Announcement PDF I N V E S T O R P R E S E N T A T I O N NOVEMBER 2025 SPAIN’S NEXT HIGH-GRADE ZINC MINE Powering The Energy Transition ASX:VAR 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 reference is made to previous releases of exploration results and mineral resource estimates in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the exploration results and mineral resource estimates included in those announcements continue to apply and have not materially changed This ASX announcement has been approved by the Board and authorised for issue by Mr Stewart Dickson, Managing Director and CEO, Variscan Mines Limited DISCLAIMER & IMPORTANT NOTICE ASX:VAR 2 Purpose, Strategy & Delivery ASX:VAR Purpose Our mission is clear: to develop our high-grade zinc assets to transition to a producing mining company 3 Our Explorer-Producer Strategy is designed to deliver: early cashflow from production at the San Jose and Udias Mines, achieve attractive financial returns and sustainably fund ramp-up production growth, exploit exploration upside and the overall development of our project portfolio. Strategy Zinc Focused Proven Assets Focus Points Structural opportunity to supply local markets as demand driven by energy transition tailwinds Ready for Mine Re-Start San Jose & Udias Mines have proven track record of high-grade zinc production Near term production opportunity for cashflow to sustainably fund ramp- up growth and exploration upside Delivery Near Term Production District Scale Exploration Selective & Accretive M&A Advancing a Tier-1 Zinc Asset Towards Production Investment Summary ASX:VAR Location Advanced former mine with new underexplored extensions Low-Risk Earn-In Zinc Opportunity(2) (3) Strategic Support and Partnerships Compelling Valuation • One of the highest-grade zinc MREs on ASX: 3.4Mt @ 7.6% Zn, 0.9% Pb (1) • Brownfield project with sunk capital enables low-cost restart • San Jose mine previously operated for 20 years; zinc price now 2x higher • Mining Licence granted, 100% owned, no NSR • Located in Spain’s prolific Zinc mining jurisdiction. • Proximity to Glencore’s world-class zinc smelter (Largest globally) • Infrastructure in place & close to European markets • Excellent social licence • Drilling upside at Udias, now interlinked with San Jose • Expanded footprint to 111km² with new high-grade zones • Brownfield advantage offers ultra-low capex restart & low risk • Low risk, earn-in to highly prospective Zinc assets in Ireland from Mining Development Fund (subject to shareholder approval) • Leveraging carbonate-hosted Zinc deposit know-how & European footprint • Historical exploration success and further upside potential • Supported by local government • Square Resources (20% shareholder via ZincCo) holds marketing rights à potential offtake post- Re-Start (Scoping) Study • Anibal Group provides site access and logistics support as a shareholder-partner • High profile and supportive register (top 20 own ~75%) • Very inexpensive EV / Resource • Undervalued de-risked zinc development opportunity 4 Sources: (1) ASX announcement 9 December 2024, (2) ASX announcement 5 August 2025 (3) Refer to Notice of AGM for Independent Expert Technical Report – ASX announcement 27 October 2025 Recent Developments ASX:VAR 5 Sources: (1) ASX announcement 5 August 2025 (2) ASX announcement 29 September 2025 (3) ASX announcement 16 September 2025 September 2025 • Second tranche placement (1) to raise $2.25 million completed. • Placement well supported by: • Existing Top20 shareholders • New sophisticated and professional investors WELL SUPPORTED CAPITAL RAISE COMPLETED September 2025 • 3D underground survey completed, confirming extensive under-explored mine development and identifying extensions of high-grade mineralisation • Connects Udías and San Jose Mines; both are on the same mineral system • Survey maps mine development of +7,500m over 6 levels • Provides critical, digital geospatial data for future Mineral Resource Estimate (MRE) update and mine planning • Drilling underway targeting new zones outside current MRE zones with assays • expected imminently 3D LASER SURVEY AT UDIAS MINE (2) September 2025 SURFACE DRILLING DATA OVER NEW LICENCES (3) • Acquisition of 146 historic drillholes for 52,034 metres, delivering multiple high-grade zinc (Zn) and lead (Pb) intercepts across newly granted licences; outside the current MRE • Outstanding historic assays from Hipolita Licence over the footprint of former Reocin