Spain’s next high-grade zinc mine Powering the energy transition Variscan Mines Limited (ASX:VAR) Mineral Resource Update Presentation December 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 report that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Juan Antonio Fernández García and Dr Mike Mlynarczyk. Mr Juan Antonio Fernández García is a Principal Consultant and Competent Person at Asturmine and is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM(CP)). Mr Fernández García has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, as well as the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Fernández García assumes responsibility for matters related to Section 3 of the JORC Table 1 and consents to the disclosure of the information in this report in the form and context in which it appears. Dr Mike Mlynarczyk is the Principal of Redstone Exploration Services, a geological consultancy acting as an external consultant to Variscan Mines. He is a Professional Geologist (PGeo) of the Institute of Geologists of Ireland and the Spanish Official Professional Association of Geologists, as well as a European Geologist (EurGeol) of the European Federation of Geologists, and a Fellow of the Society of Economic Geologists (SEG). With over 13 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 relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 assumes responsibility for matters related to Sections 1 and 2 of the JORC Table 1 and consents to the disclosure of the information in this report 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 presentation, the Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of mineral resources, that all material assumptions and technical parameters underpinning the mineral resource estimates included in the relevant market announcements continue to apply and have not materially changed. 2 | ASX:VAR Investment Highlights Zinc focused, de-risked development projects in Spain 3x growth in Mineral Resource Estimate (‘MRE’) at NovalesUdias Project 3.4Mt @ 7.6% Zn, 0.9 % Pb Defined Measured + Indicated confidence categories at San Jose Mine à basis for Mine Re-Start Study 2nd highest grade zinc development project on ASX Significant MRE upside potential & near-term value drivers 3 | 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 62 Mt @ 9.7% Zn, 1% Pb • Project centred on former producing San Jose Zn Mine • 3x growth in Mineral Resource Estimate • 3.4Mt @ 7.6% Zn, 0.9 % Pb • 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 4 | ASX:VAR JORC Mineral Resource Estimate: Novales-Udias Project Grade Deposit Contained Metal Mineral Resource Classification Tonnage (t) Zinc (%) Lead (%) Zinc + Lead (%) Zinc (t) Lead (t) Zinc + Lead (t) Measured 480,254 9.18 1.80 10.98 44,064 8,654 52,718 Indicated 641,881 8.69 1.50 10.19 55,782 9,607 65,389 Measured & Indicated 1,122,135 8.90 1.63 10.53 99,845 18,262 118,107 Inferred 615,304 8.15 1.03 9.18 50,121 6,356 56,477 Sub-total 1,737,439 8.63 1.42 10.05 149,966 24,618 174,584 San Jose (NE) Inferred 931,608 5.72 0.20 5.92 53,306 1,860 55,165 Udías* (NE) Inferred 709,533 7.60 0.47 8.07 53,915 3,316 57,232 Measured 480,254 9.18 1.80 10.98 44,064 8,654 52,718 Indicated 641,881 8.69 1.50 10.19 55,782 9,607 65,389 Measured & Indicated 1,122,135 8.90 1.63 10.53 99,845 18,262 118,107 Inferred 2,256,445 6.97 0.51 7.48 157,342 11,532 168,874 Total 3,378,580 7.61 0.88 8.49 257,187 29,794 286,981 San Jose Total ü Defined Measured Resources over the Novales-Udias Project for the 1st time ü Measured & Indicated Resources represent 67% of the Mineral Resource Estimate for San Jose Mine ü Grades in the Measured category are higher (9.18% Zn) than any other category / deposit 5 Source: Refer ASX announcement 9 December 2024 | ASX:VAR Mineral Resource Estimate: 3 constituent zones; unchanged from Nov 2023 6 Source: Refer ASX announcement 9 December 2024 | ASX:VAR 7 Source: Company reports; refer Appendix 1 for source data Earaheedy -Rumble Resources 5.0 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 Minerals Li mited Sulphur Springs-Develop Global Ltd Woodlawn-Develop Global Ltd Gorno-Altamin San Jose-Variscan Mines Endeavor-Polymetals Zinc Grade (%) Mineral Resource Estimate: one of the highest grade Zn projects on ASX Grade Curve of Pre-Production ASX Zinc Deposits (Measured, Indicated & Inferred Resources) 9.0 8.0 7.0 6.0 Average 5.1% Zn 4.0 3.0 2.0 1.0 0.0 | ASX:VAR Mineral Resource Estimate: YoY comparison; Significant growth 2.6x growth in total contained zinc Increase in Contained Zinc Tonnage 44,047 Measured 0 99,813 Measured & Indicated 2.0X 49,000 257,187 Measured, Indicated & Inferred 97,380 0 50,000 100,000 150,000 200,000 250,000 2.6X 300,000 Contained Zinc Tonnes Dec-24 Nov-23 8 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR Mineral Resource Estimate: YoY comparison; Significant growth 3.1x growth in total tonnage Increase in Tonnage 479,798 Measured 0 1,121,268 Measured & Indicated 2.3X 490,000 3,378,580 Measured, Indicated & Inferred 3.1X 1,080,000 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Tonnes Dec-24 Nov-23 9 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR Mineral Resource Estimate: YoY comparison; Resource zones unchanged December 2024 November 2023 10 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR Mineral Resource Estimate: YoY comparison; Confidence Increase at San Jose December 2024 November 2023 11 Source: Refer ASX announcements 28 November 2023; 9 December 2024 | ASX:VAR San Jose Mine: Measured & Indicated Resources à basis for Mine Re-Start Study Plan View of MRE December 2024 Plan View of MRE + high potential step-out zones 12 Source: Refer ASX announcement 9 December 2024 | ASX:VAR Value Opportunity: EV / Resource Enterprise Value Per Attributable tonne Contained Zinc (M, I & I): VAR vs. ASX Zinc Pre-Production Companies 400 399.2 350 300 252.0 250 200 170.8 150 154.5 147.8 24.8 23.1 22.8 Rumble Resources American West Metals Alicanto Minerals Polymetals Develop Global Ltd Terramin Tartana Minerals Limited 0 2.1 Ironbark Zinc 25.0 Altamin 50 Variscan Mi nes 85.5 100 Critical Resources Limited EV/Attributable tonne contained Zinc (A$/t) 450 Peer comparable analysis indicates value upside 13 Source: Yahoo Finance; Company reports; refer Appendix 2 source data | ASX:VAR Value Opportunity: EV / Resource Enterprise Value Per Attributable tonne Contained Zinc (M, I & I): VAR vs. ASX Zinc Resource Stage Projects 400 399.2 350 300 252.0 250 200 150 25.0 23.1 22.8 Rumble Resources American Wes t Metals 50 Variscan Mines 85.5 100 Alicanto Minerals Tartana Minerals Limited 0 Critical Resources Limited EV/Attributable tonne contained Zinc (A$/t) 450 Peer comparable analysis indicates value upside 14 Source: Yahoo Finance; Company reports; refer Appendix 2 source data | ASX:VAR Upside potential: high potential step-out zones around MRE Competent Person identified additional tonnage within targets not currently included in the updated MRE Targets located more than 50m from sample data in the MRE ore domains Highlights the presence of