Announcement PDF ASX Announcement | 13 August 2025 Variscan Mines Limited (ASX:VAR) VARISCAN COMPLETES FIRST TRANCHE OF $2.5M 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 5 August 2025) to raise a total of $2.5 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 $587,143 before costs, through the issue of 117,428,656 ordinary shares at $0.005 per share. Applicants in the Placement will also receive 1 free attaching unlisted Option to acquire an ordinary share for every 2 Placement shares applied for. Attaching Options will be issued subject to shareholder approval at a General Meeting to be held in due course. Options are exercisable by payment of $0.008 cents on or before the date that is 3 years from issue. All shares issued under the Placement will rank equally with existing fully paid ordinary shares in Octava as of the date of this announcement. An Appendix 2A 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 Mr Stewart Dickson, Managing Director and CEO, 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 E: chloe@janemorganmanagement.com.au P: +61 (0) 405 555 618 We encourage all investors to share questions on this announcement via our interactive investor hub: https://variscan.com.au/s/0e58e7 Or scan the QR code. Subscribe to our news alert service: https://variscan.com.au/s/8d46e7 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 2 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 Spain 1 and one of the world’s richest MVT deposits 2. 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 tenements 3. Novales-Udias Project Highlights • • • • • • • • • • • • Near term zinc production opportunity (subject to positive exploratory & development work) Updated JORC compliant Mineral Resource Estimate of 3.4Mt @ 7.6% Zn, 0.9 %Pb released in December 2024 4 Expanded tenement holding of 111 km2 (including a number of granted mining tenements) Regional exploration potential for another discovery analogous to Reocin Mine (total past production and remaining resource 62Mt @ 8.7% Zn and 1.0% Pb 5 6) Trucking distance (~ 80km) from the San Juan de Nieva smelter (Glencore owned) Classic MVT carbonate hosted Zn-Pb district Historic production of high-grade zinc from San Jose Mine; average grade reported as ~7% Zn 7 with super high grade ‘bolsas’ (mineralised pods and lenses) commonly 10-20% Zn and in some instances +30% Zn 8 Maiden drilling at Udias Mine Simple mineralogy of sphalerite – galena – calamine Mineralisation is strata-bound, epigenetic, lenticular and sub-horizontal Access and infrastructure all in place Local community and government support due to historic mining activity 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) ‘Sedimenthosted lead-zinc deposits: a global perspective’. Econ. Geol. 100th Anniversary Special Paper 561 607 3 Refer to ASX announcement of 29 July 2019 1 4 Refer to ASX announcement of 8 December 2024 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: in Econ. Geol. v.98, pp. 1371-1396. 6 Cautionary Statement: references in this announcement to the publicly quoted resource tonnes and grade of the Project are historical and foreign in nature and not reported in accordance with the JORC Code 2012, or the categories of mineralisation as defined in the JORC Code 2012. A competent person has not completed sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further exploration work that the foreign/historic resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code 2012. 7 These figures have been taken from historical production data from the School of Mines in Torrelavega historical archives. 8 Reports of the super high-grade mineralisation are supported with historical production data from the School of Mines in Torrelavega historical archives. (Refer ASX release 29 July 2019) 5 3 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 MVTstyle 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. 4