Anax Metals
Anax Metals Limited (ASX: ANX) is an Australian copper-zinc exploration and development company advancing the Whim Creek Project in the Pilbara via an 80/20 JV with Develop Global, pursuing a hub-and-spoke processing model for regional base metal ore.
- Company typePublic
- Founded2020
- HeadquartersPerth, Australia
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Anax Metals does
Anax Metals Limited (ASX: ANX) is an Australian exploration and development company focused on the Whim Creek Copper-Zinc Project in the Pilbara region of Western Australia, held through an 80/20 joint venture with Develop Global Limited. The project comprises volcanic-hosted massive sulphide deposits at Whim Creek, Mons Cupri, Salt Creek and Evelyn, with JORC 2012 resources of 11 million tonnes. Since acquiring the project in late 2020 and relisting on the ASX in November 2020, Anax has grown defined resources by more than 57% and completed a Definitive Feasibility Study in April 2023, updated in February 2026, which underpins a $501M pre-tax NPV (7%, real), a 98% IRR, $723M of project free cash and a 10-year initial mine life on $77M of pre-production capex.
The company's core technology combines conventional open-pit and underground mining with a staged processing flowsheet: two-stage X-ray transmission ore sorting for >8mm material, inline pressure jigging for <8mm material, a new modular 400 Ktpa flotation concentrator producing copper, zinc and lead concentrates, and a refurbished heap leach facility using CSIRO-validated bioleaching SX-EW to produce copper cathode and zinc sulphate from oxide and transitional ore. The business model is currently pre-revenue: capital is raised through equity placements, entitlement offers and convertible notes to fund exploration, feasibility studies, and ultimately construction. Anax is pursuing a hub-and-spoke strategy under which the Whim Creek Processing Hub would treat third-party ore from regional satellite deposits, with MOUs signed with GreenTech Metals (Whundo, May 2024), Artemis Resources (Greater Carlow, September 2024) and a joint study with Develop Global covering Sulphur Springs oxide ore (March 2024). Future revenue is expected to come from concentrate and cathode offtake sales to smelters and refiners, supplemented by toll processing fees from hub users.
Anax Metals firmographics
Firmographics- Name
- Anax Metals
- Legal name
- ANAX Metals Limited
- Website
- https://anaxmetals.com.au
- Company type
- Public
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Anax Metals Limited (ASX: ANX) is an Australian copper-zinc exploration and development company advancing the Whim Creek Project in the Pilbara via an 80/20 JV with Develop Global, pursuing a hub-and-spoke processing model for regional base metal ore.
- Ownership category
- akta.pro rank
Anax Metals industry classification
Industry- Product category
- Base Metal Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230), Support Activities for Metal Mining (213114), Nonferrous Metal (except Aluminum) Smelting and Refining (331410)
- SIC
- Miscellaneous Metal Ores (1090), Metal Mining (1000), Gold And Silver Ores (1040)
- akta.pro primary industry
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL)
- akta.pro secondary industries
- Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM), Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Anax Metals is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Anax Metals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Copper Concentrate Sales: The Whim Creek Project will produce copper, zinc, and lead concentrates through the 400 Ktpa modular concentrator. Concentrates will be sold to smelters under offtake agreements. The DFS projects average annual concentrate production of ~55ktpa containing Cu, Zn, Pb.
- Copper Cathode Sales: The heap leach circuit will produce LME Grade A copper cathode through SX-EW processing of oxide, transitional and low-grade sulphide ore. Production anticipated at 8,875 tonnes per year from the heap leach operation.
- Zinc Sulphate Sales: Zinc sulphate production circuit as a new addition to the heap leach plant, recovering zinc products from leach solutions through neutralisation, solvent extraction and crystallisation. Heap leach operation anticipates producing 13,325 tonnes of zinc as zinc sulphate annually.
- Toll Processing Revenue: Revenue from processing third-party ore at the Whim Creek Processing Hub. MOUs with GreenTech Metals (Whundo) and Artemis Resources (Greater Carlow) are being assessed for potential ore processing agreements.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Anax Metals product offering
Product offeringCore offering
Anax Metals is developing the Whim Creek Copper-Zinc Project in Western Australia's Pilbara region through an 80/20 joint venture with Develop Global Limited. The company plans to mine and process polymetallic VMS deposits to produce copper, zinc and lead concentrates, copper cathode, and zinc sulphate, and is positioning the Whim Creek site as a regional base metal processing hub that will also toll-treat third-party ore. The company is pre-revenue and pre-production, with a Definitive Feasibility Study (April 2023, updated February 2026) supporting development economics.