mineralisation with lower confidence… …. targets are ready to convert into JORC resource categories with appropriate drilling 15 Source: Refer ASX announcement 9 December 2024 | ASX:VAR Upside potential: Current drilling at Udias Mine Udias Mine is several times greater in size than San Jose Mine Same elevation and style of mineralization at San Jose Mine Drilling is outside of published Mineral Resource Estimate Further Mineral Resource Estimate update in 2025 16 Source: Refer ASX announcement 9 December 2024 | ASX:VAR Upside potential: wider licence areas Only 4.5km of 12km Novales Trend in Mineral Resource Estimate Trend remains open on strike and laterally Licence areas increased +70% during 2024 to +100km2 Historical drilling, workings & exploration indicate prospectivity 17 Source: Refer ASX announcement 9 December 2024 | ASX:VAR Investment Highlights: 4x Near Term, Value Drivers MINERAL RESOURCE UPDATE DRILLING IN UDIAS MINE • 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 (1) • Priority drill targets outside of existing MRE MRE is one of the highest grade Zinc projects on ASX 3x growth in MRE tonnage in ~12 months 3.4Mt @ 7.61% Zn, 0.88.%Pb (2) Defined Measured + Indicated confidence categories at San Jose Mine à basis for Mine Re-Start Study • Asturmine in Spain delivered updated Mineral Resource Estimate; significant zinc experience; retained by Glencore /KazZinc • • • • * Game changer for scale * * Undervalued high grade resource * 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 * 18 Source: (1) Refer ASX announcement 10 September 2024; (2) Refer ASX announcement 9 December 2024 | 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 19 | ASX:VAR Investment Summary LOCATION • • Proven zinc mining district Excellent access to infrastructure UNLOCKING POTENTIAL • • Resource upgrade highlights orebody quality Enables Mine Re-Start Study for San Jose Mine ENERGY TRANSITION • • Zinc designated critical metal Demand increase from climate technologies & renewables MANAGEMENT TEAM • Proven track record of project development, financing operational experience & successful financial exits • • Resource upgrade completed on time Strategy devised for re-starting zinc production at San Jose Mine • • • Project appears to be very robust Very inexpensive EV / Resource Undervalued de-risked zinc development opportunity RAPID ADVANCEMENT ATTRACTIVE VALUE 20 | ASX:VAR Appendix 1 – Data sources for grades of ASX listed zinc projects Resource Category Company Market Deposit Exploratio n Stage Measured Indicated Inferred Total Source Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) Polymetals ASX Endeavor MRS 4,400,000 8.3 8,800,000 7.9 3,100,000 7.7 16,300,000 8.0 https://pol.live.irmau.com/pdf/8fd0dbcf-575b-4c2b-aeab-8f6b527cc36a/Endeavor-Silver-Lead-Zinc-Mine-Restart-Study-completed.pdf Variscan Mines ASX San Jose Resource 480,254 9.2 641,881 8.7 2,256,445 7.0 3,378,580 7.6 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02891909-6A1242402 Altamin ASX Gorno SS - - 5,660,000 6.6 2,130,000 7.2 7,790,000 6.8 https://wcsecure.weblink.com.au/pdf/AZI/02451883.pdf Develop Global Ltd ASX Sulphur Springs DFS - - 12,398,000 5.6 1,401,000 6.4 13,799,000 5.7 https://wcsecure.weblink.com.au/pdf/DVP/02681240.pdf Tartana Minerals Limited ASX Queen Grade Resource - - - - 734,000 5.3 734,000 5.3 https://www.r3dresources.com.au/pdf/2f3c9931-a442-4d36-bcf1-371cf8904328/Maiden-Queen-Grade-Zinc-Resource.pdf Terramin ASX Tala Hamza DFS - - 44,200,000 5.5 8,900,000 4.0 53,100,000 5.3 