Announcement PDF ASX Announcement | 25 March 2026 Variscan Mines Limited (ASX:VAR) SAN JOSÉ MINE RESTART STUDY DEMONSTRATES ROBUST ECONOMICS Highlights • San José Mine ReStart Study delivers economically attractive, ‘starter operation’ with 11- year mine life • Attractive economics with low pre-production capital requirement; leverages the existing 1.6 km mine development reducing pre-production time (~2.5 years) and cost (~50% saving) • Low sustaining capital expenditure and low capital intensity Parameter Base Case Study Price EURO Base Case Study Price AUD1 Current Price EURO Current Price AUD Total Revenue €186m A$326m €226m A$396m Free Cashflow (After Tax) €53m A$93m €75m A$131m NPV5 (After Tax) €38m A$67m €55m A$96m IRR 45% 45% 64% 64% Payback Period 3.8 yrs 3.8 yrs 3.2 yrs 3.2 yrs Period to Positive Cashflow (After Tax) 2.1 yrs 2.1 yrs 1.6 yrs 1.6 yrs Pre-Production Capital Cost €19m A$33m €19m A$33m NPV5 / Pre Production Capex 2.1x 2.1x 3.0x 3.0x Total Capital Cost €27m A$47m €27m A$47m Total Cash Cost €63/t A$110/t €63/t A$110/t Total Metal Produced (Zn, kt) 82.7 82.7 82.7 82.7 Total Metal Produced (Pb, kt) 9.7 9.7 9.7 9.7 Zinc Price US$2,932/t US$2,932/t US$3,341/t US$3,341/t Lead Price US$1,940/t US$1,940/t US$1,956/t US$1,956/t • Only ~50% of the Project Mineral Resource Estimate utilized in the Study; significant scale-up potential to increase Mine Life • Cash flow generated to fund increasing Mineral Resource inventory, production ramp-up, sustaining Group activities & asset portfolio development 1 EUR:AUD Exchange Rate of 1.75 applied throughout the Study 2 • First concentrate production targeted for 20282 • Funding discussions to prioritize non-dilutive financing, such as debt, royalty, streaming, grants & commodity off-take structures • Zinc & Lead concentrate marketing outreach to commence working with exclusive Marketing Manager, Square Resources Variscan’s Managing Director & CEO, Stewart Dickson, said: “The delivery of the San José Mine ReStart Study is a pivotal event. It illustrates the viability of recommencing mining operations at this former operational asset in a proven zinc district. The Study, for this ‘starter operation’ provides attractive financial returns and unlocks significant value for shareholders as well as providing a platform for further scale-up. The Study outlines a compelling low-capital-cost opportunity for Variscan to transition to a zinc producer. Importantly, zinc and lead production from the San José Mine is targeted to provide free cash flow that will contribute to and significantly de-risk future production growth. Future scale-up opportunities may include bringing the adjoining Udias Mine into production and developing the significant land package of the wider Novales-Udias Project in the coming years, subject to successful exploration programmes and future studies”. The Mine ReStart Study will be available to download from the Company’s website www.variscan.com.au 2 Subject to capital, permitting, technical workstreams and commencing Early Works Package in 2026 3 IMPORTANT NOTICE / CAUTIONARY STATEMENT The Mine ReStart Study (“Study”) referred to in this announcement has been undertaken to determine the viability of recommencing underground mining at Variscan’s San José Mine in Cantabria, northern Spain. The San José Mine forms a central part of the wider Novales-Udias Project (the “Project”). The Study has been produced to Scoping Study level, as defined in Clause 38 of the JORC Code (2012). It is a preliminary technical and economic assessment of the potential viability of the San José Mine to +/- 35% accuracy. It is based on low level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. The Study includes existing JORC 2012 Code Measured, Indicated and Inferred Mineral Resources defined with the San José Mine, with a production target derived from contained metal in the following categories: Measured (28%), Indicated (37%) and Inferred Mineral Resources (35%) over the Life of Mine. Investors are cautioned that there is a low level of geological confidence in Inferred Mineral Resources and there is no certainty that further drilling will result in the determination of Measured or Indicated Mineral Resources or that the production target will be realized. In the first 3 years of operation, the majority of Mineral Resources scheduled for extraction are Measured and Indicated, which supports the base case Payback Period of 3.8 years (3.2 years at current prices) and achieving positive cashflow generation within 2.1 years (1.6 years at current prices). The Study is based on material assumptions outlined in this announcement, including assumptions about the availability of funding in the order of approximately €19m (A$33m). Investors should note that there is no certainty that Variscan will be able to raise the required amount of funding when needed. While Variscan considers all of the material assumptions to be based on reasonable economic grounds, there is no certainty that they will prove to be correct or that that outcomes indicated by the Study will be achieved. Variscan has concluded it has reasonable basis for providing the production target and forecast financial information included in this announcement. The Mineral Resources underpinning the production targets in this announcement were announced in the Mineral Resource Estimate (‘MRE’) published in December 2024 and have been prepared by a Competent Person in accordance with the requirements of the JORC Code 2012 Edition. