Anax Metals (ASX: $ANX) announces Whim Creek production hub and exploration update

Anax Metals Limited (ASX: $ANX) has commenced studies for a 20,000 tonne per annum Copper equivalent production hub at Whim Creek, along with an exploration update on the Evelyn and Salt Creek copper resources. The company is assessing non-binding debt-funding proposals for Project Development and prioritizing the extension exploration of the Evelyn and Salt Creek copper resources in the upcoming field season.

Executive Commentary on Whim Creek Production Hub and Exploration Update

We look forward to establishing a Pilbara Base Metal Alliance for several regional base metal projects to potentially participate in near term production planned for Whim Creek. A centralised processing hub capable of treating a range of base metal ores within the Pilbara region, producing battery metal and agricultural products, will deliver significant value to Anax and alliance partners. In addition to the ongoing study work, Anax is planning a renewed focus on the immediate resource growth potential at our high-grade Evelyn and Salt Creek resources, both of which are open at depth.

Summary of Whim Creek Production Hub and Exploration Update

Anax Metals Limited (ASX: $ANX) has initiated studies for a 20,000 tonne per annum Copper equivalent production hub at Whim Creek, with a focus on the Sulphur Springs oxide ore study as a key step for the hub strategy. The company is also prioritizing the extension exploration of the Evelyn and Salt Creek copper resources in the upcoming field season. Anax is assessing non-binding debt-funding proposals for Project Development and aims to establish a Pilbara Base Metal Alliance for regional base metal projects. The Whim Creek Project is forecast to produce an average of 12,000 tonnes of Copper Equivalent (CuEq) per annum over an 8-year mine-life. The company is also pleased to have received non-binding debt-funding proposals for the Project from both commodity traders and mining funds. Anax intends to leverage off infrastructure already in place to control costs and maximise the production of copper cathode. The company is also planning to conduct detailed ground magnetic surveys and FLEM surveys over the fertile horizon at Evelyn and Salt Creek deposits, prior to potential drill testing.