Announcement PDF Spain’s next high-grade Zinc mine Investor Presentation November 2023 DISCLAIMER & COMPETENT PERSON STATEMENT This document is for information purposes only. It is not a prospectus, disclosure document or offering document under Australian law or under any other law and does not constitute an offer or invitation to apply for securities. In particular, this presentation is not an offer of securities for subscription or sale in Australia or any other jurisdiction in which such an offer or solicitation is not authorised or to any other person to whom it is unlawful to make such an offer or solicitation. The information in this presentation is an overview and does not contain all information necessary to make an investment decision. To the extent permitted by law, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates or opinions or other information contained in this presentation, any of which may change without notice and liability relating to those matters is excluded. Variscan Mines Limited, nor any related entity, nor any other person warrants the future performance of, or any return on any investment arranged by or in, Variscan Mines Limited or a related entity of Variscan Mines. Some of the information contained in this presentation constitutes forward-looking statements that are subject to various risks and uncertainties, not all of which may be disclosed. These statements discuss future objectives or expectations concerning results of operations or financial condition or provide other forward looking information. The actual results, performance or achievements could be significantly different from the results or objectives expressed in, or implied by, those forward-looking statements. Prospective investors should make their own independent evaluation of an investment in any securities. The material contained in this document does not take into account the investment objectives, financial situation or particular needs of any individual investor. Neither Variscan Mines nor any of its related entities makes any recommendation to investors regarding the suitability of any securities and the recipient must make its own assessment and/or seek independent advice on financial, legal, tax and other matters, including the merits and risk involved, before making any investments. This presentation and its contents may not be retransmitted or otherwise reproduced or disclosed to third parties or made public in any way, in whole or in part, for any purpose without the written permission of Variscan Mines. Where the Company refers to exploration results and production data it refers to the that information previously advised to the ASX and it confirms that it is not aware of any new information or data that materially affects the information included in that market announcement. 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 fulltime 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. | ASX:VAR 2 OVEVIEW – FOCUS ON ADVANCING THE NOVALES-UDIAS PROJECT De-risked Project in proven Mining district • High-grade zinc deposit, with mineralization demonstrating significant potential for expansion • Centred on former producing San Jose Mine (avg. ROM grade 6.9% Zn1) Low-Risk Jurisdiction • Located in Cantabria, northern Spain • Project has long history with local communities Experienced Board & Operational Leadership • Experienced management with exploration and production assets + successful exits • Significant technical experience in a small, yet effective technical group Strong & Comprehensive Social Licence • Established relationships with key permitting governing bodies • Project’s longevity and relevance within the community Real Near-Term Potential • Moving to assess requirements for re-start • Mining Licence granted • Mineral Resource Estimate imminent & Mine Re-Start study work underway | ASX:VAR Source: : 1 Historic production data from archives at the School of Mines in Torrelavega 3 CLEAR STRATEGY TO SUPPLY CRITICAL METALS IN EUROPE Resourcing the energy transition revolution 1 • • • • Re-start San Jose Mine Assess bringing high-grade San Jose Mine into production Objective