https://static1.squarespace.com/static/637d667ba746ad764c544b1a/t/63db07b7eb459261596343da/1675298770919/180829+ASX+Release+Tala+Hamza+DFS.pdf Develop Global Ltd ASX Woodlawn MP 1,293,000 5.2 68,330,000 4.7 3,135,000 8.5 72,758,000 4.9 https://wcsecure.weblink.com.au/pdf/DVP/02787687.pdf Ironbark Zinc ASX Citronen BFS 34,286,284 4.4 28,368,103 5.3 22,047,974 4.6 84,702,361 4.7 Coolabah Metals ASX Pinnacles CAM 168,000 4.2 847,000 4.7 4,956,000 4.7 5,971,000 4.7 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 American West Metals ASX West Desert Resource - - 27,349,163 3.8 6,318,875 4.0 33,668,038 3.8 https://americanwestmetals.com/wp-content/uploads/2024/04/238MillionOuncesofIndiumDefinedatWestDesert.pdf Critical Resources Limited ASX Halls Peak Resource - - - - 840,000 3.7 840,000 3.7 https://wcsecure.weblink.com.au/pdf/CRR/02681839.pdf Alicanto Minerals ASX Sala Resource - - - - 9,700,000 3.2 9,700,000 3.2 https://wcsecure.weblink.com.au/pdf/AQI/02541518.pdf Rumble Resources ASX Earaheedy Resource - - - - 94,000,000 2.4 94,000,000 2.4 https://app.sharelinktechnologies.com/announcement/asx/4dfc0e25308ba7fb6d8cd8b9ff992193 21 | ASX:VAR Appendix 2 – Data sources Enterprise Value Per Attributable tonne Contained Zinc: VAR vs. ASX Companies Company Market Market Net Cash/ EV Project Cap (AUD) (Debt) (AUD) (AUD) Ownership Grade Deposit Contained Metal Exploration Stage Tonnes (t) Zn (%) Zn (t) EV per attributable tonne Zn (AUD/t) Source Critical Resources Limited ASX 14.6 2.2 12.4 100% Halls Peak Resource 840,000 3.7 31,080 399.2 https://wcsecure.weblink.com.au/pdf/CRR/02681839.pdf Tartana Minerals Limited ASX 8.2 -1.6 9.8 100% Queen Grade Resource 734,000 5.3 38,900 252.0 https://www.r3dresources.com.au/pdf/2f3c9931-a442-4d36-bcf1-371cf8904328/Maiden-Queen-Grade-Zinc-Resource.pdf Terramin ASX 196.8 -36.7 233.6 49% Tala Hamza DFS 53,100,000 5.3 2,790,000 170.8 https://static1.squarespace.com/static/637d667ba746ad764c544b1a/t/63db07b7eb459261596343da/1675298770919/180829+ASX+Release+Tala+Hamza +DFS.pdf Develop Global Ltd ASX 654.6 -14.4 668.9 100% Sulphur Springs DFS 13,799,000 5.7 783,952 100% Woodlawn MP 72,758,000 4.9 3,545,221 154.5 https://wcsecure.weblink.com.au/pdf/DVP/02681240.pdf https://wcsecure.weblink.com.au/pdf/DVP/02787687.pdf Polymetals ASX 193.9 1.9 192.0 100% Endeavor MRS 16,300,000 8.0 1,299,100 147.8 https://pol.live.irmau.com/pdf/8fd0dbcf-575b-4c2b-aeab-8f6b527cc36a/Endeavor-Silver-Lead-Zinc-Mine-Restart-Study-completed.pdf Alicanto Minerals ASX 28.4 1.8 26.6 100% Sala Resource 9,700,000 3.2 311,300 85.5 https://wcsecure.weblink.com.au/pdf/AQI/02541518.pdf Variscan Mines ASX 6.6 0.2 6.4 100% San Jose Resource 3,378,580 7.6 257,141 25.0 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02891909-6A1242402 Altamin ASX 13.8 0.7 13.1 100% Gorno SS 7,790,000 6.8 528,000 24.8 https://wcsecure.weblink.com.au/pdf/AZI/02451883.pdf Rumble Resources ASX 40.7 1.6 39.0 75% Earaheedy Resource 94,000,000 2.4 2,256,000 23.1 https://app.sharelinktechnologies.com/announcement/asx/4dfc0e25308ba7fb6d8cd8b9ff992193 American West Metals ASX 34.5 5.1 29.4 100% West Desert Resource 33,668,038 3.8 1,290,904 22.8 https://americanwestmetals.com/wp-content/uploads/2024/04/238MillionOuncesofIndiumDefinedatWestDesert.pdf Ironbark Zinc ASX 8.8 0.4 8.4 100% Citronen BFS 84,702,361 4.7 4,001,574 2.1 https://ironbark.gl/wp-content/uploads/2021/07/20210719-CITRONEN-BFS-ANNOUNCEMENT-ASX-1.pdf Market Cap and Net Cash as at 11.12.2024 09.15 GMT 22 | 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 23