New Risk • Mar 17
New major risk - Revenue and earnings growth Earnings have declined by 2.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 2.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.74m market cap, or US$6.18m). Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Chairman Tony Wehby was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Variscan Mines Limited, Annual General Meeting, Nov 28, 2025 Variscan Mines Limited, Annual General Meeting, Nov 28, 2025. Location: hlb mann judd, level 5, 10 shelley street, sydney nsw 2000 Australia New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Shareholders have been substantially diluted in the past year (103% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$4.50m market cap, or US$2.97m). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). New Risk • Nov 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 61% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (40% average weekly change). Shareholders have been substantially diluted in the past year (61% increase in shares outstanding). Revenue is less than US$1m (AU$1.1k revenue, or US$711). Market cap is less than US$10m (AU$4.59m market cap, or US$3.04m). Announcement • Oct 03
Variscan Mines Limited, Annual General Meeting, Nov 29, 2024 Variscan Mines Limited, Annual General Meeting, Nov 29, 2024. Announcement • Sep 26
Variscan Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.067335 million. Variscan Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.067335 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 295,333,578
Price\Range: AUD 0.007
Discount Per Security: AUD 0.00042
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Jul 24
Variscan Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.294 million. Variscan Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.294 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 49,000,000
Price\Range: AUD 0.006
Transaction Features: Subsequent Direct Listing Announcement • Dec 29
Variscan Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.55 million. Variscan Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 0.55 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,944,445
Price\Range: AUD 0.018
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 18,611,111
Price\Range: AUD 0.018
Transaction Features: Subsequent Direct Listing Announcement • Oct 13
Variscan Mines Limited, Annual General Meeting, Nov 14, 2023 Variscan Mines Limited, Annual General Meeting, Nov 14, 2023, at 15:00 E. Australia Standard Time. Location: Automic Group, The Deutsche Bank Tower Level 5, 126 Philip Street, Sydney New South Wales Australia Agenda: To consider the Annual Report of the Company and its controlled entities for the financial year ended 30 June 2023, which includes the Financial Report, the Directors' Report and the Auditor's Report; to consider adoption of Remuneration Report; to consider Re-election of Director Mr Nick Farr-Jones AM; to consider approval of 10% Placement Facility; to consider approval of issue of Shares in lieu of fees to Directors; and to consider other matters, if any. Announcement • Jan 31
Variscan Mines Limited Reports Positive Assay Results from Surface and Underground Diamond Drilling and Channel Sampling Programme on the Buenahora Exploration Licence, Located in Cantabria, Northern Spain Variscan Mines Limited reported positive assay results from surface and underground diamond drilling and channel sampling programme on the Buenahora exploration licence, located in Cantabria, northern Spain. Details of visual zinc mineralisation from surface diamond drilling stepping out from the San Jose Mine are also presented. Core logging suggests intervals in excess of 20m of continuous zinc mineralization intersected and appears to be a continuation of the same mineral system Assay results expected imminently Database review and modelling work on San Jose advancing. 1Further to the observations noted above and the details provided in the announcement and in accordance with the Australian Institute of Geoscientists "AIG" guidance, Variscan wishes to advise that, in spite of its familiarity with mineralisation at San Jose, visual estimates of mineralisation should, never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding potential impurities or deleterious physical properties relevant to valuations of some mineral commodities. Surface and underground diamond drilling focused on the area between the historic (artisanal) Pepita and Jufresno mines, and was supplemented by vertical channel sampling at various levels of the Pepita mine. Overall, surface diamond drilling comprised 17 holes (totalling 1556.50 m) together with underground core drilling, which comprised 8 holes (totalling 115.25 m) at the Pepita Mine and 3 holes (totalling 31.60 m) at the Jufresno Mine. A total of 19 vertical channel samples were collected at 14 locations spanning all 5 levels of the historic Pepita mine in order to cover most of the mine's footprint. Confirmation that the Pepita and Jufresno historic mines and their vicinity host high-grade, zinc- dominant, mineralisation, with a vertical extent attaining 20m. The style of mineralisation at the Buenahora historic mines varies from stratiform to open-space fill, breccia-hosted and vein-like, and is spatially less regular than that from the San Jose mine, making for more complex surface drill targeting. Six of the surface drill holes tested five distinct IP anomalies, occurring in the vicinity of the historic mines. Although zinc mineralisation was intersected in most holes, it was