Announcement PDF SPAIN’S NEXT HIGH-GRADE ZINC MINE Powering The Energy Transition I NVES T OR PRE SE NT AT IO N AUGUST 2025 ASX:VAR DISCLAIMER & IMPORTANT NOTICE ASX:VAR 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 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 This ASX announcement has been approved by the Board and authorised for issue by Mr Stewart Dickson, Managing Director and CEO, Variscan Mines Limited 2 Purpose, Strategy & Delivery Purpose Our mission is clear: to develop our high-grade zinc assets to transition to a producing mining company Strategy Our Explorer-Producer Strategy is designed to deliver: early cashflow from production at the San Jose and Udias Mines, achieve attractive financial returns and sustainably fund ramp-up production growth, exploit exploration upside and the overall development of our project portfolio. Focus Points Zinc Focused Structural opportunity to supply local markets as demand driven by energy transition tailwinds Proven Assets Ready for Mine Re-Start San Jose & Udias Mines have proven track record of high-grade zinc production Near term production opportunity for cashflow to sustainably fund rampup growth and exploration upside Delivery Near Term Production District Scale Exploration Selective & Accretive M&A ASX:VAR 3 Investment Summary Advancing a Tier-1 Zinc Asset Towards Production • One of the highest-grade zinc MREs on ASX: 3.4Mt @ 7.6% Zn, 0.9% Pb (1) • Brownfield project with sunk capital enables low-cost restart • San Jose mine previously operated for 20 years; zinc price now 2x higher • Mining Licence granted, 100% owned, no NSR Location • • • • Located in Spain’s prolific Zinc mining jurisdiction. Proximity to Glencore’s world-class zinc smelter (Largest globally) Infrastructure in place & close to European markets Excellent social licence Advanced former mine with new underexplored extensions • • • Drilling upside at Udias, now interlinked with San Jose Expanded footprint to 111km² with new high-grade zones Brownfield advantage offers ultra-low capex restart & low risk • Low risk, earn-in to highly prospective Zinc assets in Ireland from Mining Development Fund (subject to shareholder approval) Leveraging carbonate-hosted Zinc deposit know-how & European footprint Historical exploration success and further upside potential Low-Risk Earn-In Zinc Opportunity(2) • • Strategic Support and Partnerships Compelling Valuation Sources: (1) ASX announcement 9 December 2024, Slide 18 (2) ASX announcement 5 August 2025 • Supported by local government • Square Resources (20% shareholder via ZincCo) holds marketing rights → potential offtake post- Re-Start (Scoping) Study • Anibal Group provides site access and logistics support as a shareholder-partner • • • High profile and supportive register (top 20 own ~75%) Very inexpensive EV / Resource Undervalued de-risked zinc development opportunity ASX:VAR 4 Corporate Snapshot Anthony Wehby Stewart Dickson Dr. Frank Bierlein Nicholas Farr-Jones Chairman Managing Director & CEO Non-Exec Director Non-Exec Director 40 Cash (30-Jun-25) $0.3m Enterprise Value $5.2m 10 $0.005 Zn $2,300/t base point 0 $0.000 Mar-25 $5.5m Feb-25 Market Cap. (undiluted) Jan-25 152.7m Dec-24 Options (0.015, 30-Nov-26) Zn VAR +24% +100% $0.010 Nov-24 42.6m $0.015 20 Oct-24 Options ($0.010, 30-Nov-26) 9 Dec 2024 - Three fold increase in the San Jose MRE Zn $2,800/t Sep-24 782.8m $0.020 Zn $3,300/t Jul-24 Shares on issue 30 Jun-24 $0.007 May-24 Share Price Apr-24 VAR Mar-24 ASX Code Successful financial exits 14 Nov 2024 - UG drilling commenced at Udias VAR Trading Volume (LHS, millions) VAR Share Price (RHS) US$ Zinc Price Aug-24 Capital Structure Operational experience Financing Project development Feb-24 Proven track record ASX:VAR 5 Zinc Future-facing metal critical for energy transition & infrastructure 4th most consumed metal globally $39Bn industry Primary demand expected to exceed production by ~4Mt to 2034, presenting an opportunity similar to copper(1) Mine production capability versus primary demand(2) 80% of zinc ore worldwide is mined underground Strong market fundamentals with positive pricing environment Zinc industry larger than Lithium + Cobalt + Uranium combined Value of commodity markets 2025e (3) Sources: ASX:VAR (1) South 32 Business and Strategy Update Presentation. 