Announcement PDF ASX Announcement | 31 October 2023 Variscan Mines Limited (ASX:VAR) 2023 Annual Report Variscan Mines Limited (“Variscan” or the “Company”) encloses its annual report for the year ended 30 June 2023 Yours faithfully Mark Pitts Company Secretary 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 The Capital Network Julia Maguire E: julia@thecapitalnetwork.com.au P: +61 2 8999 3699 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 highimpact 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 Twitter Visit our investor website: www.variscan.com.au Annual Report 2023 ABN 87 095 092 158 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 Suite 8, 7 The Esplanade Mount Pleasant WA 6153 Australia Telephone: +61 8 9316 9100 Email: info@variscan.com.au Website: www.variscan.com.au SHARE REGISTRY Boardroom Pty Ltd GPO Box 3993 Sydney NSW 2001 Australia Telephone: +61 2 9290 9600 AUDITORS HLB Mann Judd (WA) Partnership Level 4, 130 Stirling Street Perth WA 6000 Australia Telephone: +61 8 9227 7500 SECURITIES EXCHANGE LISTING Variscan Mines Limited’s shares are listed on the Australian Securities Exchange (ASX: VAR) 2 VARISCAN MINES ANNUAL REPORT 2023 Contents Corporate Directory  2 Chairman’s Letter  4 Operational Review  6 Directors’ Report  22 Auditor’s Independence Declaration  38 Consolidated Statement of Profit or Loss and Other Comprehensive Income  39 Consolidated Statement of Financial Position  40 Consolidated Statement Of Cash Flows  41 Consolidated Statement Of Changes In Equity  42 Notes To The Consolidated Financial Statements  43 Directors’ Declaration  69 Independent Auditor’s Report  70 ASX Additional Information  74 VARISCAN MINES ANNUAL REPORT 2023 3 Chairman’s Letter Chairman’s Letter Variscan Mines’ focus on the exploration and development of the NovalesUdias Project which includes the former producing San Jose Mine delivered significant tangible results during the 2023 financial year. These efforts continue to provide positive results, paving the way for a successful 2024. On behalf of your Board of Directors, it gives me great pleasure to present Variscan Mines’ annual report for the year ended 30 June 2023 (FY23). I have been Chair of VAR since late November 2022 and since then have been on a steep and exciting learning curve, including a visit to the San Jose Project. On this visit Frank Bierlein and I were able to improve our knowledge and perspective of the Project, our exceptional staff and the relationships being built with the local communities and regional authorities. Our own enthusiasm for the Project has been greatly enhanced by the opportunities we were able to see firsthand. VAR undertook a two-tranche fund-raising designed to raise a total of A$1.8m which was approved by shareholders in May 2023. The raise was led by a natural resources focused group, Zinc GroupCo as a cornerstone investor and also attracted ongoing support from key existing shareholders. At the date of writing approximately A$190,000 remains outstanding from the commitments to that fund raising. We continue to be assured that these funds will be received by VAR. Immediately following the 2022 AGM, Dr Foo Fatt Kah resigned from the Board, having served as Chair for the previous five years. During his tenure VAR underwent a transformation following the acquisition of the Spanish zinc assets on which we are now focussed. Later in the year Michael Moore, a long serving and highly valued non-executive director, also resigned from the Board. On behalf of the current Board and the company I express my gratitude for their contributions to VAR. I also thank CEO Stewart Dickson and his small, passionate team of dedicated professionals for their efforts during the year. During FY23 and into the current year, we have recorded a number of operational successes. Notably we released an initial, sizable, JORC-compliant Exploration Target for the Novales-Udias Project in northern Spain (See ASX announcement 28 July 2022). While the potential quantity and grade of this Exploration Target is conceptual in nature, it indicated the potential for a mid-to-large scale, highgrade deposit at Novales-Udias. 