Anax Metals Limited announce the first assay results from its recently completed reverse circulation (RC) drilling programme at the Whim Creek Project (Project), located 115 kilometres southwest of Port Hedland, in the West Pilbara region of Western Australia. As previously reported, extensional drilling intersected massive sulphides at the Evelyn Deposit (Evelyn)1 and Anax requested that the Evelyn samples be given the priority by the laboratory. The remaining samples from the 2022 exploration drilling campaign are currently being analysed and will be reported once received and processed.

The Whim Creek Project is 80% owned by Anax with the remaining 20% owned by Develop Global Limited. Evelyn is located 25km south of the proposed Whim Creek processing facility on the Croydon-Whim Creek Road. Anax was limited to completing two holes at Evelyn under a previously granted Plan of Works (POW).

The Company was unable to secure approval to drill additional holes at Evelyn due to significant backlogs experienced at the time by the relevant government department in processing POWs. The initial hole (22AER005A) was terminated early after excessive deviation meant it was unlikely to intersect the target zone. The next RC drill hole (22AER005B) was successfully completed at Evelyn to a depth of 232 metres, intersecting massive sulphide in the modelled target zone.

The drilling was designed to test the down-plunge extent of the main mineralised shoot at approximately 50m below previous high-grade drill intercepts. In June 2022, Anax reported that modelling at Evelyn indicated that the high-grade main shoot may be open down plunge,2 which the current drilling has now confirmed. Hole 22AER005B intersected a discrete 13m continuous zone of massive sulphides consisting of chalcopyrite, sphalerite, pyrite, pyrrhotite and minor galena over a true width of approximately 9.5 metres.

Hole 22AER005B passed into fresh high-magnesium basalt at 11m before intersecting a hanging wall sequence of intermediate volcanic, gabbro, chert, sediment and further high-magnesium basalt from 187m. The host sequence commenced at 201m down hole and comprised a variably mineralised sediment to 224m. The massive chalcopyrite-sphalerite-pyrite-pyrrhotite horizon occurs centrally within the sedimentary sequence from 205m to 217m.

The hole was terminated in the footwall comprising an unmineralized, but strongly chlorite altered schist. Results from hole 22AER005B combined with the recent modelling indicate that the main shoot is open down plunge. Historical drill hole, JER056, is believed to have intersected the high- grade shoot at its margin and 22AER005B has lent further weight to the interpretation.

Future drilling will focus on further down-plunge resource extensions by refining the plunge orientation at depth. In addition, the Company is undertaking a full review of all historical geophysical data collected within the Evelyn tenement. Several strong, discrete conductors have been identified south and south- west along strike of the Evelyn deposit, using both airborne and ground based electromagnetic surveys.

These conductors occur beneath a thin veneer of recent transported alluvium and have never been effectively tested. Further modelling and investigation of these conductors will be undertaken to define targets for future drill testing.