14 May 2025 (2) South 32. Primary demand represents requirement for zinc in concentrates and represents smelter production adjusted for smelter product ion losses, zinc from secondary plants and zinc in residues and secondaries. (3) Panmure Liberum Equity Research 17 June 2025 6 Proven Assets: Right Location Spain: one of Europe’s most active mining jurisdictions 4th largest EU economy 2nd largest copper producer in Europe (2) Only producer of strontium in Europe(2) International mining companies established with multidecade track record of operating in Spain Mine permitting times quicker than perception (1) Sources: (1) S&P Global https://cdn.ihsmarkit.com/www/pdf/0724/SPGlobal_NMA_DevelopmentTimesUSinPerspective_June_2024.pdf (2) The 2023 Spanish Mining Statistics report, published by the Ministry for Ecological Transition and Demographic Challenge ASX:VAR 7 Proven Assets: Past Production + Exploration One of Europe’s highest-grade, development stage zinc deposits Sources: (1) Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. (2) Refer ASX Announcement 9 December 2024 (3) Refer ASX Announcement 14 April 2025 • Premier Zinc-Lead District: BasqueCantabrian basin is well-understood & hosts world-class former Reocín Mine, produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb(1). • Near-Term Producer: San Jose & Udias Mines targeting restart in 2027/8 • Growing, High Grade Mineral Resource: 3x uplift to 3.4Mt @ 7.6% Zn, 0.9% Pb in Dec 2024 (2) • Upsize Mineral Resource Potential: Only 4.5km of 12km Novales Trend included in MRE. Trend remains open on strike and laterally • Expanded Licence Area: 2x increase in land holding since project entry to 111km2 in proven Zinc mining jurisdiction(3) ASX:VAR 8 Proven Assets: High-Grade Zinc Project Past Production → Realistic Re-Start San Jose ‘starter’ operation a catalyst for larger operation Linking San Jose Mine & Udias Mine • Drilling upside with mineralisation at San Jose and Udias open in all directions • Initial, high-grade resource: 1.7Mt @ 8.6% Zn, 1.4% Pb (1) • Identified zones of mineralisation outside of current MRE, with confirmatory drilling to be undertaken, could upsize MRE Sources: (1) Refer ASX Announcement 9 December 2024 ASX:VAR 9 Udias Mine Untapped upside at interlinked deposit • • • San Jose Mine links to much larger historical Udias zinc mine complex that closed in 1930s Interlinked underground mining operation with much of the tenement covered by San Jose mining licence > 3.5 km of linear length, within permit area but outside of existing Mineral Resource Estimate Sources: (1) Refer ASX announcements 19 December 2024, 2 June 2025 ASX:VAR 10 Udias Mine Excellent maiden drilling results to link up deposits Good correlation of drilling results with high-grade, face sampling Drilling to continue along mine development drilltesting new zones to link up with existing Mineral Resource Estimate and beyond San Jose Mine • Live campaign of underground drilling – flexible, efficient & cost effective using own portable rig • Udias Mine complex is significantly larger than San Jose with +2km strike of mineralisation and high-grade historic data • Mineralisation style at Udias mirrors San Jose, consisting of stacked zinc sulphide ore lenses with ~100m vertical extent • All areas being drilled are outside of the existing Mineral Resource Estimate model and are expected to expand MRE • Update to MRE scheduled for Q4 25/Q1 26 • 60% of the 12km Novales-Udias Trend has potential to add to the MRE Sources: (1) Refer ASX announcement 2 June 2025 ASX:VAR 11 Drilling-led Exploration Highly successful drilling indicates scope to grow… Drilling success evidences quality of deposits across the Novales-Udias project on global basis Recent results include 5 of the best-ever 20 drill holes VAR has ever drilled Sources: (1) Refer ASX announcement 24 February 2025 & 4 March 2025 (2) Opaxe global database of +3,000 best zinc intercepts since 2014 Underground access facilitates very efficient drilling of short, cost-effective drillholes. VAR