4 VARISCAN MINES ANNUAL REPORT 2023 Since the release of the abovementioned estimate, we have followed-up with successful drill campaigns both in and around the San Jose Mine as well as drill-testing the Buenahora Exploration Licence area. These drill campaigns delivered highgrade zinc results over notable widths. Modelling of the San Jose resulted in the construction of a detailed 3D mineralisation model for future resource estimation and the identification of prospective in-mine and near-mine targets for future drilling. This drilling is now well underway, with the latest drill programme commencing in late FY23 and extending through the first half of our 2024 financial year (FY24). We have already reported excellent results in which a new thick lower lens of high grade zinc has been defined in the San Jose Mine which includes up to 25% zinc intersected. As a package, the activities over the past year and the current work programs have further validated the prospectivity of this project. In the CEO Operations Review which follows, Stewart presents the highlights of our work during the year in more detail and outlines the plans for the year ahead. Finally, I thank all our stakeholders for their continued support of VAR as we continue to unlock the potential of our Spanish assets. Yours sincerely Anthony Wehby Chairman VARISCAN MINES ANNUAL REPORT 2023 5 Operational Review Operational Review f Group Highlights – Year in Review It is pleasing to report a number of value-add milestones being achieved at the Novales-Udias Project were delivered over the Company’s financial year ended 30 June 2023 (FY23). These activities cut across both exploration work and development studies to support our vision of reigniting zinc production in northern Spain. Variscan Mines’ FY23 exploration activities were largely focussed on the Company’s primary zinc/lead project; the Novales-Udias Project which incorporates the former producing San Jose Mine. f Spain Novales-Udias / San Jose Mine (Cantabria, northern Spain). Figure 1. The Novales-Udias Project 6 VARISCAN MINES ANNUAL REPORT 2023 Operational Review Figure 2. The Novales-Udias Project – detailed view - 2 distinct but linked licence areas Significant, initial JORC-compliant Exploration Target highlights scale potential and high grade nature of the Novales-Udias project. In early FY23, Variscan Mines issued an initial, sizeable JORC-compliant Exploration Target of between 16.5Mt and 34Mt at grades ranging from 6.3% to 9.1% Zinc and 1.1 to 1.8% Lead for its Novales-Udias Project (See ASX Announcement 28 July 2022). While the potential quantity and grade of this Exploration Target is conceptual in nature, it indicated the potential for a mid-to-large scale, high-grade deposit. The Exploration Target ranges for the Novales-Udias Project are set out in the following table. Range Tonnage (Mt) Zinc (%) Lead (%) Lower Estimate 16.5 6.3 1.1 Upper Estimate 34.0 9.1 1.8 Note: (1) The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. VARISCAN MINES ANNUAL REPORT 2023 7 Operational Review Figure 3. Plan view of Novales-Udias Project with Exploration Target zones (red) Basis for the Exploration Target The JORC Exploration Target comprises 62 target volumes within the 52km2 licence areas, including the San Jose Mine. The estimation process used by independent consultants, Wardell Armstrong International, to determine the approximate grade and tonnage ranges utilised multiple data sources including: ▯ Contemporary soil geochemistry samples at surface; ▯ Historic diamond drilling (surface and underground); ▯ Historic soil geochemistry samples at surface; ▯ Chargeable bodies detected from recent DCIP survey; ▯ In-situ point samples (rock chips); ▯ ▯ Contemporary diamond drilling (underground); Presence of a historical mine or indication of workings, e.g. an adit at surface. Of the 62 targets, 54 are supported by two or more additional data types. 8 VARISCAN MINES ANNUAL REPORT 2023 Operational Review Putting the Exploration Target in context Benchmarking against a selection of other publicly reported Zn-Pb Exploration Targets indicates the Novales-Udias Project to have significant potential for a Mineral Resource over a mid-to-large scale, high-grade deposit. Figure 4. Graphical Comparison of Reported Zinc-Lead Exploration Targets (Maximum Tonnage & Maximum Grade) Note: (1) Grades for certain projects are reported as Zn + Pb Equivalent or Zn Equivalent which increases those grade values when compared to those projects reporting Zn Note: (2) Whilst reasonable care has been taken to ensure a representative dataset, it is probable that not all Exploration