Anax Metals Advances Whim Creek with $16 Million Raised and Drilling Underway

Capital Raises Fuel Whim Creek Development

Anax Metals (ASX:ANX) has bolstered its balance sheet with two significant placements this year, raising a total of $16.0 million to accelerate development at its flagship Whim Creek Copper-Zinc Project in Western Australia's Pilbara region. The company completed a $10 million two-tranche placement in March, including a $4.8 million second tranche supported by directors, followed by a $6 million placement in June aimed at funding a high-impact exploration drilling campaign and advancing project financing and offtake negotiations.

Drilling Commences to Expand Mons Cupri Resource

With funds in hand, Anax has mobilised an 18-hole, 5,000-metre Phase 1 diamond drilling program at Mons Cupri, targeting extensions of the primary VHMS sulphide horizon below 120 metres vertical depth. The program, guided by newly appointed Non-Executive Director and geologist Nick Jolly, aims to test along-strike and depth extensions of the Mons Cupri Main Lens, employing modern Down-hole Electromagnetics to refine targets. Drilling commenced in July 2026 with TopDrill contracted as the drilling services provider.

FEED Launches, Steering Towards Final Investment Decision

On 27 July 2026, Anax marked a key milestone by initiating Front-End Engineering Design (FEED) for Whim Creek, led by recently appointed Chief Operating Officer Danny George. This phase is designed to mature the project design, refine capital and operating cost estimates, and update the execution plan to underpin a Final Investment Decision (FID) targeted for Q4 2026. The FEED process is being delivered through an Integrated Project Team involving Anax and engineering partners including WSP, Orelogy, CPC Engineering, and Gekko Systems, aiming to optimise constructability and procurement ahead of construction.

Robust Project Economics and Financing Progress

The Definitive Feasibility Study Update released in February 2026 confirmed strong economics for Whim Creek, with a pre-tax net present value (NPV) of A$501 million and an internal rate of return (IRR) of 98% under base case commodity prices. The project forecasts a ten-year mine life with an ore reserve of 4.61 million tonnes averaging 1.36% copper and 2.31% zinc. Capital expenditure is estimated at A$77.2 million pre-production, with a payback period of approximately 14 months. Anax has received indicative offers for up to US$40 million in debt funding for its 80% interest in the project, with due diligence and site visits underway as part of funding negotiations.

Board and Management Strengthened for Execution Phase

To support the transition from study to execution, Anax appointed Nick Jolly as Non-Executive Director in June 2026, bringing over 25 years of exploration and operational experience. Danny George joined as COO the same month, tasked with overseeing FEED, FID, procurement, construction, commissioning, and operations. Their appointments bolster the company’s technical and operational capabilities ahead of project delivery.

Cash Position and Outlook

At quarter-end, Anax held $11.15 million in cash, supported by recent capital raises and ongoing financing activities. The company continues to invest in exploration, permitting, and engineering activities, with expenditure of approximately $790,000 during the quarter, primarily focused on Whim Creek. With drilling underway and FEED progressing, the company is positioned to advance toward a construction decision later this year, contingent on securing optimal funding and finalising offtake agreements.