generally modest. The relative paucity of associated galena and iron sulphides makes the zinc-dominant orebodies poorly chargeable. Because of this, follow-up drill targeting needs to rely more on structural interpretations focusing on feeder structures and favourable lithology and stratigraphy as the vectors to ore. The Buenahora exploration licence remains prospective, as evidenced by drill results reported, albeit more complex. The most significant development of the surface drilling campaign has come from 3 holes (totalling 322.12 m) stepping-out approximately 1,200m north-east along strike of the San Jose Mine stopes. Initial core logging indicates 2 diamond drillholes have intersected in excess of 20m of continuous zinc mineralization that appears to be a continuation of the same mineral system. The assay results are pending and should be released shortly. In spite of Variscan's considerable experience in the area and with the appearance of the mineralisation, the observations noted above and in accordance with the Australian Institute of Geoscientists "AIG" guidance, Variscan wishes to advise that, visual estimates of mineralisation should, never be considered a proxy or substitute for laboratory analyses where metal concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding potential impurities or deleterious physical properties relevant to valuations of some mineral commodities. Variscan's immediate focus for H1 of calendar year 2023 is: Publishing assay results from the step-out surface drillholes adjacent to the San Jose Mine Delivery of approvals to undertake further surface drilling in and around the San Jose Mine to test promising step-out targets Phase 3 underground infill and resource definition drilling at the San Jose Mine Finalising the ongoing comprehensive 3D wireframe model of all historic and present-day drilling at and around the San Jose Mine, comprising c. 900 drill holes Publishing a focused JORC-compliant Mineral Resource estimate for the San Jose Mine Reporting a Mine Re-Start Concept Study for San Jose Mine In support of the above activities, the delivery of associated environmental, social and governance ("ESG") initiatives. Announcement • Dec 09
Variscan Mines Limited Announces Board Changes Variscan Mines Limited confirmed the following changes to its board of directors. Further to previous announcements the board has accepted the resignation of Dr. Foo Fatt Kah. Dr. Foo has been a Director of the company since 2009, becoming Chairman in September 2018. He has contributed a great deal to the development and strategic direction of the company through several transitional phases and most recently with the company's transformational acquisition of its high-grade zinc projects in Spain in 2019. The board has resolved to appoint Mr. Anthony Wehby as non-executive chairman. Mr. Wehby is an experienced listed company director in the natural resources sector. He has over 50 years of executive and non-executive experience. Following this most recent change the company board composition is as follows: Mr. Anthony Wehby (Non-executive Chairman); Mr. Stewart Dickson (CEO & Managing Director); Mr. Michael Moore (Non-executive Director); Mr. Nicholas Farr-Jones AM (Non-executive Director); Dr. Frank Bierlein (Non-executive Director). Board Change • Oct 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Mike Moore was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 21
Variscan Mines Limited Announces Board Changes Variscan Mines Limited advised the following changes to its Board of Directors. The Board has reviewed its composition to ensure the continued growth of the Company and its assets and resolved to appoint Dr Frank Bierlein and Mr. Anthony Wehby as non-executive directors with immediate effect. Dr Bierlein is a geologist with 30 years of experience as a consultant, researcher and lecturer and industry professional. Additionally, he is an experienced public company director. Dr Bierlein has held exploration and generative geology management positions with QMSD Mining Co Ltd, Qatar Mining, Afmeco Australia and Aveva NC, and consulted for among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He was a non-executive director of Gold Australia Pty Ltd. from 2015 to 2019 and chaired the Advisory Board of a Luxembourg based private equity fund between 2014 and 2021. He is currently a Non-executive Director on the Boards of Blackstone Minerals Limited; PNX Metals Limited; Firetail Resources Limited and Impact Minerals Limited. Dr Bierlein has worked on six continents spanning multiple commodities and over the course of his career has published and co-authored more than 130 articles in peer reviewed scientific journals. Dr Bierlein obtained a PhD (Geology) from the University of Melbourne, is a Fellow of the Australian Institute of Geoscientists (AIG) and a member of both the Society of Economic Geologists (SEG) and the Society of Geology Applied to Mineral Deposits. Mr. Wehby, is a former Partner of Price WaterhouseCoopers and Corporate Finance Specialist. He is an experienced listed company director with over 50 years of executive and non-executive experience. Having operated in the mining industry for a considerable time, he is currently a non-executive director on the Board of Kingston Resources Ltd. a listed Asia Pacific gold producer. He is also a non-executive director on the board of Ensurance Ltd. an ASX listed Insurance underwriting agency. He has previously been Chairman of Tellus Resources Limited, Non-executive Chairman of Aurelia Metals Limited and a Director of Harmony Gold (Aust) Pty Ltd. Mr. Wehby has a financial consulting practice focused on strategic advice and he is a member of the Australian Institute of Company Directors. The Company also confirms that Dr Foo Fatt Kah a non-executive director and current Chairman has advised of his intention to step down from his role at the conclusion of the Company's Annual General Meeting. Announcement • Sep 21