Targets for Zn-Pb projects globally have been included Note: (3) Projects shown will have differing deposit types Note: (4) Underlying publicly available source data for comparative projects is set out on page 20 Note: (5) The diameter of each circle represents the maximum Zn (%) grade VARISCAN MINES ANNUAL REPORT 2023 9 Operational Review To illustrate and validate the high-grade nature of the Project and the Exploration Target specifically, the grades have compared to the those known from historical production at the San Jose Mine between 1970 and 1988. Figure 5. Comparison of San Jose Historical Run of Mine Grades vs. Exploration Target Grade Ranges Drilling Success The JORC Exploration Target comprises 62 target volumes within the 52km2 licence areas, including the San Jose Mine. The estimation process used by independent consultants, Wardell Armstrong International, to determine the approximate grade and tonnage ranges utilised multiple data sources including: Through FY23, Variscan Mines reported positive assay results from the following drilling campaigns: ▯ Phase 2 underground diamond drilling programme at the San Jose Mine ▯ Surface diamond drilling on the San Jose Mining Licence ▯ Surface diamond drilling on the Buenahora Exploration Licence ▯ Initial results from underground drilling at San Jose, which was reported in July 2022 (See ASX announcement 7 July 2022): ▯ Expanded the regionally significant zones of highgrade zinc mineralization within the San Jose Mine’s Central Zone ▯ Extended the 168 Trend, with its area of significant high-grade zinc mineralisation now potentially linking the important La Caseta and Los Caracoles trends over multiple elevations ▯ Identified new zones of mineralization in adjacent near-surface mines. These campaigns had the objectives of: ▯ expanding the footprint of zinc-lead mineralisation at the San Jose Mine ▯ in-fill drilling to link zones of mineralisation 10 VARISCAN MINES ANNUAL REPORT 2023 drill-testing step-out and surrounding areas to identify new zones of mineralisation Operational Review Selected drill results from La Caseta & Los Caracoles (Central Zone): ▯ DDH NOVDD105: 6.1m @ 15.6% Zn + 0.8% Pb ▯ DDH NOVDDT026: 3.0m @ 9.6% Zn + 1.8% Pb ▯ DDH NOVDDT031: 17.0m @ 5.0% Zn + 0.4% Pb ▯ DDH NOVDDT025: 2.0m @ 12.1% Zn + 1.1% Pb ▯ DDH NOVDDT028: 3.0m @ 19.6% Zn + 2.3% Pb ▯ DDH NOVDDT030: 5.0m @ 4.9% Zn + 0.1% Pb ▯ DDH NOVDDT020: 4.0m @ 10.4% Zn + 1.0% Pb ▯ DDH NOVDDT024: 2.0m @ 10.5% Zn + 0.1% Pb Figure 6. Plan view of selected mineralised intersections from drilling in the La Caseta Trend, 168 Trend and the Los Caracoles Trend VARISCAN MINES ANNUAL REPORT 2023 11 Operational Review Variscan Mines subsequently issued a follow-up set of assay results from the Phase 2 underground drilling programme at the San Jose Mine have in August 2022 (See ASX announcement 25 August 2022). These results continued to expand and infill zones of high-grade zinc mineralisation in the La Caseta Trend within the Central Zone of the San Jose Mine. They also linked new richly mineralised intersections in between known areas of workings, indicating continuity within and beyond the La Caseta Trend. Figure 7. Plan view of new, selected mineralised intersections from drilling in the La Caseta Trend Selected drill results from the La Caseta Trend (Central Zone): ▯ DDH NOVDD113: 33.0m @ 4.1% Zn + 0.1% Pb ▯ DDH NOVDD109: ▯ DDH NOVDD108: 12.0m @ 9.8% Zn + 0.7% Pb ▯ DDH NOVDDT036: 13.3m @ 2.4% Zn + 0.1% Pb ▯ DDH NOVDDT037: 9.7m@9.1%Zn+0.9%Pb ▯ DDH NOVDDT025: 1.1m @ 20.0% Zn + 0.3% Pb 12 VARISCAN MINES ANNUAL REPORT 2023 14.0m @ 5.4% Zn + 0.6% Pb Operational Review In early March 2023, Variscan Mines released further high grade zinc assay results from surface diamond drilling on the San Jose Mining Licence (See ASX announcement 2 March 2023). The step-out holes are located c.1,200m north-east along strike from the Main Zone of the underground San Jose Mine stopes. The intersected zinc mineralisation was interpreted to be a continuation of the same mineral system and on strike along the 7km Novales Trend. The step-out drilling indicates that further expansion drilling is strongly warranted. Selected surface diamond drilling results from the San Jose permit: ▯ SB-18: 22.00m @ 8.16% Zn + 0.23% Pb ▯ SB-19B: 6.00m @ 16.02% Zn + 0.71% Pb ▯ SB-19B: 9.00 m @ 5.45% Zn + 0.07% Pb Figure 8. Location of step-out surface drilling 