Anax Metals (ASX:ANX) has extended the maturity date for its loan agreement with major shareholder Jetosea to 10 June 2026.
The two parties orchestrated a binding term sheet for the loan agreement in December 2025, under the conditions that Jetosea will loan $3.5 million to Anax for a three-month term.
The loan agreement holds an interest rate of 0% per annum, with the loan eligible to be converted to a 2.5% net smelter return royalty for material produced from the Whim Creek Project in Western Australia.
Jetosea is eligible to convert the loan to a royalty prior to the maturity date of the agreement. If the royalty is elected, Anax retains the ability to fully pay back the loan ahead to eliminate the royalty.
If neither party elects to convert the loan to a royalty in the extension agreement, Anax will issue up to 50 million additional options, on top of an initially agreed 50 million non-conversion options.
Non-conversion options will expire 18 months from issuance and are exercisable at lesser of a 50% premium to the 5-day volume weighted average price, the issue price of any equity raise prior to issuance, or at $0.015.
Additional options issued will hold the same terms as non-conversion options.
The Whim Creek Project is a joint venture between Anax, WCM, VentureX Pilbara, Jutt Resources, and Develop Global.
Anax Metals is an Australian explorer focused on becoming a near-term producer of copper and zinc through its 80% owned Whim Creek Project in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Anax Metals