Variscan Mines Limited, Annual General Meeting, Nov 16, 2022 Variscan Mines Limited, Annual General Meeting, Nov 16, 2022. Announcement • Aug 25
Variscan Mines Limited Reports Positive Assay Results from the Completed Phase 2 Underground Diamond Drilling Programme At the San Jose Mine Variscan Mines Limited reported another set of positive assay results from the completed Phase 2 underground diamond drilling programme at the San Jose Mine, located in Cantabria, northern Spain. Phase 2 Drill Programme Expands and Infills San Jose's Mineralisation Key Findings: The Phase 2 diamond drilling programme, which has been completed, has achieved its primary objective of expanding the footprint of Zn-Pb mineralisation at the San Jose Mine and surrounding areas; the results of which will greatly contribute to the evaluation of the mineral resource potential of the mine; Expansion and infill zones of high-grade zinc mineralisation in the La Caseta Trend confirm the significance of the discovery of the lower-lens made last year; New richly mineralised areas intersected are in between known areas of workings (Stopes 200, 191 and 193) indicating continuity within and beyond the La Caseta Trend; Underground drilling to date has focussed around the San Jose Mine which only represents approximately 15% of the entire strike length of the mineralised structure of the 9km Novales Trend; Variscan has already commenced the application process with local authorities to commence surface drilling in the vicinity of San Jose and surrounding areas; Drilling results confirm the San Jose Mine's continued exploration potential; new assay information provides important data that will be included in the estimation of a mineral resource that can potentially be exploited by a future resumption of underground operations. Looking Ahead: Variscan's immediate focus is progressing with the following activities; all of which are expected to be completed by the end of calendar year 2022: Returning assay results from the current Buenahora surface drilling campaign together with supplementary exploration results. Reporting results of underground drilling at the Pepita target within the Buenahora Exploration Licence. Publishing a focused JORC compliant Mineral Resource estimate for the San Jose Mine. Reporting a Mine Re-Start Concept Study for the San Jose Mine. Delivery of approvals to undertake further surface drilling in and around the San Jose Mine to test step-out targets. Phase 3 underground infill and resource definition drilling at the San Jose Mine. In support of the above activities, the delivery of associated environmental, social and governance ("ESG") initiatives. Recent activities have included supporting the Novales Lemon Fiesta and employing local staff in geological and administrative roles. Announcement • Jul 29
Variscan Mines Limited Announces an Initial JORC Compliant Exploration Variscan Mines Limited announced that it has defined an initial JORC compliant Exploration Target of between 16.5Mt and 34Mt at grades ranging from 6.3% to 9.1% Zinc and 1.1 to 1.8% Lead at the Novales-Udias Project, located in Cantabria, northern Spain. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The Exploration Target has been compiled by Wardell Armstrong International Limited (WAI), an independent, multidisciplinary consultancy that has provided the mining and minerals industry with specialist expertise for over 185 years around the world. In order to establish grade ranges for zinc and lead that reflect the inherent complexity of the stratabound and structurally controlled MVT style mineralisation, the recent and historical underground drilling at the San Jose Mine was chosen as the most representative proxy for zinc and lead grades over the project area and have been ascertained with methods similar to those which would be used in determining a Mineral Resource Estimate. For comparative purposes, historical production data for the San Jose Mine (tonnage and grade) have been plotted against the grade range in the Exploration Target. The Run of Mine (RoM) grades for San Jose span from January 1970 to September 1988 and while the data does have some gaps and does not cover the entire period of production, it does indicate that the grade ranges defined in the Exploration Target are justifiable and supported by previous operational activity. Announcement • Jul 07
Variscan Mines Limited Announces Positive Step-Out and Infill Drill Results at San Jose Mine Variscan Mines Limited reported further positive assay results from the completed Phase 2 underground diamond drilling programme at the San Jose Mine, located in Cantabria, northern Spain. The latest set of assay results from Phase 2 underground drilling at the San Jose Mine have: Continued to expand zones of high-grade zinc mineralization in the La Caseta and Los Caracoles trends within the Central Zone; Extended the 168 Trend, now linking it up with the adjacent richly mineralized La Caseta and Los Caracoles trends; and Identified new zones of mineralization in adjacent near-surface mines (Eloisa and El Eucaliptal) stepping out up to 600m from the San Jose Mine, increasing scale potential. Selected drill results from La Caseta & Los Caracoles (Central Zone): DDH NOVDD105: 6.1m @ 15.6% Zn + 0.8% Pb; DDH NOVDDT031: 17.0m @ 5.0% Zn + 0.4% Pb; DDH NOVDDT028: 3.0m @ 19.6% Zn + 2.3% Pb; DDH NOVDDT020: 4.0m @ 10.4% Zn + 1.0% Pb; DDH NOVDDT026: 3.0m @ 9.6% Zn + 1.8% Pb; DDH NOVDDT025: 2.0m @ 12.1% Zn + 1.1% Pb; DDH NOVDDT030: 5.0m @ 4.9% Zn + 0.1% Pb; DDH NOVDDT024: 2.0m @ 10.5% Zn + 0.1% Pb. Selected drill results from step-out testing of adjacent near-surface mines (Eloisa & El Eucaliptal): DDH EUDDT02: 3.0m @ 5.5% Zn + 0.3% Pb; DDH ELODDT01: 7.0m @ 2.0% Zn + 0.1% Pb; DDH ELODDT01: 3.0m @ 3.7% Zn + 0.0% Pb; DDH EUDDT02: 3.0m @ 1.5% Zn + 0.2% Pb. Announcement • Dec 20