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. 4 EXECUTIVE SUMMARY Variscan Mines Limited (ASX:VAR) (“Variscan” or “the Company”) is pleased to announce the outcomes of its Mine ReStart Study for the former producing San José Mine in Cantabria, northern Spain. The San José Mine forms a central part of the wider Novales-Udias Project. The Study has been completed to evaluate the viability of re-commencing zinc and lead mining from the former operational San José Mine. It demonstrates strong technical and economic outcomes which support the viability of re-commencing operations. Variscan is seeking to initiate a ‘starter operation’ at the San José Mine utilizing only approximately 50% of the existing Mineral Resources3 defined for the Project. Even so, the Study results highlight robust margins and economic returns. There is significant potential for production to subsequently increase as the wider Project develops. All Mineral Resources included in the Study are contained within granted Mining Licenses in a proven zinc mining district that also hosted the world class Reocin Mine. The mining potential of the wider Project is not considered. The Study proposes utilising the existing base of operations at the existing mine site, already approved for mining and processing activities. The strategy of the Company has been to leverage the inherent advantages of a brownfield operation to achieve early and low-capital-cost production. The Study indicates that the operation could realise that objective. Variscan proposes to mine the resource by underground methods with initial treatment of the scheduled tonnes being conducted on site using a modular processing plant to produce zinc and lead concentrates. The Study base case assumes that zinc and lead concentrates will then be trucked to the San Juan de Neiva zinc smelter, which is approximately 175 km from the San José Mine, via the A-8 regional dual-carriageway highway. Variscan is well advanced with the requisite approvals to commence production. Supplementary permits and engineering will allow Variscan to complete financing and Early Works activities prior to a Final Investment Decision (“FID”). The overarching principles underpinning the design philosophy of the Study for re-starting the San José Mine can be summarized as follows: • Pragmatic approach taken in all areas to get operations started and cash flow generated. • Initially a ‘starter’ operation to provide a platform for future production growth. 3 Refer Variscan ASX Announcement 8 December 2024 5 • Leverage the inherent site advantages including the in-situ infrastructure and existing mine development. • A low capital expenditure (capex) approach has been preferred. • Utilising the historical experiences of the San José Mine, in order to ‘make the mine restart more readily ‘permittable’ and ‘permissible’. Financial Summary and Key Production Outcomes • Initial 11-year mine life with total production of 82,6 kt zinc (Zn) and 9,6 kt lead (Pb). • Modular, 175 ktpa processing plant on the existing mine site, with land use approvals granted for mining and processing activities. • Capturing significant capital and timetable savings utilizing existing site infrastructure and mine development. Key Performance Indicators – Base Case Financial Outcomes Parameter €EURO $AUD Total Revenue €186m A$326m Free Cash Flow (After Tax) €53m A$93m NPV5 (After Tax) €38m A$67m IRR 45% Payback Period 3.8 years Period to Positive Cashflow (After Tax) 2.1 years Zinc Price US$2,932/t Zn Lead Price US$1,940/t Pb 6 Figure 1. Estimated Annual Net Cash Flow vs Cumulative Free Cash Flow (Pre-Tax) Key Performance Indicators – Base Case Capital Cost Estimates Parameter €EURO $AUD Pre-Production Capital Cost €18.7m A$32.7m Plant, Property & Equipment Capital Cost €2.7m A$4.7m Mine, Property & Development Capital Cost €5.5m A$9.6m Total Capital Cost €26.9m A$47.1m Key Performance Indicators – Base Case Unit Operating Cost Estimates Parameter €EURO $AUD Total Mine Opex (to portal Run Of Mine) €29/t A$51/t Onsite Processing €28/t A$49/t G&A Opex €4/t A$7/t Cartage to Smelter €1.5/t A$2.6/t Total Cash Cost €63/t A$110/t 7 Key Performance Indicators – Base Case Mine Physicals Outcomes Parameter Outcome Total Metal Mined (Zn, kt) 93.9 Total Metal Mined (Pb, kt) 