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Anax Metals Limited (ASX:ANX)

ALERT: Price-sensitive ASX Announcement for ANX
Current share price for ANX : $0.028 0.002 (7.69%)+
Announcement
Release
24 Feb 2026 9:33AM
Price at Release
$0.026
Full Release
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Summary
Anax Metals Limited has announced the results of a Definitive Feasibility Study (DFS) update for its Whim Creek Copper Project in Western Australia. The project, which Anax holds 80% of, is forecasted to generate $723 million in free cash flow with a pre-tax NPV of $501 million and an IRR of 98% based on base case price assumptions. With a ten-year mine life, the project is expected to produce an annual average of 13 Kt of copper equivalent in saleable metals over the first eight years. The development costs are estimated at $91 million, and the project is fully permitted for rapid development. The site has substantial existing infrastructure, and the forecasted cash flow is sensitive to the rate of exchange, copper price, and operating costs. Growth opportunities include potential reserve expansions and the addition of a pyrite circuit to increase revenue.
Key Points
  • Forecasted free cash flow of $723 million with a pre-tax NPV of $501 million.
  • Internal rate of return (IRR) of 98% based on base case price assumptions.
  • Project has a ten-year mine life with an average annual production of 13 Kt copper equivalent.
  • Development costs are projected at $91 million with a 14-month payback period.
  • Anax holds an 80% interest in the Whim Creek Copper Project.
  • The project is fully permitted with existing substantial infrastructure for rapid development.
  • Sensitivity analysis indicates the project is most sensitive to exchange rate, copper price, and operating costs.
  • Opportunities for growth include potential reserve expansions and adding a pyrite circuit.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.