Mine and its extensions, including • S-10: 24.0m @ 12.3% Zn, 0.4% Pb • S-457: 20.9m @ 14.0% Zn, 0.8% Pb • S-414: 17.6m @ 14.7% Zn, 0.7% Pb • Newly integrated historic drilling data provides significant time and cost saving • Project drilling database now consists of 1,221 drillholes for 138,570 metres SITE DEVELOPMENT • Continue to invest in additional working areas and core storage facilities constructed to support current drilling Recent Developments ASX:VAR 6 Sources: (1) ASX announcement 3 September 2025 (2) Meeting on 29 October 2025 (3) Shanghai Metals Market September 2025 SAN JOSE MINE RESTORATION PLAN APPROVED FOR MINING LICENCE AREAS (1) October 2025 • Invitation from Government of Western Australia to a State Government Luncheon for Her Excellency Ms. Esther Monterrubio Villar - Ambassador of Spain (2) • Key talking points regarding Spain : ü Strong policy tailwinds to support domestic production of metals and critical minerals ü Efficient transportation & infrastructure ü Proximity to EU markets ü Availability of highly skilled labour ü Affordable and green energy abundance ü Deepening relationship and shared values between Spain and Australia POSITIVE POLITICAL ENGAGEMENT October 2025 • London Metal Exchange (LME) zinc price firmly breached $3,000 per tonne • Currently around year-to-date high of $3,050 • Zinc has climbed around 5 per cent in last month alone • LME zinc stocks been depleted & barely sufficient to cover one day of global zinc consumption • LME Cash-3M zinc spread exploded to $323 per ton – the widest level since at least 1997. This extreme price inversion is a sign of acute near- term shortage (see chart) (3) POSITIVE ZINC MARKET DYNAMICS • Clear and unambiguous permitting approval to proceed to exploitation / re-commencing mine production • Restoration Plan covering the San Jose & Udias Mines permits: → the management of waste from extractive industries; and → the protection and rehabilitation of areas affected by mining activities • Mining Licence already granted to 2035 with ability to extend for a further 30 years • Extensive surface drilling campaign of 69 drillholes for ~13,800m also approved Near-Term Deliverables – Results being Finalised ASX:VAR 7 Q4 2025 • Drilling continuing along mine development targeting new untested zones to link up with existing MRE zones and beyond to the San Jose Mine • Drilling results reported from Udías to date confirm significant growth potential outside of current MRE footprint • Next assay results imminent DRILLING RESULTS FROM UDIAS MINE Q4 2025 • TOMRA engaged to conduct a Sortability Test on ore samples from San Jose Mine to evaluate the sorting potential by using XRT technology • The objective of the Sortability Test was to separate material with galena and sphalerite from the carbonates (host rock) using TOMRA’s XRT full-scale sorter and define different thresholds to establish an indicative grade vs. recovery curve à reduce plant sizing • HLS testing also completed as comparative pre-concentration technique PRE-CONCENTRATION MET TEST WORK Q4 2025 • Post Pre-Concentration, Characterisation and Floatation testing à recovery and concentrate quality results • 3x rougher flotation tests and 1x open circuit test (OCT) were carried out FLOATATION MET TEST WORK Near-Term Deliverables – Results being Finalised ASX:VAR 8 Q4 2025 • Preliminary laboratory testing to derive the Uniaxial Compressive Strength (‘UCS’) of the rock units at San Jose Mine • Quantifying the rock strength properties and domaining their locations à geotechnical considerations in mine planning • The current condition of the mine shows high levels of rock competency and strength with limited need for rock reinforcement systems GEOTECHNICAL TEST WORK Q4 2025 • San Jose ‘starter’ operation is a catalyst for larger scale operation in due course • Re-position VAR as cash-flow generating zinc producer by 2027/8 • Cashflow to sustainably fund ramp-up production growth and exploit exploration upside • Capex Lite approach to production à realistic financing capability • Leverage existing infrastructure and in-situ mine development MINE RE-START STUDY Q4 2025 / Q1 2026 • Commenced work with Competent Person to review and update MRE • Update to take in new data generated: → Underground drilling at Udias Mine → 3D survey of Udias Mine → Underground drilling at San Jose Mine → Historical surface drilling over newly granted licences MINERAL RESOURCE ESTIMATE UPDATE (1) Corporate Snapshot Anthony