Variscan Mines Limited Announces New Zones of High Grade Zinc Intersected At San Jose Mine Variscan Mines Limited reported assay results from the Phase 2 underground diamond drilling programme at its San Jose Mine, located in Cantabria, northern Spain. Key Findings & Activities: While the current drill programme still has a way to run, it has already revealed: the presence of laterally extensive mineralised lenses above and below the main gallery level; mineralised lenses assessed to be more contiguous and wider in some areas; significant areas of the Central Zone are assessed to be under-exploited with potential for further discoveries; Extension of drilling on Los Caracoles Trend has successfully intersected mineralised lenses below the main gallery level increasing the strike length in this area by a further 200m; Continuing validation of the conceptual model of the San Jose Mine as a multi-layered deposit, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variablethickness, separated by intervals of dolostone. This is consistent with the generally stratabound character of sulphide orebodies in MVT Pb-Zn districts1; Exploration Potential: The Phase 2 diamond drilling programme was primarily designed to expand the footprint of mineralisation; Significant potential for high-grade mineralisation extending below the former producing mine's lowermost working elevation; majority of the mine has not been drill-tested at depth providing excellent scale opportunity; Increasing probability for resources to be delineated both above and below the main gallery level and extensions of known mineralised trends; this new assay information provides important data that will be included in the estimation of mineral resources. Announcement • Nov 24
Variscan Mines Limited Provides Update on Phase 2 Underground Diamond Drilling Programme At San Jose Mine Variscan Mines Limited provided an update on the Phase 2 underground diamond drilling programme at its San Jose Mine, located in Cantabria, northern Spain. Variscan has completed 28 drillholes for approximately 760 meters of its previously stated minimum amount of 2,000 metres. This has been achieved despite delays that were beyond Variscan's control and has at times reduced drilling rates. In response to these matters, management action has been taken. With an extra drill-rig now being deployed by an additional drilling contractor, significantly improved drilling rates are anticipated as well as an increase to the total number of metres drilled in the Phase 2 campaign. Drilling undertaken to date has been focused on infill drilling and testing lower lenses at Los Caracoles. Trend and extensional drilling at the previously un-tested 168 Trend. As such, the Phase 2 underground drilling programme is on track to achieve its stated objectives. Initial exploration findings from current drilling programme are promising. While the current drill programme still has a way to run, it has already revealed: Intersections of massive sulphide mineralisation in previously untested 168 Trend in the Central Zone of the San Jose Mine for example see drillhole NOVDDT003. Positive visual indications of mineralisation in the lower lenses within the Los Caracoles Trend in the Central Zone for example see drillhole NOVDD0079. Announcement • Sep 27
Variscan Mines Limited Announces High-Grade Assay Results from Guarajaz Project Grab Samples Variscan Mines Limited announced new high-grade assay results from grab sampling conducted around former mine areas and prospects within its Guarajaz Project in Castilla-La Mancha, central Spain. The grab sampling was part of a broader geological field reconnaissance program recently undertaken at Guarajaz. The assay results identified the presence of significant zinc, lead, copper, and silver, supporting the presence of high-grade polymetallic mineralisation suitable for future drill testing. Grab samples identified high-grade mineralisation from historic mine workings These grades are consistent with previous sampling which returned high grades including; 17.35% Zn, 11.95% Pb, 0.49% Cu and 332 g/t Ag Going forward, the high-grade results confirm target areas for future exploration including: further geological exploratory work leading to scout-drilling, Future drill-testing of confirmed targets. The Company's local Spanish subsidiary, Variscan La Mancha has filed an application with the authorities in Castilla-La Mancha for a 3-year extension of the current exploration licence over the Guarajaz tenement area. Variscan La Mancha has validly fulfilled the requirements for an extension to the exploration permit, the initial 3 year term of which expired this month. From the expiry date to the official extension date, the title is valid. Spanish regulations allow the mining authorities up to 3 months to examine and approve the application. This review period has now commenced. Grab samples collected during follow-up geological field work at Variscan's zinc-rich polymetallic Guarajaz Project in central Spain. Assays from these grab samples returned high-grade zinc, lead and silver results. Significant assay results with these samples included: 11.5% Zn, 4.6% Pb, 248ppm Ag, 7.8% Zn, 3.7% Pb, 0.9% Cu, 278ppm Ag, 7.5% Zn, 4.6% Pb, 115ppm Ag, 3.6% Zn, 4.1% Pb, 218ppm Ag, 3.0% Zn, 2.5% Pb, 81ppm Ag. Announcement • Sep 04