1,200m north-east of the Main Zone of the San Jose Mine VARISCAN MINES ANNUAL REPORT 2023 13 Operational Review Figure 9. Geological cross-section of the drilled area (looking west), with a spatial interpretation of the zinc sulphide lenses. (See ASX announcement 6 April 2021) Data driven and drilling informed studies In late FY23, Variscan Mines announced that the Company had further enhanced its knowledge of the Project via the upgrade and expansion of its drill-hole database (refer ASX announcement dated 25 May 2023). The database now totalled 983 drillholes for 88,155m. Having developed a comprehensive database from historical drilling and Variscan’s own drilling and exploration activities the Company moved forward with the construction of a 3D model of mineralisation and mine development. This modelling confirmed thick, highgrade, accessible sulfide zinc-mineralised lenses. It also highlighted the in-mine and near-mine upside and step-out prospective zones for future exploration (Figure 10). 14 VARISCAN MINES ANNUAL REPORT 2023 Operational Review Figure 10. 3D Mineralisation and Mine Development Model of San Jose Mine Towards the end of Variscan Mines’ FY23 reporting period it announced the commencement of a Phase 3 underground drilling campaign at the San Jose Mine (See ASX announcement 21 June 2023). The two clear objectives of this drilling programme were to: ▯ Test in-mine prospective zones identified from the 3D model of mineralisation and mine development completed in the previous month ▯ Expand zones of mineralisation via in-fill and step-out drillholes. Buenahora Exploration License The Buenahora Exploration License is within the Novales-Udias Zn-Pb Project in northern Spain. Further exploration activities at this prospect in FY23 reinforced Variscan Mines’ view that mineralisation in Novales-Udias extends well beyond the historic San Jose mine which is also supported by the Exploration Target as a significant tonnage sits within the permit (Figure 11). Early in the second half of FY23, Variscan Mines announced some positive assay results from surface and underground diamond drilling and channel sampling programme on its Buenahora exploration licence (refer ASX announcement date 30 January 2023). This drilling represented the first significant exploration to occur in this licence area in at least three decades. Some of the most significant results from this drilling were: ▯ JDDT-02 (u/g hole): 16.05m @ 5.84% Zn + 1.21% Pb ▯ SB-04 (surface hole): 1.80m @ 11.10% Zn + 2.02% Pb ▯ JDDT-03 (u/g hole): 10.00m @ 7.46% Zn + 0.81% Pb ▯ PEDDT-07 (u/g hole): 2.00m @ 7.83% Zn + 0.64% Pb ▯ JDDT-01 (u/g hole): 3.30 m @ 14.66% Zn + 6.47% Pb ▯ SB-14 (surface hole): 1.50m @ 3.10% Zn + 0.02% Pb ▯ PEDDT-02 (u/g hole): 3.95m @ 8.61% Zn + 0.65% Pb VARISCAN MINES ANNUAL REPORT 2023 15 Operational Review Figure 11. Location of surface and underground drilling at Buenahora’s historic Pepita and Jufresno mines, with assay result highlights Guajaraz Project (central Spain). With the Novales-Udias Project Variscan Mines’ immediate and main focus, the Company undertook minimal exploration work at the Guajaraz Project, located in Castilla-La Mancha (central Spain) over its FY23. Subsequent to the end of the financial year, a three-year extension to the license was granted to the Company. However, Variscan Mines continues to hold the view that Guajaraz represents an excellent, de-risked brownfield polymetallic project. f Corporate and financial We have been pleased to welcome two new members to the Variscan Mines’ Board of Directors in its FY23, with Dr Frank Bierlein and Mr Anthony Wehby appointed as Non-Executive Directors in October 2022. Dr Bierlein is a geologist with 30 years of experience as a consultant, researcher and lecturer and industry professional. He is also an experienced public company director. Mr Wehby, is a former Partner of Price WaterhouseCoopers and Corporate Finance Specialist. He is also an experienced listed company director with over 50 years of executive and non-executive experience, mostly with resource-related companies. 