Product overview
Anax Metals is an Australian mining exploration and development company focused on its flagship Whim Creek Copper-Zinc Project, an 80/20 joint venture with Develop Global Limited. The project portfolio includes three core components: the Whim Creek Copper-Zinc Project (main mining operation with VMS deposits at Whim Creek, Mons Cupri, Salt Creek, and Evelyn), the Whim Creek Processing Hub (proposed regional base metal processing facilities including X-ray ore sorters, In-line Pressure Jigs, a 400,000 tpa polymetallic concentrator, and a refurbished heap leach facility using bioleaching technology), and the Loudens Patch Project (lithium and gold exploration adjacent to Whim Creek). The processing hub is designed to treat oxide, transitional and primary sulphide ores, with the ore sorting and gravity separation pre-concentration circuit feeding the concentrator, while the heap leach circuit operates in parallel to process oxide and low-grade sulphide ore via bioleaching to produce copper cathode and zinc sulphate.
Differentiator
Problem solved
Functional benefit
Products and services
- Whim Creek Copper-Zinc Project An 80/20 joint venture between Anax Metals and Develop Global Limited located approximately 120km southwest of Port Hedland in the Pilbara region of Western Australia, comprising volcanic-hosted massive sulphide (VMS) deposits (Whim Creek, Mons Cupri, Salt Creek, Evelyn) with JORC 2012 Resources of 11 million tonnes. The project underpins the company's planned production of copper, zinc and lead concentrates and copper cathode.
- Whim Creek Processing Hub A proposed regional base metal processing hub consisting of crushing and ore sorting infrastructure, a new 400,000 tonnes per annum polymetallic concentrator and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore. Strategically positioned to service the Western Pilbara through toll processing of third-party ore under MOUs with GreenTech Metals, Artemis Resources and a joint study with Develop Global (Sulphur Springs).
- Loudens Patch Project Exploration project adjacent to the Whim Creek Project along strike of De Grey's Hemi deposit in the Archean Mallina Basin metasediments, with identified lithium and gold anomalies from ongoing surface exploration.
Quantifiable outcome
- Pre-tax NPV (7%, Real) of $501M with IRR of 98% based on DFS Update February 2026
- +2 more outcomes
Companies that use Anax Metals
Customer profileSegments2 records
Ideal customer profiles2 records
Anax Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Anax Metals partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Artemis ResourcesminorMOU signed September 2024 to jointly assess processing copper content of Artemis' Greater Carlow resource at the Whim Creek processing hub. MOU also includes potential for Artemis to explore for gold on Anax's project tenure in the West Pilbara.
- GreenTech Metals LimitedcoreMOU signed in May 2024 sets out terms for Anax and GreenTech to jointly assess treating GreenTech's base metal assets, particularly the Whundo deposit, at the Whim Creek Processing Hub. Whundo is located 100km west-southwest of Whim Creek and 40km south of Karratha. Transaction options include outright asset sale/purchase agreement, joint venture or joint mining and funding agreements.
- Develop Global Limited (Sulphur Springs)coreJoint study announced March 2024 investigating feasibility of transporting oxide ores from Develop's 100%-owned Sulphur Springs deposit to Whim Creek for heap leaching. Sulphur Springs is located 115km southeast of Port Hedland and 150km east-southeast of Whim Creek. Investigation excludes ore forming part of DVP's DFS Reserves and Production Target.
- Develop Global Limitedcore80/20 joint venture agreement between Anax Metals (80%) and Develop Global Limited (20%) for the Whim Creek Copper-Zinc Project located 120km southwest of Port Hedland in the Pilbara. The JV enables Anax to develop the project while Develop holds a 20% interest. Anax acquired its 80% interest in late 2020 and has been advancing the project through resource development, feasibility studies and exploration.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
Anax Metals competitors and assessment
Company assessmentDirect peers
- Hot Chili Limited: ASX-listed copper developer advancing the Costa Fuego copper-gold project in Chile. Comparable as a copper-focused developer at PFS-to-DFS stage with multi-decade mine life targets and concentrate plus cathode production, providing a relevant scale and development-stage benchmark.
- KGL Resources Limited: ASX-listed copper-focused explorer and developer advancing the Jervois copper-polymetallic project in the Northern Territory. Directly comparable as a base-metal (Cu-Pb-Zn) developer at a similar stage and scale, with a defined resource and feasibility-level economics targeting concentrate production.