Wehby Stewart Dickson Dr. Frank Bierlein Nicholas Farr-Jones Chairman Managing Director & CEO Non-Exec Director Non-Exec Director 9 ASX:VAR Capital Structure ASX Code VAR Share Price(1) $0.007 Shares on issue 1,247,159,078 Options ($0.010, 30-Nov-26) Options ($0.015, 30-Nov-26) Options ($0.008, 29-Sep-28) 42.6m 152.7m 199.9m Market Cap. (undiluted) $8.7m Cash (30-Sep-25) $1.6m Enterprise Value $7.1m Proven track record Project development Financing Operational experience Successful financial exits Sources: (1) Share price as at 04 November 2025 ASX:VAR 10 Zinc Future-facingmetalcriticalforenergytransition&infrastructure Sources: (1) South 32 Business and Strategy Update Presentation. 14 May 2025 (2) Capital IQ; Center for Strategic and International Studies. 5 May 2025 (3) Panmure Liberum Equity Research 17 June 2025 (4) Goldman Sachs Equity Research 29 August 2025 Zinc industry larger than Lithium + Cobalt + Uranium combined 4th most consumed metal globally $39Bn industry 80% of zinc ore worldwide is mined underground Strong market fundamentals with positive pricing environment Value of commodity markets 2025e(3) Global Zinc Exploration Budget 2005–2024 (USD, millions) Falling ore grades and limited exploration through declining exploration budgets but… Primary demand up: expected to exceed production by ~4Mt to 2034, presenting an opportunity similar to copper(1) Goldman Sachs forecasts a large boost to industrial metals demand from rising EU defence spending. Defence currently accounts for 2- 3% of global zinc demand (same as copper, aluminium, steel) (4) ASX:VAR 11 Proven Assets: Right Location Spain:oneofEurope’smostactiveminingjurisdictions Sources: (1) S&P Global https://cdn.ihsmarkit.com/www/pdf/0724/SPGlobal_NMA_DevelopmentTimesUSinPerspective_June_2024.pdf (2) The 2023 Spanish Mining Statistics report, published by the Ministry for Ecological Transition and Demographic Challenge Mine permitting times quicker than perception (1) 4th largest EU economy 2nd largest copper producer in Europe(2) Only producer of strontium in Europe(2) International mining companies established with multi- decade track record of operating in Spain ASX:VAR 12 Proven Assets: Past Production + Exploration OneofEurope’shighest-grade,developmentstagezincdeposits • Premier Zinc-Lead District: Basque- Cantabrian basin is well-understood & hosts world-class former Reocín Mine, produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb(1). • Near-Term Producer: San Jose & Udias Mines targeting restart in 2027/8 • Growing, High Grade Mineral Resource: 3x uplift to 3.4Mt @ 7.6% Zn, 0.9% Pb in Dec 2024 (2) • Upsize Mineral Resource Potential: Only 4.5km of 12km Novales Trend included in MRE. Trend remains open on strike and laterally • Expanded Licence Area: 2x increase in land holding since project entry to 111km2 in proven Zinc mining jurisdiction(3) Sources: (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) Refer ASX Announcement 9 December 2024 (3) Refer ASX Announcement 14 April 2025 ASX:VAR 13 • Drilling upside with mineralisation at San Jose and Udias open in all directions • Initial, high-grade resource: 1.7Mt @ 8.6% Zn, 1.4% Pb (1) • Identified zones of mineralisation outside of current MRE, with confirmatory drilling to be undertaken, could upsize MRE • Restoration Plan over granted Mining Licences approved 2) Proven Assets: High-Grade Zinc Project PastProductionàRealisticRe-Start Linking San Jose Mine & Udias Mine San Jose ‘starter’ operation a catalyst for larger operation Sources: (1) Refer ASX Announcement 9 December 2024 (2) Refer ASX Announcement 3 September 2025 ASX:VAR 14 • San Jose Mine links to much larger historical Udias zinc mine complex that closed in 1930s • Interlinked underground mining operation with much of the tenement covered by San Jose mining licence • > 3.5 km of linear length, within permit area but outside of existing Mineral Resource Estimate Udias Mine Untappedupsideatinterlinkeddeposit Sources: (1) Refer ASX announcements 19 December 2024, 2 June 2025 ASX:VAR 15 Udias Mine Excellentmaidendrillingresultstolinkupdeposits Good correlation of drilling results with high-grade, face sampling Drilling to continue along mine development drill- testing new zones to link up with existing Mineral Resource Estimate and beyond San Jose Mine • Live campaign of underground drilling – flexible, efficient & cost effective using own portable rig • Udias Mine complex is significantly larger than San Jose with +2km strike of mineralisation and high-grade historic data • Mineralisation style at Udias mirrors San Jose, consisting of stacked zinc sulphide ore lenses with ~100m vertical extent • All areas being drilled are outside of the existing Mineral Resource Estimate model and are expected to expand MRE • Update to MRE scheduled for Q4 25/Q1 26 • 60% of the 12km Novales-Udias Trend has potential to add to the MRE Sources: (1) Refer ASX announcement 2 June 2025 ASX:VAR 16 Udias Mine 3Dsurveytosupportdrillingcampaign&understandingofthesystem 3D survey à higher impact drilling, mineralisation modelling and Mineral Resource Estimate update Sources: (1) Refer ASX announcement 29 September 2025 • Confirms extensive under-explored mine development and identifying extensions of high-grade mineralisation • Connects Udías and San Jose Mines; both are on the same mineral system • Survey maps mine development of +7,500m over 6 levels • Provides critical, digital geospatial data for future Mineral Resource Estimate (MRE) update and mine planning ASX:VAR 17 Drilling-led Exploration Highlysuccessfuldrillingindicatesscopetogrow… Underground access facilitates very efficient drilling of short, cost-effective drillholes. Sources: (1) Refer ASX announcement 24 February 2025 & 4 March 2025 (2) Opaxe global database of +3,000 best zinc intercepts since 2014 Recent results include 5 of the best-ever 20 drill holes VAR has ever drilled Drilling success evidences quality of deposits across the Novales-Udias project on global basis VAR owned portable rig allows a flexibility & no ancillary costs associated with contracted drilling (mobilization , downtime etc.) ASX:VAR San Jose Mine Re-Start Study ScopingLevelwithdeliveryscheduledforH22025 18 Geology Mineral Resource Estimate Mine Design Met Pre Concentration Tests Met Floatation Testwork Mine Scheduling Geotechnical Testwork Process Flowsheet & Plant Design Capital & Operating Cost Estimates Economic Modelling StudyObjectives Cashflow to sustainably fund ramp-up production growth and exploit exploration upside Re-position Variscan as cash-flow generating zinc producer by 2027/8 Deliver a realistic plan for early cash- flow from small scale production StudyPhilosophy Investigate opportunities for increased mining and processing efficiency Capex Lite approach to production > realistic financing capability Leverage existing infrastructure and in- situ mine development ASX:VAR 19 • Mine Re-Start Study is well advanced and will provide basis to move to FID • Near term production opportunity, targeting production by 2027-28 • Objective to establish, profitable mining ‘starter’ operation with modular processing plant on site • Provide platform to sustainably finance exploration and add/replace tonnes to scale up production and maintain Life of Mine • Limited underground refurbishment required, making use of mine development & locomotive tracks • Lower environmental impact (incl. no visual impact) from utilising existing mine à high levels of social acceptance Government of Cantabria, Department of Mines Visit to Udias Mines Drilling Campaign in Q2 2025 San Jose Mine Re-Start Study MovingtowardsFIDandcommencingproductionby2027/8 Mine Design: In-situ Potential Stoping Areas of San Jose Orthogonal View looking North ASX:VAR 20 • Ceased production in late 1990s due to prevailing metal prices • Zinc price is 2x higher since mine shut down in 1997 (US$1.3k/t vs. US$2.6k/t) • Modernisation expected to boost economics further • Historical processing did not utilise pre- concentration à potential increase feed grade and reduce capex • Greater efficiency of modern mining techniques and ore sorting Former high-grade Zinc producing mine ran profitably for +20yrs at much lower prices San Jose Mine Re-Start Study CompellingRationaleforNearTermproduction Sources: (1) World Bank Zinc price data Zinc demand expected to benefit from energy transition & low stock-piles 0.00 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 5000.00 1960M01 1961M09 1963M05 1965M01 1966M09 1968M05 1970M01 1971M09 1973M05 1975M01 1976M09 1978M05 1980M01 1981M09 1983M05 1985M01 1986M09 1988M05 1990M01 1991M09 1993M05 1995M01 1996M09 1998M05 2000M01 2001M09 2003M05 2005M01 2006M09 2008M05 2010M01 2011M09 2013M05 2015M01 2016M09 2018M05 2020M01 2021M09 2023M05 2025M01 Zinc price ($/mt) R Reocín Mine closed San Jose Mine closed ASX:VAR 21 • Valid mining licence enables mining to commence • Existing mine-site & regional infrastructure results