult to get approved (just processing) • No need for a new ‘Plan of Restoration’ for mining but is required for surface drilling (this has already been submitted) • Therefore potential to mine, stockpile and/or 3rd party toll processing (site is big enough) Processing Permits • Conventional crushing, grinding and differential (Zn & Ag-Pb) flotation • Longest lead item (up to 2years) as will require environmental impact assessment + no experience of permitting this within Government • This will include key areas of Tailings Management (underground) is likely to be preferred) & Waste Water treatment • 2 sites identified: (1) at mine site; (2) Hoyo Alto area (away from Novales village) Royalties • No Royalties payable to Government. • No NSR as VAR repurchased the option from Hispanibal in 2019 Power & Water • Grid power supplying 12,000V • Adjacent to river water supply (Arroyo de la Presa) Transport • Onsite road access already connected to regional network • Underground refurbishment of tracks and locomotive 23 | ASX:VAR Mine Re-Start Study Workflow ID 1 Task Name Duration Variscan restart Project 118 days? % Start Complete 0% Tue 05/11/24 Fri 09/05/25 Finish November 2024 December 2024 January 2025 February 2025 March 2025 April 2025 May 2025 28 02 07 12 17 22 27 02 07 12 17 22 27 01 06 11 16 21 26 31 05 10 15 20 25 02 07 12 17 22 27 01 06 11 16 21 26 01 06 11 16 2 Project Scheduling & Progress Reporting 2.1 days 0% Mon 16/12/24 Wed 18/12/24 10 PO Issued 0 days 0% Tue 05/11/24 Tue 05/11/24 05/11 11 Project Start 0 days 0% Thu 07/11/24 Thu 07/11/24 07/11 12 Geology Survey 10 days? 0% Mon 25/11/24 Mon 09/12/24 13 Receive New Reserve Model (Depleted) 0 days 0% Mon 25/11/24 Mon 25/11/24 14 Review Latest Environmental/Social Sensitivites and Operartional Restrictions 1 day? 0% Tue 26/11/24 Wed 27/11/24 15 Review Latest Geotechnical Rescource Model 2 days 0% Thu 28/11/24 Mon 02/12/24 16 Import Latest Survey Data - Underground and Surface 1 day 0% Tue 03/12/24 Wed 04/12/24 Undertake Project Wide SWOT Analysis 3 days 0% Wed 04/12/24 Mon 09/12/24 56.3 days 0% Thu 07/11/24 Mon 10/02/25 17 18 Metallurgy 19 Project Lead - Met' Testing 2.1 days 0% Mon 16/12/24 Wed 18/12/24 27 Dispatch Samples to Lab (Client Costs) 10 days 0% Thu 07/11/24 Thu 21/11/24 28 Met Lab Testing & Reporting (Client Costs) 20 days 0% Mon 25/11/24 Mon 06/01/25 29 Confirm Met Recovery Assumptions 3 days 0% Tue 07/01/25 Fri 10/01/25 30 Assess and Assist in Defining a Preferred Metallurgical Route 3 days 0% Mon 09/12/24 Thu 12/12/24 31 GATE 1 - Review Recovery Results with Client 4 days 0% Fri 10/01/25 Thu 16/01/25 32 Gate 1 Approved 0 days 0% Thu 16/01/25 Thu 16/01/25 33 Environmental/Social 13 days 0% Fri 17/01/25 Thu 06/02/25 34 Assess Environmental/Social Sensitivities, Define Operational Restrictions 10 days 0% Fri 17/01/25 Mon 03/02/25 35 Assist Variscan with Local &/or National Government Discussions (where relevant) 2 days 0% Tue 04/02/25 Thu 06/02/25 56.3 days 0% Thu 07/11/24 Mon 10/02/25 36 Geotechnical 37 Project Lead - Geotech Testing 2.1 days 0% Mon 16/12/24 Wed 18/12/24 45 Dispatch Samples to Lab (Client Costs) 10 days 0% Thu 07/11/24 Thu 21/11/24 46 Lab Testing & Reporting (Client Costs) 20 days 0% Mon 25/11/24 Mon 06/01/25 47 Assess Geotechnical setting with respect to Ground Support, System Required, Stable Spans, etc 10 days 0% Mon 25/11/24 Mon 09/12/24 29 days 0% Thu 16/01/25 Thu 27/02/25 53 Mine Design 54 Cut-off Grade Assessment. Run Sensitivities. 