12.1 Total Metal Produced (Zn, kt) 82.7 Total Metal Produced (Pb, kt) 9.7 Total Tonnes mined (Mt) 1.6 Total Waste Tonnes (kt) 130 Total Rock Tonnes mined (Mt) 1.63 LOM Head Grade, Zn (%) 6.0 LOM Head Grade, Pb (%) 0.8 Figure 2. Summary Physicals & Financials with Annual Production Profiles (Zn and Pb) Annual Mined Zinc & Lead in Concentrate (dmt) Annual Mined Zinc & Lead (kt) Annual Mined Zinc in (kt) vs. Headgrade (%) Annual Mined Lead in (kt) vs. Headgrade (%) Figure 3. Mineral Resources Mined – Life Of Mine (Measured & Indicated vs Inferred Contribution) Management have carefully considered the respective proportions of the Mineral Resources which make up the production schedule. Based on the careful and considered study of the geology and the access provided by the existing substantive underground development the Company and its Engineering advisors have formed the view that over the Life of Mine the proportion (quantity) of Inferred Mineral Resources is not a determining factor of project viability. Central to the reasoning is that operations are proposed within an existing mine environment, previously operating as late as 1999. The mine has substantive existing underground development which enables access directly to mineralisation. Variscan believe that the timing of the Inferred Mineral Resources in the production schedule is appropriate, as the most significant factor in determining project viability is the cost of underground mine development. Variscan assess Years 1-3 to be most relevant when considering the early stage of the mine plan. This period constitutes the majority of the Payback Period and account for 3 /11 of the LOM. Over this period, Inferred Resources average 44%, with Measured & Indicated Mineral Resources in the arithmetic majority. This is higher than the industry average as reported by SRK Consulting4 . Mine planning requires consideration of the geo-spatial environment. This is not a greenfield project, San Jose is a former operational mine. The mine plan has been developed deliberately to accommodate the existing workings and utilise them beneficially. The tonnage scheduled for extraction reflects the practical and pragmatic approach recommended by the Company’s consulting mining engineers, logically accessing the tonnage closer to existing mine development. 4 Refer SRK Consulting (2021) ‘Linking Mineral Resource and Mineral Reserve Classification with Techno-Economic Study Levels’. 10 The Company also considered geology. The Inferred Mineral Resources are surrounded by and enveloped around by Measured and Indicated Mineral Resources. This is consistent with the style of deposit type (MVT). There is a proven track record of converting Mineral Resources into higher confidence categories (including Ore Reserves historically), and that Inferred Resources are co-located with Measured and Indicated Mineral Resources and substantial mine development. This provides greater confidence and justification for their inclusion in a mine plan that is realistic. Our approach, when considering all modifying and determining factors has been guided by the overarching principles underpinning the design philosophy, which are derived from the consequence of having a brownfield, former operational asset. Next Steps Variscan intends to continue to advance with financing and development activities working towards a FID. Ongoing exploration, notably underground drilling will continue concurrent to the workstreams at the San José Mine (see Figure 4). Figure 4. San José Mine Execution Schedule 11 Property Description, History and Ownership • The Project is located in a proven Zn mining district, well endowed with shallow underground base metal mines, including the world-class Reocín Mine (approx. 9 km to the south east; Figure 5), that closed in 2003. • All of the Project tenure held by Variscan Mines in Cantabria is 100% owned and held by Variscan Mines Cantabria S.L.; a 100% owned Spanish subsidiary of Australian incorporated and ASX-listed, Variscan Mines Ltd. • The present tenure of Variscan over the Project consists of 10 adjacent permits totaling 400 mining cuadricules that correspond to an area of c. 111.10 km2 . The centrally located 12.22 km2 San José permit is a granted exploitation (mining) permit and hosts the entire area of mining from the San José Mine in the Study – see Figure 5. • All permits are in good standing. • No environmental or social license issues that could affect ongoing works within these licenses are known, nor any issues with tenure or permission to operate in this area. Figure 5. Map of Novales-Udias Project Licence Areas • The first underground works at the San José Mine in Novales, as well as in the neighbouring mines on the hills in the surrounding area commenced prior to the 2nd World War. From the 1950s to 1989 the majority of exploration and production took place, being operated by Real Compañía Asturiana de Minas until its acquisition by Asturiana de Zinc (later acquired by Xstrata). 