Variscan Mines Limited Announces Phase 2 Drilling Underway at San Jose Mine Variscan Mines Limited announced the commencement of the Phase 2 underground diamond drilling programme at its San Jose Mine, located in Cantabria, northern Spain. The synthesis and analysis of Variscan's recent drilling and structural geological fieldwork augmented by the evaluation of the historical drilling database at its disposal has expanded the Company's prospective drill targets. Recent fieldwork has identified a number of small mine workings and access points surrounding the San Jose Mine. Whilst investigations are at an early stage, the Variscan team appears to have identified new step-out mineral trends and extensions. Preliminary exploration suggests that these workings are shallow, under-exploited and not drill-tested, yet high grade zinc mineralisation has been visually confirmed in several of them. They extend over 500m from the San Jose mine and are assessed to belong to the same mineral system. This provides a strong indication that the system extends well beyond the existing mine stopes. Where possible these new targets will be drilled during the forthcoming Phase 2 campaign. The just started Phase 2 underground drilling programme aims to: Test vertical and lateral extensions. Discover new lower lying lenses. Undertake infill drilling within identified ineralised lenses. The first phase of the programme will follow up on prior positive results from the Los Caracoles Trend in the Central Zone. The most recent drilling results reported a 180m plus extension of on-trend strike as drilling intersected mineralized lenses below the main gallery level. Notable drilling results included: DDH NOVDD072: 7.0m @ 6.44% Zn o including 3.0m @ 9.10% Zn DDH NOVDD073: 4.0m @ 5.72% Zn Drilling reported in Second Quarter CY21 confirmed mineralized lenses above the main gallery level. Significant results included: DDH NOVDD031: 9.0m @ 8.45% Zn, DDH NOVDD031: 5.0m @ 5.12% Zn. The discovery of mineralized lenses above and below the main gallery level justifies the infill drilling now being conducted. Additionally, a number of prospective step-out targets will be drilled. Recent Insider Transactions • Sep 04
Non-Executive Director recently bought AU$68k worth of stock On the 1st of September, Nicholas Farr-Jones bought around 1m shares on-market at roughly AU$0.06 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold AU$171k more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 06
Insider recently sold AU$238k worth of stock On the 5th of August, Susan Vearncombe sold around 3m shares on-market at roughly AU$0.071 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Jul 15
Variscan Mines Limited Has Conducted a Structural Survey Identifies New Drill Targets At San Jose Variscan Mines Limited to present new drilling targets for inclusion in the next phase of underground drilling at the San Jose Mine in northern Spain having been identified from the results of structural geological fieldwork conducted in association with Consulting de Geologia y Mineria, S.L. Key Findings & Activities; New structural model confirms the existence of a series of elongated extensional zones trending NE, including the primary 9km NE-orientated Novales-Udias Trend;This dilational feature was the ideal location for the ingress of mineralized fluids along faults and lateral replacement of favourable dolomitic horizons; Areas of greater fault density (especially in the Central Zone) are accompanied by rheological changes within the dolomite (areas that are more brittle and can crack more easily creating open space) and these relate to zones of high-grade mineralisation. This is evident over short distances where grade is highest and evidences faults primarily controlling ore. Areas of intense faulting, fault intersections and/or where they experience change (e.g. direction/dip/convergence) are potential targets for pods or lenses of high-grade mineralisation. Many such places have been overlooked by historical mining. Primary structural controls typical of a classical MVT style zinc deposit; Observation of NE and E-W orientated structural directions highlighting the probability of discovering new lenticular extensions in additional to the established N-S orientated stopes. Identified multiple new drill targets validated by high-grade zinc intersections from historical surface drilling; Next drilling campaign expected to start shortly. Executive Departure • Jul 13
Non-Executive Director Susan Vearncombe has left the company On the 30th of June, Susan Vearncombe's tenure as Non-Executive Director ended after less than a year in the role. As of March 2021, Susan still personally held 11.00m shares (AU$110k worth at the time). A total of 2 executives have left over the last 12 months. Announcement • Jun 15