in: ü lower anticipated capex ü reduce timeframe to start operations • Utilising existing infrastructure in excellent condition • Underground mine development extends over a linear length of c. 2.5km (San Jose only) • Replacement value of historical drilling +A$22m(1) San Jose Mine Re-Start Study UltraLowCapexExpected Leveraging existing infrastructure with site lease agreed Brownfield advantages to decrease capital requirement & execution risk Sources: (1) Management estimates based on current, actual drilling rates and costs incurred by the Company multiplied by number of metres (2) Refer ASX announcement 29 January 2024 ASX:VAR 22 Near-term Producer Enablers Strategicallylocatedwithworld-classinfrastructure World’s largest Zinc smelter(1) within trucking distance (San Juan de Neiva Zinc smelter owned by Glencore) Met test underway to confirm concentrate specification & suitability Onsite sealed road access already connected to regional network Access to local ports for alternative smelters in Europe Sources: (1) https://www.glencoretechnology.com/en/technologies/albion-process/installations/san-juan-de-neiva (2) International Lead and Zinc Study Group “The World Zinc Factbook 2024” ‘Europe is one of the most important continents for refined zinc production’(2) led by major firms including: ASX:VAR JORC Mineral Resource Estimate Novales-UdiasProject Defined Measured Resources over the Novales-Udias Project for the 1st time Measured & Indicated Resources represent 67% of the Mineral Resource Estimate for San Jose Mine Grades in the Measured category are higher (9.18% Zn) than any other category / deposit Grade Contained Metal Deposit Mineral Resource Classification Tonnage (t) Zinc (%) Lead (%) Zinc + Lead (%) Zinc (t) Lead (t) Zinc + Lead (t) San Jose Measured 480,254 9.18 1.80 10.98 44,064 8,654 52,718 Indicated 641,881 8.69 1.50 10.19 55,782 9,607 65,389 Measured & Indicated 1,122,135 8.90 1.63 10.53 99,845 18,262 118,107 Inferred 615,304 8.15 1.03 9.18 50,121 6,356 56,477 Sub-total 1,737,439 8.63 1.42 10.05 149,966 24,618 174,584 San Jose (NE) Inferred 931,608 5.72 0.20 5.92 53,306 1,860 55,165 Udías* (NE) Inferred 709,533 7.60 0.47 8.07 53,915 3,316 57,232 Total Measured 480,254 9.18 1.80 10.98 44,064 8,654 52,718 Indicated 641,881 8.69 1.50 10.19 55,782 9,607 65,389 Measured & Indicated 1,122,135 8.90 1.63 10.53 99,845 18,262 118,107 Inferred 2,256,445 6.97 0.51 7.48 157,342 11,532 168,874 Total 3,378,580 7.61 0.88 8.49 257,187 29,794 286,981 Sources: (1) Refer ASX announcement 9 December 2024 23 ASX:VAR 3D View of JORC Mineral Resource Estimate 24 San Jose Mine Measured&IndicatedResources>BasisForMineRe-startStudy Sources: (1) Refer ASX announcement 9 December 2024 ASX:VAR Mineral Resource Estimate YoYComparison; SignificantGrowth Sources: (1) Refer ASX announcements 28 November 2023 and 9 December 2024 2.6x growth in total contained zinc 3.1x growth in total tonnage 97,380 49,000 0 257,187 99,813 44,047 0 100,000 200,000 300,000 Measured, Indicated & Inferred Measured & Indicated Measured Contained Zinc Tonnes Increase in Contained Zinc Tonnage Dec-24 Nov-23 2.0X 2.6X 1,080,000 490,000 0 3,378,580 1,121,268 479,798 0 1,000,000 2,000,000 3,000,000 4,000,000 Measured, Indicated & Inferred Measured & Indicated Measured Tonnes Increase in Tonnage Dec-24 Nov-23 2.3X 3.1X 25 Exploration Upside FuturePriorityDrillingdesigned&permittedàExpectedResourceUplift ASX:VAR • High-priority zones expected to add tonnage • Significant historical drilling supports targets • Targets located more than 50m from sample data in the MRE ore domains • Permits granted for surface drilling campaign to commence • Permits granted for surface drilling within Buenahora Licence area • Targeting host Reocin Formation and in vicinity of historical workings • Strong structural controls assist with target vectoring 26 San Jose Infill Step Out on Trend Sources: (1) Refer ASX announcements 19 December 2024 ASX:VAR Exploration Upside SignificantlyexpandedtenementsàZincDistrictScaleOpportunity 27 • Significantly expanded land holding recently to 111km2 in proven zinc mining jurisdiction(1) • Adjacent to tenements with high grade MRE with significant exploration upside • Reocín Mine produced approximately 62 Mt of ore grading 8.7% Zn and 1.0% Pb. • The Reocín deposit is one of the largest known strata-bound, carbonate-hosted, zinc-lead deposits in Europe. • In 2003, at mine closure, average production grades were 8.5% Zn and 0.9%Pb with Reserves of 2.5Mt remaining(2) • Significant historical drilling activity over the licences à MRE upside / de-risked exploration Large, prospective land package proximal to world class Reocín Mine Sources: (1) Refer ASX announcement 14 April 2025 (2) 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. ASX:VAR Exploration Upside Acquisitionof146historicdrillholesfor52,034metres,deliveringmultiple high-gradeZinc&Leadinterceptsacrossnewlygrantedlicences. 