12 • Based on historical records, the production of the San José Mine between 1970 and 1988 is estimated to have been approximately 560,000 tonnes, with an average run of mine grade of 6.3% Zn and 1.9% Pb. • In 1989, the San José Mine was sold to a local Spanish company, Hispanibal S.L. (‘HSP’) that mostly focused its mining operations on exploitation of the already identified mineral resources and produced zinc and lead concentrates until 1999. The mine went into care & maintenance status in 2002, but officially remaining ‘active’ until the present time due to ongoing activities. • The San José Mine site is owned by HSP with whom Variscan initially entered into a Cooperation & Partnership Agreement in 2019. • The 31,199 m² mine site is already permitted for use for mineral exploration, development and mining activities and provides access to the main portal of the underground San José Mine. • In 2024, Variscan a signed a new agreement to lease the mine site and facilities for a period of 3 years and extendable up to 6 years, at the option of Variscan, at a competitive, commercial rate in line with prevailing local norms for industrial sites5 . Figure 6. Map of Novales-Udias Project Licence Areas and local infrastructure 5 Refer Variscan ASX Announcement of 28 January 2024 13 Figure 7. Aerial View of existing mine site facilities with projected new additional facilities shown Geology • Northern Spain hosts three principal regions of carbonate‐hosted Zn-Pb deposits classified mostly as Mississippi‐Valley Type (“MVT”). • Centrally, the Basque-Cantabrian Basin hosts five mineralised districts. The largest single producer to date is the world-class Reocín Mine from the Santander District with an original Mineral Resource of 87Mt @ 11% Zn and 1% Pb6 . The total metal endowment of the deposit, including past production and remaining reserves, has been revised and stated as approximately 62 Mt grading 8.7% Zn and 1.0% Pb7 . This district also hosts the MVT deposits of the Novales‐Udías Project, located 9 km to the NW of Reocin. • The Project lies within an extensive MVT Zn-Pb mineral field that stretches in a north-easterly direction for over 12 km from Udías in the SW, through San José, Oreña, to Ubiarco on the coast, named by Variscan as the ‘Novales Trend’. 6 Porter GeoConsultancy Pty Ltd. Available at: https://portergeo.com.au/database/mineinfo.php?mineid=mn131 7 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. 14 • Zinc mineralisation is hosted by a distinctive unit of grey ankeritic dolostone (10-300 m thick, weathering to orange-brown colors) that is underlain and overlain by white limestone of Gargasian (Upper Aptian) age. • Zinc deposition is interpreted to be strongly controlled by subvertical, NE-trending plumbing structures that circulated deeper-seated metal-bearing fluids from the underlying pre-Urgonian siliciclastics, but also by the presence of favourable stratigraphic horizons whereby permeable and reactive carbonate host rocks provided the required open spaces for the inferred fluid mixing and mineral deposition. • The San José deposit is principally a Zn deposit with subordinate Pb, both of which mostly occur in sulphide form. The host rock is invariably dolostone, which effectively is the product of multi-stage hydrothermal alteration processes and which preferentially replaced the middle part of the several hundred meters-thick Gargasian (Upper Aptian) limestone unit, and occurs in a variety of textural styles and colors. • Mineralisation at San José is typically stratiform, confined to flat-lying horizons and lenses ranging in thickness from 30 cm to several m and that occur in a stacked manner along what are inferred sub-vertical, normal, laterally-extensive feeder faults. • Mineralised zones typically form series of sub-parallel ‘elongated corridors’ of stacked lenses with a combined total thickness attaining 100 m (including the interlayered barren dolostone intervals) and lengths exceeding 500 m. • Mineralogy is simple, consisting of zinc blende (sphalerite), subordinate galena, and only occasional traces of marcasite. • Grades vary from <1% to >45% Zn, with subordinate Pb (typically <3%, except for areas adjacent to mineralised faults where it can reach grades of c. 50%), whereas the values of silver are low, c. 15 ppm, in good agreement with the “classic” low-temperature style of mineralization. MVT – Deposit Type • MVT deposits are a style of low-temperature zinc-lead sulfide deposits hosted by platformal carbonates. • MVT deposits are generally characterised by a stratiform style of development (flat-lying, tabular / lens-like / podiform orebodies), exhibiting multiple horizons, where the lowermost horizons are typically best mineralized, both in terms of grade and tonnage. • MVT deposits commonly occur at shallow depth (<100-300m) and generally occur in clusters, providing for sizeable mineral resources. • Grades of zinc sulfide deposits are typically high (6-12% Zn) and their metallurgy by flotation and electrolysis processes normally yields high-quality concentrates. 