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Proactive - Antipa advances PFS workstreams as Minyari Dome moves toward mid-2028 investment decision

By Lisa Uhlman

Antipa Minerals Ltd (ASX: AZY) has reported substantial progress across technical, regulatory and financing workstreams for its pre-feasibility study (PFS) on the 100%-owned Minyari Dome gold-copper development, outlining clearer approval pathways and a more defined development timeline as the project advances towards a targeted Final Investment Decision (FID) in Q2 CY2028.

The company said the year’s work has materially increased certainty around regulatory requirements and critical decision points, while continued drilling, metallurgical test work and environmental programs have helped further de-risk the proposed standalone development. Managing director Roger Mason said Antipa’s “disciplined and methodical” approach had strengthened both the technical and commercial foundations of the project.

“Importantly, work completed to date has materially improved our understanding of development pathways, regulatory requirements, timeframes and critical decision points,” Mason said. “This progress places Antipa in a strong position as we continue to de-risk the Minyari Dome Project and move closer to a Final Investment Decision.”

PFS transitions into integration and optimisation phase

With most field programs now completed, the PFS has moved into an integration phase incorporating mine planning, cost estimation and approvals scheduling. Antipa said this shift reflects increased visibility over project sequencing and critical-path items, aided by early Native Title engagement and the appointment of a debt advisor to ensure alignment with lender expectations.

The company expects remaining PFS activities to position it to assess Minyari Dome against clear technical, regulatory and funding criteria ahead of a mid-2028 FID.

Resource definition and geological studies nearing major milestone

Snowden Optiro has been engaged to deliver the updated Mineral Resource Estimate (MRE), due in Q1 CY2026. The resource program included infill drilling to upgrade Inferred material to Indicated at multiple deposits, along with extensional drilling targeting down-plunge and strike extensions.

Assays have now been received across Minyari, WACA, Minyari South, GEO-01, Fiama, Minella and Central, with geological models either completed or under review. Assays for Sundown remain pending.

Metallurgy: Strong gold recoveries confirmed

Metallurgical test work is largely complete, with Strategic Metallurgy Ltd confirming the gold is free milling and suitable for conventional carbon-in-leach (CIL) processing. Gold recoveries ranged from 89–98%, consistent with earlier scoping study results.

The likely flowsheet involves CIL gold doré production with the option to add flotation of cyanide leach residues to produce a copper concentrate. Comminution test work indicates oxide ore is very soft, while fresh ore is moderate to moderately hard. A PFS metallurgical development report is in preparation.

Geotechnical, hydrogeology and engineering workstreams advance

Entech Pty Ltd has delivered Phase 1 geotechnical results, with Phase 2 lab testing pending to finalise pit-slope parameters and inform mine design. Hydrogeological work by Rockwater Solutions and Caswell Drilling has completed multiple monitoring bores, flow-testing and paleochannel drilling to evaluate dewatering and supply options. Further bore development is planned for early CY2026.

Lycopodium Minerals Pty Ltd has commenced engineering and cost estimation work, while Resources WA Pty Ltd will begin assessing energy supply options — including gas, diesel and hybrid renewables — in Q1 CY2026.

Sterilisation drilling across three potential infrastructure sites intercepted gold-copper mineralisation in several areas, with assays from the final phase due in Q1 CY2026.

Approvals, Native Title and financing activities progress

Environmental studies led by Stantec are well advanced, including dual-phase fauna surveys, flora and vegetation assessments, subterranean fauna investigations and baseline soil and waste characterisation. Antipa said this work has significantly sharpened clarity around approvals scope and sequencing, with a structured approvals strategy now nearing completion.

Negotiations with the Jamukurnu-Yapalikunu Aboriginal Corporation have progressed under an agreed framework, with an indicative offer and term sheet to be delivered this month and the first formal meeting scheduled for February 2026.

On financing, Bedrock Advisory Partners is reviewing financial models and engaging with lenders and government agencies to ensure the PFS satisfies project debt requirements.

Antipa continues to advance Minyari Dome as a potential standalone development opportunity within Western Australia’s Paterson Province, where the company holds a 4,100-square-kilometre footprint and a 2.4-million-ounce gold resource across the Minyari Dome precinct.

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