Anax Metals Limited has concluded its reverse circulation (RC) exploration drilling programme at the Whim Creek Project (the Project) in the central Pilbara Region of Western Australia. Exploration RC drilling and geological logging was completed as follows: 1,464m RC drilling (10 holes) at HLF Gold Prospect, where high-grade gold in rock samples provided a walk-up drill target 658m RC drilling (5 holes) east and west of the Whim Creek pit, investigating near-mine extensions to copper-zinc resources disrupted by faulting 888m RC drilling (4 holes) at Mons Cupri Northwest targeting extensions to known mineralisation and gaps in historical drilling 510m RC drilling (2 holes) at Evelyn, 25km southeast of Whim Creek, one of which intersected massive sulphides over 12m The Evelyn deposit consists of high-grade copper-zinc in massive sulphides, in two pipe-like shoots, plunging steeply to the northeast. Previous drilling insufficiently tested the down plunge position of the main high-grade shoot and two RC holes were drilled to test for extensions approximately 50m down plunge from the deepest known high-grade mineralisation (JER074 - 15m @ 2.26% Cu, 4.39% Zn and 1.7 g/t Ag from 147m, including 7m @ 3.14% Cu, 4.50% Zn and 2.55 g/t Au from 147m).

The shallower of the two drill holes was terminated prematurely due to excessive deviation. The second drill hole was completed to its planned depth and intersected massive sulphide mineralisation over 12m from 205 to 217m downhole, below the extents of the current resource envelope. Ten RC drill holes were designed to intersect north-east trending altered felsic volcanic units which coincide with gold-in-soil anomalies and high-grade gold (4g/t Au) in surface rock chip samples.

Fault structures, magnetic anomalies and an historical water bore intercept (1m @ 0.94g/t Au) were also targeted. Geological logging of RC chips confirmed pervasive sericitic and chloritic alteration as well as silicification of felsic volcanics, similar to what has been described from drilling at De Grey's Hemi Prospect, located 61km due east. Geochemical analysis results are eagerly awaited, which are anticipated to confirm the nature of the gold mineralisation and the associated alteration signature.

This will direct follow-up drilling at HLF and potential strike extensions to the northeast (Ridgeback Prospect) and southwest (Quartz Ridge Prospect), as well as enabling the identification of parallel and/or structurally disrupted units. Near-Mine Targets at Whim Creek Open Pit: Manhattan Prospect RC drilling was chasing copper, zinc, lead, gold and silver anomalies in 2021 UltraFine+TM soils, along strike to the west of the Whim Creek copper-zinc oxide open pit. Structural complexity made for difficult drilling and prevented a second planned drill hole at this location.

Access will be improved to enable future drilling at this exciting prospect. Geochemical assay and XRF results are awaited. At Whim Creek East, two shallow RC holes were drilled targeting extensions along strike to the east of defined resources.

Both RC holes intersected zones of copper mineralisation close to surface. Samples have been submitted for geochemical and XRF analysis and results are awaited. Near-Mine Targets at Mons Cupri Open Pit The 3D geological model showed gaps in the historical drilling at Mons Cupri West where two exploratory RC holes have been drilled to test potential new ore zones.

Minor sulphide stringer zones were intersected. In addition, down-dip extensions to mineralisation at Mons Cupri Northwest intersected stringer sulphides. Samples have been submitted for geochemical and XRF analysis and results are awaited.

Multiple UltraFine+TM soil anomalies have been defined across the tenure, including platinum group metals (PGM) at Rushalls and Airstrip Prospects, nickel- cobalt anomalism at Kent Well Prospect and copper-gold north of Whim Creek pit. Rock chip sampling follow-up work is ongoing to define drill targets at each prospect. Heritage surveys are being scheduled to enable drilling of these targets, along with Mons Cupri South Prospect, where UltraFine+TM geochemical and historical geophysical targets remain under- explored.

Drilling at Comstock Hill Prospect was deferred to coincide with the proposed drilling south of Mons Cupri, either later in the 2022 field season or in early 2023, once heritage clearance is completed. Following the success of the 2021 programme, further regional UltraFine+TM soil sampling is underway to extend prospective areas over comparable geology. The extensive Whim Creek tenement package encompasses the width of the complex Archean Whim Creek Greenstone Belt, which is highly prospective and underexplored, due to the historical focus on the known VMS copper deposits.

Systematic exploration, using innovative methods, such as UltraFine+TM soil sampling, is highly likely to generate further new gold, PGM and base metals opportunities for Anax.