to establish initial small, profitable mining ‘starter’ operation Provide platform to sustainably finance exploration / replacement tonnes Generate consistent operating track record 2 • • • • 3 Exploration upside Continue exploration through drilling to expand zones of mineralisation along 9km Trend Increase Resource inventory in-mine and along strike Buenahora Exploration licence presents exploration upside in proven mining district Explore new opportunities within existing and new concessions • • • • • Growth and M&A Target value accretive assets Maintain focus on Zinc / Base Metals Strong Net Zero thematic De-risked jurisdictions esp. Europe Keep disciplined capital allocation 'Permittable’ & ‘Permissable’ ✓ Existing Mining Licence granted for San Jose Mine ✓ Existing mine-site & regional infrastructure à anticipated lower Capex. ✓ Leveraging the value of sunk capital ✓ Reduced timeframe to get going ✓ Small, high-grade resource may be viable as Capex lower than for greenfield project | ASX:VAR ✓ Only active explorer/developer in Cantabria, Spain ✓ Mining heritage - local communities have strong buy-in ✓ Initial small underground mining operation reflects what is ‘known’ ; open pits struggle with permits in EU ✓ Lower environmental impact (incl. no visual impact) from utilising existing mine ✓ Focused on ‘Value not Volume’ operation ✓ Proximity to markets inc. Glencore smelter 4 BOARD, CAPITAL STRUCTURE & SHAREHOLDINGS COMPANY STATISTICS As of 6 November 2023 Shares Outstanding (M) 356.6 Performance Rights (M) 2.5 Options (M) 74.1 Shares Fully Diluted (M) 433.32 Market Cap @$0.01 (AUD$M) 3.56 52-Week Trading Range (AUD$) 0.01 – 0.027 Avg Daily Trading Volume (3-month) 399,696 Cash – Q1 , 30 Sept 2023 (AUD$M) 1.13 SHARE REGISTRY (+1% shareholders = 62%) Zinc GroupCo, 16.1% Other , 33.8% CCGF Holding, 1.0% Slipsteam Resources, 13.3% BNP Paribas Noms , 1.1% Opeka Dale, 1.3% Spinergy Capital , 1.3% Delphi, 7.2% Citicorp Noms, 7.6% Effective Investments , 1.4% Lightning Jack , 2.0% Hispanibal SL, 2.0% Wainidiva, 3.3% FELDI Ltd, 2.7% Altor Capital Mgt , 2.1% EXPERIENCED BOARD OF DIRECTORS Anthony Wehby Stewart Dickson Nicholas (Nick) Farr-Jones AM Frank Bierlein Non-Executive Chairman Managing Director & CEO Non-Executive Director Non-Executive Director | ASX:VAR Source: Company data 5 SHARE PRICE AND METAL PRICE PERFORMANCE (YTD) VAR vs. ASX Zinc Explorers / Developers 180.0% Base Metals Prices 140.0% 160.0% 120.0% 140.0% 120.0% 100.0% 100.0% 80.0% 80.0% 60.0% 60.0% 40.0% 40.0% 20.0% 0.0% 20.0% 0.0% Variscan Apollo Minerals Rumble Resources Ironbark Zinc Altamin | ASX:VAR Zinc Copper Lead Nickel Aluminium Source: Investing.au ; TCN 6 EXPLORING 100% OWNED HIGH GRADE ZINC PROJECTS IN SPAIN | ASX:VAR 7 ZINC – KEY ROLE IN ENERGY TRANSITION & MOVE TO NET-ZERO Structural Demand for Zinc § Underinvestment in global exploration § Lower production / shut-downs of existing mines § Low grade new discoveries & production Uncommitted Projects 15,800 Committed Projects - China “Every 1MW of installed wind turbine capacity requires 7 tonnes of Zinc” Committed Projects - Ex-China Zinc Production (k tonne) 14,600 Total Known Supply Zinc Demand 13,400 12,200 11,000 2023 “Zinc usage from solar energy sector expected to double by 2040” | ASX:VAR 2024 Variscan has been accepted as a member of the EBA250 2025 2026 2027 2028 Source: Wood Mackenzie, CRU, IRENA, S&P Capital IQ Pro; Adriatic Metals 8 ZINC – KEY ROLE IN ENERGY TRANSITION & MOVE TO NET-ZERO Critical materials for transition to low carbon economy Forecast wind & solar investment expenditure ü Zinc designated as a strategic metal by US government in November 2021 ü Zinc designated as a strategic metal by Canadian government in February 2022 | ASX:VAR Source: McKinsey; Schroders 9 SPAIN IS A KEY PART OF EUROPEAN MINING RENAISSANCE § Entering a period of de-globalisation and resource scarcity. EUROPEAN UNION COMMITS TO SECURING CRITICAL MINERALS § The EU Critical Raw Materials Act in March 2023, provided a set of clear targets and initiatives for the EU to catch up in the global race for metals and mining supply. à Exploration - Member States to draw up / revamp national programs aimed at exploring what CRMs may be available à Permitting - provides for a streamlined process in order to shorten time frames and improve investment security EU energy transition will require 10–15% more zinc annually than the region uses today Selected developers & mine operators in Spain | ASX:VAR Source: European Union; The Assay; KJ Leuven/Eurometaux; Company Reports 10 NOVALES-UDIAS PROJECT – SITUATED IN PROVEN MINING DISTRICT § San Jose (12km2) Mining Licence hosting former producing San Jose zinc mine 62Mt @ 8.7%Zn § Buenahora (41km2) Exploration Licence hosting +60 historical (mostly artisanal) workings § Defined and metallurgically simple MVT zinc sulfide deposit along a 9km trend § Shallow mineralisation (170-240m depth), hosted by dolostone, and consists of stacked flat-lying elongated ore lenses, with good continuity § High grades, with zinc strongly dominant over lead (c. 10% Zn+Pb). § Simple mineralogy (sphalerite), easy processing, high quality concentrate § No exploration for ~30yrs until project acquired by Variscan § 8km NW of the world-class Reocin zinc deposit (87 Mt @ 11% Zn, 1% Pb). | ASX:VAR § Proximity to Glencore’s San Juan de Nieva zinc smelter (2nd largest globally) See ASX Announcement 29 July 2019 11 NOVALES-UDIAS PROJECT: CANTABRIA, NORTHERN SPAIN | ASX:VAR 12 MVT DEPOSITS – FAVOURABLE CHARACTERISTICS REOCÍN MINE: 62MT @ 8.7% Zn + 1.0% Pb ✓ Flat-lying, tabular orebodies ✓ Good lateral continuity ✓ Multiple horizons ✓ Occur in clusters / ore fields ✓ Sizeable resources ✓ Grade can be very high ✓ Comparatively simple geology ✓ Simple mineralogy ✓ Simple mining /processing ✓ Good quality concentrate ✓ Comparatively easy exploration | ASX:VAR Source: Velasco, F., Herrero, J.M., Yusta, I., Alonso, J.A., Seebold, I. and Leach, D., 2003 - Geology and Geochemistry of the Reocin ZincLead Deposit, Basque-Cantabrian Basin, Northern Spain: in Econ. Geol. v.98, pp. 1371-1396 13 DELIVERING EXPLORATION SUCCESS & DEVELOPMENT PROGRESS ✓ Sustained underground drilling success at San Jose DDH NOV113: 33.0m @ 4.1% Zn + 0.1% Pb ✓ Step-out surface drilling success ✓ Sizeable, High-grade JORC Exploration Target for the overall project* Range Tonnage (Mt) Zinc (%) Lead (%) 16.5 6.3 1.1 34.0 9.1 1.8 Lower Estimate Upper Estimate Note: DDH NOV113 Hole Depth shown from 5.40m to 16.90m ✓ Development of 3D mineralisation model → Follow-up Phase 3 underground drilling well advanced & delivering high-grade intercepts → Maiden JORC Mineral Resource Estimate for the San Jose Mine – ERM (formerly CSA) mandated → Structural geology framework and exploration targeting study commissioned - world-renowned expert Brett Davis appointed → Met test work → Mine Re-start Study – Piran Mining appointed * The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral 14 in | ASX:VAR Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported accordance with the 2012 edition of the JORC Code. SAN JOSE MINE § Former high-grade zinc producing mine; ceased production in late 1990s due to prevailing metal prices § Excellent condition: underground development extends over a linear length of c. 2.5km § Links to much larger historical Udias zinc mine complex (> 3.5 km of linear length, within permit area) • Comprehensive 3D hi-resolution laser topographic survey of stopes and ore pasess & development • 3x underground drilling campaigns conducted to date totaling 177 holes for ~4,806m • Ongoing undergound drilling – flexible, efficient & costeffective drilling using own portable rig • 3x step-out surface drill-holes from the San Jose Mine indicate growth potential; followup drilling planned for CY24 with permit applications submitted • Expanded our extensive & valuable database of 1,105 drillholes for 94,808 m. • Estimated replacement value of AUD$~22m1 | ASX:VAR Massive replacement zinc sulfide ore Source: 1 Management estimates based on current, actual drilling rates and costs incurred by the Company multiplied by number of metres 15 SAN JOSE MINE – SHALLOW DEPOSIT WITH MINE DEVELOPMENT IN PLACE Depth 0m VAR San Jose MATSA (Sandfire) First Quantum Lundin Atalaya Ascendant Atalaya Pan Global 0m