Quarterly activities/Appendix 5b Cash Flow Report

Insight

Anax Metals, an ASX-Genotated exploration company, is dedicated to promoting its copper assets in the Pilbara region in Western Australia. Due to important joint ventures and strategic partnerships, the company is well positioned to develop a central processing hub, improve operational efficiency and deliver a strong investor value.

Overview

Anax Metals (ASX: ANX) is a project developer who is on schedule to produce copper and zinc concentrates of his flagship Whim Creek Project in the Pilbara region of West -Australia. The project is 80 percent owned by Anax, where JV Partner Global (develops) develops the remaining 20 percent. The Whim Creek DFS (and Leaching Study) have demonstrated the possibility for an eight -year mining operation that produces copper concentrates, cathodes and valuable by -products. The operation will generate $ 410 million in cash flow and yield an NPV of $ 270 million with a developmentcapex of $ 71 million.

The company believes that the growth potential both in expanding the mineral resources in the four deposits of the project and in a consolidation strategy that comprises a processing hub with a concentrator and Heap logging in Whim Creek. Advantages of consolidation include the provision of economies of scale with processing flexibility to treat ores from regional orbodies. The permitted infrastructure is ideally located and suitable for becoming the Pilbara processing hub.

Anax metals and Greentech metal signed a non-binding and non-exclusive memorandum of conformity to assess the potential to treat dined material from the basic metals of Greentech, with a focus on the open pitable whundo deposit.

Anax metals have also signed a non-binding and non-exclusive memorandum of agreement (MOU) with Artemis sources (ASX: ARV) to jointly assess the potential for the processing of the copper content of the Open-Pittable Greater Carlow Resource of Artemis at the fully exhausted Whim Creek Processing. Anax and Artemis also agree to evaluate the potential for Artemis to explore for gold mineralization on anax project management.

Highlights of the company

• Anax Metals focuses on delivering copper production to the Whim Cekel Copper zinc project within the next 18 to 24 months, aimed at more than $ 400 million in free cash flow during a my life of eight years.
• The company wants to stimulate the expansion of resources and consolidate copper assets in the Pilbara region by developing a central processing hub.
• Since the completion of the DFS last year, Anax has evaluated Metals opportunities to increase the production capacity of Whim Creek above 20 KT Copper Equivalent per year.
• The capital requirements are expected to remain low, with plans to utilize the existing infrastructure and implement preconentration technology to optimize the processing capacity.
• Anax Metals actively cooperates with important partners, including Develop Global (ASX: DVP), Greentech Metals (ASX: GRE) and various metal trade groups.

Whim Creek is strategically located along the NW Coastal Highway in the Pilbara region West -Australia, about 120 km from both Port Hedland and Karratha. With a long history of copper production, the project benefits from existing infrastructure, including dams, towing roads, offices, workshops and a special gas railway line. Currently, an 80/20 joint venture is being developed between anax metals and develops Global, Whim Creek is home to four important deposits – Whim Creek, Mons Cupri, Salt Creek and Evelyn. These deposits have structurally controlled, volcanically hosted solid sulfide copper-Zink-Lead mineralization, with a considerable development potential.

Walking exploration work at Evelyn resulted in discovering exciting new goals for future drilling campaigns planned in the early 2025. Exploration work carried out in 2024 indicated high copper figures and new bodemanomalies. The company assesses the regional potential of the Evelyn-Mijnbouwhuur Agreement granted for further high-quality VMS type, polymetallic basic metal deposits.

Anax Metals announced his recent Application for an exploratory license (E47/5275) In 65 sub -blocks of approximately 207 square km, which expands the land ownership of the company to the south and west of the Whim Creek Joint Venture Wentel package. Once granted, the new home is 100 percent owned by Anax. The majority of the E47/5275 is in the growth of the Whim Creek Greenstone, which is very prospective for volcanogenic solid sulfide (VMs) Mineralization, similar to the deposits of the Whim Creek and Mons Cupri.

Production – Concentrator and Heap Leach

Since completing the Final feasibility study in 2023Anax has promoted Whim Creek as a regional processing hub, with potential for an extensive production capacity of more than 20 KT Koper equivalent. Highlights of the technical report Take FCF generation of $ 410 million about a my life of eight years. The processing would be mainly due to the planned concentrator. Heap’s leaching is expected to start in the second year of production.

Anax has achieved considerable success with bioleaching technology and reports up to 80 percent copper and 90 percent zinc extraction percentages. This innovative approach improves metal recovery and supports the dedication of the company in sustainable practices.

Management team

Phillip Jackson – Chairman

Phillip Jackson is a lawyer and lawyer with considerable legal and international business experience, Phillip Jackson specializes in commercial and contract law, mining and energy law and corporate governance. He is the director and chairman of a number of ASX and AIM -mineral companies mentioned.

Geoff Laing – Managing Director

Geoff Laing is a chemical engineer with 30 years in mining and project development. He has been involved in the exploration and junior mining sector for the past 15 years and takes on business and advisory roles. He was an important player in Exco Resources’ Disinestment of a substantial copper assets for $ 175 million in Xstrata Copper, and as a managing director he delivered the successful takeover of the company by WH Sol Pattinson.

Peter Cordin – Not – executing director

Peter Cordin is a civil engineer with more than 45 years of global experience in mining and exploration, both on operational and senior management. He has direct experience with the construction and management of diamonds and gold activities in Australia, Fenno-Scandinavia and Indonesia.

Phil Warren – Not – executing director

Phil Warren is a chartered accountant with more than 25 years of experience in administrative management, business advice and advice on capital. Warren has worked abroad for large international investment banks for a number of years. He is currently non-executive director of ASX-listed companies, including Cyber Safety from Family Zone, Narryer Metals, Killi Resource and Rent.com.au. He was one of the founders of Cassini Resources, which was then taken over by OZ Minerals.

Jenine Owen – Chief Financial Officer

Jenine Owen came to Anax in 2020, where she is responsible for business risk management, financial management and financial reporting. She is a chartered accountant with extensive financial and commercial experience, including various CFO roles in ASX -Beurs -Gainted entities. After starting her career at Deloitte (Zimbabwe) in the external Assurance Division, she moved to London in 1999, where she held various financial and administrative roles before she settled in Australia in 2008. Before he came to Anax, Owen CFO was a predictive discovery (ASX:PDI).

Andrew McDonald – General Manager

Andrew McDonald is an experienced geologist with more than 20 years of experience in project management, development, geology of resources and exploration in a wide range of raw materials. He has played a role with various ASX-Genter Mining Companies, where he has led project development and has managed legal approvals for mining projects in both Australia and the United States.

And O’hara – Environmental Manager

Dan O’hara is an experienced environmental professional with more than 15 years in environmental management in mining, oil and gas, construction and government sectors. In recent years he has played a key role in securing environmental permits for mining projects in West -Australia.