Anax Metals Advances Whim Creek with FEED Launch Targeting Q4 2026 FID

FEED Start Marks Critical Development Milestone

Anax Metals (ASX:ANX) has officially launched Front-End Engineering Design (FEED) for its Whim Creek Copper Project in Western Australia's Pilbara, a key step toward moving the 80%-owned asset into construction. This follows the February 2026 Definitive Feasibility Study (DFS) update that confirmed the project’s compelling economics, including a pre-tax NPV7 of A$501 million, an internal rate of return (IRR) of 98%, and a capital payback period of roughly 14 months.

FEED aims to mature the project’s engineering definition, particularly around the 400 ktpa concentrator, ore sorting circuits, mining fleet, and supporting infrastructure. The program will deliver refined capital and operating cost estimates alongside an updated financial model designed to underpin project financing and the targeted Final Investment Decision (FID) in the fourth quarter of 2026.

Integrated Project Team Approach to Cut Risks and Boost Certainty

Rather than a traditional client-consultant setup, Anax has adopted an Integrated Project Team (IPT) model for FEED, combining internal project staff with specialist partners WSP, Orelogy, CPC Engineering, and Gekko Systems. This collaborative framework is intended to reduce interface risk and enhance governance by aligning engineering, commercial, and execution planning under a unified decision-making process.

WSP, a global engineering consultancy, will provide embedded project management services, including cost estimating and contract management, working closely with Anax’s own team. Orelogy brings mining engineering expertise, CPC Engineering focuses on mineral processing plant design, and Gekko Systems contributes modular process plant technology.

The IPT model also facilitates Early Contractor Involvement, allowing key contractors and suppliers to participate during FEED. This early engagement is expected to improve constructability, validate market pricing, and optimise procurement strategies for long-lead equipment, collectively reducing execution risk ahead of FID.

Experienced Leadership and Parallel Financing Efforts

Leading the FEED program is recently appointed Chief Operating Officer Danny George, whose 20-plus years of mining project delivery experience span feasibility, construction, commissioning, and operations. His appointment signals Anax’s intent to ensure a disciplined, efficient transition from study to execution.

Alongside FEED, Anax is actively progressing project financing and strategic partnerships. The company has shortlisted select parties for debt financing and concentrate offtake agreements, with site visits and due diligence advancing as planned. These parallel efforts aim to secure funding arrangements necessary to support the FID targeted for late 2026.

Project Outlook and Next Steps

The Whim Creek Copper Project, located approximately 120km from Port Hedland and Karratha, boasts a fully permitted site with substantial existing infrastructure. The DFS update confirmed a ten-year mine life with average annual production of 13,000 tonnes of copper equivalent over the first eight years.

Next steps include delivering an updated Mineral Resource and Ore Reserve estimate reflecting current metal prices and operating costs, securing project debt financing, completing FEED, and finalising the financial model. These milestones will collectively position Anax to seek Board approval for the Final Investment Decision in Q4 2026.

While the DFS economics remain robust, actual project execution and financing remain subject to market conditions and operational risks. The coming months will be critical to see how well Anax can translate engineering progress and financing discussions into a firm commitment to build.