3 days 0% Thu 16/01/25 Tue 21/01/25 55 GATE 2 - Review Results with Client 4 days 0% Tue 21/01/25 Tue 28/01/25 56 Gate 2 Approved 0 days 0% Tue 28/01/25 Tue 28/01/25 57 Create the Forward Mine Plan Based on Preferred Miing Approach (Low Capex) 12 days 0% Fri 31/01/25 Tue 18/02/25 58 Undertake mini-trade-off studies where required to assess preferred options 4 days 0% Thu 06/02/25 Wed 12/02/25 59 Determine Nominal Specifications for Key Supporting Infrastructure (Modelled Where Req'd) 4 days 0% Wed 19/02/25 Tue 25/02/25 60 Create GA's of Main Site Services and Facilities 5 days 0% Thu 20/02/25 Thu 27/02/25 10 days 0% Fri 28/02/25 Mon 17/03/25 10 days 0% Fri 28/02/25 Mon 17/03/25 23 days 0% Thu 27/02/25 Wed 02/04/25 61 62 63 Mining Schedule Create Details 3D Mining Schedule Attributed with Key Mining Metrics Capital and Operating Costs 64 Source Budget Costings for Supply of Mining Equipment and Key Supporting Infrastructure 5 days 0% Thu 27/02/25 Fri 07/03/25 65 Build Up Total Project Capital Cost Estimate 4 days 0% Mon 17/03/25 Fri 21/03/25 66 Build an Operating Cost Estimate Based on Budget Costings or Empiricals 3 days 0% Mon 24/03/25 Thu 27/03/25 67 GATE 3 - Review Costs with Client 4 days 0% Thu 27/03/25 Wed 02/04/25 68 Gate 3 Approved 0 days 0% Wed 02/04/25 Wed 02/04/25 69 Economic Modelling 12 days 0% Wed 02/04/25 Tue 22/04/25 70 Determine Key Revenue Terms and Assumptions 3 days 0% Wed 02/04/25 Mon 07/04/25 71 Build Project DCF Model 4 days 0% Tue 08/04/25 Mon 14/04/25 72 Run Sensitivities and Iterate where Required 3 days 0% Tue 15/04/25 Tue 22/04/25 11 days 0% Wed 23/04/25 Fri 09/05/25 11 days 0% Wed 23/04/25 73 74 Reporting Report Writing 25/11 16/01 28/01 02/04 Fri 09/05/25 Page 1 24 | ASX:VAR Mine Re-Start: Indicative workflows to production subject to study outcomes PERMITTING DERISKED Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 TECHNICAL Q4 2025 Q1 2026 Q2 2026 Q3 2026 STATUS Mining Licence ✓ Granted Surface Access ✓ Lease signed Underground Ancil Permitting ✓ Socialised Surface Processing Facilities Application ✓ To Do ESIA To Do Geological Understanding ✓ Deep knowledge Mineral Resource Growth ✓ In Progress Exploration Drilling ✓ On Schedule Mine Design & Scheduling To Do Geotechnical & Sub-Surface Assessment UG developed Metallurgical Testing & Flow Sheet IMPLEMENTATION Q3 2025 ✓ Planned Bankable Feasibility Study To Do Plant FEED To Do Infrastructure, Supply Chain & Logistics Feed into BFS Underground Development ✓ Limited rerfurb Surface Access ✓ Achieved Construction To Do Production On Schedule 25 | ASX:VAR Strong Social Licence & Working Practices ‘MONUMENT TO THE MINERS’ IN NOVALES OH&S PROTOCOLS & TRAINING IN PLACE EXCELLENT GOVERNMENT RELATIONS SUPPORT TO LOCAL