Anax Metals Limited has increased the total Mineral Resource at the Mons Cupri deposit within the Whim Creek project in Western Australia to 6.32 million tonnes at 1.38% copper equivalent.

The updated estimate represents a 24% increase in total tonnage compared to the previous 2018 resource estimate, which reported 5.1 million tonnes. Contained copper equivalent metal increased by 20%, rising from 72,600 tonnes in the 2018 calculation to 87,200 tonnes in the current update.

The revised inventory comprises 1.48 million tonnes of measured material grading 2.03% copper equivalent, 3.47 million tonnes of indicated material at 1.27%, and 1.36 million tonnes of inferred material at 0.94%. More than 78% of the updated resource falls within the measured and indicated categories. Total contained metal across the deposit now stands at 49,900 tonnes of copper, 66,300 tonnes of zinc, 27,800 tonnes of lead, 32,500 ounces of gold, and 4.73 million ounces of silver, reported at a 0.50% copper equivalent cut-off.

The resource revision reflects updated geological and mineralised domain interpretations, an expanded database incorporating recent drilling, and revised cut-off reporting criteria. Independent resource consultancy Trepanier Pty Ltd completed the modelling and estimation for the deposit, which is held within an 80%-owned joint venture with Develop Global Limited.

Anax initiated an 18-hole, 5,000-metre diamond drilling program at Mons Cupri in July 2026, funded through a $6 million placement completed in June. The new geological model is guiding drill testing across several targets in the current program.

“The 24% increase in the Mons Cupri Mineral Resource to 6.32Mt, and 87Kt of contained copper equivalent metal, meaningfully strengthens the resource base underpinning our restart strategy at Whim Creek. Backed by a strong balance sheet, this result will be incorporated into the Ore Reserve update due in the December quarter and the FEED Study now underway - both key steps towards a Final Investment Decision. We see this as a clear value catalyst for shareholders as we advance Whim Creek towards production.”

— Geoff Laing, Managing Director

The company is incorporating the updated resource into an Ore Reserve update for Mons Cupri targeted for completion in the December quarter of 2026. A Front-End Engineering Design study is also underway ahead of a targeted Final Investment Decision for Whim Creek in late 2026. There is no certainty that the reported Mineral Resource will convert to an Ore Reserve.

Read the full announcement: Mons Cupri Mineral Resource Update