Anax Metals Limited
Anax Metals is advancing the Whim Creek Copper Project in the Pilbara, Western Australia -- Definitive Feasibility Study complete, FEED work underway, with FID targeted for Q4 2026. Cash of ~A$12 million is a pro-forma figure, not yet audited, flagged as such; the Jetosea loan has been repaid, leaving the company debt-free.
Lifecycle Milestones
Not in place: mill, tailings facility. Not yet determined: grid power.
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Pilbara, Western Australia — a top-tier mining jurisdiction.
Infrastructure (40%)4.3/10
No confirmed mill, confirmed road access, and no confirmed tailings facility at Whim Creek Copper Project, Pilbara, Western Australia; grid power not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Wodgina (Mineral Resources Limited / Albemarle Corporation), 95 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.5/10
Nearest producing mine: Wodgina (Mineral Resources Limited / Albemarle Corporation), 95 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:10/10
Stage: Feasibility Study
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:8/10
Primary commodity: Copper
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Anax Metals Limited. A Chemical Engineer with 30 years in mining and project development, spanning operations design and corporate roles.
Chief Financial Officer of Anax Metals Limited (BCompt, CAANZ, GAICD). A Chartered Accountant who joined in 2020, overseeing corporate risk management and financial reporting. Previously CFO at Predictive Discovery Limited (ASX:PDI).
Chief Operating Officer of Anax Metals Limited (M.Eng, CPEng, FIEAust, MAICD). A mechanical engineer with over 20 years delivering major projects across the copper, coal, iron ore, gold and critical minerals sectors.
General Manager of Anax Metals Limited (BSc Hons Geology, PG Dip GIS, Grad Cert Mineral Economics, MAIG). Over 20 years' experience in project management, project development, resource geology and exploration across multiple commodities, including recent roles in project development and regulatory approvals for mining projects in Australia and the United States.
Environmental Manager of Anax Metals Limited (Bachelor of Environmental Science). Over 15 years' experience in environmental management across mining, oil and gas, construction and government sectors, with recent focus on environmental permitting of mining projects in Western Australia.
Company Secretary of Anax Metals Limited (Chartered Accountant). Principal at Automic Group, specialising in company secretarial services for public companies; also serves as Non-executive Director for Metalicity Limited and Company Secretary for multiple other ASX-listed entities.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The largest outside holder here is a Hong Kong-listed commodities trading and processing company that only recently announced a pivot toward critical minerals, and its stake -- held since 2018 -- predates that pivot and sits below the level where this metric gives real credit either as a producer or a specialist fund. No other qualifying holder was found.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Anax Metals holds 80% of the Whim Creek copper-zinc project in the Central Pilbara of Western Australia, which combines the Mons Cupri, Whim Creek, Evelyn and Salt Creek deposits. The February 2026 update of its definitive feasibility study, on a 100% basis, shows a pre-tax NPV7% of US$340.7M (AUD 501M) and a 98% pre-tax IRR, with A$91M of pre-production capital, a 14-month payback and an all-in sustaining cost of US$1.61/lb of copper net of by-products over a 10-year mine life. Ore reserves are 4.61 Mt at 1.36% copper, 2.31% zinc, 0.67% lead, 30 g/t silver and 0.27 g/t gold, and the project targets about 13,000 tonnes a year of copper-equivalent metal in concentrate over its first eight years. Front-end engineering design began on 27 July 2026, with WSP Global leading project management, toward a final investment decision targeted for the fourth quarter of 2026.