28 Sources: (1) Refer ASX announcement 16 September 2025 90 drillholes over possible unmined extensions of mineralization and wider exploration opportunity around the Reocín Mine. Drillholes are outside the current MRE supporting a larger, longer-term, de-risked Zinc district scale exploration and development opportunity ASX:VAR Government of Cantabria fully support the Company’s plans to recommence mining. A dedicated working group has been established by the Minister to streamline coordination across departments Existing approvals, community support and minimal environmental impact from brownfield operation de-risk execution Regulatory reforms are underway to fast track milestones with government committed to mining as a regional economic driver Variscan MD & CEO meeting with President of the Government of Cantabria, Ms María José Sainz de Buruaga and Regional Minister for Industry, Employment, Innovation and Trade, Mr. Eduardo Arasti Barca. 29 The Government of Cantabria will do "everything possible" to re-start zinc mining Near-term Producer Enablers FullGovernmentSupportandExcellentSocialLicence Sources: (1) Refer ASX announcement 11 March 2025 ASX:VAR 30 Near-term Producer Enablers StrongBackingwithEquityAlignmentandOfftakePotential Sales & Marketing • Square Trading appointed exclusive marketing manager for worldwide sale of zinc concentrates (1). • Considerable global marketing and trading experience • Mandated to secure third party financing to construct & operate the mines • Equity alignment as significant shareholder via Zinc GroupCo ( 23% of VAR ownership) Property & Logistics • Lease agreement over San Jose Mine Site and facilities (31,199m2) (2) • Site already permitted for mineral exploration, development & mining activities • Local partner providing civil engineering and logistics • Interests aligned with 0.9% VAR shareholding Strategic Shareholders • Strategic shareholder support with significant mining sector expertise • Long-term holders with credibility and funding capability • Top 20 account for 75% of VAR ownership • Directors hold 8% of VAR ownership Sources: (1) Refer ASX announcement 13 August 2024 (2) Refer ASX announcement 29 January 2024 (3) Shareholding data as at 02 July 2025 ASX:VAR 31 Proposed Acquisition: BMex Exploration LowriskEarn-IntoprospectiveZincopportunities Midlands Project . Waterford Project . Mines / zinc Deposits BMEx Projects Abbeytown Ballinalack Keel Harbarton Bridge Kildare Navan Kingscourt DUBLIN I R E L A N D Tynagh Galmoy Lisheen Gortdrum Rathkeale Fermoy Pallas Green Silvermines MIDLANDS WATERFORD Sources: (1) Refer https://www.bmexploration.com.au • Located in the Irish Midland Zinc Belt, County of Longford, consists of two licences over 58 sq km2 in aggregate. • The licences are valid to October 2029. • Located in the County of Waterford and comprises six prospecting licences of 163km2 in aggregate. • Licences are valid to November 2028. Proposed Acquisition: BMex Exploration TransactionRationale&ConditionsPrecedent 2 ASX:VAR 32 1 2 3 Variscan shareholders approving the Proposed Transaction pursuant to Listing Rule 10.1 Completion of legal and technical due diligence by VAR to its sole and absolute satisfaction Variscan raising sufficient funds in order to satisfy the Stage 1 Earn-In expenditure ZincCo subscribing for $250,000 worth of New Shares at the Placement price (such subscription being subject to shareholder approval of the Placement and the Earn-In) Execution of all definitive documentation required to complete the Earn-In. 4 5 Deepen our zinc focus which is complementary to existing asset base Expand our business, leveraging our competency of exploring and developing carbonate-hosted lead– zinc deposits in Europe Leverage the technical expertise and corporate development capabilities of Mine Discovery Fund with Varsican being granted the first right of refusal on zinc projects generated by MDF Create a stronger asset portfolio to attract capital for exploration and development Conduct additional exploration