owned portable rig allows a flexibility & no ancillary costs associated with contracted drilling (mobilization , downtime etc.) ASX:VAR 12 San Jose Mine Re-Start Study Scoping Level with delivery scheduled for H2 2025 Geology Study Objectives Mineral Resource Estimate Mine Design Re-position Variscan as cash-flow generating zinc producer by 2027/8 Deliver a realistic plan for early cashflow from small scale production Cashflow to sustainably fund ramp-up production growth and exploit exploration upside Geotechnical Testwork Met Pre Concentration Tests Met Floatation Testwork Study Philosophy Mine Scheduling Process Flowsheet & Plant Design Capex Lite approach to production > realistic financing capability Investigate Leverage existing opportunities for infrastructure and inincreased mining and situ mine development processing efficiency Capital & Operating Cost Estimates Economic Modelling ASX:VAR 13 San Jose Mine Re-Start Study Moving towards FID and commencing production by 2027/8 • Mine Re-Start Study is well advanced and will provide basis to move to FID • Near term production opportunity, targeting production by 2027-28 • Objective to establish, profitable mining ‘starter’ operation with modular processing plant on site • Provide platform to sustainably finance exploration and add/replace tonnes to scale up production and maintain Life of Mine • Limited underground refurbishment required, making use of mine development & locomotive tracks • Lower environmental impact (incl. no visual impact) from utilising existing mine → high levels of social acceptance Mine Design: In-situ Potential Stoping Areas of San Jose Government of Cantabria, Department of Mines Visit to Udias Mines Drilling Campaign in Q2 2025 Orthogonal View looking North ASX:VAR 14 San Jose Mine Re-Start Study Compelling Rationale for Near Term production Zinc demand expected to benefit from energy transition & low stock-piles Former high-grade Zinc producing mine ran profitably for +20yrs at much lower prices 5000.00 4500.00 4000.00 • Ceased production in late 1990s due to prevailing metal prices • Zinc price is 2x higher since mine shut down in 1997 (US$1.3k/t vs. US$2.6k/t) • Modernisation expected to boost economics further • Historical processing did not utilise preconcentration → potential increase feed grade and reduce capex • Greater efficiency of modern mining techniques and ore sorting Zinc price ($/mt) 3500.00 3000.00 2500.00 San Jose Mine closed 2000.00 R 1500.00 1000.00 500.00 Reocín Mine closed 1960M01 1961M09 1963M05 1965M01 1966M09 1968M05 1970M01 1971M09 1973M05 1975M01 1976M09 1978M05 1980M01 1981M09 1983M05 1985M01 1986M09 1988M05 1990M01 1991M09 1993M05 1995M01 1996M09 1998M05 2000M01 2001M09 2003M05 2005M01 2006M09 2008M05 2010M01 2011M09 2013M05 2015M01 2016M09 2018M05 2020M01 2021M09 2023M05 2025M01 0.00 Sources: (1) World Bank Zinc price data ASX:VAR 15 San Jose Mine Re-Start Study Ultra Low Capex Expected Brownfield advantages to decrease capital requirement & execution risk Leveraging existing infrastructure with site lease agreed Sources: (1) Management estimates based on current, actual drilling rates and costs incurred by the Company multiplied by number of metres (2) Refer ASX announcement 29 January 2024 • Valid mining licence enables mining to commence • Existing mine-site & regional infrastructure results in: ✓ lower anticipated capex ✓ reduce timeframe to start operations • Utilising existing infrastructure in excellent condition • Underground mine development extends over a linear length of c. 2.5km (San Jose only) • Replacement value of historical drilling +A$22m(1) ASX:VAR 16 Near-term Producer Enablers Strategically located with world-class infrastructure World’s largest Zinc smelter (1) within trucking distance (San Juan de Neiva Zinc smelter owned by Glencore) Met test underway to confirm concentrate specification & suitability Onsite sealed road access already connected to regional network Access to local ports for alternative smelters in Europe Sources: (1) https://www.glencoretechnology.com/en/technologies/albion-process/installations/san-juan-de-neiva (2) International Lead and Zinc Study Group “The World