Ann: Completion Of Additional Minimum Expenditure at Whim Creek, page-2

its all coming together..
WHIM CREEK PROJECT: NOTICE OF COMPLETION
OF ADDITIONAL MINIMUM EXPENDITURE
• Anax completes the final earn-in milestone “Additional Minimum Expenditure” of
$4,000,000.
• This significant milestone secures the Anax interest in the Whim Creek Project
just 13 months after executing the EJVA transaction with Venturex.
• Expenditure included ongoing study works, preparation for the mining proposal,
exploration activities and site improvement works required to satisfy the
Environmental Protection Notice.
• Whim Creek Studies are progressing well with a base case scoping study ongoing.
• Site upgrade works have advanced significantly, including cleaning and repairs to
ponds and ongoing ground water and vegetation monitoring activities.
• Precious and base metals exploration has commenced with multiple priority gold
exploration prospects identified within the Whim Creek Project area.
Anax Metals Limited (ASX: ANX, “Anax” or “the Company”) is pleased to announce that it has completed
the Additional Minimum Expenditure of $4,000,000 securing its 80% Earn-in interest in the Whim Creek
Copper-Zinc project (the “Whim Creek Project”) under the Earn-in and Joint Venture Agreement (the
“EJVA”) with VentureX Resources Limited (“VXR”).
Anax advises that following the commencement of the EJVA on 30 October 2020, it has now completed
the Additional Minimum Expenditure of $4,000,000 and satisfied its Joint Venture sole funding
requirements. Additional cash payments of $3,000,000 are due in $1,000,000 increments on the second,
third and fourth anniversary of 5 November 2020.
The Company has satisfied the requirements to earn an 80% interest in the assets (and corresponding
share of the Permitted Encumbrances) and VXR has confirmed that the Company has completed the
Additional Minimum Expenditure.