Announcement PDF ASX Announcement | 31 October 2025 Variscan Mines Limited (ASX:VAR) 2025 Annual Report Variscan Mines Limited (“Variscan” or the “Company”) encloses its annual report for the year ended 30 June 2025. This announcement has been approved for release by Mr Mark Pitts, Company Secretary, Variscan Mines Limited. 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 Jane Morgan Management Chloe Hayes / Jane Morgan E: chloe@janemorganmanagement.com.au P: +61 (0) 458 619317 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. The Company has compiled a portfolio of high- impact base-metal interests in Spain, Chile and Australia. Its primary focus is the development of its advanced zinc projects in Spain. The Company’s name is derived from the Variscan orogeny, which was a geologic mountain building event caused by Late Paleozoic continental collision between Euramerica (Laurussia) and Gondwana to form the supercontinent of Pangea. To learn more, please visit: www.variscan.com.au For more information Follow us on LinkedIn Follow us on X (formerly Twitter) Visit our investor website: www.variscan.com.au ANNUAL REPORT ASX:VAR 2025 www.variscan.com.au ABN 87 095 092 158 CORPORATE DIRECTORY DIRECTORS Mr Anthony Wehby Non-Executive Chairman Mr Stewart Dickson Managing Director & CEO Mr Nicholas Farr-Jones AM Non-Executive Director Dr Frank Bierlein Non-Executive Director COMPANY SECRETARY Mr Mark Pitts REGISTERED OFFICE 5/191 St Georges Terrace Perth, Western Australia Australia P: +61 8 9316 9100 E: info@variscan.com.au W: www.variscan.com.au SHARE REGISTER Automic Level 5/191 St Georges Terrace Perth, Western Australia Australia P: 1300 288 664 AUDITORS HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 Australia +61 8 9227 7500 SECURITIES EXCHANGE LISTING Variscan Mines Limited’s shares are listed on the Australian Securities Exchange (ASX: VAR) CONTENTS 1 Page Chairman’s Letter 2 Operational Review 3 Annual Mineral Resource Statement 11 Competent Persons Statements 13 Directors’ Report 14 Auditor’s Independence Declaration 27 Consolidated Statement of Profit or Loss and Other Comprehensive Income 28 Consolidated Statement of Financial Position 29 Consolidated Statement of Cash Flows 30 Consolidated Statement of Changes in Equity 31 Notes to the Consolidated Financial Statements 32 Consolidated Entity Disclosure Statement 55 Directors’ Declaration 56 Independent Auditor’s Report 57 Schedule of Tenements 61 Summary of Joint Ventures and Governance Framework 63 Shareholder Information 64 CHAIRMAN’S LETTER 2 Dear Shareholders, The past year has been one of significant progress for Variscan Mines as we continue to advance our vision of re-establishing zinc production in northern Spain Achievements include exceptional exploration results, strengthened government support, and growing confidence in the scale and quality of our Novales-Udías Zinc Project. In early 2025, Variscan reported its best ever drill results, confirming the potential for resource expansion and mine re- start. At the San José Mine, drilling in the La Caseta zone returned the highest width-grade intercept recorded by the Company, 15.3m @ 17.42% Zn and 4.40% Pb (refer ASX Announcement 4 March 2025), identifying what is interpreted to be one of the principal feeder zones to the orebody. Concurrently, maiden underground drilling at the Udías Mine delivered substantial, thick intervals of high-grade zinc mineralisation, including 20.1m @ 8.22% Zn and 1.73% Pb (refer ASX Announcement 24 February 2025). These outstanding results validate the strong geological continuity across the district and reinforce the exceptional prospectivity of this world-class zinc belt. Equally important has been the growing alignment and support from the Government of Cantabria. In March 2025, the President and Minister for Industry publicly declared the Government’s commitment to “do everything possible” to facilitate the re-start of zinc mining at Novales-Udías. A dedicated coordination group has since been established to streamline permitting and assist Variscan in progressing its Mine Re-Start Study. This level of official endorsement reflects the regional importance of the Project as a potential catalyst for employment, investment and industrial renewal. Operationally, Variscan has made tangible progress across all technical workstreams underpinning the Mine Re-Start Study. These efforts are designed to deliver a strong development pathway that leverages existing underground infrastructure, granted mining licenses and proximity to the Glencore-owned San Juan de Nieva smelter just 