ASX Announcement | 19 May 2026 Variscan Mines Limited (ASX:VAR) VARISCAN COMPLETES FIRST TRANCHE OF $5M FUND RAISE Variscan Mines Limited (ASX:VAR) (“Variscan” or the “Company”) is pleased to advise that the first tranche of its recently announced placement (ASX announcement 11 May 2026) to raise a total of $5 million (the Placement) has settled and allotment has been completed. The Placement was well supported by a number of new sophisticated and professional investors with Tranche 1 raising approximately $0.69 million before costs, through the issue of 174,064,708 ordinary shares at $0.004 per share. All shares issued under the Placement will rank equally with existing fully paid ordinary shares on issue as of the date of this announcement. The Company advises that the Convertible Loan Facility put in place earlier in the year (ASX 30 January 2026) was undrawn and has now terminated in accordance with its terms. An Appendix 2A and cleansing statement follows this announcement providing additional detail. ENDS To ask questions directly to the Variscan management team and access media content, visit our interactive investor website at: https://variscan.com.au/s/aa7e61 This ASX announcement has been approved by the Board and authorised for issue by Tony Wehby, Chairman, Variscan Mines Limited For further information, please contact: Variscan Mines Limited (ASX:VAR) Tony Wehby Chairman E: info@variscan.com.au Media & Investor Enquiries Jane Morgan Management Chloe Hayes E: chloe@janemorganmanagement.com.au P: +61 (0) 405 555 618 2 About Variscan Mines Limited (ASX:VAR) To learn more, please visit: www.variscan.com.au For more information Follow us on LinkedIn Follow us on Twitter Visit our investor website: www.variscan.com.au We encourage all investors to share questions on this announcement via our interactive investor hub: https://variscan.com.au/announcements Or scan the QR code. Subscribe to our news alert service: https://variscan.com.au/s/8d46e7 3 Novales-Udias Project Summary The Novales-Udias Project is located in the Basque-Cantabrian Basin, some 30km southwest from the regional capital, Santander. The project is centred around the former producing San Jose underground mine with a large surrounding area of exploration opportunities which include a number of satellite underground and surface workings and areas of zinc anomalism identified from recent and historic geochemical surveys. Variscan has delineated a significant 9km mineralised trend and a sub-parallel 3km trend from contemporary and historical data across both the Buenahora exploration and Novales mining permits. The San Jose Mine is nearby (~9km) to the world class Reocin Mine which is the largest known strata-bound carbonate-hosted Zn-Pb deposit in Spain1 and one of the world’s richest MVT deposits2 . Further it is within trucking distance (~80km) from the San Juan de Nieva zinc smelter operated by Asturiana de Zinc (100% owned by Glencore). Significantly, the Novales-Udias Project includes a number of granted mining tenements3. Map of Novales-Udias Project Licence Areas and local infrastructure 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 Leach, D.L., Sangster, D.F., Kelley, K.D., Large, R.R., Garven, G., Allen, C.R., Gutzner, J., Walters, S., (2005) ‘Sediment- hosted lead-zinc deposits: a global perspective’. Econ. Geol. 100th Anniversary Special Paper 561 607 3 Refer to ASX announcement of 29 July 2019 4 Mineral Resource Estimate for Novales-Udias Project JORC Mineral Resource Estimate for San Jose Mine and north-eastern Udías by deposit and classification reported above at 2% Zn+Pb cut-off (ASX announcement 9 December 2024) Competent Person Statement The information in this document that relates to Exploration Results and Mineral Resource Estimates for the Novales-Udias project is based on and fairly represents information and supporting documentation compiled and reviewed by Dr. Mike Mlynarczyk, Principal of the Redstone Exploration Services, a geological consultancy acting as an external consultant for Variscan Mines. Dr. Mlynarczyk 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). With over 14 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 which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.