16 VARISCAN MINES ANNUAL REPORT 2023 Operational Review Long time Variscan Mines Non-executive chair Dr Foo Fatt Kah retired from that role in November 2022, at the conclusion of the Company’s FY22 AGM. He was replaced by Mr Anthony Wehby. In March 2023, the Company announced that its Board had accepted the resignation of Non-Executive Director Mr Michael Moore. We are extremely grateful for their stewardship and guidance during their tenure, during which the Company made the transformational acquisition of the Spanish assets. I personally want to acknowledge the value of their insight and expertise during my time as CEO of the Company and wish them both the very of fortunes in their future endeavours. f Looking ahead Variscan Mines has materially progressed exploration activities at the Novales-Udias Project and the San Jose Mine in particular. We are pleased to have Phase 3 underground drilling campaign well underway. Information gleaned from this campaign will be utilized together with the substantial data-set already compiled in the publication of the Company’s pending maiden Mineral Resource Estimate for the San Jose Mine and importantly, also assist with mine re-opening assessments. Variscan Mines updated the market on further exploration activities that confirmed south-west extension and continuity of mineralisation from the San Jose Mine, on the 9km Novales-Udias Trend (See ASX announcement 7 August 2023). This extension of mineralisation, along strike, was revealed from new data collated by Variscan Mines which comprised 131 historical drillholes for 7,398 metres. These additional results grew the Company’s drillhole database at San Jose Mine to 1,114 drill-holes for 95,553 metres. This work gives Variscan Mines a clear and more robust picture of the scale, continuity and quality of the zinc mineralisation beyond the immediate workings of the San Jose Mine and onto the wider 9km Novales-Udias Trend. Variscan Mines also released high grade zinc assay results from its Novales-Udias Phase 3 underground drilling campaign that defined a new lower lens of high grade zinc mineralization below La Catedral stope in the San Jose Mine (See ASX announcement 5 October 2023). They also found that the La Catedral area hosted extensive mining of high grade ore zones above this newly defined lower lens. Selected drilling results: ▯ NDDT007B: 21.85m @ 8.50% Zn, 0.38% Pb (including 18.05m @ 10.22% Zn, 0.46% Pb) ▯ NDDT007: 23.35m@7.09%Zn,1.72%Pb (including 11.0m @ 11.58% Zn, 3.35% Pb) ▯ NDDT014: 14.55m@5.81%Zn,0.90%Pb ▯ NDDT012: 10.30m@5.09%Zn,0.19%Pb ▯ NDDT010: 3.80m@24.58%Zn,3.13%Pb ▯ NDDT008: 9.30m@5.18%Zn,0.13%Pb La Catedral area hosted extensive mining of high grade ore zones above this newly defined lower lens. Figure 12. Cross-section of newly defined La Catedral Lower Lens, Central Zone, San Jose Mine VARISCAN MINES ANNUAL REPORT 2023 17 Operational Review Figure 13. 3D model illustrating newly defined La Catedral Lower Lens, Central Zone, San Jose Mine Early FY24 also saw Variscan Mines reiterate its intention to deliver on a series of project development milestones over the coming months (See ASX Announcement 28 September 2023). These include the completion of a new 3D mineralization model of the underground workings, delineation of a maiden Mineral Resource Estimate at the San Jose Mine, and the engagement of experts to prepare a concept study for re-opening the San Jose Mine. Variscan’s clear pathway to development for its San Jose asset is illustrated in the following figure. Figure 14. Anticipated schedule of near-term activities 18 VARISCAN MINES ANNUAL REPORT 2023 Operational Review Variscan Mines made further great strides towards the realisation of its development plan for San Jose Mine project during FY23, principally led by drilling success. I pay thanks to the invaluable contributions of our staff, the local communities where our projects are located and our shareholders. Their collective commitment and goodwill have helped the Company deliver on many of its planned exploration activities. The next step – which is now work in motion – is to work towards a re-start of the San Jose Mine. This is ambitious objective but with the quality of the assets we have, one well worth pursing. We look forward to our FY24 with great anticipation. This period is expected to see Variscan Mines deliver a JORC estimate for the Novales-Udias project and a mine re-start plan for the San Jose Mine. Both are expected to clearly demonstrate the inherent value in our Spanish assets. Stewart Dickson Managing Director & CEO Competent Person Statement The information in this document that relates to the Exploration Target, Exploration results and technical