80km away. The past year also saw Variscan expand its regional footprint, with new exploration licences awarded over 21.9 km² adjacent to the former world-class Reocín Mine, increasing the Novales-Udías Project area to over 111 km². These licences add valuable long-term exploration upside to the Company. Looking ahead, our focus for the coming year is clear, to finalise the Mine Re-Start Study, progress permitting with the Government of Cantabria, and continue drilling to grow the Mineral Resource Estimate. At the upcoming AGM Shareholders will be asked to vote on an opportunity for the Company to finalise a joint venture agreement to participate in the exploration of two projects in Ireland. Details of these highly prospective greenfield projects, and of the joint venture proposals, including Independent Experts Reports have been provided as part of the Notice of Meeting for the AGM. I urge all shareholders to consider the material provided and to participate in this important decision for Variscan. On behalf of the Board, I extend sincere thanks to our Managing Director and CEO, Stewart Dickson, the management and technical teams, and our shareholders for their continued support. Together, we are transforming Variscan into a company capable of delivering meaningful value through the revival of one of Europe’s most prospective zinc districts. Yours sincerely, Anthony Wehby Non-executive Chair Operational Review 3 Highlights • Three-fold increase in Mineral Resource Estimate (MRE) to 3.4Mt @ 7.6% Zn and 0.9% Pb, confirming Novales-Udías as one of Europe’s highest-grade zinc development projects (Table 1). • Outstanding underground drilling success across both the San José and Udías Mines, with the best hole drilled to date recording 15.3m @ 17.42% Zn and 4.40% Pb (refer ASX Announcement 4 March 2025). • Exceptional maiden drilling results at Udías Mine confirming new high-grade mineralised zones up to 20.1m @ Zn and 1.72%Pb, extending mineralisation beyond the existing resource model (refer ASX Announcement 24 February 2025). • Public endorsement from the Government of Cantabria, including formation of dedicated coordinated group to expedite the mine re-start process. • Expansion of project tenure through granting of two exploration licences (Ana Isabel & Hipólita) over 21.9km2 , increasing total tenure to 111.1km2 . • Mine Re-Start Study advanced significantly, with metallurgical, geotechnical and geological modelling programs undertaken. • Strategic marketing and financing agreement with Square Trading for the sale of future zinc production. • Successful capital raisings, including a fully underwritten $2 million entitlement offer. Overview During the year ended 30 June 2025, Variscan Mines Limited (ASX:VAR) continued progressing its strategy to re-establish zinc production in northern Spain, building on the operational momentum established in the prior year. The Company focused on increasing the Mineral Resource Estimate, advancing technical workstreams within the Mine Re-Start Study, and deepening its relationship with government and stakeholders to enable future permitting and development. The Reporting Period was characterised by outstanding drilling performance, strong geological validation of the Novales-Udías mineral system and the highest level of government support received to date. Novales-Udías Zinc Project The Novales-Udías Project is located in the Basque-Cantabrian Basin, approximately 30km south-west of Santander. The Project encompasses two key underground mine complexes San José and Udías and several granted mining and exploration licences covering 111.1km2 . The district is historically recognised for its high-grade, carbonate-hosted (Mississippi Valley Type) zinc-lead mineralisation and proximity to world-class deposits such as the former Reocín Mine, which produced approximately 62 Mt @ 8.7% Zn and 1.0% Pb1 . Variscan’s strategic Explorer-Producer model is designed to leverage these existing, de-risked assets to achieve early- stage production while continuing to explore for district-scale growth. Exploration and Resource Development A key milestone during the Reporting Period was the delivery of an updated JORC Mineral Resource Estimate (MRE) of 3.4 Mt @ 7.6% Zn and 0.9% Pb (Refer Table 1). This represented a three-fold increase over the previous estimate, confirming both the continuity and the quality of the mineralisation at San José and highlighting significant upside potential across the broader district. The revised estimate incorporate new underground drilling data, detailed mine mapping, and reinterpretation of historical records held at the School of Mines & Energy Engineering, University of Cantabria. This work validated Variscan’s confidence in the high-grade, near surface nature of the zinc sulphide mineralisation, underpinning the economic potential of a low-cost restart scenario. 