Anax Metals Boosts Mons Cupri Resource by 24% to 6.32Mt at 1.38% CuEq

Significant Resource Upgrade Strengthens Whim Creek Restart

Anax Metals (ASX:ANX) has revealed a 24% increase in the Mons Cupri Mineral Resource, now totalling 6.32 million tonnes at 1.38% copper equivalent (CuEq). This upgrade boosts contained copper equivalent metal by 20% to 87,200 tonnes, providing a stronger foundation for the company’s strategy to restart operations at the Whim Creek Copper-Zinc Project in Western Australia’s Pilbara region.

The resource update, prepared under the JORC Code (2012 Edition) by independent consultants Trepanier Pty Ltd, incorporates extensive drilling since Anax acquired its stake in 2020 alongside a revised geological interpretation. Over 78% of the resource; 4.95Mt at 1.50% CuEq; is classified as Measured and Indicated, categories that typically provide higher confidence and are expected to be amenable to open pit mining based on Reasonable Prospects of Eventual Economic Extraction (RPEEE) optimisations.

Geology and Mineralisation Details

Mons Cupri is a volcanogenic massive sulphide (VMS) deposit featuring a stacked sulphide architecture: a lead-zinc-rich massive sulphide zone overlies a semi-massive pyrite-chalcopyrite zone, underlain by a pyrite-chalcopyrite stringer zone. Historical mining focused on oxide material near surface, now depleted, with the remaining resource primarily sulphide mineralisation preserved at depth. The mineralised zone extends up to 250 metres wide and is structurally complex, including faulting that may have displaced ore zones, suggesting potential for further extensions.

The deposit hosts polymetallic mineralisation with copper, zinc, lead, gold, and silver. Copper grades average 0.79% Cu overall, with higher grades in the Measured category at 1.22% Cu. Zinc and lead grades stand at 1.05% and 0.44% respectively, while gold and silver contribute valuable precious metals credits. Metallurgical test work confirms recoveries of these metals into marketable concentrates, supporting the economic rationale behind the resource.

Advancing Towards Production

Anax is progressing a Front-End Engineering Design (FEED) study, aiming for a Final Investment Decision (FID) in late 2026. Complementing this, an Ore Reserve update is underway, expected by the December quarter, which will incorporate the enhanced resource base. Managing Director Geoff Laing highlighted the resource upgrade as a "clear value catalyst for shareholders" and a key step towards production.

The company has also commenced a 5,000-metre drilling program targeting resource growth and metallurgical data, underpinning further potential to expand the deposit. This drilling campaign follows recent capital raises and ongoing financing discussions, positioning Anax with a robust balance sheet to advance Whim Creek.

Resource Growth in Context

The 24% increase in resource tonnage and 20% rise in contained copper equivalent metal compares to the 2018 resource estimate, which reported 5.1Mt at 1.43% CuEq. The upgrade reflects improved geological modelling, additional drilling data, and a higher cut-off grade of 0.50% CuEq, aligned with current economic assumptions. The updated resource supports the project's outstanding economics, previously highlighted in a Definitive Feasibility Study update with a pre-tax NPV7 of A$501 million and a 98% IRR.

This announcement builds on recent milestones including a $16 million capital raise and the launch of FEED, setting the stage for construction and production ramp-up. The resource upgrade also highlights the potential for further discoveries, particularly given structural complexities and untested zones near the Mons Cupri Northwest pit.