15 Mineral Resource Estimate • Asturmine prepared the most recent MRE for the Novales-Udías Project which was published in December 20248 . • The MRE was completed in accordance with the JORC Code (2012), integrating both historical and modern exploration data to provide a comprehensive evaluation of the deposit. • A robust database of 1,331 drill holes forms the basis of the MRE. Historical drilling accounts for 81.7% of the data, while modern campaigns conducted between 2020 and 2024 contribute the remaining 18.3%. • The MRE for the Project (3.4Mt @ 7.61% Zn, 0.88% Pb) is comprised as follows in Figure 8. Figure 8. JORC-compliant MRE for San José Mine and north-eastern Udías by deposit and classification reported above a 2% Zn+Pb cut-off Notes: o Mineral Resource table classified by deposit and reported in accordance with the JORC Code (2012). o No 3D underground mining model is available for the Udías deposit (*). As a result, all resources in this area have been classified as Inferred and their actual value may be lower than reported • Only 50% of the existing MRE has been applied to the San José Mine operation in this Study (1.7Mt @ 8.63% Zn, 1.42% Pb) – see red box in Figure 8. This provides an appropriate level of confidence in categories of Mineral Resources used for deriving production targets and economics. • Of the 1.7Mt, 67% of the contained metal is classified as Measured and Indicated and does not require any further drilling from a resource confidence aspect. The balance of 33% is classified as Inferred. 8 Refer Variscan ASX Announcement 8 December 2024 16 • There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target will be realised. • JORC MRE for San José Mine and north-eastern Udías by deposit is shown in plan view in Figure 9 • JORC MRE for San José Mine by resource classification is shown in 3D in Figure 10 Figure 9. Plan View of JORC MRE for San José Mine and north-eastern Udías by deposit – only Mineral Resources contained in the Central Zone, San José Mine are utilised in the Study. 17 Figure 10. 3D View of MRE categories at the San José Mine Geotechnical • Three key areas of focus that have formed the Study geotechnical appraisal are an understanding of: o stope stability; o pillar stability; and o ground control systems. • The geotechnical environment of the San José Mine can be summarised as a competent rock mass within a low stress regime. • Core samples for geotechnical testing were obtained via surface PQ diamond drilling, undertaken by Variscan in November 2022. • 12 of the 17 PQ drill core samples (70%), achieved Uniaxial Compressive Strength (‘UCS’) results that can be described as ranging between Moderately Strong to Very Strong (36 MPa – 108 MPa). One sample rose as high as Very Hard to Extremely Strong achieving a UCS result of 145MPa. • Assessed as a low in-situ stress environment, confirmed from underground observations. • The existing underground mine is located in an area that is classified to be within a region of low seismic risk. • The existing naturally supported stopes currently remain in a stable state, so stope reinforcement is not considered necessary. 18 • Based on back analysis of existing development the estimated Mining Rock Mass Rating (MRMR) indicates the proposed ground support system consists of bolts and plates in only new areas of lateral development. • Overall, the geotechnical environment is considered to be very amenable to open stoping with minimal artificial support or rock reinforcement requirements. Mine Access • The existing San José Mine portal to underground workings provides access to the proposed area of future mining operations. • The mine portal is serviced by rails that feed the surface ROM area and rail bound workshop facilities. It is proposed for the restart of operations that these rails are to be refurbished to provide immediate haulage capacity within the existing drive dimensions. • The existing portal and mine access is considered suitable due to: o Substantial time and cost saving versus developing an alternative access; o The portal and main gallery are located at an elevation that is close to optimal for extraction of the identified mining areas; o There is no requirement to re-establish dewatering and related drainage; o Battery powered rail haulage is a reliable, low tech, system that provides a clean alternative to diesel based haulage systems; o The main gallery rail haulage system is adequate for the proposed tonnage rate, matched to the proposed processing plant capacity; and o Minimal rehabilitation of the existing portal area is required permitting a rapid recommencement