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. Operational Review 4 Table 1: JORC Mineral Resource Estimate for San Jose Mine and north-eastern Udías by deposit and classification reported above a 2% Zn+Pb cut-off – Refer ASX Announcement dated 9 December 2024 for further details. Notes: • Mineral Resource table classified by deposit and reported in accordance with the JORC Code (2012). • Note that no 3D underground mining model is available for the Udías NE deposit, as a result, all resources in this area have been classified as Inferred and their actual value may be lower than reported. In April 2025, the Government of Cantabria award two new exploration licenses, Ana Isabel & Hipólita, together termed as the ‘Caborredondo II’ licences (see Figure 2 and Table 2), totalling 21.9 km², expanding the Novales-Udías Project area to 111.1 km². The Ana Isabel license lies adjacent to existing tenure and has historically returned positive drilling results, while Hipólita covers extensions to the former Reocín Mine, Spain’s largest known zinc-lead deposit. Figure 2: Map of enlarged licence areas including the Caborredondo II licences (new licence areas show in hatched green) Operational Review 5 Table 2: Licence areas awarded comprising the Caborredondo II Licences Underground drilling conducted in the La Caseta zone of the San José Mine during the Reporting Period returned the highest assay result (width x grade) from a single drill hole drilled by Variscan at the Novales Udías project to date (refer ASX Announcement 4 March 2025). Including: • NDDT059: 15.3m @ 17.42% Zn, 4.40% Pb (Refer Figure 3). Other excellent assays from holes drilled at La Caseta: • NDDT058: 14.30m @ 8.09% Zn, 1.28% Pb • NDDT060: 15.25m @ 6.10% Zn, 0.46% Pb These results (Refer Figure 4) confirmed the presence of a probable sub-vertical feeder zone supplying mineralising fluids to the main orebody. The findings substantiated Variscan’s geological model and defined a priority target for further exploration. Figure 3: Diamond Drill Core from NDDT059 (15.3m @ 17.42% Zn, 4.40%) illustrating massive sphalerite hosted in dolostone. Hole depth shown is from 0.00m to 16.95m Operational Review 6 Figure 4: Section view of northern end of the La Caseta area in the Central zone of the San Jose Mine indicating locations of underground diamond drill holes and mine development. The maiden underground drilling program at the Udías Mine confirmed substantial zones of high-grade zinc sulphide mineralisation in previously undrilled areas (refer ASX Announcement 24 February 2025). Assays included: • UDDT004: 20.1m @ 8.22% Zn, 1.72% Pb • UDDT002: 16.5m @ 6.16% Zn, 0.87% Pb • UDDT001: 7.8m @ 7.41% Zn, 0.68% Pb • UDDT005: 11.4m @ 4.76% Zn, 0.24% Pb • UDDT003: 11.0m @ 4.92% Zn, 0.04% Pb These intercepts demonstrated exceptional thickness and grade continuity, reinforcing that Udías forms part of the same mineral system as San José (Figure 5). The work also verified that historic production, focused on shallow oxide material, left extensive unmined sulphide zones in situ. Operational Review 7 Figure 5: Plan view of southern end of the Udías Mine indicating locations of underground diamond drillholes, mine development and historical face samples. Mine Re-Start Study Variscan continued to advance its Mine Re-Start Study, progressing multiple technical programs throughout the Reporting Period. Guajaraz Zinc Project Further complementary exploration work was completed at Variscan’s Guajaraz Project in central Spain, where a Deep Ground Penetrating Radar (DGPR) survey covering 8165 linear metres (5775m in the La Union Mine area and 2390m in the Tio Cobos prospect area) successfully delineated structural targets for follow-up drilling (Refer Figure 6 and Figure 7) (refer ASX Announcement 17 February 2025). Operational Review 8 Figure 6: Plan view of DGPR lines over Tio Cobos prospect area Figure 7: Plan view of DGPR lines over La Union Mine area. Government Engagement and Permitting Progress Variscan strengthened its long-standing partnership with the Government of Cantabria during FY25. In March 2025, Managing Director/CEO Stewart Dickson and the Company’s Spanish representative met with the President of Cantabria, Ms. María José Sainz de Buruaga, and the Regional Minister for Industry, Employment, Innovation