Anax Metals Advances Whim Creek with Breakthrough Bioleaching and Strategic Partner Talks

Strategic Partner Engagement Accelerates

Anax Metals Limited (ASX: ANX) has made significant strides in advancing its flagship Whim Creek Copper-Zinc Project in Western Australia's Pilbara region during the March 2025 quarter. The company appointed US-based investment bank Roc Global to assist in securing corporate partners, and this collaboration has yielded multiple site visits and progressing commercial negotiations. The strong interest from potential partners underscores confidence in Anax’s hub and spoke strategy aimed at consolidating base metals production in the Pilbara.

Bioleaching Technology Validated at Scale

A highlight of the quarter was the successful scaled-up column test work confirming the efficacy of Anax’s proprietary bioleaching technology. Using bacteria cultivated from Whim Creek ores, the 1-meter column tests achieved copper extraction rates between 77-80% and zinc extraction exceeding 90%, validating earlier bench-scale results. This positions Anax well within the global benchmark for heap leaching of primary chalcopyrite ores, where >70% copper recovery is highly sought after by major copper producers.

Expanding Footprint with New Tenement Application

The company lodged a new exploration license application (E47/5275) covering approximately 207 square kilometers, significantly expanding its tenure in the Pilbara. This new ground borders the southern and western edges of the existing Whim Creek JV tenements and lies less than 1km from De Grey Mining’s Toweranna gold deposit, which hosts 0.6 million ounces of gold. The tenement covers prospective greenstone belts and the Mallina basin, enhancing Anax’s exposure to both base metals and gold exploration upside.

Pilbara Processing Hub and Regional Collaboration

Building on the Definitive Feasibility Study completed in April 2023, Anax is advancing its vision for a Pilbara Processing Hub (PPH) that could process ore from multiple nearby deposits, including Sulphur Springs, Whundo, and Carlow Castle. This hub concept aims to deliver operational efficiencies, reduce costs, and extend mine life through economies of scale. The company is actively fostering a Pilbara Base Metal Alliance to facilitate collaboration with regional asset owners, potentially boosting throughput to 20,000 tonnes of copper equivalent per annum.

Near-Term Revenue from Road Base Production

In parallel with its copper growth strategy, Anax has secured regulatory approvals to repurpose up to 500,000 tonnes per annum of waste rock from Whim Creek into road base and aggregate products. Test work confirmed these materials meet Main Roads Western Australia specifications, opening a pathway for near-term cash flow generation. The company plans to finalize commercial agreements and secure sales contracts in 2025, leveraging the site’s proximity to the Northwest Coastal Highway.

Financial Position and Outlook

At quarter-end, Anax held $1.58 million in cash and maintained a $3.1 million secured loan facility with Jetosea Pty Ltd, secured against its 80% interest in Whim Creek. The company spent $443,000 on exploration and development activities, primarily focused on Whim Creek. While no mining production occurred this quarter, Anax continues to advance feasibility and permitting milestones. The board remains confident in its ability to raise additional capital as needed to fund ongoing operations and growth initiatives.

Overall, Anax Metals is positioning itself as a consolidator of base metals production in the Pilbara, leveraging innovative bioleaching technology, strategic partnerships, and regional collaboration to unlock value from its extensive tenement portfolio.