- Develop Global Limited: ASX-listed base-metal developer that is Anax's 80/20 JV partner at Whim Creek and operator of the Sulphur Springs copper-zinc project in the Pilbara. The two companies share the same project, processing optionality, and capital markets profile, making this the closest structural peer.
- Carnaby Resources Limited: ASX-listed copper-gold developer with the Greater Duchess copper-gold project in Queensland. Closely comparable to Anax as an Australian mid-stage base and precious metal developer advancing feasibility and resource growth drilling with offtake and concentrate production as the revenue model.
Emerging players
- Artemis Resources Limited: ASX-listed Pilbara gold and copper developer, party to the September 2024 MOU with Anax to assess processing Greater Carlow ore at Whim Creek. Comparable as a Pilbara-focused base and precious metal developer with potential to become both a customer and a regional peer for the processing hub.
- Azure Minerals Limited: ASX-listed base and precious metals developer with the Andover nickel-copper-cobalt-PGE project in the Pilbara. Comparable as a Pilbara-focused polymetallic developer at a similar pre-development stage with active drilling and resource growth.
- GreenTech Metals Limited: ASX-listed base-metal developer of the Whundo copper-zinc deposit in the Pilbara, party to the May 2024 MOU with Anax. Comparable as a Pilbara-focused emerging base-metal developer and a potential cornerstone ore supplier for the Whim Creek processing hub.
Broad incumbents
- IGO Limited: ASX-listed diversified mining company with significant base and critical metals exposure (nickel, copper, cobalt, lithium). Comparable as a major Western Australian incumbent with processing infrastructure, offtake relationships, and balance sheet capacity relevant to regional processing hub economics.
- 29Metals Limited: ASX-listed mid-tier copper-zinc producer operating Golden Grove and Capricorn Copper. Comparable as a copper-zinc concentrate and cathode producer in Australia, providing a relevant incumbent benchmark for processing flowsheet design, offtake dynamics, and project economics.
- Sandfire Resources Limited: ASX-listed mid-tier copper producer with the DeGrussa and Motheo operations and a focus on copper concentrate production. Comparable as a major Australian copper producer that defines benchmark unit costs, offtake terms, and processing configurations relevant to Anax's proposed Whim Creek hub.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Anax Metals social profiles
Digital presenceAnax Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Anax Metals leadership team
Management profileNumber of profiles
Profiles10 records
Anax Metals subsidiaries and ownership
Company hierarchySubsidiaries1 record
Anax Metals funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Anax Metals M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Anax Metals
What does Anax Metals do?
Anax Metals is developing the Whim Creek Copper-Zinc Project in Western Australia's Pilbara region through an 80/20 joint venture with Develop Global Limited. The company plans to mine and process polymetallic VMS deposits to produce copper, zinc and lead concentrates, copper cathode, and zinc sulphate, and is positioning the Whim Creek site as a regional base metal processing hub that will also toll-treat third-party ore. The company is pre-revenue and pre-production, with a Definitive Feasibility Study (April 2023, updated February 2026) supporting development economics.
Is Anax Metals a public or private company?
Anax Metals is a public company. It is classified as public and is currently operating.
When was Anax Metals founded?
Anax Metals was founded in 2020. It employs 11 to 50 people.
Where is Anax Metals based?
Anax Metals is headquartered in Perth, Australia, in the Oceania region.
How does Anax Metals make money?
Four revenue lines are on record. Copper Concentrate Sales are the primary driver. The others are copper Cathode Sales, zinc Sulphate Sales and toll Processing Revenue.
Who are Anax Metals's main competitors?
Direct peers on record are Hot Chili Limited, KGL Resources Limited, Develop Global Limited and Carnaby Resources Limited. Emerging players are Artemis Resources Limited, Azure Minerals Limited and GreenTech Metals Limited. Broad incumbents are IGO Limited, 29Metals Limited and Sandfire Resources Limited.
Does Anax Metals have an API?
No public API is recorded for Anax Metals.
What industry is Anax Metals in?
Anax Metals's product category is Base Metal Mining. Its primary akta.pro industry code is IMAKAFAL, Exploration & Resource Development (Critical Minerals), with a secondary code of IMAKAFAM, Mine Development & Processing EPC (Critical Minerals). Its NAICS code is 212230 and its SIC code is 1090.