and Trade, Mr. Eduardo Arasti Barca (Figure 8). Operational Review 9 The meeting was scheduled as part of the Company’s ongoing communication with local government and to discuss permitting and the planned mine re-start. The President expressed strong interest in the Novales-Udías Project and publicly declared it would do “everything possible to facilitate the restart of zinc mining” establishing a special coordination group under the Directorate-General for Industry, Energy and Mines to accelerate permitting processes. This official endorsement represented a major vote of confidence in Variscan’s project and underpinned the growing recognition of the Novales-Udías Project as a strategic regional initiative capable of creating long-term employment and investment in Cantabria. Figure 8: Meeting between Variscan Mines and the President of the Government of Cantabria, Ms. María José Sainz de Buruaga and the Regional Minister for Industry, Employment, Innovation and Trade, Mr. Eduardo Arasti Barca. Corporate Activity Earlier in August 2024, Variscan executed a strategic zinc marketing and financing agreement with Square Trading Singapore Pte Ltd (“Square”) for the future sales of zinc and lead concentrates from the Novales-Udías and Guajaraz projects. Square is active across the raw material supply chain from exploration, mining, sales to marketing and trading. It brings considerable global marketing and trading experience and capacity across a number of commodities and is working closely with Variscan to progress the San Jose Mine to production. The key terms of the Marketing Agreement are as follows: • Exclusive marketing rights to all zinc concentrate from the Novales-Udías and Guajaraz Projects in Spain. The term will end five (5) years from the date of the first invoice issued to a customer relating to a delivery of Products. Variscan may extend the end date for a further period of not less than one year by written notice to Square Trading. • The parties will negotiate and agree to a competitive, commercial marketing fee, immediately following the Company announcing the results of the Mine Re-Start Study. • Square Trading’s services will include developing and updating marketing strategies; preparing and providing short- and long-term marketing plans; introducing Variscan to customers; liaising with customers in respect of sales contracts; assisting in preparing technical and commercial presentations to customers in respect of the Products. • Square Trading will use their reasonable endeavours to assist with procuring financing for Variscan to construct and operate the Projects so as to enable the delivery of Products from the Company to customers. Operational Review 10 In August 2024, a follow-on investment from major shareholder Zinc GroupCo was received to maximise its permitted holding, reinforcing continued confidence in the Company’s growth strategy and providing further working capital to advance drilling and the Mine Re-Start Study. In November 2024, the Company completed a fully underwritten renounceable entitlement offer (Entitlement Offer) raising approximately $2.0 million before costs. The Entitlement Offer had been made on the basis of two (2) new shares for every three (3) shares held by Eligible Shareholders at the Record Date. Eligible Shareholders were also offered one (1) free attaching new option for every four (4) shares subscribed for and issued under the Offer. About Variscan Mines Limited (ASX:VAR) Annual Mineral Resource Statement 11 Annual Review The Company has conducted a review of its mineral resources at the end of the financial year and has compiled this Mineral Resource Statement in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code 2012 Edition) and Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31. The Company has no Ore Reserve estimates. San Jose Mine – Novales-Udias Project The San Jose Mine is situated within the Company’s Novales-Udias Project area which is located near the town of Novales, in the region of Cantabria, Spain. The project is centred around the former producing San Jose underground zinc-lead mine with a large surrounding area of exploration opportunities over the 9km Novales Trend, which includes a number of satellite underground and surface workings. During the year the Company engaged Asturmine to undertake a full review and assist in the preparation of an updated Mineral Resource estimate for the San Jose deposit (refer ASX Announcement dated 9 December 2024). The San Jose deposit, along with the adjacent north-eastern part of the Udías deposit, were both previously