Variscan Mines Limited Announces Results from Underground Drilling At the San Jose Mine Variscan Mines Limited announced that the assay results from underground drilling at the San Jose Mine have extended the discovery of mineralised lenses below the La Caseta Trend and confirmed high grade mineralisation on the Los Caracoles Trend. Both are areas of known mining activity in two separate north-south trends within the Central Zone. Key Findings & Activities: Drilling has intersected multiple zinc-rich mineralised lenses in the Central Zone of the San Jose Mine Southward extension of the lower lenses below La Caseta Trend has been successfully drill- tested and increased the strike length to over 400m Reinforcement of the conceptual model of the San Jose Mine as a multi-layered deposit, consisting of multiple vertically stacked, sub-horizontal high-grade mineralised lenses of variable thickness, separated by intervals of dolostone. This is consistent with the generally stratabound character of sulphide orebodies in MVT Pb-Zn districts1 Further core samples from 30 drillholes have been submitted to ALS for assay testing; results are pending with encouraging occurrences of visible zinc mineralisation from core logging Planned diamond drilling campaign of +2,000m now complete Follow up drilling campaigns being refined and expected to re-start shortly. Potential for high-grade mineralisation extending below the former producing mine's lowermost working elevation; majority of the mine has not been drill-tested at depth providing excellent scale opportunity The zinc-dominant mineralisation is strongly structurally controlled by a system of steeply- dipping north-south and east-west oriented feeder faults. It occurs as pervasive replacement of favorable shallow-dipping carbonate horizons that were both chemically reactive and permeable to the mineral bearing fluids; as well as open-space filling of paleo-karstic cavities, breccias and fractures, and as disseminated sulphides. This is typical of a classical MVT style deposit and consistent with the nearby (9km) world class Reocin Mine which is the large known strata-bound carbonate-hosted Zn-Pb deposit in Spain and one of the world's richest MVT deposits. The Company's immediate focus is progressing with the following key activities: Receiving and interpreting assay results from drilling at the South West Zone of the San Jose Mine. Mapping and sampling of surface drill targets over the Buenahora license area. Surface drilling permitting application pending. Surface and/or follow-up underground drilling in Third Quarter 2021. Mapping and sampling of drill targets over the Guajaraz Project in Castilla La Mancha. Highlights: Underground drilling has intersected further high-grade zinc mineralisation in the Central Zone of the San Jose Mine. La Caseta Trend: +400m southward extension to the recent discovery of a new laterally extensive, high-grade mineralised lens below the main gallery level, which remains open: DDH NOVDD046: 23m @ 11.51% Zn + 3.72% Pb. DDH NOVDD041: 18m @ 9.87% Zn + 3.24% Pb. DDH NOVDD037: 11m @ 9.95% Zn + 5.58% Pb. DDH NOVDD029: 12m @ 9.15% Zn + 4.03% Pb. DDH NOVDD040: 21m @ 5.65% Zn + 0.70% Pb. DDH NOVDD042: 9m @ 10.67% Zn + 1.76% Pb. DDH NOVDD045: 9m @ 9.29% Zn + 0.46% Pb. DDH NOVDD044: 14m @ 5.68% Zn + 0.34% Pb Significant potential for further extensions with infill drilling also warranted. Los Caracoles Trend: Confirmation of mineralised lenses above main gallery level: DDH NOVDD031: 9m @ 8.45% Zn + 2.10% Pb. DDH NOVDD035: 5m @ 5.12% Zn + 0.07% Pb. Below gallery level is open and merits further drilling to test for lower lenses. Drilling Programme Update: Drilling in South West and Central Zones of San Jose Mine completed. Assay results for an additional 30 drillholes pending. Samples contain occurrences of positive visual zinc mineralisation. Follow up drilling campaigns being refined and expected to re-start shortly. Announcement • May 26
Variscan Mines Limited Announces Major Zinc-Lead Discoveries at Novales Project Variscan Mines Limited announced that the assay results from underground drilling at the San Jose Mine have discovered mineralised lenses below areas of known mining activity in two separate north-south trends of the Central Zone. Key Findings & Activities: Drilling has discovered new zinc-rich mineralised lenses in the Central Zone of the San Jose Mine; Identified multiple horizons with mineralisation occurring as a series of vertically stacked, flat-
lying lenses, consistent with the generally stratiform-stratabound character of sulphide orebodies in MVT Pb-Zn districts; Southward extension of the La Caseta Trend has been drill-tested with multiple reports of visible
high-grade zinc mineralisation from core logging; Further core samples from 20 drill holes have been submitted to ALS for assay testing; results are pending; Diamond drilling now complete in the Central Zone; Drilling in South West Zone has just been completed and assays are pending; A total of 73 drill holes for 2,087 metres have been drilled during this campaign to date. Announcement • Mar 09
Variscan Mines Limited Announces Maiden Drilling Results Variscan Mines Limited present its first batch of assay results from the underground drilling programme and also provide an update on the current drilling programme designed to test the high grade extensions of zinc mineralisation at the underground San Jose-Novales Mine. The mineralisation style from the drill core is consistent with sulphide rich carbonate hosted (Mississippi Valley Type) lenses observed in the stopes in the central zone of the San Jose Mine. This area is easily accessible and has seen very little historical mining activity. Together with positive historical surface drilling data this area has the potential for mineralisation to be extended. Drilling is typically conducted from underground bays with most holes inclined upwards, above the main drive level (approx. +45 to +48m RL). These hole orientations are designed to target mineralisation presenting as sub-horizontal lenses above the main drive level, as such, most drillholes will encounter lenticular sulphide accumulations at oblique angles, therefore mineralised intersections may not always present as true thickness (unless drilled vertically, i.e. NOVDD011). Working constructively with local Spanish drilling contractor a second drill rig has been mobilized and is already operational. Subject to equipment serviceability, this will notably accelerate drilling meterage achieved. Announcement • Feb 02