Zinc Factbook 2024” ‘Europe is one of the most important continents for refined zinc production’(2) led by major firms including: ASX:VAR 17 JORC Mineral Resource Estimate Novales-Udias Project Grade 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 Deposit San Jose Total Defined Measured Resources over the Novales-Udias Project for the 1st time Measured & Indicated Resources represent 67% of the Mineral Resource Estimate for San Jose Mine Grades in the Measured category are higher (9.18% Zn) than any other category / deposit Sources: (1) Refer ASX announcement 9 December 2024 ASX:VAR 18 San Jose Mine Measured & Indicated Resources > Basis For Mine Re-start Study 3D View of JORC Mineral Resource Estimate Sources: (1) Refer ASX announcement 9 December 2024 ASX:VAR 19 Mineral Resource Estimate YoY Comparison; Significant Growth 2.6x growth in total contained zinc 3.1x growth in total tonnage Increase in Tonnage Increase in Contained Zinc Tonnage 479,798 44,047 Measured Measured 0 0 1,121,268 99,813 2.0X Measured & Indicated Measured & Indicated 490,000 49,000 3,378,580 257,187 Measured, Indicated & Inferred 2.6X 97,380 0 Dec-24 2.3X 100,000 200,000 Contained Zinc Tonnes Nov-23 Sources: (1) Refer ASX announcements 28 November 2023 and 9 December 2024 Measured, Indicated & Inferred 3.1X 1,080,000 0 300,000 Dec-24 1,000,000 2,000,000 3,000,000 4,000,000 Tonnes Nov-23 ASX:VAR 20 Exploration Upside Future Priority Drilling designed & permitted → Expected Resource Uplift San Jose Infill • High-priority zones expected to add tonnage • Significant historical drilling supports targets • Targets located more than 50m from sample data in the MRE ore domains • Permits granted for surface drilling campaign to commence Sources: (1) Refer ASX announcements 19 December 2024 Step Out on Trend • Permits granted for surface drilling within Buenahora Licence area • Targeting host Reocin Formation and in vicinity of historical workings • Strong structural controls assist with target vectoring ASX:VAR 21 Exploration Upside Significantly expanded tenements → Zinc District Scale Opportunity Large, prospective land package proximal to world class Reocín Mine Sources: (1) Refer ASX announcement 14 April 2025 (2) Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., (2003) ‘Geology and Geochemistry of the Reocin Zinc-Lead Deposit, Basque-Cantabrian Basin, Northern Spain’ Econ. Geol. v.98, pp. 1371-1396. • Significantly expanded land holding recently to 111km2 in proven zinc mining jurisdiction(1) • Adjacent to tenements with high grade MRE with significant exploration upside • Reocín Mine produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb. • The Reocín deposit is one of the largest known strata-bound, carbonate-hosted, zinc-lead deposits in Europe. • In 2003, at mine closure, average production grades were 8.5% Zn and 0.9%Pb with Reserves of 2.5Mt remaining(2) • Significant historical drilling activity over the licences → MRE upside / de-risked exploration ASX:VAR 22 Near-term Producer Enablers Full Government Support and Excellent Social Licence Government of Cantabria fully support the Company’s plans to recommence mining. A dedicated working group has been established by the Minister to streamline coordination across departments Existing approvals, community support and minimal environmental impact from brownfield operation de-risk execution Regulatory reforms are underway to fast track milestones with government committed to mining as a regional economic driver The Government of Cantabria will do "everything possible" to re-start zinc mining Variscan MD & CEO meeting with President of the Government of Cantabria, Ms María José Sainz de Buruaga and Regional Minister for Industry, Employment, Innovation and Trade, Mr. Eduardo Arasti Barca. Sources: (1) Refer ASX announcement 11 March 2025 ASX:VAR 23 Near-term Producer Enablers Strong Backing with Equity Alignment and Offtake Potential Strategic Shareholders • Strategic shareholder support with significant mining sector expertise • Long-term holders with credibility and funding capability • Top 20 account for 75% of VAR ownership • Directors hold 8% of VAR ownership Sales & Marketing • Square Trading appointed exclusive marketing manager for worldwide sale of zinc concentrates (1). • Considerable global marketing and trading experience • Mandated to secure third party financing to construct & operate the mines • Equity alignment as significant shareholder via Zinc GroupCo ( 23% of VAR ownership) Property & Logistics • Lease agreement over San Jose Mine Site and facilities (31,199m2) (2) • Site already permitted for mineral exploration, development & mining activities • Local partner providing civil engineering and logistics • Interests aligned with 0.9% VAR shareholding Sources: (1) Refer ASX announcement 13 August 2024 (2) Refer ASX announcement 29 January 2024 (3) Shareholding data as at 02 July 2025 ASX:VAR 24 Proposed Acquisition: BMex Exploration Low risk Earn-In to prospective Zinc opportunities BMEx Projects Midlands Project . Mines / zinc Deposits Abbeytown Ballinalack Located in the Irish Midland Zinc Belt, County of Longford, consists of two licences over 58 sq km2 in aggregate. • The licences are valid to October 2029. Waterford Project Kingscourt Keel • Navan MIDLANDS DUBLIN Harbarton Bridge Kildare Tynagh I R E L Silvermines Rathkeale A N D Galmoy Lisheen . Pallas Green Gortdrum Fermoy • Located in the County of Waterford and comprises six prospecting licences of 163km2 in aggregate. • Licences are valid to November 2028. WATERFORD Sources: (1) Refer https://www.bmexploration.com.au ASX:VAR 25 Proposed Acquisition: BMex Exploration Transaction Rationale & Conditions Precedent Transaction Rationale Deepen our zinc focus which is complementary to existing asset base Expand our business, leveraging our competency of exploring and developing carbonate-hosted lead– zinc deposits in Europe Leverage the technical expertise and corporate development capabilities of Mine Discovery Fund with Varsican being granted the first right of refusal on zinc projects generated by MDF 2 Create a stronger asset portfolio to attract capital for exploration and development Conditions Precedent 1 Variscan shareholders approving the Proposed Transaction pursuant to Listing Rule 10.1 2 Completion of legal and technical due diligence by VAR to its sole and absolute satisfaction 3 Variscan raising sufficient funds in order to satisfy the Stage 1 Earn-In expenditure 4 ZincCo subscribing for $250,000 worth of New Shares at the Placement price (such subscription being subject to shareholder approval of the Placement and the Earn-In) 5 Execution of all definitive complete the Earn-In. Conduct additional exploration activity in Ireland to supplement the development workplan for the zinc assets in Spain Provide some diversification of location yet retain a European geographical focus; Ireland is a proven world class zinc jurisdiction with low sovereign risk. Year 1 • Earn-in → 30% Interest • A$0.8m . Year 2 Year 3 documentation required to Future • Conditional 1st right to • Earn-in → 45% Interest • A$1.0m • Earn-in → 60% Interest • A$1.5m acquire to 80% and then 100% • Terms to be agreed ASX:VAR 26 Newsflow & Catalysts Advancing to Near-Term Production & Growth through Exploration Q2 CY25 Exploration / Resource Growth Engineering Study Work Project Growth Q3 CY25 Q4 CY25 Q1 CY26 Q2 CY26 Q3 CY26 Q4 CY26 Q1 CY27 Udias UG Drilling Post ReStart Study FID work Met test work Mine Re Start Re-Start Study (Scoping) Study BMex Earn-In Mine Re-Open Application filed Midlands Geochem Field work MRE Update Midlands Geochem Field Midlands work Drilling ASX:VAR 27 Value Opportunity EV / Resource comparable analysis indicates value upside Enterprise Value Per Attributable tonne Contained Zinc (M, I & I): VAR vs. ASX Zinc Pre-Production Companies 400 385.8 350 300 250 225.7 199.8 200 150 131.2 112.0 100 20.0 18.9 17.4 11.0 Variscan Mines Altamin Rumble Resources 50 American West Metals 65.8 Source: Yahoo Finance; Company reports; refer Appendix 2 source data Alicanto Minerals Terramin Polymetals Resources Ltd Critical Resources Limited Tartana Minerals Limited 0 Develop Global Ltd EV/Attributable tonne contained Zinc (A$/t) 450 ASX:VAR 28 0.0 Source: Company reports; refer Appendix 1 for source data Earaheedy -Rumble Resources