mined for zinc during the 20th century, and had previously reported a Mineral Resource Estimate on 28 November 2023. Resources As at 30 June 2025, total JORC 2012 Measured, Indicated and Inferred mineral resources were as follows: San Jose Mine – Novales-Udias Project - Mineral Resource Reported above a 2% Zn cut-off Grade Contained Metal Deposit Classification Tonnes (000’s) Zinc (%) Lead (%) Zinc & Lead (%) Zinc (tonnes) (000’s) Lead (tonnes) (000’s) Zinc & Lead (tonnes) (000’s) San Jose Measured 480 9.18 1.80 10.98 44 9 53 Indicated 642 8.69 1.50 10.19 56 10 65 Measured & Indicated 1,122 8.90 1.63 10.53 100 18 118 Inferred 615 8.15 1.03 9.18 50 6 56 Sub-total 1,737 8.63 1.42 10.05 150 25 175 San Jose (NE) Inferred 932 5.72 0.20 5.92 53 2 55 Udías* (NE) Inferred 710 7.60 0.47 8.07 54 3 57 Total Measured 480 9.18 1.80 10.98 44 9 53 Indicated 642 8.69 1.50 10.19 56 10 65 Measured & Indicated 1,122 8.90 1.63 10.53 100 18 118 Inferred 2,256 6.97 0.51 7.48 157 12 169 Total 3,379 7.61 0.88 8.49 257 30 287 * Note that no 3D underground mine model is available for the Udías NE deposit, as a result, all resources in this area have been classified as Inferred and their actual value may be lower than reported. Differences may exist due to rounding. Review of material changes The Mineral Resource estimate for the San Jose Mine – Novales-Udias Project is compliant to JORC 2012 reporting guidelines and was initially reported on 28 November 2023, with a revision being reported on 9 December 2024. The changes to the Mineral Resource Estimate are as summarised below. Annual Mineral Resource Statement 12 Deposit Classification Tonnes Zn% Pb% Zn + Pb% December 2024 San Jose Measured 480 9.18 1.80 10.98 Indicated 642 8.69 1.50 10.19 Measured & Indicated 1,122 8.90 1.63 10.53 Inferred 615 8.15 1.03 9.18 Sub-total 1,737 8.63 1.42 10.05 San Jose (NE) Inferred 932 5.72 0.20 5.92 Udías (NE) Inferred 710 7.60 0.47 8.07 Total Measured 480 9.18 1.80 10.98 Indicated 642 8.69 1.50 10.19 Measured & Indicated 1,122 8.90 1.63 10.53 Inferred 2,256 6.97 0.51 7.48 Total 3,379 7.61 0.88 8.49 November 2023 (previously reported) San Jose Measured - - - - Indicated 490 10.0 1.7 11.7 Measured & 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 Total Measured - - - - Indicated 490 10.0 1.7 11.7 Measured & 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 Net Change San Jose Measured 480 9.18 1.8 10.98 Indicated 152 (1.31) (0.2) (1.51) Measured & Indicated 632 (1.1) (0.07) (1.17) Inferred 365 (4.15) (0.57) (4.82) Sub-total 997 (2.17) (0.28) (2.45) San Jose (NE) Inferred 672 1.02 0.1 1.12 Udías (NE) Inferred 620 1.1 0.07 1.27 Total Measured 480 9.18 1.8 10.98 Indicated 152 (1.31) (0.2) (1.51) Measured & Indicated 632 (1.1) (0.07) (1.17) Inferred 1,666 (1.23) (0.29) (1.42) Total 2,299 (1.39) (0.32) (1.71) Annual Mineral Resource Statement 13 Mineral Resource Estimation Governance Statement The Company ensures that the Mineral Resource estimates are subject to appropriate levels of governance and internal controls. The Mineral Resource has been generated by employees and consultants of the Company who are experienced in best practices in modelling and estimation methods and have undertaken reviews of the quality and suitability of the underlying information used to generate the resource estimation. There are numerous uncertainties inherent in estimating mineral resources and ore reserves and assumptions that are valid at the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may, ultimately, result in reserves or resources being restated. The Company will report any future mineral reserves and resources estimates in accordance with the 2012 JORC Code. Competent Persons Statements Exploration The information in this report that relates to Exploration Results is based on and fairly represents information compiled by Dr. Michael Mlynarczyk. Dr 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 in Ireland, and European Geologist (EurGeol) of the European Federation of Geologists, as well as a Fellow of the Society of Economic Geologists (SEG). Mr Mlynarczyk has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a 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. Mlynarczyk consents to the disclosure of the information in this report in the form and context in which it appears. Mineral Resource Estimate The information in this report that relates to Mineral Resources 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 they are undertaking to qualify as Competent Persons 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 consent 