Announcement PDF ASX Announcement | 21 January 2026 Variscan Mines Limited (ASX:VAR) EXERCISE OF OPTIONS Variscan Mines Limited (“Variscan” or the “Company”) advises the exercise of 772,306 unquoted options exercisable at $0.008 (0.8c) each on or before 29 September 2028. A cleansing notice is attached and an appendix 2A follows for immediate release. 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 / jm@janemorganmanagement.com.au P: +61 (0) 458 619 317 / +61 (0) 405 555 618 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 Visit our investor website: www.variscan.com.au Page | 2 NOTICE UNDER SECTION 708A (5)(e) OF THE CORPORATIONS ACT The Company confirms the issue of 772,306 ordinary shares upon the valid exercise of unquoted options (exercisable at $0.008 on or before 29 September 2028). The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act 2001 (Cth) (“Act”). These shares have been issued without disclosure to investors under Part 6D.2 of the Act. The Company, as a disclosing entity is subject to regular reporting and disclosure obligations and as at the date of this notice, has complied with: a) The provisions of Chapter 2M of the Act as they apply to the Company; and b) Section 674 and 674A of the Act. As at the date of this notice, there is no excluded information for the purposes of sections 708A(7) and 708A(8) of the Act. Yours faithfully Mark Pitts Company Secretary On behalf of the Board