Variscan Mines Limited Announces High Grade Zinc Results from Channel Sampling Variscan Mines Limited announced the results of 21 underground channel samples taken from the San Jose-Novales Mine. The channel samples, taken over a 300m length at the portal and a 600m length within the San Jose Mine indicate good continuity of the stratabound mineralisation which retains its high-grade tenor as it extends. The mined-out stopes range in elevation between +43m to +98m, as demonstrated by the 3D underground laser survey completed in 2020. However, the historical drilling indicates this typically stratabound mineralisation ranges between +40m and +120m elevation, providing significant upside for exploration at unmined levels. Inferred lithological contacts between the limestone and the host dolomite provide further evidence of the significant elevation range in which to explore for sulphide accumulations within the dolomitic host rock. Furthermore, this provides excellent drilling potential below the current access level going forward, which has never been tested fully in the past. Variscan geologists are also investigating the potential for up and down-dip extensions of the most prominent mineralised trends (stopes) at San Jose with apparent structural control. Key Findings and Next Steps: Newly reported channel sample results have continued to produce excellent zinc and lead grades at the San Jose - Novales Mine; This underground channel sampling was conducted over the same elevation (+48mRL) demonstrating extensive mineralisation presence at the main drive level; Potential for future infill and extensional channel sampling at the same elevation and higher-levels; remains open and untested at depth; Drilling near mine entrance has been completed; currently awaiting assay results; and Rig moved further into the mine to test extensive N-S mineralised corridors with drilling ongoing. The channel samples were collected along the main drive and workings of the San Jose - Novales Mine which is between 25m and 190m below the surface. The underground sampling comprised of 21 channel samples with lengths between 0.7-3m, taken at irregular intervals1. Samples were cut from floor to ceiling and oriented orthogonally to cross-cut the sub-horizontal mineralised lenses. Announcement • Jan 12
Variscan Mines Limited Provides Drilling Update Variscan Mines Limited provided an exploration update on the current drilling programme designed to test the high-grade extensions of zinc mineralisation at the underground San Jose-Novales Mine. Variscan can confirm strong visible mineralisation has been intersected in some of the drillholes completed. A new mineralised area, defined by historical soil geochemistry, has been successfully drill-tested near the mine portal at San Jose. This signifies an unmined area that merits further exploration; Three of the five holes drilled, with preliminary logging, exhibit visually intense mineralised core, defining new mineralised trends 1.2km NE from the known San Jose mine mineralised structures (mined stopes), with similarly interpreted N-S orientation; Drilling has recommenced to complete holes near mine entrance and then move the rig further into the mine to test extensive N-S mineralised corridors; Six in-situ whole rock samples taken of different mineral textures underground have yielded high-grade Pb and Zn assay results. The trace element results will help determine changes in alteration that can serve as a vector towards mineralisation with further sampling; and Channel sampling completed, currently awaiting assay results. Due to logistical and climatic factors, Variscan modified the underground drilling programme at the San Jose-Novales Mine and have successfully drilled near the San Jose Mine portal testing a significant historical soil geochemistry anomaly, indicating a series of N-S trending mineralised corridors. Three of the five holes drilled include visibly intense mineralisation (NOVDD004, 5 & 7) with NOVDD002 exhibiting moderate visual mineralisation, with weak mineralisation (carbonate veins) visible in all five holes. Mineralisation style is visually consistent with sulphide rich carbonate hosted (Mississippi Valley Type) lenses observed in mined stopes in the San Jose Mine. Logging and sampling of drill core is underway. In December 2020, six in-situ rock samples were taken at various locations underground from mineralised wall rock within stopes at San Jose. The whole rock samples taken were texturally and mineralogically varied mineralised material on mined stope faces. These will provide a full element suite (geochemical profile) for the mineralisation at San Jose. The results of these samples provide Variscan with useful background trace element analyses which can be used as a guide to determine alteration changes and assist as a vector for mineralisation during ongoing exploration. Announcement • Nov 23