of mine development activities. Mine Design • The proposed mine design integrated with the existing development permits a relatively low-cost method of accessing the current Mineral Resources while enabling production at the required steady state tonnage. • This approach has ultimately led to the selection of a mining method that primarily focuses on longhole open stoping without fill, and airleg mining in select areas not easily accessible or considered unviable using larger scale trackless machinery. • The mine design utilises the existing portal for mine access to minimise pre-production development cost and time. • A plan view of the Life of Mine (‘LOM’) Development Design and Stoping Areas with Current As- builts is shown in Figure 11. • Each stoping area is accessed by a level access drive with a link to the main access. • Horizontal development will vary from stope to stope depending on location in relation to the existing workings. 19 • All horizontal level development is designed at 3.0 m width x 3.0 m height, which provides sufficient area to accommodate a small underground loader (also known as LHDs or ‘boggers’) with a bucket capacity range of typically 1.5 – 3 yd3 ) with adequate allowance for ventilation and development mine services such as water, power and compressed air. The LHD will be the largest form of mobile equipment operating in the mine. • All lateral development will be mined using skid-steer pneumatically powered Jumbo rigs. • Three types of vertical development are included in the mine design. These include, return air raises, escapeway raise and orepass raises to feed down to the main rail access. • The return raises are designed to exhaust air to the Pozomadrono shaft within the connected Udias Mine. • An orthogonal View of the Concept Design showing Location of OP’s, RAR’s and Escapeway is shown in Figure 12. • Stope designs are based on maximising grade, reducing required capital and operating development and maximising efficiency of extraction by mechanising the majority of the mine for quicker turnaround time. • The primary method of extraction is long hole open stoping and the secondary method is airleg shrinkage which was historically utilised at the mine. • For stope definition, MSO™ (Mineable Shape Optimizer) software was used to assess the mineral resource model based on various input parameters such as cut-off grade and minimum mining widths. Figure 11. Plan view of LOM Development Design and Stoping Areas with Current Asbuilts 20 Figure 12. Orthogonal View of the Concept Design showing Location of OP’s, RAR’s and Escapeway • Applying stope modifying factors, the MSO shapes require a recovery factor of 81% for the longhole stope tonnes and a recovery factor of 84.5% of the in-situ stope metal content. • For materials handling, re-instating the previous materials handling system, to avoid additional pre-production capex and additional lead time to production was evaluated. • The capacity of the refurbished rail / materials handling system is sufficient to meet the proposed production rate of approx. 175 ktpa (a higher rate than historical output achieved). • An initial track condition survey has been conducted by Varsican to support the Study assumptions, but further engineering is required to support the refurbishment. Mine Scheduling • Mine schedule based on 11-year operation. • Key Start Up Dates: o Early Works to be conducted in 2026 (Year 0). o Year 1 is defined as the first year of underground mining. Year 1 is a development year with focus on getting key stoping areas developed before production commences the following year. o Year 2 is estimated to be the first year of stope production. 21 • San José stoping has been sequenced as a top-down retreat stoping operation. The key driver for this sequence is ease of access and maintaining non-entry longhole stoping. • Key mine physicals are summarized in in Figure 2. • The LOM production is estimated to be approximately 1.6 Mt • Approximately 4% of the resource is produced from Jumbo development while the remaining 96% is estimated to be produced from stoping activities. • The LOM Zn metal production is estimated to be approximately 93.9 kt Zn mined. • The average Zn grade is estimated to be 5.9% Zn mined. • At full production, the 12-monthly average for 2030 to 2037 is 10,152 Zn tonnes per year. The ratio of development to production Zn tonnes is approximately 4% to 96% respectively. • The LOM lead metal production is 12 kt Pb tonnes. • The average mined Pb grade is estimated to be 0.8% Pb. • At full production, the 12-monthly average for 2030 to 2037 is 1,312 Pb tonnes per year. The ratio of development to production Pb tonnes is approximately 5% to 95% respectively. • Total LOM lateral development is estimated to be approximately 7.5km, with the 12-monthly average between Year 1 and Year 6 approximately 1 km/year. The total LOM vert