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 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. Directors’ Report 14 Your directors submit their report for the year ended 30 June 2025. Directors The names and details of the Company’s directors in office during the financial year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Anthony (‘Tony’) Wehby Non-Executive Chairman (appointed 20 October 2022) Tony is a former Partner of PriceWaterhouseCoopers and Corporate Finance Specialist. Tony is an experienced listed company director with over 50 years of executive and non-executive experience. Having operated in the mining industry for a considerable time, he is currently a non-executive director on the Board of Kingston Resources Ltd a listed Asia Pacific gold producer. He has previously been Chairman of Tellus Resources Limited, Non-executive Chairman of Aurelia Metals Limited and a Director of Ensurance Ltd and Harmony Gold (Aust) Pty Ltd. Tony has a financial consulting practice focused on strategic advice and he is a member of the Australian Institute of Company Directors. Stewart Dickson BA (Hons), MBA Managing Director (appointed 1 May 2017) Stewart is an experienced corporate financier with a decade of investment banking experience. Most recently, he was Managing Director and Head of Metals & Mining at Cantor Fitzgerald Europe, based in London. He had responsibility for client coverage of public and private mining companies across precious metals and base metals, bulks, fertilizers and specialty metals. He has a broad range of international financial advisory, equity capital markets and corporate broking transaction experience including initial public offerings, financings and M&A. Prior to investment banking, Mr Dickson served in the British Army as a commissioned officer and saw operational service overseas. Stewart is a graduate of University College London and holds an MBA from Henley Business School. Nicholas Farr-Jones AM LLB Non-executive Director (appointed 1 July 2022) Nick has over 25 years of experience in the global mining sector as a specialist in natural resources investment and corporate governance. Additionally, he is an experienced public company director. Nick qualified as a lawyer before pursuing a career in investment banking. Notably he was responsible for the metal derivative business of Societe Generale in Europe and Africa before leading its commodity finance business in Australia. He is currently a Director of Taurus Funds Management, headquartered in Sydney, which specialises in bespoke financing solutions for global mid-tier and junior mining companies. Nick also holds a number of charitable appointments and is a highly regarded speaker on leadership. He was awarded the Order of Australia in 1992 for services to rugby union, having captained the Australian rugby team to World Cup success in 1991. Directors’ Report 15 Dr Frank Bierlein PhD, FAIG, MSED, MSGA Non-Executive Director (appointed 20 October 2022) Frank is a geologist with 30 years of experience as a consultant, researcher and lecturer and industry professional. Additionally, he is an experienced public company director. Frank has held exploration and generative geology management positions with QMSD Mining Co Ltd, Qatar Mining, Afmeco Australia and Aveva NC, and consulted for among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He was a non-executive director of Gold Australia Pty Ltd from 2015 to 2019 and chaired the Advisory Board of a Luxembourg based private equity fund between 2014 and 2023. He is currently a Non-executive Director on the Boards of Blackstone Minerals Limited and Impact Minerals Limited. Frank has worked on six continents spanning multiple commodities and over the course of his career has published and co-authored more than 130 articles in peer reviewed scientific journals. Frank obtained a PhD (Geology) from the University of Melbourne, is a Fellow of the Australian Institute of Geoscientists (AIG) and a member of both the Society of Economic Geologists (SEG) and the Society of Geology Applied to Mineral Deposits. Mark Pitts BBus, FCA, GAICD Company Secretary (appointed 2 March 2018) Mark is a Fellow of Chartered Accountants Australia and New Zealand and a graduate member of the Australian Institute of Company Directors. He has more than 30 years’ experience in statutory reporting and business administration. Mark has been directly involved with and consulted to a number of public companies holding senior financial management positions. He is a Principal in the Company Secretarial and CFO advisory divisions of the Automic Gr