Sotiel Top of Gossan -150m Current mine depth -390m 500 m Cerro Colorado base of pit 400m Mines Base of pit -250m? San Jose from surface Main Gallery at 200m Current base of pit -400m? Magdalena La Romana from surface Lagoa Salgada 120m below cover Projects Current mine depth -565m Las Cruces Beneath 150m of cover Depth 500 m Masa de Valverde 430-800m below surface Current mine depth -725m Exploration drilling to -800m 1000 m Aguas T eñidas at 725m below surface 1000 m Semblana discovery 800 to 900m below surface Tested down to 1100m Curent mine depth 1200m Neves Corvo at 1200m below surface Explor ation drilling to -1400m 1500 m 1500 m Iberian Pyrite Belt Deposits shown for comparison of drilling and mine depths. | ASX:VAR Current mining depth Depth to mineralization Source: Pan Global Resources Oct 23 Presentation 16 SAN JOSE MINE – PROVEN HIGH-GRADE WITH SIMPLE METALLURGY San Jose Mine ROM Grades 1970-1988 Simplified Historical Processing Flow Sheet 10 Avg. Zn Grade 6.3% Grade Zn (%) 8 6 Avg. Pb Grade 1.7% 4 2 0 Zn Pb Avg Zn Avg Pb Current ‘weak’ zinc price offers 2x-3x premium Zinc Price (US$/T) 5000.00 4000.00 3000.00 SAN JOSE CLOSED 2000.00 1000.00 0.00 | ASX:VAR 1960 - Oct 2023 REOCÍN CLOSED Potential to enhance using modern technology i.e. DMS Sources: Historic production data from archives at the School of Mines in Torrelavega; World Bank metal prices 17 DEVELOPED 3D MINERALISATION & DEVELOPMENT MODEL | ASX:VAR Sources: Refer ASX announcement 21 June 2023 18 CONTINUED UNDERGROUND DRILLING SUCCESS OVER MULTIPLE HORIZONS | ASX:VAR Sources: Refer ASX Announcement 25 August 2022 19 CONTINUED UNDERGROUND DRILLING SUCCESS à NEW LOWER LENS § 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 | ASX:VAR 20 Sources: Refer ASX Announcement 5 October 2023 DRILLING SUCCESS à DISCOVERING NEW LOWER LENS AT SAN JOSE | ASX:VAR Sources: Refer ASX Announcement 5 October 2023 21 STEPPING OUT - UDIAS HISTORICAL DRILLING EXTENSIONS ON STRIKE § S-89D 14.85m @ 8.17% Zn, 0.64% Pb § S-89D 10.70m @ 8.64% Zn, 0.57% Pb § SU3/82 10.90m @ 12.01% Zn, 0.62% Pb § SU10/82 6.20m @ 10.23% Zn, 3.00% Pb | ASX:VAR § S-89A 6.10m @ 5.54% Zn, 0.57% Pb § S-89 4.80m @ 14.36% Zn, 2.17% Pb Sources: Refer ASX Announcement 7 August 2023 22 STEPPING OUT – SURFACE DRILLING EXTENSIONS ON STRIKE § Drill-hole SB-18: 22.0m @ 8.16% Zn | ASX:VAR Sources: Refer ASX Announcement 2 March 2023 23 SEEKING RESOURCES IN THE VICINITY OF THE SAN JOSE MINE – NOV 22 | ASX:VAR Sources: Refer ASX Announcement 29 Nov 2022 24 SEEKING RESOURCES IN THE VICINITY OF THE SAN JOSE MINE – NOV 23 | ASX:VAR Sources: Refer ASX Announcements 7 July 2022, 2 March 2023, 5 October 2023 25 DRILLING RESULTS RANKED AMONGST ‘BEST OF THE BEST’ MinerDeck – Top Zinc Intercepts – Q1 2023 | ASX:VAR MinerDeck – Top Zinc Intercepts – October 2023 Source: Variscan Company Reports; Miner `Deck 26 SIGNIFICANT EXPLORATION UPSIDE – FUTURE DRILL TARGETS IDENTIFIED UNDERGROUND DRILLING PLANNED FOR Q4 2023 | ASX:VAR FUTURE SURFACE DRILLING PLANNED FOR CY2024 27 SAN JOSE MINE – INFRASTRUCTURE & FACILITIES FORMER FLOATATION PLANT CORE SHACK ELECTRIC GRID CONNECTION MUNICIPAL WATER TREATMENT PLANT SAN JOSE MINE ENTRANCE ROAD ACCESS WORKSHOP ROAD ACCESS CORE SHACK OFFICE CORE LOGGING | ASX:VAR 28 SAN JOSE MINE – INFRASTRUCTURE & FACILITIES | ASX:VAR 29 INDICATIVE TIMELINE OF KEY DELIVERABLES FY YR END AGM AUG ‘23 SEP ‘23 YOUR TITLE OCT’23 NOV ‘23 DEC ‘23 JAN ‘24 Assay 1 FEB ‘24 MAR ‘24 APR ‘24 MAY ‘24 JUN ‘24 Assay 2 Phase 3 Underground Drilling at San Jose Phase 4 Underground Drilling at San Jose YOUR TITLE Surface drilling at San Jose along strike? YOUR TITLE San Jose Mineral Resource Estimate Mineral Resource Estimate Upgrade? YOUR TITLE Implementation of key recommendations? Mine Restart Study YOUR TITLE Structural Geology Site Visit & Report YOUR TITLE Metallurgical test work Guarajaz Geochem Fieldwork | ASX:VAR JUL ‘24 Variscan Mines Limited (ASX:VAR) Stewart Dickson Managing Director & CEO +44 7799694195 +61 8 93169100 stewart.dickson@variscan.com.au Investor Relations The Capital Network Julia Maguire +61 2 8999 3699 julia@thecapitalnetwork.com.au | ASX:VAR 31 www.variscan.com.au