VarVOX - July 2025

Dear loyal shareholders and interested investors,

At Variscan, I believe our greatest strength lies not only in our assets but also in the trust we build with our investor community. That’s why I wanted to create VarVOX - a regular note from me and the team, where we take you behind the scenes, share our latest thinking, and offer deeper context around our strategy and progress.

This isn’t just about reporting milestones, it’s about bringing you closer to the journey. Whether it’s thematic insights on zinc, updates on our operational plans, or reflections on the opportunities ahead, my aim is to give you a clear, candid perspective on where we’re heading, and why.

I encourage you to follow along, stay engaged, and share your thoughts with us. Your support and input are integral to what we’re building.

Stewart Dickson

Managing Director & CEO

Variscan Mines

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SPAIN - Olé!

Strategically located, politically stable and fully integrated into the EU economy, Spain offers one of the most attractive investment jurisdictions in Europe. 

Spain is a European mining heavyweight with 2,600 mines generating ~€3.5 billion (US$3.79 billion) in annual revenue.

Spain is aiming to tap its unexplored strategic mining resources as the EU urgently seeks to ramp up production.

Variscan Mines is uniquely positioned in Cantabria, northern Spain to develop Spain’s next zinc mine – it is a region with a vast history of zinc production, existing infrastructure, and a supportive regulatory environment.

1st CLASS MINING JURISDICTION

✅ 2nd largest copper producer in Europe (see more in the button below)

✅ Only producer of strontium in Europe

✅ Zero Government Royalty

✅ 4th largest EU economy

✅ International mining companies established with multi-decade track record

Spain possesses huge wealth in its subsoil” and “must continue investigating” to quantify it

Ester Boixereu, Instituto Geológico y Minero De España

NATIONAL GOVERNMENT ACCELERATING PLANS FOR EXPLORATION

Spain is promoting the new Mineral Raw Materials Plan 2025-2029 to strengthen sustainability and strategic autonomy 

In March 2025, the Ministry for the Ecological Transition and the Demographic Challenge (MITECO) initiated a public consultation process for the 2025-2029 Mineral Raw Materials Action Plan; a strategy aligned with the European Union to transform the mining industry with a focus on recycling, sustainability, and supply security.

A stated priority within this plan is the implementation of the  National Mining Exploration Program 2025-2029, which will improve knowledge of the country's  mineral resources, paying particular attention to the key raw materials defined by the EU. Spain has not conducted similar prospecting for decades—the last was the National Mining  Plan, between 1969 and 1970.

Link to official notice (Spanish)

Mining is a pillar we neglected for a long time

Sara Aagesen, Spanish Minister for the Ecological Transition

MINE PERMITTING TIMES IN SPAIN QUICKER THAN PERCEPTION

S&P Global report that the average lead time for mines globally continues to rise, reaching 17.8 years for those that became operational between 2020 and 2024. Extended periods for exploration, permitting and financing have significantly contributed to these longer lead times. This is an industry and global problem.

Spain has an industry-beating performance in permitting mines.

LOCAL DECISIONS IN REGIONS FOR MINERAL DEVELOPMENT & MINES

Understanding Regional Autonomy is key to understanding Spain. 

Spain’s 17 autonomous communities have major control over land use (including mineral development and mines) and environmental authorizations. This means permits can vary widely between regions and local political dynamics strongly influence mining approvals. Looking deeper and beyond the headline gives a clearer picture.

SOCIAL LICENCE – POSITIVE PUBLIC ATTITUDES TOWARDS MINING

Social licence and community engagement are vital to every mining project globally. Support for mining varies enormously and is very much project specific.

 Overall, Spanish public attitudes towards mining have seen a sharp, positive up-turn, reflecting the need  for local supply of critical minerals for energy transition, supply chain resilience and onshoring employment.

SPAIN HOSTS MOST STRATEGIC PROJECTS UNDER CRITICAL RAW MATERIALS ACT OF ANY SINGLE EU COUNTRY

Seven Spanish projects have been selected to boost strategic raw materials in EU. This is the most projects in a single EU member state. There are four mineral extraction projects, two extraction and processing projects and one recycling project

Raw materials are at the front end of our most strategic supply chains. They are also key for the decarbonisation of our continent... we need to increase our own production, diversify our external supply and build up reserves.

Stéphane Séjourné, EC Executive Vice-President for Prosperity and Industrial Strategy

ADVANTAGES OF MINING IN SPAIN – TAKEAWAYS

As always, thank you for your loyal support of Variscan, its assets and its people. 

Proven asset. Zinc focus. Ready for restart — and we’re just getting started.

Stewart

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