FIESTA 26 | ASX:VAR Near Term plan & catalysts towards re-starting production Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Udias UG Drilling Exploration / Resource Growth Met test work Engineering MRE Update MRE Update Re-Start Study Study Work Ireland DD Project Growth Licence expansion & new projects 27 | ASX:VAR Appendix 1 – Data sources for grades of ASX listed zinc projects Company Market Project Ownership Deposit Exploration Stage Tonnes (t) Grade Source Zn (%) Variscan Mines Polymetals Altamin Develop Global Ltd Develop Global Ltd Coolabah Metals Tartana Minerals Limited ASX ASX ASX ASX ASX ASX ASX 100% 100% 100% 100% 100% 100% 100% San Jose Endeavor Gorno Woodlawn Sulphur Springs Rasp Queen Grade Resource MRS Scoping MP DFS Production Resource 1,080,000 16,300,000 7,060,000 11,261,000 8,648,000 10,055,000 734,000 9.0 8.0 6.8 5.8 5.7 5.7 5.3 https://www.variscan.com.au/site/pdf/4d333c9d-6f34-486a-9536-6d74c5391ffa/Maiden-High-Grade-Mineral-Resource-Estimate-San-Jose-Mine.pdf Terramin ASX 49% Tala Hamza DFS 53,100,000 5.3 https://static1.squarespace.com/static/637d667ba746ad764c544b1a/t/63db07b7eb459261596343da/1675298770919/180829+ASX+Release+Tala+Hamza+DFS.pdf American West Metals Ironbark Zinc Coolabah Metals Critical Resources Limited Alicanto Minerals Adriatic Metals Plc Rumble Resources ASX ASX ASX ASX ASX ASX ASX 100% 100% 70% 100% 100% 100% 75% West Desert Citronen Pinnacles Halls Peak Sala Vares Earaheedy Resource BFS C&M Resource Resource Production Resource 18,136,967 84,702,361 5,971,000 840,000 9,700,000 19,400,000 94,000,000 4.8 4.7 4.7 3.7 3.2 3.1 2.4 https://www.americanwestmetals.com/site/pdf/1ce1f57b-73ec-42be-90d0-98a1b6f30bb4/Maiden-JORC-MRE-for-West-Desert.pdf https://pol.live.irmau.com/pdf/8fd0dbcf-575b-4c2b-aeab-8f6b527cc36a/Endeavor-Silver-Lead-Zinc-Mine-Restart-Study-completed.pdf https://wcsecure.weblink.com.au/pdf/AZI/02451883.pdf https://wcsecure.weblink.com.au/pdf/DVP/02787687.pdf https://wcsecure.weblink.com.au/pdf/DVP/02681240.pdf https://img1.wsimg.com/blobby/go/2aa6b717-791b-41dd-91fd-c7e96f8df9fd/downloads/2024%2009%2017%20-%20MATERIAL%20TRANSACTION%20-%20CBH%20to%20Acq.pdf?ver=1731457429236 https://www.r3dresources.com.au/pdf/2f3c9931-a442-4d36-bcf1-371cf8904328/Maiden-Queen-Grade-Zinc-Resource.pdf https://ironbark.gl/wp-content/uploads/2021/07/20210719-CITRONEN-BFS-ANNOUNCEMENT-ASX-1.pdf https://img1.wsimg.com/blobby/go/2aa6b717-791b-41dd-91fd-c7e96f8df9fd/downloads/2024%2009%2017%20-%20MATERIAL%20TRANSACTION%20-%20CBH%20to%20Acq.pdf?ver=1731457429236 https://wcsecure.weblink.com.au/pdf/CRR/02681839.pdf https://wcsecure.weblink.com.au/pdf/AQI/02541518.pdf https://www.investi.com.au/api/announcements/adt/25968aa7-0cd.pdf https://app.sharelinktechnologies.com/announcement/asx/4dfc0e25308ba7fb6d8cd8b9ff992193 28 | ASX:VAR Spain’s next high-grade zinc mine For more information, please contact: Stewart Dickson Investor Relations Managing Director & CEO The Capital Network +44 7799694195 Julia Maguire +61 8 93169100 +61 2 8999 3699 stewart.dickson@variscan.com.au julia@thecapitalnetwork.com.au www.variscan.com.au 29