Sala-Alicanto Minerals Halls Peak-Critical Resources Limited West Desert-American West Metals Woodlawn-Develop Global Ltd Tala Hamza-Terramin Queen Grade-Tartana Minerals Limited Sulphur Springs-Develop Global Ltd Gorno-Altamin San Jose-Variscan Mines Seal-American West Metals 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) 12.0 10.0 8.0 6.0 Average 5.3% Zn 4.0 2.0 ASX:VAR 29 Outlook Unlocking the value opportunity Selected milestone achievements since last raise Delivering capital efficient results (1) 3x 2x #1 Growth in Mineral Growth in exploration Best-ever drill result Resource Estimate licence areas to 111km2 15.3m @ 17.4% Zn, 4.4% Pb Future catalysts Geotechnical test work results for the Mine Re-Start (Scoping) Study Metallurgical test work results for the Mine Re-Start (Scoping) Study Further assay results from underground drilling at the Udias Mine Delivery of Mine Re-Start (Scoping) Study Offtake potential via Square Resources (strategic shareholder) Sources/Notes: (1) Refer ASX announcements ASX Announcement 9 December 2024, 14 April 2025, 4 March 2025 ASX:VAR 30 APPENDICES Appendix 1 – Data sources for grades of ASX listed zinc projects Resource Category Company Market Deposit Measured Exploration Stage Indicated Inferred Total Source Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) Tonnes Grade (Zn%) American W est Metals ASX Seal Resource - - - - 1,006,000 10.2 1,006,000 10.2 Variscan Mines ASX San Jose Resource 48 0,254 9.2 641,881 8.7 2,256,445 7.0 3,378 ,580 7.6 Altamin ASX Gorno SS - - 5,660,000 6.6 2,130,000 7.2 7,790,000 6.8 Develop Global Ltd ASX Sul phur Springs DFS - - 12,398 ,000 5.6 1,401,000 6.4 13,799,000 5.7 Tartana Minerals Limited ASX Queen Grade Resource - - - - 734,000 5.3 734,000 5.3 Terramin ASX Tal a Hamza DFS - - 44,200,000 5.5 8,900,000 4.0 53,100,000 5.3 Develop Global Ltd ASX Woodl awn MP 1,293,000 5.2 68,330,000 4.7 3,135,000 8.5 72,758,000 4.9 Coolabah Metals ASX Pinnacles CAM 168,000 4.2 847,000 4.7 4,956,000 4.7 5,971,000 4.7 American W est Metals ASX West Desert Resource - - 27,349,163 3.8 6,318,875 4.0 33,668 ,038 3.8 Critical Resources Limited ASX Hall s Peak Resource - - - - 840,000 3.7 840,000 3.7 Alicanto Minerals ASX Sala Resource - - - - 9,700,000 3.2 9,700,000 3.2 Rumble Resources ASX Earaheedy Resource - - - - 94,000,000 2.4 94,000,000 2.4 Abbreviations • • • • • • MRS – Mining Restart Study Resource – MRE published SS – Scoping Study DFS – Definitive Feasibility Study MP – Mine Plan published CAM – Care and Maintenance ASX:VAR 32 Appendix 2 – Data sources Enterprise Value Per Attributable tonne Contained Zinc: VAR vs ASX Listed Peers Company Develop Global Ltd Market ASX Market Cap (AUD) 1,609.0 Net Cash/ (Debt) (AUD) -61.2 EV (AUD) Project Ownership Deposit Exploration Stage Grade Tonnes (t) Contained Metal Zn (%) Zn (t) 100% Sul phur Springs DFS 13,799,000 5.7 783,952 100% Woodl awn MP 72,758,000 4.9 3,545,221 1,670.2 EV per attributable tonne Zn (AUD/t) Source 385.8 Tartana Minerals Limited ASX 6.6 -2.1 8.8 100% Queen Grade Resource 734,000 5.3 38,900 225.7 Critical Resources Limited ASX 8.3 2.1 6.2 100% Hall s Peak Resource 840,000 3.7 31,08 0 199.8 Polymetals ASX 191.8 21.3 170.5 100% Endeavor MRS 16,300,000 8.0 1,299,100 131.2 Terramin ASX 114.3 -38.8 153.1 49% Tal a Hamza DFS 53,100,000 5.3 2,790,000 112.0 Alicanto Minerals ASX 23.7 3.3 20.5 100% Sala Resource 9,700,000 3.2 311,300 65.8 100% West Desert Resource 33,668 ,038 3.8 1,290,904 American W est Metals ASX 32.5 5.1 27.4 80% Seal Resource 1,006,000 10.2 103,000 20.0 Varis can Mines ASX 5.5 0.6 4.9 100% San Jose Resource 3,378 ,580 7.6 257,141 18.9 Altamin ASX 10.9 1.7 9.2 100% Gorno SS 7,790,000 6.8 528,000 17.4 Rumble Resources ASX 22.8 4.1 18.7 75% Earaheedy Resource 94,000,000 2.4 2,256,000 11.0 ASX:VAR 33 Appendix 3 – Why Zinc Essential for a Low-Carbon Economy Zinc plays a crucial role in green energy technologies like solar panels and wind turbines, as well as in battery technology for electric vehicles. Corrosion Protection Zinc is used in the galvanising process to protect steel from rust, a vital process for infrastructure, transportation, and many other industries. Versatile Applicatio