Variscan Mines Limited Announces Mine Survey Completed Multiple Targets Identified Variscan Mines Limited announced the results of the 3D laser survey and its integration with the significant historical dataset of 426 underground drillhole collars, for approximately 29,902m and 102 surface drillhole collars, totaling approximately 18,870m. Most striking is the presence of potentially mineralised, unmined material surrounding the stopes in the centre of the San Jose-Novales mine. Some outer zones still appear to have mineralisation in-situ, specifically in the southwestern area of the mine, and other areas have potentially mineralised zones along strike extensions. In several areas of the mine outside of the surveyed stopes exist high-grade intersections from historical drilling. These provide drill target areas in addition to seeking extensions of mined stopes on north-south parallel structures. Drill target areas identified: The survey of existing stopes indicates clear N-S parallel structures. The stopes appear as conjugate (parallel) structures that are oblique to the primary orientation of the regional structures of 020°, 040° and 140°. The southern and northern extremities of stopes and the E-W linkage structures are considered as prospective for potential mineralised strike extensions. By combining the drilling database, the 3D mine survey and the preliminary mineralised model, Variscan has identified 24 potential drilling bays underground, these areas are shown in Figure 4. The two priority areas (inclusive of five drilling bays) are highlighted in Figure 4, these are the impending drilling targets considered most prospective. Survey & Geospatial Development: The 3D laser survey was conducted by 3DMSI Limited. The survey utilised a combination of traditional precision surveying, mobile mapping for contextual 3D surveying and high-resolution laser scanning to create accurate sealed mesh data that has been used to produce a 3D model of the main workings of the mine. The survey covered the major historical works areas and exceeded 2,500 metres, resulting in a preliminary estimation of greater than 180,000 m3 having been extracted from the San Jose-Novales Mine. For the future, there are further areas to potentially survey on-trend. The area directly to the southwest of the San Jose mine (2.7km length) is devoid of exploratory work apart from sporadic historical surface drillholes and the evidence of historical underground workings extending far as the De Dûna underground workings in the southern part of the Buenahora permit. The creation of the preliminary mineralised model (>1% Zn and >3% Zn) has been integrated with the 3D survey of existing stopes. These initial volumes are shown in Figure 1 (in yellow) and indicate that even with historical data alone, there are potential areas of in-situ mineralisation outside of the survey of historical workings and stopes. This model indicates that there is mineralisation along strike to the north and south of elongated stopes. Furthermore, this model demonstrates potential mineralisation along the near vertical structure plane both above and below existing stopes, further supporting the presence of structurally controlled Pb-Zn mineralisation at San Jose-Novales. Additionally, the geospatial information generated from the 3D survey when combined with the historical drillhole database has been valuable for: the development of drill targets to test in-situ mineralisation and potential extensions to known mineralisation; mitigating geospatial risk in the exploration and evaluation phases; and informing the geological context of the deposit. Announcement • Sep 26
Variscan Mines Limited Announces 9KM Mineralised Trend Identified Drill Target Generation at San Jose Mine Variscan Mines Limited announced the results of the continued import and analysis of historical data over the Novales-Udias project. An additional 94 historic drillholes for approximately 4,278m have now been included in the expanded dataset which now comprises 426 underground drillhole collars, for approximately 29,902m and 102 surface drillhole collars, totaling approximately 18,870m. 9km mineralised trend from new and historic data, dotted with historical mine workings across the Buenahora exploration and Novales mining permits delineates an extensive and highly prospective area for exploration; Historical surface drilling projected in 3D shows positive indications of proximal mineralisation to the south and southwest of San Jose underground drilling; these are open and untested areas and expect to be drilled by Variscan; Variscan is working to establish the exploited versus in-situ mineralisation in the underground areas, which is progressing with the integration of the 3D laser survey of the underground workings; and The expanded historic dataset is being used to: Advance modelling of the Pb and Zn mineralisation; and Definition of refined drill targets for an up-coming drilling programme. The historical surface drillholes scattered around the San Jose mine area suggest mineralisation is present to the south and southwest of the underground drilling. The historic Udias mine workings are indicated to the southwest of San Jose and supports the extension of mineralisation along the known trend in this open and untested area of the Novales mining permit. H_Bue_016 is situated only 300m away from high-grade intersections from underground drillholes (2.6m @10.92% Zn from hole 210_10_390_50) in area 210 and H_Nov_134 reports mineralisation only 200m away from a known drive, and therefore can be drilled from underground. 
