Anax Metals Raises $5.9M, Advances Whim Creek DFS Update for March 2026

Strategic Capital Injection and Partnership

Anax Metals Limited has taken significant strides in consolidating its base metals ambitions in the Pilbara with a $2.4 million strategic placement completed with Gold Valley Pilbara Pty Ltd, an experienced mining contractor. This partnership not only strengthens Anax’s shareholder base but also includes a Right of First Refusal for Gold Valley to build, own, and operate the accommodation camp at the Whim Creek Mine, signalling a long-term collaborative approach to project development.

Alongside this, Anax secured a $3.5 million loan from its major shareholder, Jetosea Pty Ltd, providing the company with enhanced financial flexibility. This loan facilitated the repayment and termination of the previously issued MDP Convertible Notes, effectively closing out all obligations with Mineral Development Partners and simplifying Anax’s capital structure.

Advancing the Whim Creek Project

The Whim Creek Copper-Zinc Joint Venture Project remains the focal point of Anax’s development efforts. The company is actively updating its Definitive Feasibility Study (DFS), with the revised report expected in the March quarter of 2026. This update aims to refine the project's technical and economic parameters, supporting a forthcoming Final Investment Decision.

Whim Creek is positioned as a polymetallic hub, with existing permits for mining, construction, and in-pit tailings disposal. The project’s processing strategy includes a proposed 400,000 tonnes per annum concentrator to treat sulphide ores from multiple deposits, complemented by a fully permitted heap leach facility capable of producing copper cathode and zinc sulphate. Anax’s proprietary bioleaching technology further enhances processing options, particularly for lower-grade ores.

Regional Processing Hub and Operational Readiness

In line with its regional consolidation strategy, Anax is pursuing satellite ore body acquisitions to feed into a Pilbara Processing Hub. The company has facilitated multiple site visits and supported extensive technical, commercial, and financial due diligence by potential partners, indicating active engagement in securing collaborative development pathways.

Additionally, Anax has explored value-adding opportunities through the production of road base and aggregate materials from waste rock, under a fixed-term agreement with Castle Civil Pty Ltd. While no production occurred during the quarter, the company remains focused on refining this business case and attracting partners.

Financial Position and Corporate Governance

At the end of December 2025, Anax held $2.4 million in cash with available financing facilities totaling $6.6 million, primarily through secured loans from Jetosea. The company reported exploration and feasibility expenditure of approximately $552,000 during the quarter, predominantly related to Whim Creek activities.

Corporate governance disclosures included directors’ remuneration and payments to related parties, all conducted on an arm’s length basis. The company confirmed no mining production or development activities took place during the quarter, consistent with its current exploration and project advancement phase.

Looking Ahead

With the DFS update on the horizon and strategic partnerships taking shape, Anax Metals is positioning itself for a critical phase of project development. The company’s ability to secure further funding and finalize agreements with project partners will be pivotal in transitioning Whim Creek from feasibility to production.