information about the Novales-Udias project is based on, and fairly represents information and supporting documentation reviewed by 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 10 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. Where Company refers to exploration results and historical data previously advised to the ASX it confirms that it is not aware of any new information or data that materially affects the information included in previous announcements and all material assumptions and technical parameters disclosed in those announcements continue to apply and have not materially changed. VARISCAN MINES ANNUAL REPORT 2023 19 Operational Review f Published data and sources used to compile Figure 4, Page 9 Table summarising comparator publicly reported Zn/Pb JORC Exploration Targets. JORC Exporation Target Benchmarking Company Project Tonnes Max Tonnes Min Zn % Zn % Pb % Pb % Notes Grade Grade Grade Grade Max Max Min Min Rumble Resources Earaheedy 120,000,000 100,000,000 4.5 3.5 Ironbark Citronen 90,000,000 40,000,000 7 5 South 32 Taylor 90,000,000 10,000,000 3.8 3.6 Kidman Resources Browns Reef 37,000,000 27,000,000 1.4 1.3 0.7 0.6 Variscan Mines Novales-Udias 34,000,000 16,500,000 9.1 6.8 1.8 1.1 Sabre Resources The Border 30,000,000 15,000,000 5 2 Alta Zinc Gorno 22,000,000 17,400,000 10 8.5 RMG Kamarga Zinc 10,000,000 5,000,000 10 5 Alicanto Minerals Sala 4,900,000 4,100,000 3.6 1.4 Metalicity Napier Range 4,000,000 1,000,000 15 10 Heron Resources Kangiara 3,000,000 2,000,000 1.3 Galileo Resources Star Zinc 900,000 600,000 12 10 Horizon Minerals Nimbus 700,000 550,000 3.6 3.4 Heron Resources Peelwood 650,000 600,000 4.4 Grade is Zn + Pb Grade is Zn + Pb 2.4 1.9 Grade is Zn + Pb Grade is Zn Eq 1 No range given The maximum tonnages and grades have been plotted in a scatter graph (bubble chart) in Figure 4 which provides comparative perspective and context to the JORC Exploration Target. The size of each point is defined by the maximum Zn (%) grade. 20 VARISCAN MINES ANNUAL REPORT 2023 Operational Review f Sources of Data Company Project References Rumble Resources Earaheedy https://cdn-api.markitdigital.com/apiman-gateway/ASX/ asx-research/1.0/file/2924-02436675-6A1056335?access_ token=83ff96335c2d45a094df02a206a39ff4 Ironbark Citronen https://cdn-api.markitdigital.com/apiman-gateway/ASX/ asx-research/1.0/file/2924-02340079-6A1019830?access_ token=83ff96335c2d45a094df02a206a39ff4 South 32 Taylor https://www.south32.net/docs/default-source/exchange-releases/ hermosa-project-update.pdf?sfvrsn=3321e5c2_2 Kidman Resources Browns Reef https://www.asx.com.au/asxpdf/20150120/pdf/42w2rtgktfm8vm.pdf Sabre Resources The Border https://www.sabresources.com/view.php?id=28 Alta Zinc Gorno https://cdn-api.markitdigital.com/apiman-gateway/ASX/ asx-research/1.0/file/2924-02418856-6A1049301?access_ token=83ff96335c2d45a094df02a206a39ff4 RMG Kamarga Zinc https://www.asx.com.au/asxpdf/20120321/pdf/4254vhdbrwgqjz.pdf Alicanto Minerals Sala https://www.prnewswire.com/news-releases/tumi-resources-limited--tumi-defines-4---5-million-tonne-zinc-silver-exploration-target-at-salasweden-141167733.html Tumi Resources Limited previously owned the project at the time of Exploration Target publication Metalicity Napier Range https://www.metalicity.com.au/wp-content/uploads/2020/08/6872779.pdf Heron Resources Kangiara https://www.skymetals.com.au/index.cfm/projects/kangiara/ Galileo Resources Star Zinc https://galileoresources.com/investors/rns/star-zinc-issues-jorc-2012technical-report/ Horizon Minerals Nimbus https://cdn-api.markitdigital.com/apiman-gateway/ASX/ asx-research/1.0/file/2924-02502397-6A1083252?access_ token=83ff96335c2d45a094df02a206a39ff4 Heron Resources Peelwood https://heronresources.com.au/woodlawn-regional-exploration VARISCAN MINES ANNUAL REPORT 2023 21 Directors’ Report 22 VARISCAN MINES ANNUAL REPORT 2023 Directors’ Report f 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 MAICD 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 is also a nonexecutive director on the board of Ensurance Ltd an ASX listed Insurance underwriting agency. He has previously been Chairman of Tellus Resources Limited, Non-executive Chairman of Aurelia Metals Limited and a Director of 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 serves as CEO of ASX-listed Variscan Mines Limited. Until recently he was a Non-Executive Director of Trans-Siber